NU nasazuje AI NuFormer do úvěrů i podpory; v Brazílii už obsluhuje přes 60 % chatů. Úvěrové portfolio činilo 39,4 miliardy USD a meziročně vzrostlo o 37 %.
Key Takeaways NuFormer is expanding across credit, customer service and growth campaigns at NU.NU's $39.4 billion credit portfolio grew 37%, while risk-adjusted NIM rose to 12.4%.NuFormer now runs faster and cheaper, with AI agents handling over 60% of Brazil support chats. Nu Holdings Ltd. (NU - Free Report) is putting artificial intelligence deeper into its operating model, with NuFormer central to underwriting, customer service and growth. The company said the model draws on more than a decade of transaction history across over 100 million customers in Brazil, Mexico and Colombia, giving it a large base of financial behavior data.
NuFormer has become faster and cheaper to run. Its latest generation quadrupled its context length, training speed and inference speed while lowering production costs. The model is used for credit cards in Brazil and Mexico and unsecured lending in Brazil, while SME credit cards and Colombian cards are being tested.
The push matters because credit remains a major earnings driver. NU ended the second quarter of 2026 with a $39.4 billion credit portfolio, up 37% year over year. Risk-adjusted net interest margin rose to 12.4% from 9.5% in the first quarter, helped by stronger credit income and a lower cost of credit.
AI is also moving beyond underwriting. Generative AI agents now handle more than 60% of customer support conversations in Brazil, with ratings at or above human levels. NuFormer is also being used to target growth campaigns, with more than 100 campaigns already run using the platform.
The financial backdrop gives NU room to invest. Second-quarter 2026 gross revenues reached $5.9 billion, up 39% year over year, while net income hit $1.1 billion. The company served 139 million customers, ARPAC reached $17 and the efficiency ratio stood at 19.5%, showing that AI investment is being layered onto a scaled platform.
How Are Itau Unibanco & MercadoLibre Compete?Itau Unibanco (ITUB - Free Report) , a major Brazilian banking rival to Nu Holdings, is embedding generative AI across customer service, business banking and payments. In June 2026, Itau Unibanco partnered with Google to expand Gemini access and AI training for SMEs. By late July 2026, its ia.i assistant was already available to approximately 300,000 Superapp users.
MercadoLibre (MELI - Free Report) , via its Mercado Pago platform, competes with Nu Holdings across Latin American payments, credit and digital financial services. The company uses AI and machine learning in credit scoring, customer service, advertising and marketplace search. In second-quarter 2026, MELI completed the rollout of an AI powered search architecture across its five largest sites. In second-quarter 2026, Mercado Pago reached 88 million monthly active users.
NU’s Price Performance, Valuation and EstimatesShares of NU have gained 29.4% in the past three months, outperforming the broader industry and the S&P 500 Index.
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From a valuation standpoint, NU trades at a forward price-to-earnings ratio of 14.38X, well above the industry’s 11.55X. It carries a Value Score D.
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NU’s estimates have increased 3 cents over the past month. The Zacks Consensus Estimate for full-year 2026 EPS is pegged at 86 cents.
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NU stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nubank, the digital bank owned by Nu Holdings (NU +0.03%), is one of the fastest-growing banks in the world. It posted record results in the most recent quarter, and yet the stock price is floundering, down about 13% year to date.
Are investors missing the boat on this Brazilian banking powerhouse?
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Expanding into the U.S. São Paulo-based Nubank launched 13 years ago as something new in its Brazilian market: a fully online digital bank. With no branches and little overhead, the idea was to reduce expenses, serve customers where they are, and operate more efficiently.
Nubank has achieved that, and then some. It has expanded into Mexico and Colombia and now has 139 million customers, adding 4 million in the second quarter alone. Most of them, about 118 million, are in Brazil, while Mexico has 16 million and Colombia has 5 million customers.
Nubank will soon be expanding into the United States. In January, it got conditional approval from the Office of the Comptroller of the Currency (OCC) to launch Nubank NA, a national digital bank in the United States.
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The customer growth numbers are accompanied by its increasingly engaged and active user base. In the second quarter, the average revenue per active customer (ARPAC) was $17, up from $16 in the previous quarter. Further, the monthly activity rate, which counts people actively using the app, jumped to 83.5% overall, up from 83% in Q1. In Brazil, it hit 86% for the first time.
The bank's efficiency has been outstanding. Its efficiency ratio, which measures how much the bank spends for every dollar of revenue, is 19.5%. That is extremely low, as most banks with branches are happy to have an efficiency ratio in the 50%-60% range. However, the efficiency ratio is up from 17.3% in Q1. The higher Q2 ratio is due to real estate and marketing expenses shifted from Q1, as well as costs for international expansion.
When you consider the efficiency, engagement, and customer growth, you get blowout earnings results. Nu generated $5.9 billion in revenue in Q2, up 39% year over year. Net interest income hit $3.7 billion, up 9% from the previous quarter, while net interest margin increased 180 basis points to 22.9%. Nu set a record for profitability with $1.1 billion in net income in Q2, up 17% from Q1 and 49% year over year. Also, the return on equity (ROE) rose to 33%, from 29% the previous quarter.
One of the concerns earlier this year was Nu's credit quality, as non-performing loans (NPL) had increased to 5%, up 89 basis points from Q4. But year over year, it was only up from 4.8%. In Q2, the NPL rate improved to 4.8% but was still up from 4.4% a year ago. The 90-plus-day NPL rate was 6.9% in Q2, up from 6.6% in the same quarter a year ago.
Nu's stock is up about 7% since the second-quarter earnings report came out on Aug. 13, signaling improving investor sentiment. It is trading at 20 times earnings and has a low PEG ratio of about 0.9, which means it is cheap relative to its long-term growth expectations.
