Nubank vs NVIDIA: Revenue, Profit and Business Model
Nubank reported $15.8B of revenue in FY2025 and $2.9B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B of net income.
Latest financial snapshot
Financial summary
Nubank
Nubank turned its first annual profit in 2023 ($1.03 billion on $8.03 billion revenue) and has scaled fast since. Under IFRS it reported FY2024 revenue of $11.52 billion and net income of $1.97 billion, then FY2025 revenue of $15.77 billion and net income of $2.87 billion. Using its newer managerial P&L, it reported Q4 2025 revenue of $4.9 billion and net income of $895 million with a 33% ROE. In Q2 2026, gross revenue rose 39% to $5.88 billion and net income reached $1.061 billion, up 49% FX-neutral, with a record 33% return on equity.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
Revenue and profit by year
Nubank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.8B | $2.9B | 18.2% | +37.0% | Source |
| FY2024 | $11.5B | $2B | 17.1% | +43.4% | Source |
| FY2023 | $8B | $1B | 12.8% | +67.5% | Source |
| FY2022 | $4.8B | -$364.6M | -7.6% | +182.2% | Source |
| FY2021 | $1.7B | -$165M | -9.7% | +130.4% | Source |
| FY2020 | $737.1M | -$171.5M | -23.3% | +20.4% | Source |
| FY2019 | $612.1M | -$92.5M | -15.1% | — | Source |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
Where the revenue comes from
Nubank
- Interest And Financial IncomeMajor
Interest and gains from credit cards, loans, securities, and other financial instruments.
- Fee And Commission IncomeMaterial
Interchange, payment, account, insurance, investment, and marketplace-related fees.
- Deposit SpreadMaterial
Funding and yield economics from Nubank's large deposit base.
- Cross-Sell ProductsGrowth
Insurance, investments, secured lending, payroll lending, merchant products, and new geographies.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
Business model and strategy
Nubank
How it makes money
Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits. Fee and commission income adds interchange on card spending, late fees, and commissions from insurance, investments and marketplace sales.
Growth strategy
Nubank is growing by deepening products for existing customers (secured and payroll loans, investments, insurance, small-business banking), scaling Mexico after its 2026 bank launch and Colombia, and entering the US through a sponsor bank while its national bank charter is finalized.
Competitive advantage
Nubank's edge is cost and scale. It runs without branches, reported a cost to serve below $1 per active customer per month and a record efficiency ratio of 19.9% in Q4 2025, and gains most new customers through referrals. Transaction and deposit data from more than 130 million customers feed its underwriting models, and that data advantage grows as more Brazilians use Nubank as their primary account.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Nubank vs NVIDIA
Which company has higher revenue — Nu Holdings Ltd. or NVIDIA Corporation?
Nu Holdings Ltd. reported $15.8B (FY2025), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with Nu Holdings Ltd. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Nu Holdings Ltd. vs NVIDIA Corporation?
Nu Holdings Ltd.'s market capitalisation stands at $66.3B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nu Holdings Ltd..
Which is more financially efficient — Nu Holdings Ltd. or NVIDIA Corporation?
Nu Holdings Ltd. generates $1.57M / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Nu Holdings Ltd. and NVIDIA Corporation make money?
Nu Holdings Ltd. and NVIDIA Corporation generate revenue in fundamentally different ways. Nu Holdings Ltd.: Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Nu Holdings Ltd. or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Nu Holdings Ltd. trades at 4.2x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nu Holdings Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Nu Holdings Ltd. bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to Nu Holdings Ltd. ($15.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nubank vs NVIDIA overview