$NU · Nu Holdings Ltd.
Nu Holdings reported Q3 FY2026 earnings: total revenue of $5,820.4M (up from $4,172.7M a year earlier) and net income of $1,091.6M versus $782.7M in Q3'25, +31% YoY on an FX-neutral basis. Gross revenue reached $5.82B (+37% YoY FXN) and gross profit (+35% YoY FXN). The company introduced its Managerial P&L framework, a non-IFRS presentation reconciled to IFRS that preserves net income, cash flow, and capital.
- Net income $1,091.6M, up from $782.7M in Q3'25 (+31% YoY FXN).
- Total revenue $5,820.4M versus $4,172.7M a year earlier.
- Gross revenue, +37% YoY FXN; gross profit, +35% YoY FXN.
- Efficiency ratio improved to 17.6% from 19.9% a year ago.
- Nu Mexico became a bank in August; Nu US and Nu Global launched September 10, 2026.
Extended-hours last trade $12.20, +3.14% vs the $11.83 regular close, signaling a positive after-hours reaction to the earnings beat.
Nu delivered accelerating profitability at scale while formally launching US and global expansion, extending its growth story beyond Latin America.
Nu's 17.6% efficiency ratio and 33% ROE underscore its low-cost digital-banking model versus incumbent LatAm banks, while expansion into Mexico, Colombia, and the US extends its growth runway.
Rising 90+ NPLs (6.7% total portfolio) and intentional risk expansions in underwriting could pressure credit costs; new US/Global ventures carry execution risk.