A Cayman Islands holding company whose core operating subsidiary is Nubank, based in São Paulo, Brazil. A mobile-only digital bank that started with credit cards, operating in Brazil, Mexico, and Colombia.
Fact Summary
Nu Holdings announced Q2 2026 (April-June) results of total revenue of $5.9 billion (+39% YoY on an FX-neutral basis) and net income of $1.1 billion (+49% YoY, the first time quarterly net income has topped $1 billion) (2026-08-13, Businesswire). Total customers reached 139 million, a net addition of roughly 4 million during the quarter, and the loan portfolio stood at $39.4 billion (+37% YoY). On 2026-08-14, the first trading day after the earnings release, the stock closed at $15.23, up approximately 9.3% from the previous close (system's authoritative price). During the same period, the company also disclosed final approval to commence multiple banking operations in Mexico (2026-07-10) and an agreement to acquire 100% of Banco Porto Real to satisfy Brazilian bank branding requirements (2026-07-20).
Price-Change Context Note
The 2026-08-14 stock price increase was widely reported as a reaction to the previous day's Q2 net income growth and a risk-adjusted net interest margin of 12.4%, up 290bp QoQ. On the same day, Brazilian peer fintech StoneCo fell 6% on concerns over its future earnings outlook, illustrating stock differentiation within the sector based on individual company fundamentals. However, the 90-day-plus delinquency rate rose 35bp QoQ to 6.9%, and the efficiency ratio also worsened to 19.5%, indicating that cost and asset-quality metrics are moving in tandem with growth.
Q2 2026 Results (Announced 2026-08-13, A)
Loan portfolio composition · As of 2026-06-30 (quarter-end) · Source: Company earnings release (A)
5-Year Financial Trends
| Fiscal Year | Revenue ($M) | Net Income ($M) | Total Assets ($M) | Total Equity ($M) | Type |
|---|---|---|---|---|---|
| 2020 | 737 | -171 | 10,154 | 438 | A |
| 2021 | 1,698 | -165 | 19,859 | 4,443 | A |
| 2022 | 4,792 | -365 | 29,935 | 4,891 | A |
| 2023 | 8,029 | 1,031 | 43,345 | 6,406 | A |
| 2024 | 11,517 | 1,972 | 49,931 | 7,647 | A |
| 2025 (Est.) | 16,300 | 2,900 | N/A | N/A | E |
As of each fiscal year-end (12/31) · Source: 2020-2024 SEC 20-F (A), 2025 Businesswire 2026-02-25 press release (E)
Nu Holdings is a bank holding company where the vast majority of liabilities consist of customer deposits. The debt-to-equity ratio stood at 22.18x in 2020, reflecting a surge in deposits relative to initial capital, before declining to 3.47x in 2021 and holding around 5.53x in 2024.
Competitive Landscape — Brazilian Fintech & Digital Banks
Nu Holdings ranks #1 among Brazilian customers with an all-in-one app spanning accounts, credit cards, and investments, followed by Inter & Co in second place with a super-app model and Itaú Unibanco in third with a combined online/offline strategy (FurtherBrazil, 2026 rankings report). Itaú Unibanco posted managerial net income of BRL 12.4 billion in Q2 2026 (annualized ROE of 24.3%), larger than Nu in absolute profit terms, but multiple outlets note that Nu's loan portfolio growth rate (+37% YoY) is comparatively higher. C6 Bank (with JPMorgan equity participation) is only confirmed to be rapidly expanding market share in qualitative terms; quantitative figures are not available.
Supply & Demand Trends
Institutional ownership figures vary widely across sources, so no single confirmed figure is presented (MarketBeat 84.02% vs. 58.97% cited in a Yahoo Finance article — likely due to differing denominator definitions and reporting dates). Berkshire Hathaway fully liquidated its stake per its Q1 2025 13F (as of 2025-03-31), having gradually reduced its position since acquiring it in 2021 until reaching complete liquidation, and the position was not re-established in the Q2 2026 13F (SEC CIK 1067983, accession no. 0000950123-25-008361). Insider transactions over the past month (2026-07-14 to 2026-08-14) show one small tax-withholding disposal by CEO David Vélez (45,690 shares, 2026-07-23), three director RSU vesting events (2026-08-07, not sales), and one Form 144 notice of a planned 50,000-share disposal by an unnamed executive (2026-08-14) — no signal of large-scale selling was observed.
