NU

MKT CAP:$70B

Nu Holdings Ltd.

Market Cap

$70B

Financial Services·Banks - Diversified·🇧🇷 Brazil·NYSE

Financials·Banks·🇧🇷·NYSE

Stock Price

$14.50-$2.52 (-14.81%)

Apr 24, 2026

Company Details

Nu Holdings Ltd. operates as a digital financial services platform and technology company primarily in Brazil, Mexico, and Colombia. It offers Nu credit and debit cards; Ultraviolet credit and debit cards; and mobile payment solutions for N...

CEO

David Velez-Osomo

IPO Date

Dec 9, 2021

Website

www.nubank.com.br

Key Metrics TTM

Revenue

$15.8B

+42.4% YoY

Net Income

$2.9B

EPS (Diluted)

$0.58

Free Cash Flow

$3.5B

Revenue / Share

$3.22

Gross Margin

44.6%

Operating Margin

24.5%

Net Margin

18.1%

FCF Margin

22.1%

P/S

4.4x

P/E

24.4x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Apr 8, 2026

$15.9B+43.0%EPS $0.58

Q4 2025

Feb 25, 2026

$4.7B+64.6%EPS $0.18

Q3 2025

Nov 13, 2025

$4.2B+46.1%EPS $0.16

Q2 2025

Aug 14, 2025

$3.7B+33.9%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$581M	$205M	-$89M
Q1 22	$820M	$272M	-$68M
Q3 22	$1.2B	$402M	$5M
Q4 22	$1.4B	$554M	-$222M
Q1 23	$1.5B	$628M	$244M
Q2 23	$1.8B	$753M	$324M
Q3 23	$2.0B	$866M	$412M
Q4 23	$2.3B	$1.1B	$560M
Q1 24	$2.6B	$1.1B	$579M
Q2 24	$2.8B	$1.3B	$725M
Q3 24	$2.9B	$1.3B	$724M
Q4 24	$2.9B	$1.3B	$767M
Q1 25	$3.2B	$1.4B	$795M
Q2 25	$3.7B	$1.6B	$879M
Q3 25	$4.2B	$1.9B	$1.1B
Q4 25	$4.7B	$2.1B	$1.1B

Valuation

Quarter	P/S	P/E
Q4 21	30.7x	—
Q1 22	17.7x	—
Q3 22	7.2x	—
Q4 22	4.3x	—
Q1 23	4.3x	—
Q2 23	6.4x	492.3x
Q3 23	5.0x	89.9x
Q4 23	5.5x	41.2x
Q1 24	6.5x	44.6x
Q2 24	6.1x	38.8x
Q3 24	6.2x	36.9x
Q4 24	4.6x	26.0x
Q1 25	4.2x	22.9x
Q2 25	5.2x	28.7x
Q3 25	5.5x	30.4x
Q4 25	5.1x	28.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$1.9B	-$1.9B
Q1 22	$78M	$64M
Q3 22	-$15M	-$49M
Q4 22	$228M	$201M
Q1 23	$94M	$48M
Q2 23	$1.7B	$1.6B
Q3 23	-$3.2B	-$3.3B
Q4 23	$2.7B	$2.7B
Q1 24	-$571M	-$597M
Q2 24	$2.7B	$2.7B
Q3 24	-$1.1B	-$1.1B
Q4 24	$1.4B	$1.3B
Q1 25	$1.1B	$1.0B
Q2 25	$2.6B	$2.5B
Q3 25	-$971M	-$1.1B
Q4 25	$831M	$1.1B

