Nu (NU) Q1 2026 earnings summary

Executive summary

• Customer base surpassed 135 million, with over 115 million in Brazil, 15 million in Mexico, and nearly 5 million in Colombia, adding 75 million net new customers over four years.

• Record quarterly revenue exceeded $5.3 billion, driven by ARPAC expansion, customer growth, and AI-driven credit expansion.

• Net income reached $871 million in Q1 2026, up 56% year-over-year, with ROE at 29%.

• Efficiency ratio hit a record low of 17.6%, reflecting structural gains and AI transformation.

• AI transformation is a core priority, with proprietary models in production, productivity gains, and over 15 million monthly active users of AI functionalities.

Financial highlights

• Consolidated credit portfolio reached $37.2 billion, up 40% year-over-year FX neutral.

• Net interest income was $3.25 billion, up 12% quarter-over-quarter FX neutral, with risk-adjusted NIM at 9.5%.

• Gross profit was $1.88 billion, up 41% year-over-year FX neutral.

• Deposits totaled $42.4 billion, up 22% year-over-year FX neutral.

• Total revenue reached $5.3 billion, up from $3.4 billion in Q1 2025.

Outlook and guidance

• Full-year 2026 efficiency ratio expected to be around 20%, in line with 2025, as return-to-office and AI investments scale.

• IFRS effective tax rate projected to converge to 15%-20% for 2026; managerial ETR to 30%-35%.

• U.S. market entry expected to have a bounded cost impact, with a maximum efficiency ratio headwind of less than 100 bps in 2026 and 2027.

• Risk-adjusted NIM expected to normalize as seasonal effects subside.

• Continued investment in AI, international expansion, and return to office initiatives.