Nu Holdings přidala ve čtvrtletí 4 miliony zákazníků na 139 milionů a tržby vzrostly o 39 % na 5,9 miliardy USD. Čistý zisk se zvýšil o 49 % na téměř 1,1 miliardy USD.
Nu Holdings (NU -2.65%) is a leading digital banking platform in Latin America. Although it sports a market capitalization of $71 billion, there's a good chance that U.S. investors haven't heard of the company. But it's a smart move to get familiar with Nu, as it has been a major disruptor in a big market.
This business is operating at an impressive level. It added 4 million customers last quarter, bringing the total to 139 million users, with 118 million in Brazil, its home market. Is the fintech stock priced for this growth?
Image source: Getty Images.
Nu's trajectory is characterized by rapid revenue and profit gains Nu's most recent financial results gave investors plenty of reasons to be bullish. During the second quarter, the company reported revenue of $5.9 billion, up 39% year over year on a currency-neutral basis. A higher customer count is the main driver of top-line gains.
It's important to pay attention to the unit economics here. Nu's monthly average revenue per active customer (ARPAC) increased 22% year over year to $17.10 in Q2. User growth will naturally decelerate as Nu scales, but it's extremely encouraging to see improved monetization from the existing customer base, likely due to cross-selling.
There might be no more powerful catalyst lifting this business than the fact that Latin America has a large unbanked and underbanked population. And Nu is capturing the opportunity. For instance, 35% of its customers in Mexico have never had a bank account. And 52% of customers never had a line of credit. This is what disruption looks like.
Nu's deposit base has also exploded, going from $18 billion in Q2 2023 to $45.3 billion today. This provides the funding to power it lending business. Deposits often are sticky, supported by high switching costs for customers.
Profitability is robust. Net income surged 49% to nearly $1.1 billion, exceeding $1 billion for the first time ever. And the net profit margin was 18.1%, better than the 16.4% posted in the second quarter of 2025.
Going back to the unit economics, it costs Nu on average $1 per month to serve each customer. That's only 5.8% of the ARPAC. What's more, the efficiency ratio, a bank's measure of operating expenses relative to net interest income and fee income, was 20% in the second quarter, down from 50% four years ago. A lower number is better, demonstrating improving operating leverage.
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Shares aren't trading at an expensive valuation As of Aug. 18, Nu shares trade 23% below their peak, a high-water mark established in January. They have fallen 14% just this year. However, the stock has risen by more than 80% during the past 36 months, bypassing the S&P 500 index over the same period.
It still trades at a compelling valuation. Investors can buy Nu at a forward price-to-earnings ratio of about 20. The business is growing rapidly, but it doesn't appear that the market is fully appreciating the growth story. This is a compelling setup for prospective investors.
There are risks to be aware of, though. Operating in Latin America, a developing region with volatile currencies, commodity-based economies, and unstable political and regulatory backdrops, introduces greater uncertainty. This is particularly true for a lender. Macroeconomic conditions in Latin America often are less stable than in the U.S.
Furthermore, Nu's $39 billion credit portfolio deserves some attention. Of this figure, 66% is credit cards, and 26% comes from unsecured loans, two product lines with a higher-risk profile. Non-performing loans, those that were 90 days or more past due, stood at 6.9% as of June 30. This metric has steadily increased during the past few years, but management doesn't appear too concerned.
Still, I believe it's worth considering Nu as an investment. Strong growth and a low starting valuation can result in winning returns.
Mexická divize Nu se ve 2. čtvrtletí rozrostla na téměř 16 milionů zákazníků a ARPAC dosáhl 12,30 USD. Divize navíc v 1. čtvrtletí 2026 poprvé dosáhla bodu zvratu.
Nu Holdings (NU -2.33%) owns NuBank, the largest digital bank in Latin America. It served 139 million customers in the second quarter of 2026, representing 30% growth from a year earlier. As a digitally native bank, it expanded much faster than its brick-and-mortar peers.
Most of Nu's customers are located in Brazil, where it already serves more than half of the country's adult population. To gradually reduce its dependence on that maturing market, Nu is aggressively expanding in Mexico -- but that market has a higher ratio of non-performing loans. Nu is also ramping up its spending on additional products in Mexico -- including credit cards, bank deposits, loans, and other services -- to grow its revenue per active customer.
Image source: Getty Images.
Nu's customer base in Mexico grew 32% year over year to nearly 16 million customers in the second quarter. However, that expansion boosted its credit risk and average cost per active customer while compressing its margins. The Mexican government recently authorized Nu Mexico to operate as a full-fledged bank in the country. Still, that approval could also expose it to tighter regulations, stricter capital requirements, and other banking expenses. So is Nu's Mexican business finally starting to carry its own weight, or is it still its weakest link?
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What milestones has Nu's Mexican business achieved? Nu expanded into Mexico in 2020. Over the following five years, it launched its credit card, Cuenta Nu savings and debit accounts, Cajita digital savings app, and personal loans. It now serves 98% of all municipalities in Mexico, as well as 78% of customers outside major cities.
Before joining NuBank, 35% and 52% of its Mexican customers lacked bank accounts and credit cards, respectively. Only 63% of Mexican adults had bank accounts at the end of the second quarter, compared with 94% in Brazil. Nu still only serves 16.5% of Mexico's adult population -- so it still has plenty of room to expand.
Nu's Mexican business broke even for the first time in the first quarter of 2026. It reached that milestone two years faster than its flagship Brazilian business, and silenced the bears who had claimed the Mexican market would become a money pit.
Its average revenue per active customer (ARPAC) in Mexico also reached $12.30 in the second quarter, compared to Brazil's $5.60 at the equivalent phase of its expansion in the second quarter of 2020. All of those figures clearly indicate that Nu's Mexico business isn't just carrying its own weight -- it's becoming the fintech company's core growth engine.
