Nu’s gross revenue notched a record $6.3 billion in the quarter, up 37% year-over-year, beating Wall Street expectations.

  • Gross profit rose 35% to $2.6 billion, with revenue from all three sources, i.e., credit, fees and float, notching higher growth.
  • The third quarter marked Nu’s first quarter as an official bank in Mexico. 
  • The company said that it added 870,000 customers in the quarter, taking total customers to 16.6 million in the country. 

Shares of Nu Holdings Ltd. (NU) climbed more than 3% in overnight trading late Thursday after the company’s strong third-quarter (Q3) earnings results boosted investor optimism.

The quarter also marked the digital banking company’s transition into a full bank in Mexico. Nu Mexico began operating as a full-service bank on Aug. 6, following final authorization from the National Banking and Securities Commission (CNBV). 

Nu Clocks Record Revenue 

Nu’s gross revenue notched a record $6.3 billion in the quarter, up 37% year-over-year, beating expectations of $5.94 billion, as per data from Fiscal.ai.

Gross profit rose 35% to $2.6 billion, with revenue from all three sources, i.e., credit, fees and float, notching higher growth year-over-year in absolute terms. 

The company’s credit portfolio grew 33% YoY to $41.6 billion. Credit cards grew 32% to $27.2 billion, unsecured lending notched 39% growth to $11 billion and secured lending came in at $3.4 billion, a 23% growth. Secured-loan originations reached a record in the quarter. Nu’s asset quality also improved across the board. 

“We continue to expand our credit portfolio, deliberately taking some additional risk when the expected returns justify it. What gives us confidence in this strategy is the strength of our underwriting and the resilience of our credit performance,” Rob Livingston, Chief Financial Officer, said in a call with investors. 

Nu Marks First Quarter As An Official Bank

The third quarter marked Nu’s first quarter as an official bank in Mexico. The company said that it added 870,000 customers in the quarter, adding that the “new banking status makes our proposition even more compelling.” 

In total, Nu reached 16.6 million customers in the country. The bank clocked a 16-fold increase in deposit insurance coverage from about $12,000 to $195,000 per customer. 

The move “also opens up new opportunities to deepen primary banking relationships, including through payroll accounts, helping us build an even stronger deposit franchise over time,” CEO David Vélez said in a call with investors. 

“The broader environment is also moving in our favor. On October 20, Mexico’s Congress approved new legislation to promote digital payments, another important step in the digitalization of the Mexican economy,” he added. 

The CEO believes that over time, greater digital adoption could generate richer transaction data to support better financial services and credit decisions. 

“We see these developments as important tailwinds for Nu, as the country’s largest digital bank, creating more opportunities to deepen engagement and expand financial inclusion. Together, these developments reinforce our opportunity to replicate in Mexico the scale, customer engagement, and strong economics we have already demonstrated in Brazil.”

The digital services company said it is approaching 120 million customers in Brazil, and its activity rate expanded for the seventh consecutive quarter to a record 86.3%, with more than 65% of the adult population served and 86 million monthly active users. 

NU Stock: Retail Stance

On Stocktwits, retail sentiment around NU stock jumped from ‘neutral’ to ‘extremely bullish’ over 24 hours. 

One user said, “$NU this was undervalued.”

Another user said, “$NU Huge Q Nu Holdings reported record third-quarter 2026 net income of $1.1 billion and gross revenue of $6.3 billion.  Sweet long termer.”

NU stock is down more than 29% year-to-date. 

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