Nubank - NuHeadlines
#50 — August 19, 2026
Hello,

Nu surpassed US$1 billion in net income in Q2'26 – reflecting a sustained increase in its customer base and revenues while maintaining industry-leading levels of efficiency.

In this issue of our corporate newsletter, you can read more about another quarter of record-breaking results, and also: Nu Mexico starts operating as a bank, Nu launches a new tier in Brazil and expands its physical infrastructure with new offices, and more.

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US$1 billion in net income
Nu's Q2'26 results are a testament to the company's customer obsession, translated into an earnings-generating formula, with a new record net income of more than US$1 billion. The customer base reached 139 million, and engagement continued to deepen alongside that growth, with activity rates of 83.5% globally and over 86% in Brazil. ARPAC rose to 17 dollars. This combination generated US$5.9 billion in gross revenue, while Nu achieved an efficiency ratio of 19.5%.

"That is what we have always meant by optimizing for the long term. It is why we can continue building for the next decade while delivering a quarter like this one," said Founder and Global CEO David Vélez.

Results Highlights:

Operational and business:
  • Customers – 139 million
    • 4 million added in Q2'26
  • ARPAC – US$17
  • Activity rate: 83.5% (86%+ in Brazil)
  • Efficiency ratio: 19.5%
  • Consumer finance asset quality: 4.8% for 15-90 NPL ratio (16bps improvement) | 6.9% for 90+ NPL (35 bps increase QoQ)

Financial:
  • Total revenue: US$5.9 billion (+39% YoY FXN)
  • Net Income: US$1 billion (+49% YoY FXN)
  • Annualized ROE: 33%
  • Total credit portfolio: US$39.4 billion (+37% YoY FXN)
  • Total deposits: US$45.3 billion (+18% YoY FXN)

In case you missed it: David welcomed Rob Livingston, the new CFO, in the latest episode of the Nu Videocast. They discussed Nubank's focus on its core markets and how Rob's background will shape the next phase of growth, from AI investment to international expansion.
Nu Mexico is now a bank
Nu Mexico successfully started its bank operations on August 6th, and officially became the largest digital bank in the country. The company currently serves nearly 16% of the adult population, a total of 16 million customers. Still, the opportunity ahead is even larger, as the country is accelerating its pace of digital financial adoption and Nu deepens customer relationships.
Brazil continues to lead growth
Nubank already leads consumer primacy in Brazil, and launched Croma to reward customers for concentrating more of their financial lives with Nubank. Croma is a new subscription-based tier built specifically for the segment that sits between mass market and high income, with a broader set of banking and lifestyle benefits.

The company is continuously investing in its core market, and has recently inaugurated three new offices in Brazil: one in São Paulo, one in Rio de Janeiro and another in Campinas. Two more are planned for 2027. Nubank is also growing its infrastructure abroad, with the expansion of offices in Mexico and Colombia, the opening of new units in the United States in Miami, Palo Alto, and Washington, D.C., as well as future space in Buenos Aires.
Nu in the news
Nu's US$ 1 billion net profit in Q2'26 beat market expectations and represents a 49% increase year on year, FXN. It was supported by the company's long-term focus and business model, including its approach to credit underwriting.

In a new video series, David Vélez deep-dives into the decisions that have taken Nu from an idea to the largest digital bank in Latin America. Follow all episodes in InvestNews.

Nu has successfully launched its banking operation in Mexico on August 6th. We are now officially the largest digital bank in the country – in addition to being the largest private bank in Brazil.

In her new role as CEO for Latin America, Livia Chanes reiterated that Nu's focus remains on consolidating the company's core markets. Global CFO Rob Livingston also reinforced the growth potential of Brazil, Mexico, and Colombia. In the same conversation, a Nu Videocast episode with David, Rob detailed how Nu will move with disciplined ambition in our next phase of growth.

Based on the Evident AI Index, which ranks Nu as the largest and most AI-mature bank in Latin America, Goldman Sachs reported that the gap between Nu and the competition is widening. The analysts highlight not only the advantages stemming from technological capabilities but also from talent and scale.

According to Citi, NuCel's success is contributing to more competition in postpaid telecom.

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