Nu Holdings ve 2. čtvrtletí překonala odhady: IFRS tržby vzrostly o 50 % na 5,51 miliardy USD a upravený zisk na akcii o 66 % na 0,22 USD. Akcie na začátku obchodování vyskočily o 13 %.
Shares of Nu Holdings (NU +9.87%) opened 13% higher on Friday. The Brazilian company behind the Nubank fintech brand reported Q2 results last night, crushing Wall Street estimates.
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Nu's Q2 by the numbers Nu's IFRS revenues (the international equivalent of GAAP standards) rose 50% year-over-year to $5.51 billion. Adjusted earnings jumped 66% to $0.22 per diluted share. The average analyst had expected earnings near $0.20 per share on revenue in the neighborhood of $5.39 billion.
The company added 4 million customers during the quarter. The global client count was 139 million, up from 122.7 million in the year-ago period. The Brazilian consumer market remained Nu's core business, but the customer count soared in Mexico (up 31.7%) and Colombia (up 55.9%).
Crucially, Nu's payment volume rose 30.3% year over year, more than doubling the 13.3% customer growth. The fintech is not only attracting many new customers, but existing ones are also using its services more often.
Return on equity held steady at 33%, and the efficiency ratio came in at 19.5%. For context, most traditional banks operate with efficiency ratios in the 50%-60% range, and lower ratios are better. Nu's digital-only model simply costs less to run.
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The next chapter starts in Mexico The numbers tell a familiar story for Nu watchers: more customers, deeper engagement, better margins. But the real headline came from Mexico, where regulators just handed Nu a full banking license. Two weeks later, Nubank is the largest digital bank in a country where 85% of people still prefer paying in cash. The runway is long.
CEO David Vélez framed Mexico as "Brazil's playbook running faster." These operations reached breakeven in six years versus eight in Brazil. Early cohorts are monetizing at more than double the rate Brazil showed at the same stage.
Meanwhile, Nu is definitely planning U.S. services. On the earnings call, management discussed the upcoming launch and AI's role in building out North American services. Freshly installed CFO Rob Livingston works from a San Francisco Bay office, bringing years of CFO experience from mighty Visa's (V -0.06%) North American division.
Nu expects to spend 12 to 30 months building out its U.S. credit capabilities after launch. If Mexico is today's growth engine, I can't wait to see the U.S. launch.
Anders Bylund has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nu Holdings and Visa. The Motley Fool has a disclosure policy.
SÃO PAULO--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), the largest digital bank in Latin America, today released its financial results for the second quarter ended June 30, 2026, prepared in accordance with IFRS, as well as complementary managerial results. The financial statements and earnings presentation are available on the Company’s Investor Relations website at www.investors.nu, along with details of the earnings conference call to be held today at 6:00 p.m. Eastern Time / 7:00 p.m. Brasília time.
"Thirteen years ago we started with a simple hypothesis: that a bank built on technology, with no branches and no legacy to defend, could serve hundreds of millions of people better, and at a fraction of the cost. This is no longer a hypothesis, and we are now generating more than a billion dollars in quarterly net income. Earlier this month, we launched our bank in Mexico, becoming the largest digital bank in the country with 16 million customers. That completes our transformation there, unlocking capabilities we did not have before. In Brazil, we are evolving our structure, adding a full banking license to our operations. We also launched Croma for our Super Core customers, taking the same primary banking playbook upmarket into an even larger profit pool. Underpinning all of it, NuFormer, our foundation model for financial behavior, now powers underwriting, customer service, and growth decisions across the company," says David Vélez, founder and global CEO of Nubank.
Q2’26 Results Snapshot
Below are the Q2’26 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis (FXN)1:
Operating Highlights:
Customer growth - Nu added approximately 4 million customers in Q2'26, reaching a total of 139 million customers globally. In Brazil, Nu reached almost 118 million customers. In Mexico, Nu reached 15.8 million customers (and 16 million as of July, 2026), and in Colombia, Nu surpassed 5 million customers, continuing its steady pace of net additions. Engagement and activity rates - ARPAC reached approximately $17 in Q2'26, growing sequentially quarter-over-quarter (QoQ) once again. Monthly activity rate expanded sequentially to 83.5%, with Brazil surpassing 86% for the first time. Efficiency Ratio - Efficiency Ratio increased to 19.5% in Q2'26 from 17.6% in Q1'26 (21.3% in Q2'25), as real estate and marketing expenses shifted from the first quarter into the second, alongside our continued investments in international expansion. Asset Quality - Leading indicator 15-90 NPL ratio improved 16 bps to 4.8% in Q2'26, with the majority of the improvement coming from seasonality, partially offset by intentional expansions into higher-risk, higher-return segments. Product mix and other minor effects were broadly neutral. 90+ NPLs increased 35 bps to 6.9%, largely reflecting the seasonal migration of first-quarter early delinquencies. Financial Highlights:
