Nu Holdings Ltd - Ordinary Shares Class A
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+ FollowMarket Cap$56.08B
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Earnings Call Q2 2026
August 13, 2026 - AI Summary
Record profitability + strong scale economics (Q2’26):
- Net income: $1.1B (first time in company history), +49% YoY, +17% QoQ.
- Gross revenue: ~$5.9B (+39% YoY); gross profit: $2.4B (+43% YoY; +25% QoQ).
- Efficiency ratio ~19.5% (management expects ~20% average for full year, with Q2 affected by marketing/real estate timing).
- Mix: credit + fees + float all growing in absolute dollars; credit normalization supported margin/revenue diversification.
Risk-adjusted profitability at a “new level” (and why it’s likely sustainable):
- Risk-adjusted NIM: 12.4% (up from 9.5%), driven by:
- Credit income acceleration (bridge said +178 bps contribution Q2 vs +152 bps in Q1),
- Lower cost of credit (bridge +115 bps; majority from expected seasonality + disciplined underlying credit, not one-offs),
- Float/funding broadly neutral.
- Management’s stance: not calling it a guaranteed floor, but expects risk-adjusted NIM to remain “in the same region” going forward.
Credit quality: “no evidence of broad deterioration,” but seasonality + mix remain key:
- NPL / delinquency seasonal pattern continued:
- 15–90 day delinquency: 4.8% (improved 16 bps QoQ),
- 90+ delinquency: 6.9% (up 35 bps QoQ) attributed to migration/seasonality.
- Provisioning discipline:
- Allowance increased $6.1B → $6.6B largely from portfolio growth (IFRS9 ECL recognized at origination),
- Allowances built at ~113% of new 15+ delinquency formation; coverage over 90+ = 244% (~2.5x cushion).
- Desenrola (Brazil renegotiation): impact on cost of credit ~~5% (and some effect on risk-adjusted NIM), while underlying performance was still the main driver.
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$-11.61
196.8% downside
Current Fair Value
196.8% downsideOvervalued by 196.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $56.08 Billion |
|---|---|
| Enterprise Value | $88.26 Billion |
| Earnings per Share | $0.59 |
| Beta | 0.96 |
| Outstanding Shares | 4,857,131,000 |
Return
| Return on Equity | 27.22% |
|---|---|
| Return on Assets | 4.36% |
| Return on Invested Capital | 10.15% |
Valuation & Multiples
| P/E Ratio | 15.69 |
|---|---|
| PEG | 23.6 |
| Price to Sales | 4.0 |
| Price to Book Ratio | 6.0 |
| Enterprise Value to Revenue | 4.59 |
| Enterprise Value to EBIT | 20.1 |
| Enterprise Value to Net Income | 24 |
| Total Debt to Enterprise | 0.48 |
| Debt to Equity | 3.17 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 18, 2026
EPS Estimate
$0.21
Consensus analyst estimateRevenue Estimate
$5.18 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 12, 2026
EPS Estimate
$0.23
Consensus analyst estimateRevenue Estimate
$5.96 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.58, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5789▼ 6.57% |
|---|---|
| Total Calls | 22,800▼ 99.97% |
| Total Puts | 13,200▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.26%▼ 56.24% |
|---|---|
| Total Invested | $2.01B▼ 94.79% |
| Investors Holding | 239▼ 697.00% |