Nu (NU) Q3 2025 earnings summary

Executive summary

• Customer base reached 127 million, with over 4.3 million net additions in Q3'25 and an activity rate of 84%.

• Record revenues exceeded $4.2 billion, up 39% year-over-year FX-neutral, driven by customer growth and engagement.

• Net income hit $783 million, up 39% year-over-year FX-neutral, with a record ROE of 31%.

• Continued expansion in Brazil, Mexico, and Colombia, with ARPAC in Brazil at $13.5 and Mexico at $12.5.

• AI-first strategy and proprietary Nuformer model implemented to enhance risk management, personalization, and operational efficiency.

Financial highlights

• Credit portfolio reached $30.4 billion, up 42% year-over-year FX-neutral.

• Gross profit for Q3'25 was $1.81 billion, up 32% YoY FX-neutral, with a margin up to 43.5%.

• Net interest income was $2.3 billion, up 32% YoY FX-neutral; net interest margin at 17.3%.

• Deposits reached $38.8 billion, up 34% YoY FX-neutral; cost of funding improved from 91% to 89% of interbank rates.

• Adjusted net income was $829 million, up 38% YoY FX-neutral.

Outlook and guidance

• Focus on broadening product portfolio, deepening engagement, and executing credit strategy in core markets.

• Management highlights continued scaling in Mexico and Colombia, leveraging AI-driven services and disciplined risk optimization.

• Expectation of further ARPAC growth and cost-to-serve reductions as digital banking penetration deepens.