Revenue, Net Interest Income (NII) and Risk-adjusted NIM - Nu's Q2'26 gross revenue reached nearly $5.9 billion, up 39% YoY. NII reached $3.7 billion, up 9% QoQ, and Net Interest Margin expanded 180 bps to 22.9%, reflecting portfolio growth, the mix shift toward unsecured lending, and the intentional risk expansions communicated last quarter. Cost of Credit declined 9% QoQ to $1.7 billion, largely reflecting the normal second-quarter improvement in early delinquencies. As a result, Risk-adjusted NIM expanded 290 bps to 12.4%, from 9.5% in Q1'26. Profitability - Gross profit reached $2.4 billion, up 43% YoY and 25% QoQ. Credit's contribution to gross profit rose to 41% as it normalized in line with its expected seasonal pattern, with fees at 25% and float at 34% — all three growing in absolute dollars. Net Income reached $1.1 billion for the first time in Nubank's history, up 17% QoQ and 49% YoY. ROE closed the quarter at 33%. Balance Sheet and Funding - Total credit portfolio expanded 37% YoY and 5% QoQ to $39.4 billion, with credit cards at $26 billion, unsecured lending at $10.3 billion, and secured lending at $3.1 billion. Total deposits reached $45.3 billion, up 18% YoY and 6% QoQ, recovering Q1's seasonal outflows. Brazil closed at $36.4 billion, Mexico at $5.7 billion, and Colombia at $3.3 billion. In Mexico, deposits declined modestly again this quarter as part of a deliberate deposit-optimization strategy, improving cost of funding while maintaining ample liquidity, with Mexico's loan-to-deposit ratio at just 35%. Consolidated cost of deposits held at 88% of interbank rates, 3 p.p. lower than a year ago. Business highlights:
Deepening and Broadening Leadership in Brazil: Nu reached almost 118 million customers in Brazil, with the monthly activity rate surpassing 86% for the first time. Nu already serves most of the Mass Market segment and is the primary bank for a high share of those customers. It is also moving upmarket, where Ultravioleta continues to deepen primary banking relationships in the High Income segment. In July, Nu launched Croma for Super Core customers, offering a dedicated experience, enhanced credit, and broader benefits designed to reward customers for concentrating more of their financial lives with Nu. Beyond consumers, Nu serves more small businesses than any other financial institution in Brazil. Becoming Mexico's Largest Digital Bank: With its August launch, Nu became Mexico's largest digital bank, completing its shift from a credit-first fintech to a full-scale institution. Customer behavior, technology, and regulation are now all moving in the same direction: SPEI transfers below $5 grew more than 60% in the first half, while new central bank rules introduced in June, mandatory for all institutions by year-end, will standardize the payment experience across rails and strengthen network effects. Nu reaches 16.5% of Mexico's adult population, comparable to Brazil in 2020, but cohorts monetize earlier, with ARPAC of $12.3 against $5.6 in Brazil at the same stage. Taken together, these forces create one of the most compelling opportunities Nu has seen in Mexico. Scaling NuFormer and Broadening AI Across the Business: Nu continues to advance NuFormer, its foundation model for financial behavior, building on one of its greatest advantages: over a decade of transaction history across more than 100 million customers. The latest generation quadrupled context length, training speed, and inference speed, while reducing the cost of running models in production. NuFormer is in production across three portfolios — credit cards in Brazil and Mexico, and unsecured lending in Brazil — with SME and Colombian cards now in testing. Beyond underwriting, AI agents handle more than 60% of customer support conversations in Brazil at or above human parity, and Nu is using AI to optimize decisions across credit, deposits, and growth. Credit as a Superpower, Underpinned by Customer Primacy: Nu leads the Brazilian market in Primary Banking Relationships (PBR), and that leadership, combined with the analytical rigor of its underwriting models and the quality of the data those relationships generate, creates a structural credit edge. Credit performance has been steady across every income band, with 90+ delinquency improving in each since July 2025 while the peer bank segments deteriorated, and the widest differentiation in Mass Market and Super Core. Customers with Nu as their PBR show delinquency roughly half the portfolio average, reinforcing that customer primacy is both a growth and a credit advantage. More News From Nu Holdings Ltd.
Nu Holdings zveřejní zítra výsledky za 2. čtvrtletí a trh bude sledovat růst zákazníků, kvalitu úvěrů a ARPAC. V 1. čtvrtletí vzrostl čistý zisk meziročně o 56 %.
Brazil-based digital banking platform Nu Holdings (NU -0.66%) reports its second-quarter earnings tomorrow after the market closes. While investors will closely watch for revenue and earnings beats, a few catalysts could truly send the stock soaring.
Serving Latin America, across Brazil, Mexico, and Colombia, the company has over 135 million customers with no signs of a slowdown in growth. Nu added 17 million customers in 2025 and has continued in a similar vein this year, gaining another four million customers in the first quarter.
Yet these numbers don’t necessarily impress markets. It’s the catalysts behind these growth numbers that hold the clue to how the stock will respond.
Here are three major catalysts that could send the stock soaring on Friday and beyond.
Image source: The Motley Fool.
1. Mexico en route to becoming the next BrazilOf the 135 million customers, more than 115 million are from Brazil. Mexico operations, on the other hand, are growing. Crossing 15 million customers in the first quarter, Nu became Mexico’s third-largest financial institution and is also the country’s fastest-growing credit card issuer. Importantly, Nu’s Mexican customer base has grown nearly seven times over the past four years.
If management gives any indication that Mexico is scaling faster than Brazil, the market will discount this into Nu Holding’s valuation. However, investors should closely monitor increases in deposits and loan disbursements.
At the end of the day, a bank’s business is essentially a spread business. It takes in low-cost deposits and lends them out to high-quality, credit-worthy borrowers at higher interest rates.
Additionally, Colombia, with five million customers, is also scaling up. While growth here may not necessarily move the overall needle much, investors may eventually see this market’s long-term value.
Yet, growth for growth’s sake won’t impress the stock market. As a large-scale lender, Nu’s credit expansion must be accompanied by profit growth. And that leads us to our next catalyst.
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2. Better than expected credit qualityThe market’s greatest worry has been that Nu Holding’s rapid lending growth could result in higher losses. It isn’t surprising that the stock is down 20% this year. In the first quarter, the credit loss allowance rose 33% from the fourth quarter of 2025 to $1.79 billion, partly driven by portfolio growth.
