Nu Holdings (NU) Q3 2026

Q3 net income rose to a record $1.09B, and Nu lowered its 2026 efficiency ratio outlook to 19%–19.5%.

Nu Holdings · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Nu Holdings (NU) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Nu Holdings (NU) Q3 2026 earnings review

Q3 net income rose to a record $1.09B, and Nu lowered its 2026 efficiency ratio outlook to 19%–19.5%

  1. 1.Total revenue of $5.82B beat the $5.70B Zacks consensus by 2.1%
  2. 2.Diluted EPS of $0.22 was in line with the $0.22 Zacks consensus
  3. 3.Net income rose 31% FX neutral, as stated, and ROE was 32%
  4. 4.The NPL 90+ ratio rose to 7.3% from 6.9% in Q2 2026
  5. 5.Shares were up 5.2% pre-market at $12.45 as of 8:36 AM EST, not a close

Note: NPL is non-performing loan; ROE is return on equity. Revenue, net income and EPS are IFRS figures in U.S. dollars. The consensus gap and the pre-market change are DeepCell calculations. Pre-market trading is not a close.Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; Zacks on Yahoo Finance, Nov 5, 2026; CNBC, Nov 13, 2026 8:36 AM EST

2

2 · Executive summary

Q3 total revenue of $5.82B beat the Zacks consensus, and EPS was in line

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 5, 2026)

MetricActualConsensusVarianceResult
Q3 total revenue (IFRS)$5,820.4M$5,700.0M+$120.4M / +2.1%Beat
Q3 diluted EPS ($)$0.22$0.22+$0.00In line

Share price, Nov 12 regular close to Nov 13 pre-market last

Nu Holdings Ltd. (NYSE)Nov 12 closePre-market, 8:36 AM ESTChange ($)Change (%)
NU$11.83$12.45+$0.62+5.2%

Note: Diluted EPS was $0.2235 before rounding. Nu reports no adjusted EPS; Zacks compares its estimate with this IFRS figure. Prices are from CNBC; the pre-market figure is not a close, and the change is a DeepCell calculation.Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; Zacks on Yahoo Finance, Nov 5, 2026; CNBC, Nov 13, 2026 8:36 AM EST

3

3 · Q3 results vs. consensus

Nu lowered its 2026 efficiency ratio outlook to 19%–19.5% from around 20%

2026 outlook vs. prior expectation, as stated in the Nov 12, 2026 release

MetricPrior expectationNew outlookStatus
Full-year 2026 efficiency ratioAround 20%19%–19.5%Lowered (better)
Nu US and Nu Global effect on efficiencyUp to 100 bps a yearUp to 100 bps in 2026 and 2027Unchanged
Q3 2026 efficiency ratio, actualn.a.19.3%Q2 2026: 19.5%

Note: A lower efficiency ratio means lower operating expenses relative to net revenue. The release gives no revenue or EPS guidance. The prior expectation is as described in the Nov 12 release; the Q2 2026 6-K text does not state it.Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

4

4 · 2026 outlook vs. prior

Net income rose 39.5% in U.S. dollars to $1.09B, in step with total revenue growth

  1. Revenue grewTotal revenue rose to $5,820.4M from $4,172.7M. Gross revenue rose 37% FX neutral, as stated.
  2. Credit losses rose fasterExpected credit loss rose 70.7% to $1,668.5M. Gross profit rose to $2,436.9M.
  3. Taxes fellIncome taxes fell to $258.7M from $333.6M. The effective tax rate fell to 19.2%.

Key figures (IFRS)

$M unless notedQ3 2025Q3 2026YoY
Total revenue$4,172.7M$5,820.4M39.5%
Gross profit$1,814.5M$2,436.9M34.3%
Total operating expenses$697.1M$1,078.3M54.7%
Net income$782.7M$1,091.6M39.5%
Diluted EPS ($)$0.16$0.2240.1%

Note: The YoY column is a DeepCell calculation in reported U.S. dollars. The company’s growth rates are FX neutral. Expenses are shown without signs.Source: Nu Holdings IFRS financial statements, Q3 2026 (Form 6-K, Nov 12, 2026); Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Total revenue rose to $5.82B from $4.17B, led by interest income

Total revenue (IFRS)

$B, Q3 2025 vs Q3 2026

v · Q3 2025: $4.2Bv · Q3 2026: $5.8BQ3 2025Q3 2026$0.0B$2.0B$4.0B$6.0B$7.0B$4.2B$5.8B
Interest income and gains rose to $5,003.3M. Fee and commission income rose to $817.0M.“We delivered record quarterly net income of $1.1 billion while continuing to grow across our core markets.” David Vélez, founder and CEO

Note: Nu added 3.7 million customers in Q3 and reached 142.6 million. The credit portfolio grew 33% FX neutral, as stated.Source: Nu Holdings IFRS financial statements, Q3 2026 (Form 6-K, Nov 12, 2026); Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Credit income rose to $3.80B, and it made up most of managerial revenue of $6.26B

  1. Credit income ledCredit income was $3,795.1M, against $2,489.2M.
  2. Float income grewFloat income rose to $1,550.4M from $1,225.3M.
  3. Fee income grewFee income rose to $913.0M from $602.8M.

Managerial revenue by source

$MQ3 2025Q3 2026YoY
Credit income$2,489.2M$3,795.1M+52.5%
Float income$1,225.3M$1,550.4M+26.5%
Fee income$602.8M$913.0M+51.5%
Managerial total revenue$4,317.2M$6,258.5M+45.0%

Note: The Managerial P&L is a non-IFRS view reconciled to IFRS. It adds $438.1M of reclassifications and tax adjustments to IFRS revenue. YoY rates are DeepCell calculations in U.S. dollars.Source: Managerial P&L reconciliation report with limited assurance (Form 6-K); Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

7

7 · Revenue by source

The NPL 90+ ratio rose to 7.3% from 6.9% in Q2 2026

NPL 90+ ratio

Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: 6.7%v · Q2 2026: 6.9%v · Q3 2026: 7.3%Q3 2025Q2 2026Q3 20260%3%5%8%6.7%6.9%7.3%
The NPL 15–90 ratio was 4.9%, against 4.8% in Q2. Coverage of 90+ NPLs was 234%.

