Nubank Q2 2026 Results: First $1 Billion Profit, Nu México Launches as Licensed Bank

Nubank's parent company, Nu Holdings, reported its strongest quarter ever on August 13, 2026, crossing $1 billion in net income for the first time. The Q2 2026 results show a fintech giant that has grown far beyond its Brazilian roots, with expanding operations in Mexico and Colombia, a newly operational full banking license in Mexico, and a credit portfolio that continues to grow at scale. These results beat analyst estimates on both profit and earnings per share, and the company's stock rose in after-hours trading .

Note: These are Q2 2026 results, not Q2 2025. The Q2 2025 figures — $637 million net income, $3.7 billion revenue, 122.7 million customers — were strong but substantially smaller. The $1 billion milestone was reached in Q2 2026.

Record Net Income and Revenue Growth

Nubank's net income reached $1.06 billion in Q2 2026, a 49% increase year-over-year on a foreign exchange-neutral (FXN) basis, and 17% higher than the previous quarter . That made it the company's first billion-dollar quarter, and it exceeded the Visible Alpha consensus estimate of $967.2 million .

Gross revenue (managerial revenue) rose 39% YoY to $5.88 billion, also above analyst projections of $5.60 billion, while net revenue crossed $4 billion for the first time . Chief Financial Officer Rob Livingston attributed the growth to higher revenue and an improvement in the risk-adjusted net interest margin, which expanded to a record 12.4% .

The Q2 2026 efficiency ratio came in at 19.5%, up from 17.6% in Q1 2026 but improved versus 21.3% in Q2 2025, as real estate and marketing expenses shifted from the first quarter into the second . Return on equity (ROE) reached 33% .

Customer Base Reaches 138.9 Million

Nubank added roughly 4 million net new customers during the quarter, bringing its total global customer base to 138.9 million — a 13% increase year-over-year . The activity rate remained high at 83.5%, meaning more than four out of five customers actively use the platform .

Average revenue per active customer (ARPAC) rose to $17.10 per month, reflecting deeper engagement and wider product adoption . The company's deposit base grew to $45.3 billion across Brazil, Mexico, and Colombia .

Credit Portfolio: $39.4 Billion with Mixed Credit Quality Signals

Nubank's total credit portfolio expanded 37% year-over-year and 5% quarter-over-quarter to $39.4 billion . Credit-card loans remained the largest component at $26 billion. Unsecured credit totaled approximately $10.3 billion, while secured lending reached $3.1 billion .

On credit quality, the picture was mixed but generally stable:

• The 15–90 day nonperforming loan (NPL) ratio improved 16 basis points quarter-over-quarter to 4.8%, with the majority of the improvement driven by seasonality .
• The 90+ day NPL ratio rose 35 basis points to 6.9%, largely reflecting seasonal migration of delinquencies from the first quarter, partially offset by intentional expansions into higher-risk, higher-return segments .

Management characterized the NPL movements as seasonal and in line with expectations. The risk-adjusted net interest margin (NIM) expanded to a record 12.4%, and credit costs were $1.7 billion .

Earnings Per Share and Profitability

Earnings per share (EPS) came in at $0.22, beating the consensus estimate of $0.20 . Gross profit reached $2.4 billion, up 43% YoY and 25% QoQ, reflecting the company's strong operating leverage .

Milestone: Nu México Begins Operations as a Full Bank

A defining development of the quarter was the regulatory transformation of Nu México. After receiving final authorization from Mexico's National Banking and Securities Commission (CNBV) on July 10, 2026, Nu México launched commercial banking operations on August 6, 2026 . The authorization process was jointly supervised by the CNBV, the Bank of Mexico, and the Ministry of Finance .

With more than 15 million customers — approximately 15% of Mexico's adult population — Nu México became the country's largest digital bank by customers and one of the five largest financial institutions overall . It was the first Popular Financial Society (SOFIPO) to complete the transition to a full multiple bank in Mexico .

A practical consequence for customers: deposit protection jumped automatically from 25,000 UDIs under the PROSOFIPO fund to 400,000 UDIs under IPAB — a sixteen-fold increase, without requiring any action from account holders .

The full banking license allows Nu México to expand its deposit and lending portfolio, deepen credit relationships, and offer a broader suite of products, including checking accounts, savings accounts, and credit products — competing more directly with traditional Mexican banks .

Competitive Context: Mercado Pago's 75% Credit Portfolio Growth

While Nubank's 37% YoY credit portfolio growth was strong, it was notably outpaced by MercadoPago (MercadoLibre's fintech arm), which grew its credit portfolio 75% over the same period, according to The Asian Banker . The same report highlighted that Nu México's full banking license gives it greater scope to deepen deposit, payment, and credit relationships, potentially closing that growth gap over time .

How Q2 2026 Compares to Q2 2025

For context, Nubank's Q2 2025 results — reported on August 14, 2025 — were already strong by most fintech benchmarks: net income of $637 million (up 42% YoY FXN), revenue of $3.7 billion (up 40% YoY FXN), a customer base of 122.7 million, and a credit portfolio of $27.3 billion (up 40% YoY FXN) . The efficiency ratio was 28.3% .

The jump from $637 million to $1.06 billion in net income over a single year demonstrates Nubank's compounding operating leverage: revenues grew 39%, but costs grew more slowly as the company scaled, and the risk-adjusted NIM expanded significantly.

The Q2 2026 results confirm Nubank's position as one of the most profitable digital banks globally, with an ROE of 33% that outpaces most major traditional banks .