The company’s primary credit quality indicator, its 15- to 90-day loan portfolio’s non-performing loan (NPL) ratio, was up 89 basis points (bps) from the previous quarter. Management attributed the worsening performance to seasonality, but the market seems wary. The good news is the 90+ NPL ratio declined 10 bps, to 6.5%.
While Q1 net profit grew 56% year-over-year, it came in slightly below the previous quarter’s bottom line. Assuming management’s “seasonality” argument is correct, if the second-quarter 15-90 NPL ratio falls more than expected while 90+ NPL remains stable, expect a solid boost in the stock price.
Simultaneously, investors will be watching for improvements in Nu’s net interest margin (NIM), which, on a risk-adjusted basis, should exceed the 9.5% it reported in Q1. In layman’s terms, net interest margin indicates the difference between a lender’s interest income and interest expense as a ratio of its average earning assets for the quarter. The higher the margin, the more profitable the lender.
The stock market will essentially read the two signals as those of a lending business that can grow without being burned by credit losses.
3. Growing average revenue per customerThis is probably not a highly appreciated metric. But investors evaluating Nu Holdings’ long-term prospects will want to assess the digital bank’s trajectory by its monthly average revenue per active customer (ARPAC).
A growing ARPAC is insurance against slowing or even decreasing volume growth. Nu Holding doesn’t necessarily have to acquire large volumes of customers. Instead, it’s increasingly focused on increasing average revenue per customer.
For example, around 62% of Brazil’s adults already use its services, meaning that future volume-driven growth will inevitably slow in Nu’s primary market.
The company has meaningfully increased its ARPAC from $11.6 per customer in Q1 2025 to $15.9 per customer in Q1 2026, a 37% year-on-year increase. As a result, it successfully reduced its efficiency ratio from 21.4% to 17.6% over the same period.
Can Nu Holding continue this trend? That remains to be seen, but there are solid indications that management is putting serious work into reducing its operating leverage.
A multi-expansion storyNu Holdings is a multi-expansion story that has the ability to pull multiple levers for growth. However, these catalysts should work in tandem, given the macroeconomic uncertainty.
In addition, a surprise announcement about definite development in its U.S. expansion plans could drive the stock higher. Earlier this year, Nu Holdings received conditional approval from U.S. regulators for a national bank charter.
While beating the consensus EPS estimate of $0.19 will be important tomorrow, look for unexpected gains in these catalysts to drive the stock higher.
Nu Holdings oznámí výsledky za 2. čtvrtletí 13. srpna a analytici čekají růst tržeb o 49 % a EPS 0,19 USD. Klíčové bude, zda si udrží náskok před rostoucí konkurencí.
Nu Holdings (NU -2.27%) is scheduled to report second-quarter earnings on Aug. 13 after the market closes. Expectations are high.
Wall Street analysts expect Nu to report quarterly sales growth of 49%. Earnings are expected to come in at $0.19 per share, though estimates range from $0.16 to $0.21 per share. Last year, second-quarter earnings totaled $0.12 per share.
Expectations for Nu’s sales and profit growth have been high for years. The fintech stock has rapidly grown its user base across Brazil, Mexico, and Colombia. More than half of all Brazilian adults are Nu customers. And roughly 15% of Mexican adults are now Nu customers, even though the company only entered that market in 2019.
Looking ahead, analysts expect 2026 sales growth of around 41%, with 2027 sales growth of 22%. Earnings per share for 2026 are expected to be $0.58, with 2027 EPS projected to be $0.81.
Despite rosy growth expectations, Nu stock is down 19% year-to-date. And while earnings aren’t necessarily the best metric to judge a bank stock by, shares trade at just 21 times trailing earnings and less than 17 times forward earnings.
If Nu announces strong earnings, shares could pop. And there’s one catalyst I’ll be paying most attention to.
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Can Nu Holdings stave off rising competition?Nu has an incredible growth history. Seismic growth was largely made possible by weak competition. When Nu launched in 2013, its competition in Brazil — its first market — consisted mostly of stodgy incumbents that charged customers high fees for relatively simple services. These incumbents had sprawling physical branch infrastructure and thus a high cost base.
Nu was founded as a digital-first bank. It has no branches. Instead, customers access their financial services directly from a smartphone. This allowed Nu to acquire customers faster and more cheaply than the competition could afford.
Image source: Getty Images
It took Nu a little over a decade to capture 100 million customers. And the competition took notice. Other fintech operators are growing quickly across Latin America, and analysts are increasingly concerned that Nu’s core markets have already reached saturation. Fears of market saturation and rising competition are arguably the biggest weight on shares, despite impressive top- and bottom-line growth.
But here’s the thing: Nu has proven an ability to stave off the competition on the metrics that matter most.
Nu’s monthly average cost to serve per active customer — a metric that tracks how expensive it is for the company to serve a customer — has remained around $0.80 per customer for the past five years. This proves that Nu’s cost advantage over the competition is structural and durable.
Nu has also demonstrated impressive underwriting discipline. Mercado Pago, perhaps its biggest fintech competitor, has stolen customers at the cost of sacrificing margins. Nu, meanwhile, has been able to add customers while maintaining or even growing profitability.
Despite repeated evidence of its business moat, the market remains skeptical of Nu’s ability to fend off competition in the long term. I expect another positive earnings report. But whether the market rewards continued progress remains to be seen. Whether or not shares pop after second-quarter earnings is anyone’s guess. But if shares remain pressured, patient growth investors looking to buy into a long-term growth story at a discount should take a closer look.
NU získala v Brazílii dohodu o koupi bankovní licence a Nu Mexico dostalo konečné povolení k činnosti jako banka. Firma má 135,2 milionu zákazníků, úvěrové portfolio jí meziročně vzrostlo o 40 % na 37,2 miliardy USD a vklady o 22 % na 42,4 miliardy USD.
