Nubank (Nu Holdings Ltd.) — research brief (BMC #051)

Prepared 2026-10-07. Labels: FACT = from Nu Holdings' SEC filings (Form 20-F for FY2025 with audited IFRS statements in USD; Form 6-K earnings releases and notices); SECONDARY = news reports (none relied on for figures); INFERENCE = computed by this project from those facts. Managerial P&L, ARPAC, efficiency ratio and FX-neutral (FXN) growth are Nu's own non-IFRS measures. No valuation or market-cap figures are used.

Sources (all fetched 2026-10-07 from SEC EDGAR, CIK 1691493)

Form 20-F FY2025 (filed Apr 8, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426002166/nuform20f_2025.htm
Q2 2026 earnings release, 6-K (Aug 13, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426004222/nupr2q26_6k.htm
Q4 / FY2025 earnings release, 6-K (Feb 25, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426000501/nu20260225_6k.htm
OCC conditional approval for Nubank, N.A., 6-K (Jan 29, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426000201/nu20260128_6k.htm
CNBV Operations Authorization for Nubank México, 6-K (Jul 10, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426003723/nu20260710_6k.htm
Banco Porto Real acquisition (Brazil bank licence), 6-K (Jul 20, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426003814/nu20260720_6k.htm
US launch with Lead Bank + Nu Global, 6-K (Sep 10, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426004518/nu20260909_6k.htm
Intent to obtain Brazil banking licence, 6-K (Dec 3, 2025): https://www.sec.gov/Archives/edgar/data/1691493/000129281425004150/nu20251202_6k.htm
Context only: $1.0B buyback 6-K (Jun 4, 2026); statement that Nu is not pursuing a Monzo transaction 6-K (Sep 30, 2026); Investor Day Dec 8, 2026 6-K (Sep 2, 2026). IR site: https://www.investors.nu

Teaching arc

Free account + no-annual-fee card (merchants pay Mastercard interchange) → word-of-mouth growth (71% of new Brazil customers organic) brings cheap, 100%-organic deposits → those deposits fund a fast-growing credit book whose interest is 85% of revenue → ~$1/month cost to serve and ~20% efficiency ratio → $2.87B net income in 2025 and first $1B quarter in Q2 2026 → 2026 licence upgrades (Mexico bank, Brazil bank via Banco Porto Real, US OCC conditional + Lead Bank launch).

FY2025 IFRS income statement (FACT, US$ millions; 20-F)

Total revenue 15,774.8 (2024: 11,517.1), +37.0%.
- Interest income and gains 13,434.8 (+39.5%): credit card 4,597.8; loan 4,784.3 (+57.4%); other assets at amortized cost 2,284.6; other receivables 361.7; FV instruments 1,359.5; other 46.9.
- Fee and commission income 2,340.0 (+24.1%): credit and prepaid card income (interchange, Mastercard) 1,720.3; late fees 385.0; insurance commission 35.5; other 199.2.
Interest and other financial expenses 4,578.7 (interest on deposits 3,876.5). Transactional expenses 366.2. Expected credit loss 4,204.9.
Gross profit 6,625.0. Customer support & operations 651.8; G&A 1,420.5; marketing 302.8; other expenses 507.9; other income 130.0.
Income before taxes 3,868.4; income taxes 996.7; net income 2,871.7 (+45.6%).
Revenue by geography (note basis, 12,083.8 total): Brazil 11,038.3; Mexico 808.1; other 237.3.
Full-time employees 10,027 at Dec 31, 2025 (8,716 a year earlier, +15%).

FY2025 managerial / operating (FACT, FY25 release)

Managerial revenue $16.3B (+45% FXN); gross profit $6.6B; net income $2.9B; ROE 30% FY (33% Q4).
131.0M customers (+17M); activity rate 83.4%; ARPAC $15.0 in Q4; cost to serve $0.8/month.
Deposits $41.9B (+29%), cost of funding 87% of interbank; credit portfolio $32.7B; total capital $8.9B incl. $3.0B cash at Nu Holdings.
Brazil 113M customers = 62% of adults, 86% activity; largest private FI by customers (BCB).

