Nu Q2’26 slides: profit tops $1B, risk-adjusted margin hits 12.4%

Nu Holdings Ltd. (NYSE:NU) reported Q2 2026 earnings on August 13, 2026, marking the first time the Latin American digital bank recorded a quarterly net income exceeding $1 billion. The company's customer base grew from 65 million in Q2 2022 to 139 million as of Q2 2026, with average revenue per active customer climbing to $17, more than doubling from $8 in Q2 2022.

The company's shares surged 11.35% to reach $15.22 after trading at $13.93 in regular hours. Performance was driven by a 39% year-over-year increase in gross revenue to $5,876 million and a 43% year-over-year surge in gross profit to $2,441 million. The efficiency ratio of 19.5% remained close to management's target of approximately 20%.

Mexico emerged as a key growth driver, with 16 million customers as of July 2026 and financial inclusion gains, including 35% of customers having no bank account before Nu and 52% having no credit card. The NuFormer AI platform, with an 18-month development roadmap, has positioned the technology on par with global frontier models, powering credit models, spend-uplift models, price optimization, customer support, recommendation systems, and lookalike targeting across Brazil, Mexico, and Colombia.