Key Takeaways NU agreed to acquire a Brazilian bank license, strengthening its local operations.Nu Mexico won final bank authorization as it serves 15 million customers and adds about 12,000 daily.NU ended Q1 2026 with 135.2 million customers, while credit rose 40% and deposits climbed 22%. Nu Holdings Ltd. (NU - Free Report) , the company behind the Nubank brand, announced an agreement to acquire Banco Porto Real de Investimentos in Brazil to add a new banking license to its local operations. The deal, which remains subject to approval from Brazil’s Central Bank, will help Nubank meet regulatory requirements governing the use of bank-related names by financial institutions.
For Brazilian customers, the company said that nothing will change, as the app, products, services, brand and name will remain the same. The acquired license joins NU’s existing payment, credit, investment, financing and brokerage licenses without requiring additional capital or liquidity requirements. Brazil remains its core market, with more than 115 million customers and a planned investment of R$45 billion in 2026.
Nubank is also expanding its banking operations in Mexico. This month, Nu Mexico received final authorization to operate as a bank and must complete the transition within 30 days. It serves 15 million customers, adds about 12,000 customers daily and plans to invest $4.2 billion in the country through 2030.
The timing is backed by strong operating results. NU ended first-quarter 2026 with 135.2 million customers and generated $5.32 billion in managerial revenues. Its credit portfolio rose 40% year over year to $37.2 billion, while deposits increased 22% to $42.4 billion.
Still, investors should view the Brazil move mainly as a regulatory and strategic step rather than an overnight earnings trigger. The larger opportunity lies in deeper product adoption across Brazil’s addressable pool, which exceeds $100 billion in annual gross profit. NU estimates its share of that pool at roughly 7%, leaving room to expand lending, deposits, investments and services.
How Are SOFI & XYZ Faring?SoFi Technologies (SOFI - Free Report) is expanding beyond consumer lending by adding small-business loans, home-equity products, AI financial tools, enterprise banking and blockchain-based services. SOFI's partnerships are also bringing more funding onto its loan platform, reducing reliance on balance-sheet lending. Three agreements announced in March 2026 covered more than $3.6 billion in personal loans.
Block (XYZ - Free Report) is widening its reach through Cash App, Square, Afterpay and bitcoin products, linking consumer payments with merchant services and credit. Its tools include installment plans for peer-to-peer transfers, contactless payments and restaurant technology. Across Cash App Borrow, Afterpay and Square Loans, XYZ has provided customers with access to more than $200 billion.
NU’s Price Performance, Valuation, and EstimatesShares of NU have declined 5.1% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, NU trades at a forward price-to-earnings ratio of 13.87X, well above the industry’s 11.19X. It carries a Value Score of C.
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NU’s estimates have declined a cent over the past two months. The Zacks Consensus Estimate for full-year 2026 EPS is pegged at 83 cents.
Image Source: Zacks Investment Research
NU stock currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nu Holdings ve 1. čtvrtletí dosáhla rekordních výnosů kolem 5 miliard USD a čistého zisku 871 milionů USD. Zároveň její úvěrové portfolio vzrostlo o 40 % na 37,2 miliardy USD.
Key Takeaways Nu Holdings reached 135 million customers as quarterly revenues and net income hit records.Mexico posted its first profitable quarter as Nu expanded to 15 million customers in four years.NU's credit portfolio rose 40%, while delinquencies increased and risk-adjusted margins declined. Nu Holdings Ltd. (NU - Free Report) , the parent of Nubank, has built one of Latin America’s largest digital financial platforms. Its branchless model combines credit cards, deposits, loans, payments and investment products in one mobile application. The company ended the first quarter of 2026 with more than 135 million customers across Brazil, Mexico and Colombia, giving it greater consumer reach than many digital-banking rivals.
NU shares have risen about 6.3% over the past month, outperforming close fintech peers SoFi Technologies, Inc. (SOFI - Free Report) and StoneCo Ltd. (STNE - Free Report) over a comparable recent period. SoFi and StoneCo shares have gained 1.1% and roughly 3.8%, respectively. The comparison suggests that investors have responded positively to Nu’s earnings growth, improving efficiency and progress in Mexico, even as the wider fintech group has remained uneven.
However, a rising share price does not remove the risks. NU is expanding lending rapidly, investing in artificial intelligence and preparing for measured entry into the United States. Investors must balance these growth opportunities against higher provisions, credit exposure and a valuation that already assumes continued execution.
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Customer Growth Supports the Bull Case for NUNu Holdings’ scale remains its clearest advantage. The company passed 115 million customers in Brazil, 15 million in Mexico and approached 5 million in Colombia. Monthly activity remained strong at 83%, while monthly average revenue per active customer increased to around $16. These trends helped quarterly revenues reach approximately $5 billion for the first time in the first quarter of 2026.
Profitability also improved. First-quarter net income reached a record $871 million, up 41% year over year on an FX-neutral basis. NU’s reported efficiency ratio fell to 17.6%, showing that revenues continue to grow faster than operating expenses. Management expects the full-year ratio to move closer to 20% as delayed marketing, property and investment costs return during later quarters.
Mexico offers another major opportunity. Nu Holdings’ customer base has expanded from slightly more than 2 million to 15 million in four years. The operation also recorded its first quarter of IFRS profitability ahead of management’s internal plan. Mexico remains underbanked, and NU currently controls less than 1% of the profit pool it hopes to address.
AI and New Products of NU Could Lift EngagementManagement is using artificial intelligence to speed product development, improve credit decisions and lower servicing costs. Engineering output increased more than 50% year over year, while AI-based financial tools were already serving above 15 million monthly active users. Nu Holdings’ proprietary models are being used for credit-card decisions and unsecured lending, allowing the company to assess individual loan requests in under one second.
