Analyst Consensus ?
ConsensusBuy23 ratings
Bullish1356.5%
Neutral939.1%
Bearish14.4%
Nu Holdings Ltd. · NU · FY2025 Q3 · Calendar Q4 2025
Nu Holdings pairs record growth with expanding execution and regulatory questions
The latest analysis supports a constructive operating thesis: customer growth, credit expansion, deeper engagement and AI-enabled underwriting are reinforcing Nu Holdings' growth and profitability profile. The case is tempered by margin pressure, regulatory changes and the absence of explicit forward guidance.
Reported After market closeNYSEFinancial Services
$73.52B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.17
Consensus $0.16
EPS surprise
+6.3%
Reported versus consensus
Reported revenue
$4.00B
Consensus $3.52B
Revenue surprise
+13.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.5%
Event window
SPY move
-0.0%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
+5.2%
Up to 20 sessions
NUSPY benchmark
Ask FN2 about NU FY2025 Q3
Transcript, numbers and history already loaded
Why did NU rise 1.5% after beating EPS estimates in FY2025 Q3?What changed in NU's guidance and outlook in FY2025 Q3?Give me the bull and bear case for NU after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, Nu Holdings' customer base, revenue and net income were described at higher levels, while management more explicitly emphasized an AI-first strategy through nuFormer, continued Mexico expansion and pursuit of a U.S. national bank charter. The analysis also highlighted interchange-fee, FGTS and funding-cost risks.
Guidance delta
No explicit forward earnings or risk-metric guidance was provided.
Key takeaways
- Customer base reached 127 million, with 4 million net additions across Brazil, Mexico and Colombia.
- Management highlighted record revenue above $4 billion, net income of $783 million and a 31% ROE.
- Credit portfolio growth, higher ARPAC and a 28% cost-to-income ratio supported the operating case.
- The nuFormer AI-first strategy is being used for credit limits, risk modeling and personalization.
- Mexico expansion and a potential U.S. national bank charter broaden the opportunity set, while regulation remains a watchpoint.
Management priorities
- Scale AI-first capabilities across products and markets.
- Continue the credit-limit increase program into 2026.
- Deepen the product portfolio in Mexico beyond credit cards.
- Pursue a U.S. national bank charter.
- Invest in platformization and operating efficiency while monitoring risk.
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Miss
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Analyst 52W Price Targets
$15.66Current
$7Low
$15.81Average
$22High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 6, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Sep 28, 2026 |
| Itau BBA | Market Perform | Outperform | Downgrade | Sep 16, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| UBS | Buy | Buy | Maintain | Aug 20, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Aug 14, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jun 15, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | Jun 2, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Nov 14, 2025 |
| Banco Bradesco BBI S.A | Outperform | Neutral | Upgrade | Aug 25, 2025 |
| Barclays | Overweight | Overweight | Maintain | Apr 25, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 14, 2024 |
| Jefferies | Buy | Buy | Maintain | Jun 24, 2024 |
| New Street Research | Neutral | Buy | Downgrade | Oct 5, 2023 |
| MoffettNathanson | Buy | Buy | Maintain | Apr 5, 2022 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 3, 2022 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 12, 2015 |
| Credit Suisse | Neutral | Outperform | Downgrade | Feb 12, 2015 |
