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Nu Holdings
(NYSE:NU)
Nu Holdings (NU) vs. SPDR S&P 500 ETF (SPY)
Nu Holdings Business Overview & Revenue Model
Nu Holdings Key Performance Indicators (KPIs)
Breaks down revenue by different streams, revealing which areas are driving growth and diversification of income sources.
The FlyNu Holdings Earnings Call Summary
Nu Holdings Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.88B | 11.10B | 7.67B | 4.52B | 1.51B |
| Gross Profit | 7.12B | 5.10B | 3.35B | 1.57B | 664.56M |
| EBITDA | 3.97B | 2.87B | 1.60B | 35.27B | -152.82M |
| Net Income | 2.87B | 1.97B | 1.03B | -364.58M | -164.99M |
Balance Sheet | |||||
| Total Assets | 75.02B | 49.93B | 43.35B | 29.93B | 19.86B |
| Cash, Cash Equivalents and Short-Term Investments | 14.35B | 23.15B | 22.02B | 16.84B | 10.69B |
| Total Debt | 37.76B | 886.53M | 1.17B | 803.16M | 167.92M |
| Total Liabilities | 63.70B | 42.28B | 36.94B | 25.04B | 15.42B |
| Stockholders Equity | 11.29B | 7.65B | 6.41B | 4.89B | 4.44B |
Cash Flow | |||||
| Free Cash Flow | 8.50B | 2.22B | 1.09B | 641.27M | -2.95B |
| Operating Cash Flow | 8.51B | 2.40B | 1.27B | 755.57M | -2.92B |
| Investing Cash Flow | -18.21B | -330.63M | -177.00M | -127.15M | -154.19M |
| Financing Cash Flow | 15.15B | 727.74M | 425.21M | 654.04M | 3.34B |
Nu Holdings Technical Analysis
Nu Holdings Risk Analysis
Nu Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $163.96B | 10.97 | 13.08% | 1.85% | -15.34% | 16.71% | |
71 Outperform | $75.40B | 11.24 | 11.70% | 4.14% | 2.20% | -0.17% | |
70 Outperform | $15.36B | 11.73 | 15.94% | 2.08% | 3.87% | 14.61% | |
70 Neutral | $71.67B | 28.20 | 30.30% | ― | 30.94% | 40.87% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $77.82B | 11.28 | 10.00% | 1.71% | 17.50% | 49.25% | |
58 Neutral | $62.42B | 4.48 | 15.42% | 3.67% | 7.43% | 30.31% |
Nu Holdings Corporate Events
Nu Holdings has released its audited consolidated financial statements for the year ended December 31, 2025, supported by an unqualified opinion from KPMG Auditores Independentes. The auditor concluded the group’s financial position and performance are fairly presented under IFRS Accounting Standards, reinforcing transparency and regulatory compliance for investors.
KPMG highlighted the measurement of expected credit losses on credit card receivables and customer loans as the key audit matter, given complex models and forward-looking assumptions such as GDP, inflation, unemployment and interest rates. After extensive testing of controls, models and disclosures, the auditor deemed Nu’s credit loss provisioning acceptable, which may reassure stakeholders about the robustness of its risk management in a core profit-generating portfolio.
The most recent analyst rating on (NU) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.
Nu Holdings reported strong fourth-quarter and full-year 2025 results on February 25, 2026, highlighting rapid customer growth to 131 million, deepening engagement and solid asset quality. The company maintained an 83% activity rate and kept average monthly cost to serve per active customer at $0.80, underscoring the operating leverage of its digital banking model.
Quarterly revenue reached a record $4.9 billion and full-year revenue rose 45% year over year to $16.3 billion, driving 2025 net income to $2.9 billion and a record 33% return on equity. Deposits climbed 29% to $41.9 billion and the credit portfolio expanded 40% to $32.7 billion, leaving Nu with funding roughly twice its net credit book and ample liquidity to sustain growth.
