Nu (NU) Q4 2025 earnings summary

Executive summary

• Ended 2025 with 131 million customers, adding 17 million net new customers and maintaining an 83% activity rate, with strong leadership in Brazil, Mexico, and Colombia.

• Q4 2025 revenues reached $4.9 billion, up 45% year-over-year, with ARPAC at $15, up 27% year-over-year.

• Net income for Q4 was $895 million, a 50% year-over-year increase, with a record 33% ROE.

• Over 100 new products and features launched in 2025, including payroll loans, SME credit, and AI-driven tools.

• Strategic priorities for 2026 include doubling down on core LatAm markets, scaling globally (including the US), and embedding AI for operational advantage.

Financial highlights

• Gross profit for Q4 2025 was $1.96 billion, up 38% year-over-year; FY'25 gross profit reached $6.6 billion.

• Total credit portfolio reached $32.7 billion, up 40% year-over-year, led by credit cards and unsecured lending.

• Deposits totaled $41.9 billion, up 29% year-over-year, with growth across all three countries.

• Net income for FY'25 was $2.9 billion, up from $2.0 billion in FY'24.

• Net interest income rose 13% quarter-over-quarter, driven by portfolio growth and improved funding costs.

Outlook and guidance

• 2026 is positioned as an inflection year, transitioning from a Latin American leader to a global digital banking platform.

• Continued focus on core markets (Brazil, Mexico, Colombia), international expansion groundwork, and AI as a strategic enabler.

• Expect near-term upward pressure on efficiency ratio due to investments in office return, AI, and global expansion, but medium-term improvement anticipated.