| Brean Capital | Hold | Buy | Downgrade | Dec 29, 2014 |
| Argus Research | Buy | Hold | Upgrade | Sep 26, 2013 |
| Wunderlich Securities | Hold | Hold | Maintain | May 2, 2013 |
| Williams Capital | Buy | Buy | Maintain | Aug 5, 2012 |
| ISI Group | Hold | Hold | Maintain | Jun 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $15.66. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Gonzalo López | $19 | $13.59 | +21.3% | Sep 28, 2026 |
| Wolfe Research | Darrin Peller | $17 | $14.76 | +8.6% | Aug 25, 2026 |
| UBS | Analyst unavailable | $18.2 | $14.61 | +16.2% | Aug 20, 2026 |
| Needham | Kyle Peterson | $19 | $13.93 | +21.3% | Aug 14, 2026 |
| Needham | Kyle Peterson | $17 | $12.46 | +8.6% | Jun 26, 2026 |
| Susquehanna | Analyst unavailable | $13 | $11.93 | -17.0% | Jun 3, 2026 |
| Scotiabank | James Friedman | $13 | $11.93 | -17.0% | Jun 3, 2026 |
| UBS | Analyst unavailable | $16.9 | $12.65 | +7.9% | May 20, 2026 |
| Susquehanna | Analyst unavailable | $22 | $18.18 | +40.5% | Jan 27, 2026 |
| Goldman Sachs | Tito Labarta | $21 | $15.86 | +34.1% | Dec 18, 2025 |
| UBS | Thiago Batista | $18.4 | $17.44 | +17.5% | Dec 4, 2025 |
| Banco Santander | Analyst unavailable | $22 | $17.44 | +40.5% | Dec 4, 2025 |
| KeyBanc | Alex Markgraff | $19 | $16 | +21.3% | Nov 14, 2025 |
| UBS | Analyst unavailable | $16 | $15.18 | +2.2% | Oct 16, 2025 |
| UBS | Thiago Batista | $15.6 | $14.86 | -0.4% | Sep 2, 2025 |
| Bradesco | Analyst unavailable | $17 | $14.23 | +8.6% | Aug 25, 2025 |
| Banco Santander | Analyst unavailable | $16 | $13.94 | +2.2% | Aug 25, 2025 |
| Susquehanna | James Friedman | $16 | $13.34 | +2.2% | Jul 16, 2024 |
| Barclays | John Coffey | $15 | $12.5 | -4.2% | Jun 26, 2024 |
| Jefferies | Inigo Vega | $15.2 | $11.79 | -2.9% | Jun 24, 2024 |
| UBS | Thiago Batista | $13.5 | $11.71 | -13.8% | May 16, 2024 |
| Susquehanna | James Friedman | $14 | $11.55 | -10.6% | May 15, 2024 |
| HSBC | Neha Agarwala | $10 | $8.75 | -36.1% | Jan 8, 2024 |
| Goldman Sachs | Analyst unavailable | $9.5 | $4.06 | -39.3% | Dec 6, 2022 |
| Citigroup | Analyst unavailable | $7 | $4.12 | -55.3% | Jul 25, 2022 |
| Susquehanna | James Friedman | $10 | $4.6 | -36.1% | May 13, 2022 |
| Morgan Stanley | Jorge Kuri | $16 | $9.98 | +2.2% | Jan 3, 2022 |
| KeyBanc | Alex Markgraff | $12 | $9.98 | -23.4% | Jan 3, 2022 |
| Goldman Sachs | Mike Ng | $15 | $9.98 | -4.2% | Jan 3, 2022 |
Track every rating change on NU the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNu Holdings Ltd. provides digital banking platform in Brazil, Mexico, Colombia, the Cayman Islands, and the United States. The company provides spending solutions comprising Nu credit and prepaid card, a digitally enabled card that acts as a credit and a prepaid card; Nubank+ Tier, an evolution of the Nu experience; Ultraviolet credit and prepaid card, a premium metal credit card; mobile payment solutions for NuAccount customers to make and receive transfers, pay bills, and make everyday purchases through their mobile phones; and Nu Shopping, an integrated marketplace that enables customers to purchase goods and services from various ecommerce retailers. It also offers transactional solutions, such as Nu Personal Accounts, a digital account solution for personal financial activities; Nu business accounts for entrepreneur customers and their businesses; and Nu business prepaid and credit card.…
Historical context
All NU earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the NU recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-06T20:30:49.281568+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T20:30:49.278460+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-06. For educational purposes only; not investment advice.