SAO PAULO, May 14, 2026, 13:21 BRT
- Nu Holdings will release its first-quarter numbers after the closing bell in New York, with management scheduled to discuss results on a 6 p.m. ET call.
- According to MarketBeat, consensus estimates for the first quarter landed at $0.20 in EPS, with revenue projections set at $5.06 billion.
- NU traded around $12.94 by midday in New York, gaining roughly 0.9%.
Nu Holdings Ltd. will report first-quarter results Thursday, with investors watching for signs that Nubank can convert its fast-expanding customer base into real profit—not just rack up new signups.
The company has its earnings set for release once the market closes, with a conference call lined up for 6 p.m. Eastern, according to details posted on its investor-relations site.
Timing is a factor here. NU, now among the biggest publicly traded fintechs in emerging markets, finds itself under a different lens these days. Investors are scrutinizing it as a bank—credit quality, funding expenses, revenue per user, and how it deploys capital have all become central issues.
MarketBeat’s analyst consensus points to first-quarter earnings of $0.20 per share on $5.06 billion in revenue. Investing.com quoted another figure, putting revenue at $4.97 billion, and noted Wall Street’s call for a steep year-over-year jump in earnings per share.
Nubank wrapped up 2025 with 131 million customers, a 15% increase from the previous year. Fourth-quarter revenue hit $4.9 billion. The bank’s active customers generated $15 each on average in Q4, a key metric tracking earnings from users who engage with the platform.
Back in February, Chief Executive David Vélez pointed to “increased scale, deepened engagement, and expanded profitability.” He called 2026 a target for “winning in Latin America” and outlined plans for a broader digital banking platform. Nu International
The narrative isn’t all smooth, even with that profit beat. JPMorgan analysts flagged that the fourth-quarter result benefitted from a tax rate that came in lower than forecast. Citi’s team pointed out that “cost of risk and operating expenses” muddied things. Speaking to Reuters, Chief Financial Officer Guilherme Lago credited higher revenue per active customer and stable service costs for delivering “positive leverage to revenue.” Reuters
Credit metrics could draw some scrutiny. Nu’s 15-90 day non-performing loan ratio edged down to 4.1% in Q4, with loans more than 90 days overdue easing to 6.6%. Both numbers are key as Nubank pushes to grow lending in Brazil and Mexico, all while trying to avoid a spike in losses.
Brazil’s rate trajectory stays in focus. Over on Polymarket, traders were giving a 76% probability to a Selic rate cut by the central bank at its June meeting, with just 22% betting on no move. A drop in rates may ease funding and credit constraints, though it also has implications for lender margins.
Competition here isn’t just a concept. S&P Global Market Intelligence puts Itaú Unibanco at the top of Latin America’s banks by assets. Nu broke into the region’s top 30 for the first time, grabbing the No. 15 slot with $74.89 billion in assets as of Dec. 31.
Nubank now claims the top spot among private financial institutions in Brazil by customer numbers, counting more than 112 million customers and touching roughly 61% of the nation’s adults. The reach is massive. But with so much of the market already covered, finding new customers at home gets tougher from here.
The expansion continues. Back in January, Nu announced it had secured conditional approval from the U.S. Office of the Comptroller of the Currency to set up Nubank, N.A. Still ahead: meeting the OCC’s remaining requirements, plus sign-offs from the FDIC and Federal Reserve.
“This approval isn’t just an expansion of our operation,” Vélez said at the time, describing it as a test case for a “digital-first, customer-centric model” in the U.S. Cristina Junqueira, co-founder and the executive leading Nu’s push into the U.S. market, called the federal sign-off a move toward becoming a regulated institution in the country. Nu International
Nu’s pouring money into its main business as well. Last month, the company outlined plans to put roughly 45 billion reais—$8.2 billion—into Brazil in 2026. The spending spree will span artificial intelligence, upgrades to credit models, new product launches, hiring, and boosting lending firepower.
Thursday night’s bar isn’t complicated, but it’s still high. Investors expect to see customer growth, rising revenue per active user, and no deterioration in credit quality. Falling short on any of these points could carry more weight than the headline earnings figure.
