Nu Holdings Ltd. Revenue & Financials

Nu Holdings reported total revenue of $11.51 billion in FY2024, a 43.7% year-over-year increase (58% on an FX-neutral basis), with net income of $1.97 billion — nearly double the $1.03 billion reported in FY2023. The company's Q4 2024 revenue of $2.99 billion was a quarterly record, up 56% YoY on an FX-neutral basis. Gross profit for FY2024 was $5.24 billion, up 50.5% YoY, with a gross profit margin of 45.6%. Net interest income reached $2.1 billion in Q2 2025, with a net interest margin of 17.7% and risk-adjusted NIM of 9.2%. The company's revenue growth is driven by customer expansion and ARPAC improvement. Monthly ARPAC was $10.7 in Q4 2024, up 23% YoY FXN, with mature cohorts at $25. By Q2 2025, ARPAC crossed $12 for the first time at $12.2, up 18% YoY FXN. The cost to serve remained stable at $0.80 per active customer per month, demonstrating operating leverage: ARPAC grew 18% while costs were flat. The efficiency ratio improved from 35.4% in Q2 2023 to 32.1% in Q1 2024, 29.9% in Q4 2024, and 24.7% in Q2 2025 — a 1,070 basis point improvement in two years. Operating expenses are dominated by technology infrastructure, personnel, and customer support — but the company's cloud-native model and AI automation keep these costs growing slower than revenue. Credit loss allowance expenses were $2.8 billion in FY2024, reflecting the company's expansion down the credit spectrum and portfolio growth. The 15-90 NPL ratio improved to 4.1% in Q4 2024 (from 4.4% in Q3 2024 and 4.5% in Q2 2024), while the 90+ NPL ratio was 7.0% in Q4 2024 (down from 7.2% in Q3 2024). The company writes off unsecured NPLs at 120+ days, accelerating loss recognition. Return on equity was 28% in FY2024 and 28% annualized in Q2 2025, placing Nubank among the most profitable financial institutions globally. Adjusted net income was $2.2 billion in FY2024, up from $1.19 billion in FY2023. The company's balance sheet remains robust: total deposits of $36.6 billion in Q2 2025, interest-earning portfolio of $15.7 billion, and loan-to-deposit ratio of 40%. The company holds $2.4 billion in excess cash at the holding level, and Capital Adequacy Ratios are well above regulatory minimums across all jurisdictions. The company has not yet initiated dividends or share buybacks, choosing to reinvest capital in growth.