20-F qualitative (FACT)

First product 2014: no-annual-fee digital Mastercard; interchange set by Mastercard and paid by merchants lets core card carry no annual fee.
71% of new Brazil customers in 2025 sourced organically; member-get-member referrals; word-of-mouth is most significant source of marketing.
Primary banking relationship for over 62% of active customers (≥50% of post-tax income moved through NuAccount). Net churn 0.1%/month in 2025.
Deposits "originated 100% organically"; 92.5% payable on demand.
AWS is primary cloud provider. Partners: Chubb (NuLife), Claro (NuCel MVNO), Max (streaming perk).
SME accounts in Brazil 5.9M (+27%). 100+ product launches in 2025. Mexico cash-in/out network 30,000+ points; ~half of Mexican customers got first credit card through Nu.
Licences: Brazil payment institution, SCFI, brokerage; Mexico Sofipo → bank; Colombia Compañía de Financiamiento (Jan 2024).
Nu says it brought 28M people into the financial system in Brazil (Dec 2025 6-K).

Q2 2026 (FACT, 6-K Aug 13, 2026)

138.9M customers (+~4M): Brazil ~118M, Mexico 15.8M (16M in July), Colombia 5M+. Activity 83.5% (Brazil >86%).
Managerial revenue $5,875.7M (+39% FXN): credit income 3,604.8; float income 1,454.4; fee income 816.4.
Funding cost 1,372.1; cost of credit 1,690.8; transaction cost 130.8; revenue taxes 240.9; gross profit 2,441.1 (+43%).
Opex 806.2 (support & ops 226.2; G&A 463.6; marketing 103.6). EBT 1,630.3; net income 1,061.1 (+49% FXN, first $1B quarter). ROE 33%. Efficiency ratio 19.5%.
ARPAC $17.1/month; cost to serve $1.0/month. Purchase volume $43.4B.
Credit portfolio $39.4B (+37%): cards $26B, unsecured $10.3B, secured $3.1B. Deposits $45.3B (+18%): Brazil 36.4, Mexico 5.7, Colombia 3.3. Cost of deposits 88% of interbank. Mexico LDR 35%.
NPL 15–90 4.8%; NPL 90+ 6.9% (intentional higher-risk expansion). PBR customers' delinquency ~half portfolio average.
NuFormer in production in 3 portfolios; AI agents handle 60%+ of Brazil support chats.
Mexico: bank launched in August; reaches 16.5% of adults; ARPAC $12.3 vs $5.6 in Brazil at same stage. Croma for Super Core launched July 2026.

2026 regulatory timeline (FACT)

Sep 30, 2025: OCC application for Nubank, N.A.; Jan 29, 2026 conditional approval (capitalize within 12 months, open within 18; FDIC and Fed approvals pending).
Jul 9–10, 2026: CNBV Operations Authorization for Nubank, S.A., Institución de Banca Múltiple (licence approved Apr 2025).
Jul 20, 2026: agreement to acquire 100% of Banco Porto Real de Investimentos (BCB approval pending).
Sep 10, 2026: US launch via FDIC-insured Lead Bank (3.50% APY account; no-annual-fee 1.5% cashback card) + Nu Global multi-currency account (35+ countries; USDC/EURC yields 3.50%/2.20%).

Inferences

Interest share of IFRS revenue: 13,434.8 / 15,774.8 ≈ 85%; fee share ≈ 15%.
Credit losses + deposit interest ≈ 8.08B ≈ 51% of 2025 revenue.
Marketing ≈ 1.9% of 2025 IFRS revenue.
Q2'26 ARPAC / cost to serve ≈ 17x.
Employees +15% vs revenue +37% → operating leverage.

