Nu Holdings Ltd. Reports Third Quarter 2025 Financial Results
Nov 13, 2025, 17:00 GMT-56 min read
 NU-3.65%
SÃfO PAULO--(BUSINESS WIRE)--November 13, 2025--
Nu Holdings Ltd. NU ("Nu" or the "Company"), one of the largest digital financial services platforms in the world, released its Third Quarter 2025 financial results today. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards (IFRS). The full earnings release has been made available on the Company's Investor Relations website at www.investors.nu, as well as the details of the Earnings Conference Call Nu will hold today at 5:00 pm Eastern time/7:00 pm Brasilia time.
"In Q3'25, we continued our strong trajectory of growth, expanding our customer base to 127 million with over 4 million net additions, and maintaining an activity rate above 83%. This solid growth and deeper engagement drove record revenues to over $4 billion and delivered $783 million in net income. As we continue scaling across markets, we're also building the next generation of our platform, redefining how we operate and how customers experience banking. Our vision is to become AI-first, which means integrating foundation models deeply into our operations to drive an AI-native interface to banking, while creating meaningful benefits for both our customers and our business," says David Vélez, founder and CEO of Nubank.
Q3'25 Results Snapshot
Below are the Q3'25 performance highlights of Nu Holdings Ltd.:
Operating Highlights:
- Customer growth: Nu added 4.3 million new customers in Q3'25, a 16% year-over-year (YoY) increase, reaching a total of 127 million customers globally. This expansion reinforces Nu's position as the leading digital bank in Latin America and one of the leading fintech platforms globally. In Brazil, Nu is the third-largest financial institution by number of customers, according to the Brazilian Central Bank.
- Engagement and activity rates: Monthly Average Revenue per Active Customer (ARPAC) crossed the $13 mark for the first time, reaching $13.4 in Q3'25, up 20% YoY on a FX-neutral basis1 (FXN). The monthly activity rate2 is over 83%.
- Low-cost operating platform: Monthly Average Cost to Serve Per Active Customer remained below $1.00, at $0.90 per customer.
- Asset Quality3: Nu's leading indicator of asset quality, the 15 to 90-day NPL ratio, declined 20 basis points (bps) quarter-over-quarter(QoQ) to 4.2% in Q3'25 slightly below the historical third-quarter seasonality. The 90+ NPL ratio increased by 20 bps to 6.8%, also in line with expected seasonality and the underlying portfolio dynamics.
Financial Highlights:
- Net & Adjusted Income: Net Income increased 39% YoY FXN reaching a record-high of $783 million, and record annualized ROE of 31%, highlighting the strength and scalability of our model and our ability to combine growth with profitability. Adjusted Net Income4 increased to $829 million.
- Revenue: Nu's Q3'25 revenues increased 39% YoY FXN, reaching a record of $4.2 billion. Nu's efficiency ratio slightly improved to 27.7%, reflecting continued progress in productivity and operating leverage.
- Gross Profit: Nu's gross profit totaled $1.8 billion in Q3'25, up 32% YoY FXN. Gross profit margin also improved by 130 bps QoQ to 43.5%.
- Liquidity: Total deposits reached $38.8 billion this quarter, up 34% YoY FXN, while the cost of funding improved to 89% of interbank rates. Total credit portfolio expanded 42% YoY FXN and 9% QoQ FXN to $30.4 billion, while its total Interest-Earning Portfolio (IEP) increased 54% YoY FXN to $17.7 billion as of September 30, 2025.
- Net Interest Income: Increased 32% YoY FXN reaching a new all-time high of $2.3 billion. The net interest margin (NIM) contracted 40 bps to 17.3%. Nu Holdings' risk-adjusted NIM expanded by 70 bps, reaching 9.9% in Q3'25, underscoring the resilience and quality of Nu's portfolio.
Business highlights
- Performance and Growth in Brazil: In Brazil, our customer base reached 110.1 million as of September, 2025, representing over 60% of Brazil's adult population, while activity rate is above 85%. The deposit base has grown to $30.4 billion.
- International expansion: In Mexico, our customer base reached 13.1 million customers, now serving around 14% of Mexico's adult population. In Colombia, our customer base reached 3.8 million customers, serving 10% of Colombia's adult population.
- AI-First: Nu's vision is to become AI-first by deeply integrating foundation models across our operations to drive an AI-native interface to banking, while creating value for both customers and the business. For customers, AI enhances the understanding of individual customer needs, allowing Nu to deliver personalized recommendations, contextual offers and products, and proactive insights at the right moment. On the business side, AI is strengthening how Nu manages risk and scales efficiently, while it helps to design safer and more precise financial solutions, reducing credit and fraud losses, and enabling tailored collection strategies that drive better recoveries.
Footnotes
(1) FX neutral measures were calculated to present what such measures in
preceding periods/years would have been had exchange rates remained stable
from these preceding periods/years until the date of the Company's more recent
financial information.
(2) Activity rate is defined as monthly active customers divided by the total
number of customers as of a specific date.
(3) Brazil Only
(4) Adjusted Net Income is a non-IFRS measure calculated using Net Income
adjusted for expenses related to Nu's share-based compensation as well as the
hedge accounting and tax effects related to these items, among others. For
more information, please see "Non-IFRS Financial Measures and Reconciliations
-- Adjusted Net Income Reconciliation."
CONFERENCE EARNINGS CALL DETAILS Nu will hold a Conference Earnings Call today
at 5:00pm Eastern time/7:00pm Brasília time with simultaneous translation
in Portuguese and English. To pre-register for this call, please click here. A
replay of the webcast will be made available after the call on the Investor
Relations page: click here.
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Note on forward-looking statements and non-IFRS financial measures |
