By Brazil Stock Guide – Nu Holdings Ltd. (NYSE: NU) reported a record net income of $894.8 million in 4Q25, a surge of roughly 50% year-over-year, marking the strongest quarterly profit in the company’s history. The result reinforces Nubank’s transition from high-growth disruptor to structurally profitable digital banking platform across Latin America.
Quarterly revenue reached an all-time high of $4.9 billion, reflecting stronger engagement and higher monetization across its expanding customer base. Nubank added 4 million net customers in the quarter, bringing the total to 131 million globally. Monthly Average Revenue per Active Customer (ARPAC) rose to $15, up 9% sequentially and 27% compared with the prior year. Return on equity reached a record 33%, highlighting the scalability of its model.
Profitability gains were supported by operating leverage. Gross profit climbed to $1.96 billion, up 7% quarter-over-quarter and 38% year-over-year. Net interest income hit $2.8 billion, while risk-adjusted net interest margin stood at 10.5%. The efficiency ratio improved to 19.9%, confirming Nubank’s ability to grow revenue faster than operating costs.
Credit trends also improved. The 15–90 day NPL ratio declined to 4.1%, while the 90+ NPL ratio fell to 6.6%, reflecting disciplined underwriting and seasonal effects in Brazil. Asset quality stability has been critical as the company expanded its credit portfolio, which grew 40% year-over-year to $32.7 billion.
The balance sheet continued to scale. Total deposits reached $41.9 billion, up 29% from a year earlier, reinforcing a diversified and relatively low-cost funding base. Total assets closed the year at $74.9 billion, while total equity increased to $11.3 billion, strengthening capital buffers.
For the full year 2025, net income reached $2.87 billion, compared with $1.97 billion in 2024, while revenue rose 45% year-over-year to $16.3 billion, making 2025 the most profitable year in Nubank’s history.
Geographically, Nubank consolidated leadership in Brazil, expanded further in Mexico — where it now serves around 15% of the adult population — and accelerated growth in Colombia, surpassing 4 million customers. AI-driven credit models and cross-selling initiatives continue to enhance both engagement and risk management.