# Nubank (Nu Holdings Ltd.) — research brief (BMC #051) Prepared 2026-10-07. Labels: **FACT** = from Nu Holdings' SEC filings (Form 20-F for FY2025 with audited IFRS statements in USD; Form 6-K earnings releases and notices); **SECONDARY** = news reports (none relied on for figures); **INFERENCE** = computed by this project from those facts. Managerial P&L, ARPAC, efficiency ratio and FX-neutral (FXN) growth are Nu's own non-IFRS measures. No valuation or market-cap figures are used. ## Sources (all fetched 2026-10-07 from SEC EDGAR, CIK 1691493) - Form 20-F FY2025 (filed Apr 8, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426002166/nuform20f_2025.htm - Q2 2026 earnings release, 6-K (Aug 13, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426004222/nupr2q26_6k.htm - Q4 / FY2025 earnings release, 6-K (Feb 25, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426000501/nu20260225_6k.htm - OCC conditional approval for Nubank, N.A., 6-K (Jan 29, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426000201/nu20260128_6k.htm - CNBV Operations Authorization for Nubank México, 6-K (Jul 10, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426003723/nu20260710_6k.htm - Banco Porto Real acquisition (Brazil bank licence), 6-K (Jul 20, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426003814/nu20260720_6k.htm - US launch with Lead Bank + Nu Global, 6-K (Sep 10, 2026): https://www.sec.gov/Archives/edgar/data/1691493/000129281426004518/nu20260909_6k.htm - Intent to obtain Brazil banking licence, 6-K (Dec 3, 2025): https://www.sec.gov/Archives/edgar/data/1691493/000129281425004150/nu20251202_6k.htm - Context only: $1.0B buyback 6-K (Jun 4, 2026); statement that Nu is not pursuing a Monzo transaction 6-K (Sep 30, 2026); Investor Day Dec 8, 2026 6-K (Sep 2, 2026). IR site: https://www.investors.nu ## Teaching arc Free account + no-annual-fee card (merchants pay Mastercard interchange) → word-of-mouth growth (71% of new Brazil customers organic) brings cheap, 100%-organic deposits → those deposits fund a fast-growing credit book whose interest is 85% of revenue → ~$1/month cost to serve and ~20% efficiency ratio → $2.87B net income in 2025 and first $1B quarter in Q2 2026 → 2026 licence upgrades (Mexico bank, Brazil bank via Banco Porto Real, US OCC conditional + Lead Bank launch). ## FY2025 IFRS income statement (FACT, US$ millions; 20-F) - Total revenue 15,774.8 (2024: 11,517.1), +37.0%. - Interest income and gains 13,434.8 (+39.5%): credit card 4,597.8; loan 4,784.3 (+57.4%); other assets at amortized cost 2,284.6; other receivables 361.7; FV instruments 1,359.5; other 46.9. - Fee and commission income 2,340.0 (+24.1%): credit and prepaid card income (interchange, Mastercard) 1,720.3; late fees 385.0; insurance commission 35.5; other 199.2. - Interest and other financial expenses 4,578.7 (interest on deposits 3,876.5). Transactional expenses 366.2. Expected credit loss 4,204.9. - Gross profit 6,625.0. Customer support & operations 651.8; G&A 1,420.5; marketing 302.8; other expenses 507.9; other income 130.0. - Income before taxes 3,868.4; income taxes 996.7; net income 2,871.7 (+45.6%). - Revenue by geography (note basis, 12,083.8 total): Brazil 11,038.3; Mexico 808.1; other 237.3. - Full-time employees 10,027 at Dec 31, 2025 (8,716 a year earlier, +15%). ## FY2025 managerial / operating (FACT, FY25 release) - Managerial revenue $16.3B (+45% FXN); gross profit $6.6B; net