Nu Holdings Ltd. 2025 Annual Financial Summary
Business Context and Reporting Period
This Form 6-K filing presents the audited consolidated financial statements for Nu Holdings Ltd. for the fiscal year ended December 31, 2025. The Company, a Cayman Islands exempted company, operates primarily through subsidiaries in Brazil, Mexico, and Colombia, offering digital banking, credit cards, loans, and investment services. The financial statements were prepared in accordance with IFRS and audited by KPMG Auditores Independentes Ltda.
Key Financial Metrics
| Metric (in thousands USD) | 2025 | 2024 |
|---|---|---|
| Total Revenue | $15,774,741 | $11,517,075 |
| Net Income | $2,871,672 | $1,972,112 |
| Net Income Attributable to Shareholders | $2,868,892 | $1,972,112 |
| Earnings Per Share (Diluted) | $0.5846 | $0.4034 |
| Operating Cash Flow | $3,500,464 | $2,399,044 |
| Total Assets | $74,893,877 | $49,931,214 |
| Total Liabilities | $63,572,315 | $42,284,138 |
| Cash and Cash Equivalents | $15,003,643 | $9,185,742 |
| Deposits (Customer Funding) | $41,925,101 | $28,855,065 |
| Borrowings and Financing | $4,398,216 | $1,730,357 |
| Expected Credit Loss (ECL) Expense | $4,204,876 | $3,168,983 |
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased by 37% year-over-year, driven by a 39% increase in interest income and gains and a 24% increase in fee and commission income.
- Profitability: Net income rose by 46% to $2.87 billion. Gross profit increased to $6.63 billion from $5.25 billion.
- Balance Sheet Expansion: Total assets grew by 50% to $74.9 billion. This was fueled by a 49% increase in credit card receivables and a 77% increase in loans to customers.
- Funding Mix: Customer deposits grew by 45% to $41.9 billion, significantly outpacing the 154% increase in external borrowings and financing, indicating a strengthening deposit franchise.
- Credit Costs: Expected credit loss expenses increased by 33% to $4.2 billion, reflecting portfolio growth. The ECL coverage ratio for credit cards remained stable at 16.2%.
Outlook, Risks, and Management Commentary
- Strategic Expansion: On April 24, 2025, Nu Mexico Financiera received regulatory approval to convert into a bank. Subsequently, on January 29, 2026, the Company received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national bank (Nubank N.A.), enabling deposit accounts and lending in the U.S.
- Key Audit Matter: The measurement of Expected Credit Losses (ECL) is a key audit matter due to the complexity of models and subjectivity of assumptions regarding macroeconomic scenarios (GDP, inflation, unemployment, interest rates).
- Regulatory Capital: The Company maintains capital adequacy ratios well above minimum requirements in Brazil (CAR 16.6%), Mexico (15.4%), and Colombia (16.9%).
- Tax Changes: Brazil enacted Complementary Law No. 224/2025, adjusting Social Contribution on Net Profit (CSLL) rates for payment institutions and credit companies, effective 2026.
- Risk Management: The Group actively monitors credit, liquidity, market, and operational risks. Stress testing programs are in place to assess resilience against economic shocks.
Investor Verification Checklist
- Credit Quality Trends: Verify the stability of the ECL coverage ratio (16.2% for credit cards) against the growth in Stage 2 and Stage 3 receivables.
- Deposit Stability: Assess the composition of the $41.9 billion in deposits, specifically the reliance on Bank Receipt of Deposits (RDB) versus NuAccount balances.
- U.S. Bank Charter Progress: Monitor the timeline for satisfying OCC conditions to finalize the Nubank N.A. charter and launch U.S. operations.
- Interest Rate Sensitivity: Review the impact of Brazilian interest rate (Selic) fluctuations on net interest income and deposit costs.
- Regulatory Compliance: Confirm ongoing compliance with capital adequacy requirements across Brazil, Mexico, and Colombia as the portfolio expands.