Governance & Capital Structure
As of respective filing dates (vary by holder) · Source: SC 13D/13G, 13F-HR/A (primary filings)
| Director | Note |
|---|---|
| David Vélez Osorno | Chairman & CEO |
| Anita Mary Sands | Lead Independent Director |
| David Alexandre Marcus | Director |
| Diego Piacentini | Director |
| Douglas Mauro Leone | Director (former Sequoia Capital partner) |
| Jacqueline Dawn Reses | Director |
| Luis Alberto Moreno Mejía | Director |
| Rogério Paulo Calderón Peres | Director (Chair, Audit and Risk Committee) |
| Thuan Quang Pham | Director |
Retrieved 2026-08-15 · Source: Company IR governance page (C, quasi-primary)
| Date | Filer | Type | Shares |
|---|---|---|---|
| 2026-08-07 | David Alexandre Marcus (Director) | RSU Vesting | +25,290 |
| 2026-08-07 | Jacqueline D. Reses (Director) | RSU Vesting | +27,096 |
| 2026-07-23 | David Vélez Osorno (Chairman & CEO) | Tax-withholding disposal | -45,690 |
| 2026-07-23 | Fragelli H. C. Saldanha (Chief Risk Officer) | Tax-withholding disposal | -13,496 |
As of respective filing dates · Source: SEC Form 4 (A)
Nu Holdings has a dual-class structure in which Class B shares (20 votes per share) give founder David Vélez voting power exceeding his economic stake (20.0%, as of 2024-09-30). Sequoia Capital affiliates' stake was last confirmed at 7.0% as of 2023-12-31; no updated 13G/A has been found on EDGAR since, so the latest figure is not available.
Macro Factors
| Factor | Value (as of 2026-08-14) | Impact |
|---|---|---|
| Brazil Policy Rate (Selic) | 14.00% (cut 2026-08-05) | Favorable for loan demand |
| USD/BRL Exchange Rate | ~5.18-5.21 | Translation impact on reported results |
| Brazil Inflation (IPCA) | 4.44% trailing 12-month (2026-07) | Back within target band |
| Brazil Credit Market Delinquency Rate | Average 4.7% (2026-05, highest since records began) | Pressure on credit costs |
| US Fed Funds Rate | 3.50-3.75% (held 2026-07-29) | Neutral |
| Mexico Policy Rate (Banxico) | 6.50% (held 2026-08-06) | Neutral (small share of business) |
Results are structurally linked to Brazil's macro environment. The Selic rate cut and IPCA's return within the target band are favorable for easing credit costs, but industry-wide delinquency rates at record highs create background pressure on Nu's provisions, partly reflected in the slight uptick in the 90-day-plus delinquency rate to 6.9% in Q2 2026. Because financial statements are reported in USD, fluctuations in the BRL exchange rate directly affect translated results.
Key Timeline
| Date | Event |
|---|---|
| 2026-01-29 | Received conditional approval from the US OCC for a de novo national bank charter (Nubank, N.A.) |
| 2026-02-25 | Announced Q4 and full-year 2025 results (annual revenue $16.3 billion, net income $2.9 billion) |
| 2026-05-14 | Announced Q1 2026 results (revenue surpassed $5 billion for the first time) |
| 2026-06-01 | Announced CFO change (Rob Livingston appointed) |
| 2026-06-04 | Board approved share buyback program of up to $1 billion |
| 2026-07-10 | Received final approval from Mexico's CNBV to commence multiple banking operations |
| 2026-07-20 | Signed agreement to acquire 100% of Banco Porto Real de Investimentos |
| 2026-08-06 | Held annual shareholder meeting; approved FY2025 financial statements and 20-F (99.88% in favor) |
| 2026-08-13 | Announced Q2 2026 results (net income surpassed $1 billion for the first time) |
| 2026-08-14 | Closed at $15.23, up ~9.3% from the previous close, a 5-month high |
Risk Factors
The 90-day-plus delinquency rate rose 35bp QoQ to 6.9% in Q2 2026. Brazil's nationwide unsecured personal credit delinquency rate stood at 14.2% (2026-05, highest since records began), representing structural upward pressure.
Most revenue and profit are generated in Brazilian real (BRL), but financial statements are reported in US dollars (USD), so a weaker real reduces translated results.
The US national bank charter remains conditional (full approval expected to take 12-18 months), and the Porto Real acquisition in Brazil is pending final central bank approval (as of the time of research).
Traditional banks such as Itaú Unibanco are accelerating digital transformation, and competition with digital banks such as Inter & Co and C6 Bank is intensifying.
The efficiency ratio has recently trended worse, moving from 19.9% in Q4 2025 to 17.6% in Q1 2026 and 19.5% in Q2 2026.
A dual-class structure in which David Vélez holds voting power exceeding his economic stake through Class B shares (20 votes per share).
Valuation (Factual Multiples)
Back-calculating P/B using the system's authoritative total equity figure (FY2024-end: $7.647 billion) produces a large discrepancy; with an updated total equity figure not available, the aggregator site's figure is cited as-is. EV/EBITDA calculation methodology is not standardized in banking due to differing treatment of deposits as net debt, resulting in wide variance across sources ($64.30 billion vs. $108.748 billion).
Theme Relevance
Fact Highlights
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Provenance: Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR