Nu Holdings Reports Record Q3 2026 Net Income and 19% Efficiency Ratio

NU reported record third-quarter 2026 net income of $1.1 billion, up 31% year over year on an FX-neutral basis, with a 32% return on equity. Gross revenue reached $6.3 billion, up 37% FX-neutral, and the efficiency ratio improved to 19.3% from 19.5% in the prior quarter. Nu now expects a full-year 2026 efficiency ratio of 19% to 19.5%, better than its earlier view of around 20%.

The growth engine kept running. Customers rose 12% to 142.6 million, deposits grew 19% to $47.5 billion, and the credit portfolio expanded 33% to $41.6 billion. Credit quality softened at the margin: the 90-day non-performing loan ratio rose to 7.3% from 6.9% in the second quarter. It was also Nu's first quarter as a full bank in Mexico, which added 870,000 customers, and CEO David Velez said Nu US reached customers in all 50 states within weeks of launch, while Nu Global serves customers in 37 countries.

Reads on the quarter diverged. Investing.com compared a $5.82 billion revenue figure with a $5.91 billion consensus and EPS of $0.22 with $0.23, a miss on both, while Seeking Alpha and StockTwits reported a revenue beat on a different revenue basis. The stock closed down about 4% at $11.83 in the regular session on November 12, then rose 4.4% to $12.35 after hours on the results.

What to watch: whether delinquency ratios stabilize as the credit book grows, early economics from the Mexico bank and the U.S. launch, and how the consensus debate settles once analysts update their models.