Nu accelerated product and platform expansion in 2025, rolling out more than 100 new products and features, from payroll loans and expanded credit card offerings to under-18 cards and SME-focused tools, to boost monetization and engagement. The group cemented leadership in Brazil, expanded share in Mexico and Colombia, and advanced its AI-driven underwriting model, nuFormer, which supported the largest quarterly gain in Brazilian credit card market share in ten quarters.
Strategically, management framed 2026 as an inflection year, with Nu intent on consolidating dominance in core Latin American markets while building reusable, country-agnostic infrastructure for global scale. The company also progressed its U.S. ambitions, securing conditional OCC approval for a national bank charter in early 2026, even as it warned that stepped-up investment and platformization could create some near-term upward pressure on its efficiency ratio.
The most recent analyst rating on (NU) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.
On February 25, 2026, Nu Holdings reported its fourth-quarter 2025 results, highlighting the continued scale-up of its digital banking platform, which reached 131 million customers and covered 62% of Brazil’s adult population, with an 83% activity rate. Revenues rose to $4.86 billion, gross profit to $1.96 billion and net income to $895 million, while ARPAC climbed to $15 and the efficiency ratio improved to 20%, underscoring strong profitability gains.
Management also unveiled a new Managerial P&L framework from Q4 2025 to better reflect value creation across its multi-product, multi-country model and maintain full reconciliation with IFRS metrics. Throughout 2025, Nu launched a broad slate of products and partnerships in Brazil, Mexico and Colombia, and set 2026 priorities around cementing its position as the leading digital retail bank in Latin America, building the foundations for global expansion starting with the U.S., and embedding AI as a core competitive advantage in operations and customer experience.
The most recent analyst rating on (NU) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.
Nu Holdings reported that independent auditor KPMG has provided limited assurance on the company’s process for compiling and presenting its Managerial Profit and Loss Reconciliation Report for the three- and twelve-month periods ended Dec. 31, 2025 and Dec. 31, 2024. The engagement concluded on Feb. 25, 2026 in São Paulo with no issues identified, supporting the reliability of Nu’s supplementary managerial metrics as it discloses strong 2025 growth in revenue and net income, which may bolster investor confidence in its internal reporting framework and financial transparency.
For 2025, Nu’s managerial P&L showed total revenue rising to $16.32 billion from $11.67 billion in 2024, driven by higher credit, float and fee income, while net income increased to $2.87 billion from $1.97 billion. The company’s management affirmed that the managerial information is prepared under defined internal criteria and is free from material misstatement, signaling a push to align its internal performance view more closely with investor expectations around profitability, risk costs and operating discipline.
The most recent analyst rating on (NU) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.
On January 29, 2026, Nu Holdings announced it has received conditional approval from the U.S. Office of the Comptroller of the Currency to form a new national bank, Nubank, N.A., a key step in its long-term strategy to expand operations and product offerings in the United States. The charter, once fully approved alongside pending FDIC and Federal Reserve sign-offs, will allow Nu to launch U.S. deposit accounts, credit cards, lending products and digital asset custody, and the bank will be led by co-founder Cristina Junqueira in the U.S. with former Brazilian central bank chief Roberto Campos Neto as chair. Nu has now entered the bank organization phase, committing to fully capitalize the institution within 12 months and open it within 18 months, extending a regulatory track record that includes its regulated financial institution status in Brazil since 2016 and banking authorization in Mexico granted in April 2025, underscoring its ambitions to become a major regulated player in key markets and potentially reshaping competitive dynamics in digital banking across the Americas.
The most recent analyst rating on (NU) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.
On December 3, 2025, Nubank announced its intention to obtain a banking license in Brazil in 2026, aligning with regulatory requirements set by the Central Bank and the National Monetary Council. This move will not affect the company’s operations or its customers, as Nubank already holds all necessary licenses for its current services. The company’s financial solidity and resilience remain unchanged, and its brand identity will stay the same.
The most recent analyst rating on (NU) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Nu Holdings stock, see the NU Stock Forecast page.