Nubank - NuHeadlines
#44 — February 26, 2026
Hello,

Nu Holdings closed Q4’25 with 131 million customers, US$ 4.9 billion in quarterly revenues driven by high engagement, and record net income of US$ 895 million. The results reflect its ability to combine disciplined growth with sustained profitability as Nu continues investing in its core markets.

Also in this issue: Nu secured OCC approval to establish a US National Bank, kicking off an 18-month regulatory process that will allow the company to offer a broad product portfolio in the country. It also announced an investment of more than US$ 475 million over the next five years in office expansion to support a new phase of growth in Brazil, detailed its investments in Mexico, and more.

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Q4'25 Financial Results

Nu Holdings posted its Q4’25 results in a new round of record-breaking figures. The company closed the year with 131 million customers. With high engagement, quarterly ARPAC rose to $15, contributing to a record revenue of $4.9 billion.

Cost-to-serve remained below the dollar, and efficiency further improved to 19,9% in the quarter. Nu Holdings’ net income reached a new record of $895 million, and ROE was 33%.

By the end of 2025, Nubank was already the largest private financial institution in Brazil, serving 113 million customers (62% of the adult population), and had a base of 14 million in Mexico (15%) and 4 million in Colombia (11%). Growing in these markets remains a top priority, while Nu is preparing its platform to scale beyond Latin America, including by advancing its AI models.

Results Highlights:

Operational and business:
  • Customers – 131 million
  • • 17 million added in 2025
  • ARPAC – US$15 (27% increase YoY FXN)
  • Activity rate: 83%
  • Efficiency ratio: 19.9%
  • Consumer finance asset quality: 4.1% for 15-90 NPL ratio (20 bps drop QoQ) | 6.6% for 90+ NPL (10 bps drop QoQ)
Financial:
  • Revenues: US$4.9 billion (+45% YoY FXN)
  • Net Income: US$895 million (+50% YoY FXN)
  • Annualized ROE: 33%
  • Interest-earning portfolio: US$18.5 billion (+46.9% YoY FXN)
  • Total deposits: US$41.9 billion (+29% YoY FXN)
Corporate information

The OCC approved Nu’s request to form a national bank in the United States. This kicks off an 18-month regulatory process that includes meeting specific conditions set by the regulator, along with pending approvals from the FDIC and the Federal Reserve.

Nu will invest more than US$ 475 million to expand its infrastructure in Brazil. This is part of the company's commitment to its first market, with new spaces in São Paulo, Campinas, Belo Horizonte, and Rio de Janeiro.

In Nu Videocast, Armando Herrera, CEO of Nu México, detailed a US$4.2 billion strategic investment plan through 2030. He also highlighted how the Mexican operation has distinguished itself by beating Brazil's unit economics at equivalent stages. Available on YouTube and Spotify.

Roberto Campos analyzed the credit landscape in Brazil and Nu's role in expanding responsible access in a new episode of the video series Perspectivas.
Products and launches

Nubank reopens and names the historical Cine Copan, a movie theater in São Paulo's downtown. The main goal is to increase access to culture, while strengthening the brand's connection with the city's arts scene. The play “Hamlet, Dreams to Come” is already showing, prior to a renovation period.

More than 5 million customers have activated Street Mode. To promote the feature during the Carnaval season in Brazil, Nu partnered with actress Paola Oliveira and DJ Pedro Sampaio.

Nubank Ultravioleta now sponsors the IRONMAN circuit and TRIDAY SERIES in Brazil. The partnership connects high-income customers to the premier triathlon ecosystem and offers exclusive benefits.

Following its partnership with OpenAI to foster access, Nubank launched a marketing campaign focused on Brazilians' behavior with ChatGPT. The film highlighted that Nu customers can benefit from up to one year of free access to the tool.
Nu in the news

CFO Guilherme Lago highlighted that Nu has been growing at almost 40% a year, while well-capitalized. AI was a fuel for the positive Q4 results, boosting credit underwriting capabilities .

Forbes published an analysis of Nu's massive scale in Latin America and how its entry into the US positions it as a global benchmark for scale and efficiency.

David Vélez shared the rationale behind Nubank’s investments in expanding its global footprint, as well as the key figures behind the company's growth so far. He also reinforced that the next decade will be about how Nu moves from being a Brazilian bank to a global technology company. David sees the approval to establish a US National Bank as an opportunity to prove the company’s thesis that a digital-first, customer-centric model is the future of financial services globally.

David was recognized as one of the Colombians modernising the country through their leadership and work across multiple sectors, according to Forbes magazine. La República highlighted his role in building Nu and expanding the company's global footprint, as he is one of the finalists for the Businessperson of the Year 2025 award.

Cristina Junqueira was recognized on the 2026 CNBC Changemakers list, which highlights women transforming business globally. She also discussed Nubank's trajectory and the potential of the US market following the recent conditional regulatory approval to form a national bank.

Livia Chanes reflected on her career, from an independent problem-solver to a collaborative leader as CEO of Nubank Brazil, in an interview with Marie Claire.

In the Humans of Faria Lima videocast, Roberto Campos Neto traced his professional journey from the corporate and public sectors to his current role in Nubank’s Management Team. He also shared insights on macroeconomic trends and emphasized how innovation is key to driving industry competition in the debut episode of Hot Market, CNN Brasil’s new program.

Brazil surpassed 100 million Open Finance users, and Nu is the top payment initiator in the country, based on a study by the tech company Sensedia.

E-Investidor listed Nu as one of the digital leaders increasing transparency in credit through NuScore, providing customers with clearer insights into their financial health.

Represented by Armando Herrera, Nu México was the only digital financial institution to meet with the Mexican president to discuss digitalization and financial inclusion plans to modernize the local economy.

An editorial by O Globo underscored that fintech benefits outweigh sector challenges, driving financial inclusion and efficiency across the Brazilian system.

Zetta announced Ricardo Barboza as its new Chief Economist. The executive will contribute to strengthening the association's pillars, focusing on financial inclusion, innovation, and increased competitiveness.

América Móvil, the Mexican group that controls Claro, stated that NuCel is already influencing the competitive landscape and portability trends in the Brazilian telecommunications market.

Nu Colombia is the fifth-largest financial institution by savings account balance in the country. It’s the only neobank in the top 10.

Marcela Torres detailed how Colombia can learn from Brazil’s Pix, noting that Bre-B will be a catalyst for the entire economy. Reflecting on the rapid digitalization of payments within the Colombian financial sector, she said approximately 75% of Nu customers have registered keys in the Bre-B system.

(Articles in this section may be subject to a paywall and available to subscribers only, depending on the news outlet.)
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