Nu Holdings reported third‑quarter 2025 results that surpassed consensus expectations, with earnings per share of 17 cents versus a 16‑cent estimate—a 6.25 % beat. Revenue reached $4.17 billion, outpacing the $3.8 billion consensus by $370 million, a 9.7 % lift. The company’s net income rose to $783 million, up from $637 million in Q2 2025 and $553.4 million in Q3 2024, reflecting both higher top‑line growth and disciplined cost management.
The company added 4 million net customers to reach 127 million, with an activity rate above 83 %. Growth was strongest in Brazil, Mexico, and Colombia, where the AI‑first digital banking platform continues to attract new users and deepen engagement. The high activity rate indicates that customers are not only signing up but also actively using the platform’s credit, payment, and savings products.
Margin dynamics show a nuanced picture. The net interest margin contracted 40 basis points to 17.3 %, reflecting higher funding costs and a shift toward lower‑margin retail deposits. In contrast, the risk‑adjusted net interest margin expanded 70 basis points to 9.9 %, driven by a higher mix of credit‑card and loan products that carry stronger risk‑adjusted returns. Gross profit margin improved 130 basis points to 43.5 %, a result of cost efficiencies in technology operations and the scaling of AI‑enabled services that reduce per‑customer acquisition costs.
CEO David Vélez highlighted the company’s “AI‑first” vision, noting that the quarter’s results validate the strategy of embedding foundation models into every customer touchpoint. He said, “In Q3 2025, 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.” The CEO also emphasized the importance of building the next‑generation platform to sustain long‑term profitability.
Investors reacted cautiously, with some selling amid regulatory concerns and broader market volatility. While the earnings beat and customer growth signal operational strength, the contraction in net interest margin and the regulatory scrutiny in key markets temper enthusiasm, leading to a muted market response.
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