Note: NPL is non-performing loan. The NPL 90+ ratio rose 40 bps from Q2 2026, a DeepCell calculation. Expected credit loss was 28.7% of IFRS total revenue.Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

8

8 · Asset quality

The efficiency ratio improved to 19.3% from 20.3% in Q3 2025

Efficiency ratio

Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: 20.3%v · Q2 2026: 19.5%v · Q3 2026: 19.3%Q3 2025Q2 2026Q3 20260%5%10%15%20%25%20.3%19.5%19.3%
Lower personnel costs helped, and some expenses moved into Q4. Nu now expects 19%–19.5% for 2026.

Note: The efficiency ratio is total operating expenses divided by net interest income and fee income, net of transactional costs and revenue-based taxes, as defined by the company.Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; Nu Holdings Q3 2026 earnings presentation (Form 6-K)

9

9 · Efficiency ratio

Deposits rose to $47.5B, and total equity rose to $14.3B

  1. Funding grewDeposits rose to $47,487M from $41,925M. Deposits rose 19% FX neutral, as stated.
  2. BuybacksNu repurchased $500.4M of shares in the first nine months of 2026.
  3. Cash useNine-month operating cash flow was an outflow of $1,049.6M, as loans and card receivables grew.

Balance sheet and cash flow

$MPriorCurrent
Credit card receivables (Dec 31 / Sep 30)$18,268M$22,361M
Loans to customers (Dec 31 / Sep 30)$9,421M$12,209M
Cash and cash equivalents (Dec 31 / Sep 30)$15,004M$13,772M
Total equity (Dec 31 / Sep 30)$11,322M$14,345M
Operating cash flow, nine months$2,669M-$1,050M

Note: Balance sheet rows compare Dec 31, 2025 with Sep 30, 2026. The cash flow row compares the first nine months of 2025 and 2026.Source: Nu Holdings IFRS financial statements, Q3 2026 (Form 6-K, Nov 12, 2026); Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

10

10 · Funding and capital

Asset quality, new-market costs and the Q4 expense step-up are the main watch items

Indicator
What to watch
Implication
Latest reading
Late-stage NPLs
The NPL 90+ ratio rose in Q3
Credit losses grew faster than revenue
NPL 90+ 7.3%
Nu US and Nu Global
Both launched in Q3 and Q4
The cost cap is up to 100 bps a year
Q3 ratio 19.3%
Q4 expenses
Some expenses moved into Q4
The 2026 outlook implies a Q4 rise
Outlook 19%–19.5%

NPL is non-performing loan. Source: Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

11

11 · Key risks to the outlook

12 · Appendix: Operating metrics

13 · Appendix: IFRS to managerial

14 · Appendix: Balance sheet

Appendix: income statement detail

Revenue

$M unless notedQ3 2025Q3 2026YoY
Interest income and gains$3,577.5M$5,003.3M39.9%
Fee and commission income$595.2M$817.0M37.3%
Total revenue$4,172.7M$5,820.4M39.5%

Costs and earnings

$M unless notedQ3 2025Q3 2026YoY
Expected credit loss$977.5M$1,668.5M70.7%
Gross profit$1,814.5M$2,436.9M34.3%
Net income$782.7M$1,091.6M39.5%

Note: YoY rates in this appendix are DeepCell calculations in reported U.S. dollars. Expenses are shown without signs.Source: Nu Holdings IFRS financial statements, Q3 2026 (Form 6-K, Nov 12, 2026); Nu Holdings official Q3 2026 press release (Form 6-K), Nov 12, 2026; analysis of company data

15

15 · Appendix: Income statement

Appendix: sources

  • Financial statements, Q3 2026 (Form 6-K, accession 0001292814-26-005272, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1691493/000129281426005272/nufs3q26_6k.htm
  • Results release, Q3 2026 (Form 6-K, accession 0001292814-26-005273, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1691493/000129281426005273/nupr3q26_6k.htm
  • Earnings presentation (6-K, 0001292814-26-005275) — https://www.sec.gov/Archives/edgar/data/1691493/000129281426005275/nu20261112_6k.htm
  • Managerial P&L reconciliation report (6-K, 0001292814-26-005279) — https://www.sec.gov/Archives/edgar/data/1691493/000129281426005279/nu20261111_6k.htm
  • Prior quarter: Q2 2026 results release (Form 6-K, Aug 13, 2026) — https://www.sec.gov/Archives/edgar/data/1691493/000129281426004222/nupr2q26_6k.htm
  • Consensus: Zacks, Yahoo Finance, Nov 5, 2026 — https://finance.yahoo.com/markets/stocks/articles/nu-holdings-ltd-nu-earnings-140006692.html
  • Share price: CNBC NU quote, Nov 12, 2026 close $11.83 and pre-market last $12.45 at 8:36 AM EST — https://www.cnbc.com/quotes/NU
  • Nu reports under IFRS in U.S. dollars; amounts in thousands were converted to millions. Company growth rates are FX neutral.

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16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Nu Holdings Ltd.’s Q3 2026 financial statements, press release, earnings presentation and Managerial P&L report, furnished on Form 6-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled managerial, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025. Company growth rates are FX neutral.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:36 AM EST on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

Sources

Not investment advice; no rating or price target.

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