income $2.9B; ROE 30% FY (33% Q4). - 131.0M customers (+17M); activity rate 83.4%; ARPAC $15.0 in Q4; cost to serve $0.8/month. - Deposits $41.9B (+29%), cost of funding 87% of interbank; credit portfolio $32.7B; total capital $8.9B incl. $3.0B cash at Nu Holdings. - Brazil 113M customers = 62% of adults, 86% activity; largest private FI by customers (BCB). ## 20-F qualitative (FACT) - First product 2014: no-annual-fee digital Mastercard; interchange set by Mastercard and paid by merchants lets core card carry no annual fee. - 71% of new Brazil customers in 2025 sourced organically; member-get-member referrals; word-of-mouth is most significant source of marketing. - Primary banking relationship for over 62% of active customers (≥50% of post-tax income moved through NuAccount). Net churn 0.1%/month in 2025. - Deposits "originated 100% organically"; 92.5% payable on demand. - AWS is primary cloud provider. Partners: Chubb (NuLife), Claro (NuCel MVNO), Max (streaming perk). - SME accounts in Brazil 5.9M (+27%). 100+ product launches in 2025. Mexico cash-in/out network 30,000+ points; ~half of Mexican customers got first credit card through Nu. - Licences: Brazil payment institution, SCFI, brokerage; Mexico Sofipo → bank; Colombia Compañía de Financiamiento (Jan 2024). - Nu says it brought 28M people into the financial system in Brazil (Dec 2025 6-K). ## Q2 2026 (FACT, 6-K Aug 13, 2026) - 138.9M customers (+~4M): Brazil ~118M, Mexico 15.8M (16M in July), Colombia 5M+. Activity 83.5% (Brazil >86%). - Managerial revenue $5,875.7M (+39% FXN): credit income 3,604.8; float income 1,454.4; fee income 816.4. - Funding cost 1,372.1; cost of credit 1,690.8; transaction cost 130.8; revenue taxes 240.9; gross profit 2,441.1 (+43%). - Opex 806.2 (support & ops 226.2; G&A 463.6; marketing 103.6). EBT 1,630.3; net income 1,061.1 (+49% FXN, first $1B quarter). ROE 33%. Efficiency ratio 19.5%. - ARPAC $17.1/month; cost to serve $1.0/month. Purchase volume $43.4B. - Credit portfolio $39.4B (+37%): cards $26B, unsecured $10.3B, secured $3.1B. Deposits $45.3B (+18%): Brazil 36.4, Mexico 5.7, Colombia 3.3. Cost of deposits 88% of interbank. Mexico LDR 35%. - NPL 15–90 4.8%; NPL 90+ 6.9% (intentional higher-risk expansion). PBR customers' delinquency ~half portfolio average. - NuFormer in production in 3 portfolios; AI agents handle 60%+ of Brazil support chats. - Mexico: bank launched in August; reaches 16.5% of adults; ARPAC $12.3 vs $5.6 in Brazil at same stage. Croma for Super Core launched July 2026. ## 2026 regulatory timeline (FACT) - Sep 30, 2025: OCC application for Nubank, N.A.; Jan 29, 2026 conditional approval (capitalize within 12 months, open within 18; FDIC and Fed approvals pending). - Jul 9–10, 2026: CNBV Operations Authorization for Nubank, S.A., Institución de Banca Múltiple (licence approved Apr 2025). - Jul 20, 2026: agreement to acquire 100% of Banco Porto Real de Investimentos (BCB approval pending). - Sep 10, 2026: US launch via FDIC-insured Lead Bank (3.50% APY account; no-annual-fee 1.5% cashback card) + Nu Global multi-currency account (35+ countries; USDC/EURC yields 3.50%/2.20%). ## Inferences - Interest share of IFRS revenue: 13,434.8 / 15,774.8 ≈ 85%; fee share ≈ 15%. - Credit losses + deposit interest ≈ 8.08B ≈ 51% of 2025 revenue. - Marketing ≈ 1.9% of 2025 IFRS revenue. - Q2'26 ARPAC / cost to serve ≈ 17x. - Employees +15% vs revenue +37% → operating leverage.