The company is also expanding into small-business banking. NU has approximately 5 million small-business customers in Brazil, many acquired by cross-selling services to existing personal-banking users. This base could support further growth in business cards, deposits, and secured and unsecured loans without large customer-acquisition spending.
Credit Expansion Creates Risk for NUNU’s credit portfolio climbed 40% to $37.2 billion, led by a 53% increase in unsecured lending. Total credit exposure, including available card limits, rose 44% to $70.7 billion. Because credit cards and unsecured loans made up 98% of new exposure, the company had to record larger expected-loss provisions.
Early-stage delinquencies increased to 5% from 4.11% at year-end, while risk-adjusted net interest margin declined to 9.5% from 10.5%. Management attributed most of the change to normal seasonality, portfolio growth and product mix rather than weakening borrowers. Still, investors should closely watch these measures because rapid unsecured lending can produce larger losses during an economic downturn.
NU’s Estimate RevisionsWhile earnings estimates for both 2026 and 2027 have been revised marginally downward over the past 60 days, the consensus mark has remained unchanged in recent times. However, these figures suggest year-over-year growth of 33.87% and 38.07%, respectively.
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Is NU Stock Fairly Valued?NU trades at approximately 13.48 times forward earnings. That is well below SoFi Technologies’ forward multiple of about 24.53 times but considerably above StoneCo’s 4.9 times. The discount to SoFi appears reasonable because SoFi operates in the competitive U.S. market and receives a higher growth premium. Nu Holdings’ premium over StoneCo reflects its larger customer platform, stronger earnings expansion and broader consumer-banking opportunity.
NU's Valuation
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NU is not an obvious bargain. StoneCo offers a much cheaper valuation, while SoFi Technologies provides exposure to U.S. lending and financial technology. Investors choosing Nu Holdings over StoneCo or SoFi are betting that its Latin American scale, Mexico expansion and credit models will continue producing above-average growth.
NU Stock Recommendation: HoldNu Holdings has a strong long-term story built around customer growth, low operating costs and a rising presence beyond Brazil. Mexico’s first profitable quarter, higher customer revenues and record net income show that the business can scale effectively. AI tools and small-business products may create additional growth, while NU’s valuation is more reasonable than SoFi Technologies’ multiple.
However, the stock’s recent 6.3% rise, growing unsecured-credit exposure and higher provisions call for patience, and NU must ensure that rapid lending growth will not weaken asset quality. It seems prudent for existing investors to retain their positions, but new buyers may wait for a better entry price.
At present, NU carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nubank has appointed Livia Chanes to the newly created position of chief executive officer for Latin America, according to a Wednesday (July 15) Bloomberg report. Chanes, who has served as the firm’s Brazil CEO since 2024, will now oversee regional operations as the company intensifies its international growth strategy.
Under the new structure, the country managers for Mexico and Colombia—Armando Herrera and Marcela Torres, respectively—will report directly to Chanes. The move is designed to streamline the exchange of successful strategies from the firm’s mature Brazilian market to its newer territories.
“My commitment is to ensure that Mexico and Colombia benefit from everything we’ve built in Brazil,” Chanes said in a statement. “We’re already the largest private financial institution by number of customers in Brazil, but we know we still have enormous opportunities to grow across our different segments. That remains our priority as a company.”
The leadership change is part of a broader management realignment at the FinTech. Earlier this week, Rob Livingston assumed an expanded role as chief financial officer, a move expected to lead to the creation of local CFO positions. These shifts follow the establishment of a global marketing post earlier this year.
Chanes joined Nubank in 2020 and has been a key figure in the company’s recent scaling efforts. The firm was granted a banking license in Mexico last week and is currently seeking a U.S. banking license, which Bloomberg reports could be issued in early 2027.
Nubank said that with more than 15 million customers, it will become the largest digital bank in Mexico.
“The authorization we receive and the growth we have achieved confirm that this model works and has the potential to transform the relationship millions of people have with their money,” Nubank Founder and Global CEO David Vélez said in last week’s release.
Key Takeaways Nu Mexico received banking approval and has 30 days to complete its transition to a bank.Nu's Mexico customer base grew in Q1 2026 to 15 million from 2.1 million in early 2022. NU plans to invest $4.2 billion in Mexico through 2030 while its market share remains below 1%. Nu Holdings Ltd. (NU - Free Report) , the company behind the Nubank brand, announced that its Mexican subsidiary, Nu Mexico, has received authorization from Mexico’s National Banking and Securities Commission (“CNBV”) to begin operating as a bank. The authorization process was supervised by the CNBV, the Bank of Mexico and the Ministry of Finance. Nu Mexico has 30 days to complete the transition.
The license will make Nu Mexico the country’s largest digital bank, serving more than 15 million customers. The company adds 12,000 customers daily, operates in 98% of Mexico’s municipalities and plans to invest $4.2 billion in the country through 2030.
Nubank entered Mexico in 2019, and Nu Mexico launched its first product in 2020: a no-fee credit card with customizable financing plans. It later added the Cuenta Nu savings account, featuring Cajita Turbo and Scam Alert, alongside personal loans and secured cards designed to widen credit access and help customers build credit histories.
That broader product range is supporting a financial turning point. Nu Mexico reached break-even in the first quarter of 2026 after expanding its customer base to 15 million from 2.1 million in early 2022. Monthly Average Revenue Per Active Customer rose to $15.90 from $11.60 in the prior year, while its efficiency ratio improved by 78 percentage points to 42%.
The opportunity remains large. NU estimates Mexico’s 2025 consumer banking gross-profit pool at $43 billion, with projected five-year annual growth of about 15%, while its market share remains below 1%. NU’s first-quarter 2026 managerial revenues reached $5.32 billion, deposits totaled $42.4 billion and its credit portfolio stood at $37.2 billion.