Capital Expenditures

Quarter	CapEx
Q4 21	$13M
Q1 22	$15M
Q3 22	$34M
Q4 22	$28M
Q1 23	$47M
Q2 23	$52M
Q3 23	$47M
Q4 23	$31M
Q1 24	$27M
Q2 24	$17M
Q3 24	$36M
Q4 24	$96M
Q1 25	$83M
Q2 25	$70M
Q3 25	$125M
Q4 25	$271M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+278.9%	+150.7%
Q1 22	+299.7%	+243.4%
Q3 22	+326.6%	+315.4%
Q4 22	+215.9%	+249.4%
Q1 23	+165.5%	+94.0%
Q2 23	+119.0%	+65.9%
Q3 23	+64.1%	+31.4%
Q4 23	+66.9%	+8.7%
Q1 24	+71.0%	+58.5%
Q2 24	+53.1%	+37.5%
Q3 24	+40.7%	+31.8%
Q4 24	+24.4%	+20.3%
Q1 25	+23.1%	+19.0%
Q2 25	+33.9%	+38.5%
Q3 25	+46.1%	+43.3%
Q4 25	+64.6%	+73.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$78M	13.3%
Q1 22	$42M	5.1%
Q3 22	$53M	4.3%
Q4 22	$65M	4.7%
Q1 23	$58M	3.7%
Q2 23	$59M	3.3%
Q3 23	$52M	2.6%
Q4 23	$44M	1.9%
Q1 24	$79M	3.0%
Q2 24	$80M	2.9%
Q3 24	$66M	2.3%
Q4 24	$48M	1.7%
Q1 25	$78M	2.4%
Q2 25	$57M	1.5%
Q3 25	$74M	1.8%
Q4 25	$63M	1.3%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$207M	$35M
Q1 22	$229M	$28M
Q3 22	$249M	$38M
Q4 22	$587M	$51M
Q1 23	$229M	$19M
Q2 23	$243M	$34M
Q3 23	$233M	$46M
Q4 23	$261M	$71M
Q1 24	$316M	$47M
Q2 24	$320M	$48M
Q3 24	$276M	$100M
Q4 24	$311M	$22M
Q1 25	$123M	—
Q2 25	$133M	—
Q3 25	$148M	—
Q4 25	$198M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.2B	$10.4B	$13.6B
Q2 22	$4.0B	$10.1B	$14.1B
Q3 22	$4.1B	$10.4B	$14.5B
Q4 22	$6.9B	$9.9B	$16.8B
Q1 23	$6.9B	$7.9B	$14.9B
Q2 23	$8.6B	$7.9B	$16.5B
Q3 23	$9.1B	$8.6B	$17.7B
Q4 23	$13.4B	$8.7B	$22.0B
Q1 24	$13.0B	$8.8B	$21.8B
Q2 24	$13.6B	$8.2B	$21.8B
Q3 24	$12.3B	$11.0B	$23.3B
Q4 24	$13.6B	$9.5B	$23.1B
Q1 25	$14.9B	$9.4B	$24.3B
Q2 25	$17.2B	$10.3B	$27.5B
Q3 25	$17.3B	$11.2B	$28.5B
Q4 25	$15.0B	$1.1B	$16.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	4.61B	+0.0%	+0.0%
Q1 22	4.66B	+1.1%	+1.1%
Q3 22	4.82B	+3.5%	+4.7%
Q4 22	4.75B	-1.5%	+3.1%
Q1 23	4.82B	+1.4%	+4.5%
Q2 23	4.84B	+0.5%	+3.9%
Q3 23	4.86B	+0.3%	+0.7%
Q4 23	4.86B	+0.0%	+2.2%
Q1 24	4.89B	+0.6%	+1.4%
Q2 24	4.88B	-0.1%	+0.8%
Q3 24	4.89B	+0.2%	+0.7%
Q4 24	4.81B	-1.7%	-1.0%
Q1 25	4.89B	+1.8%	+0.1%
Q2 25	4.90B	+0.1%	+0.4%
Q3 25	4.91B	+0.1%	+0.3%
Q4 25	4.91B	+0.0%	+2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$95.8K	6K
Q1 22	$135.2K	6K
Q3 22	$204.0K	6K
Q4 22	$171.0K	8K
Q1 23	$191.7K	8K
Q2 23	$223.2K	8K
Q3 23	$252.3K	8K
Q4 23	$299.0K	8K
Q1 24	$343.3K	8K
Q2 24	$357.8K	8K
Q3 24	$371.8K	8K
Q4 24	$327.9K	9K
Q1 25	$372.6K	9K
Q2 25	$422.6K	9K
Q3 25	$478.8K	9K
Q4 25	$7.1K	660K

Revenue / Employee