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NU

Nu Holdings Ltd.

NU

Nu Holdings Ltd. • NYSE
$17.39 ▲ 0.81% (+0.14)
Market Cap $83.86 B
52w High $17.55
52w Low $9.01
Dividend Yield 0%
P/E 33.44
Volume 19.32M
Outstanding Shares 4.82B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.005B ▲ $635.42M ▲ $782.473M ▲ 19.538% ▲ $0.16 ▲ $1.142B ▲
Q2-2025 $3.54B ▲ $618.313M ▲ $636.838M ▲ 17.991% ▲ $0.13 ▲ $902.432M ▲
Q1-2025 $3.147B ▲ $481.759M ▼ $557.203M ▲ 17.708% ▼ $0.12 ▲ $816.395M ▲
Q4-2024 $2.858B ▲ $538.364M ▼ $552.64M ▼ 19.335% ▼ $0.11 ▼ $788.511M ▲
Q3-2024 $2.857B $598.515M $553.386M 19.367% $0.12 $743.059M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.544B ▲ $68.363B ▲ $57.809B ▲ $10.552B ▲
Q2-2025 $27.469B ▲ $62.73B ▲ $53.154B ▲ $9.575B ▲
Q1-2025 $24.342B ▲ $54.193B ▲ $45.584B ▲ $8.608B ▲
Q4-2024 $23.149B ▼ $49.931B ▲ $42.284B ▲ $7.646B ▲
Q3-2024 $23.335B $48.638B $40.994B $7.644B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $782.678M ▲ $-970.599M ▼ $-125.269M ▼ $741.154M ▲ $-373.232M ▼ $-1.096B ▼
Q2-2025 $636.987M ▲ $2.555B ▲ $-71.508M ▲ $434.483M ▲ $2.985B ▲ $2.484B ▲
Q1-2025 $557.208M ▲ $1.085B ▼ $-81.385M ▲ $-169.2M ▼ $1.098B ▼ $1.003B ▼
Q4-2024 $552.64M ▼ $1.37B ▲ $-247.92M ▼ $321.449M ▲ $1.54B ▲ $1.274B ▲
Q3-2024 $553.386M $-1.069B $-42.497M $-311.638M $-884.629M $-1.105B

Five-Year Company Overview

Income Statement

Income Statement Nu’s income statement shows a classic “high‑growth turning the corner” story. Revenue has climbed very rapidly each year, and the company has moved from meaningful losses to solid profitability in a short time. Operating and net income have both improved steadily, suggesting that scale is translating into better efficiency rather than just higher marketing or risk costs. Margins look to be widening as Nu monetizes its large customer base more effectively while keeping operating expenses under control. There is an odd spike in the reported EBITDA figure in the middle of the period that likely reflects one‑off or accounting items rather than a structural change, so trends in operating and net income are more reliable indicators. Overall, the income statement reflects a fast‑growing, now-profitable digital bank that is gaining earnings power, but still relies heavily on continued growth and disciplined credit risk management to sustain this progress.

Balance Sheet

Balance Sheet The balance sheet has expanded quickly, as you would expect from a fast‑growing bank. Total assets have risen several-fold, driven by growth in customers, deposits, and lending. Cash and equivalents are sizable, giving Nu a healthy liquidity cushion to support operations and absorb shocks. Debt is present but relatively modest compared with the size of the balance sheet, which suggests the company is not overly reliant on borrowing to fund growth. Shareholders’ equity has increased steadily, helped by retained profits, but it is still small relative to total assets, which is typical for a bank that is scaling rapidly. The key takeaway: Nu is growing quickly on a still‑developing capital base, with good liquidity and restrained leverage, but it must keep building capital and managing risk carefully as its loan book grows.

Cash Flow

Cash Flow Nu’s cash flow profile has improved markedly. A few years ago, operating cash flow was negative during the heavy investment phase; it has since turned clearly positive and has grown in line with earnings. Free cash flow is also positive, showing that the business is now largely funding itself rather than depending on continual external financing. Capital spending is relatively light, which fits a cloud‑based, software‑driven model without a costly branch network. This helps free cash flow and gives Nu flexibility to invest in technology, credit growth, and new markets. The main risk on the cash flow side is the inherent cyclicality of lending: if credit losses spike or growth slows sharply, operating cash generation could be pressured. But at present, the cash flow trend is supportive of continued expansion.

Competitive Edge

Competitive Edge Nu sits in a strong competitive position as a digital-first bank in Latin America. Its core advantages come from a very low-cost operating model (no branches, heavy automation), a well-known consumer brand, and a huge, engaged customer base. Serving a large share of Brazil’s adult population and expanding rapidly in Mexico and Colombia gives Nu powerful scale and data advantages. The company’s use of advanced analytics and AI for credit underwriting and personalization helps it serve customers that traditional banks may avoid, particularly those with thin credit histories. This creates a barrier to entry: more customers mean more data, which improve models and products, reinforcing loyalty. Risks to this position include competition from both traditional banks modernizing their own digital offerings and newer fintechs, as well as regulatory and political uncertainty in its core markets. Credit quality in a volatile macroeconomic region is another constant challenge. Still, Nu’s combination of scale, technology, brand, and customer satisfaction forms a notable competitive moat for now.

Innovation and R&D

Innovation and R&D Innovation is central to Nu’s strategy. The company was built on a cloud-native platform, which lets it roll out new products quickly and update systems without the burden of legacy infrastructure. It has leaned heavily into AI and machine learning, using proprietary systems for credit decisions, pricing, fraud detection, and personalized offers. The nuFormer system and the acquisition of Hyperplane underscore an “AI‑first” mindset: Nu is investing not just in applications but in core models and tooling for its engineering teams. This can enhance risk management and cross‑selling over time, though the payoff is gradual and depends on execution quality. On the product side, Nu has broadened from credit cards into full digital banking, loans, SME services, and newer offerings like travel and mobile services. Its “three act” plan—dominate Latin American retail banking, move into adjacent non-financial services, and eventually build a global AI-based banking platform—shows ambitious long-term intent. The opportunity is large, but so are the execution and regulatory risks if the company stretches too quickly across geographies and industries.

Summary

Nu Holdings has evolved from a high‑growth, loss‑making fintech into a profitable, scaled digital bank with strong momentum. Revenues and profits have trended upward, the balance sheet has grown rapidly with decent liquidity and restrained leverage, and cash flows have shifted from negative to comfortably positive. The business model is asset‑light, technology‑driven, and highly scalable. Strategically, Nu benefits from a strong brand, a very large customer base, and deep data and AI capabilities that support a low-cost structure and differentiated credit underwriting. Its innovation pipeline and three‑stage growth plan point to ambitions well beyond its current markets and even beyond traditional banking. The flip side is that Nu operates in macroeconomically and politically volatile markets, is heavily exposed to credit risk cycles, and is pursuing an aggressive expansion agenda that could strain systems, capital, or regulatory relationships if not managed prudently. In essence, Nu represents a rapidly growing, tech-led Latin American bank with meaningful competitive strengths and equally meaningful execution and macro risks that will shape its long-term trajectory.

NEWS

November 13, 2025 · 5:00 PM UTC

Nu Holdings Ltd. Reports Third Quarter 2025 Financial Results

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September 30, 2025 · 2:08 PM UTC

Nubank Applies for U.S. National Bank Charter

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