How Are SOFI & XYZ Faring?SoFi Technologies (SOFI - Free Report) is expanding beyond consumer lending by adding small-business loans, home-equity products, AI financial tools, enterprise banking and blockchain-based services. SOFI's partnerships are also bringing more funding onto its loan platform, reducing reliance on balance-sheet lending. Three agreements announced in March 2026 covered more than $3.6 billion in personal loans.
Block (XYZ - Free Report) is widening its reach through Cash App, Square, Afterpay and bitcoin products, linking consumer payments with merchant services and credit. Its tools include installment plans for peer-to-peer transfers, contactless payments and restaurant technology. Across Cash App Borrow, Afterpay and Square Loans, XYZ has provided customers with access to more than $200 billion.
NU’s Price Performance, Valuation, and EstimatesShares of NU have declined 10.3% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, NU trades at a forward price-to-earnings ratio of 13.73X, well above the industry’s 11.42X. It carries a Value Score of C.
Image Source: Zacks Investment Research
NU’s estimates have declined a cent over the past month. The Zacks Consensus Estimate for full-year 2026 EPS is pegged at 83 cents.
Image Source: Zacks Investment Research
NU stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nu Mexico získala povolení začít fungovat jako banka a má 30 kalendářních dnů na dokončení přeměny. S více než 15 miliony zákazníků se má stát největší digitální bankou v Mexiku.
Digital bank Nubank’s Mexican operation, Nu Mexico, has received authorization to begin operations as a bank and now has 30 calendar days to complete its transformation into a bank, the company said in a Friday (July 10) press release.
Nu received the authorization from the National Banking and Securities Commission (CNBV), and the company will become a bank in a process supervised the CNBV, the Bank of Mexico and the Ministry of Finance and Public Credit, according to the release.
The company said that with more than 15 million customers, it will become the largest digital bank in Mexico.
“The authorization we receive and the growth we have achieved confirm that this model works and has the potential to transform the relationship millions of people have with their money,” Nubank Founder and Global CEO David Vélez said in the release.
Nubank entered the Mexican market in 2019; launched its first product, a no-fee credit card with customizable finance plans, in 2020; and later added a savings account, personal loans and secured cards, according to the release.
Today, Nu has a presence in 98% of Mexico’s municipalities, adds 12,000 new customers per day, and has given 54% of its customers their first credit card, per the release.
To this point, Nu Mexico has operated in the country as a Popular Financial Society (SOFIPO).
“Receiving authorization after an unprecedented process of transforming from a SOFIPO into a bank is a milestone we have not reached alone,” Nu Mexico CEO Armando Herrera said in the release. “We got here alongside millions of Mexicans who have placed their trust in Nu to transform the way they relate to their money.”
Nu Mexico announced in April 2025 that it received approval of its banking license from the CNBV and would continue operating as a SOFIPO while undergoing a rigorous regulatory audit before obtaining authorization to begin operations as bank.
It was reported in November that Nu was part of a wave of FinTech challengers, along with companies like Revolut and Mercado Pago, that were set to place pressure on the existing players in Mexico’s banking sector to modernize operations and slash fees.
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Nu Holdings ve 1. čtvrtletí 2026 zvýšila počet zákazníků na 135 milionů a průměrné měsíční tržby na zákazníka na 16 USD. Akcie přesto letos klesly asi o 25 %.
Nu Holdings (NU +0.24%) is one of the world's fastest-growing fintech companies. It owns NuBank, the largest digital-only bank in Latin America. By streamlining its digital services and offering a fee-free credit card, it expanded much faster than its brick-and-mortar competitors. It also expanded its ecosystem with more loans, e-commerce services, and crypto trading tools.
From 2021 to 2025, Nu's year-end customer base grew from 54 million to 131 million, its activity rate (active customers divided by total customers) expanded from 76% to 83%, and its monthly average revenue per customer (ARPAC) more than tripled from $4.50 to $15. Even as it added customers at that blistering pace, its average cost per active customer held steady.
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In the first quarter of 2026, Nu's total customers rose to 135 million, its activity rate held steady at 83%, and its monthly average revenue per customer grew to $16.
Those growth rates were incredible, yet Nu's stock has still declined about 25% this year and trades at just 12 times next year's earnings. Is it an undervalued growth play in this frothy market?
Why did Nu's stock decline? From 2021 to 2025, Nu's revenue grew at a 75% CAGR. It turned profitable in 2023, and its EPS nearly doubled in 2024 and rose 45% in 2025. From 2025 to 2028, analysts expect its revenue and EPS to grow at CAGRs of 31% and 35%, respectively.
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Those growth rates are impressive, but three issues are compressing its valuations. First, it's expanding more aggressively into Mexico and Colombia to reduce its dependence on its core Brazilian market.
That expansion increased its credit risks, since both markets require higher funding costs and credit loss allowances than Brazil. Nu's expansion of its lower-margin secured lending and payroll-backed loan businesses exacerbated that pressure.
Second, Nu earns most of its revenue in Brazilian Reais, Mexican Pesos, and Colombian Pesos but reports its earnings in U.S. dollars. As a result, it faces persistent headwinds from a strong U.S. dollar -- which will only become stronger if the Fed raises its rates this year. Lastly, the market still values Nu like a conventional bank rather than a high-growth fintech company.
Is Nu's stock a screaming bargain? I believe Nu's stock is a bargain at these levels. It's in the process of securing full bank charters in Mexico and a conditional approval in the U.S. to reduce its funding costs and expand its reach. It also recently launched a new $1.0 billion buyback program.
It won't bounce back anytime soon, but it could attract a lot more attention once its Mexican and Colombian markets mature, the dollar weakens, and investors value it as a growth play again.
