Nubank vs Volkswagen: Revenue, Profit and Business Model
Nubank reported $15.8B of revenue in FY2025 and $2.9B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
Nubank
- Latest revenue
- $15.8B (FY2025)
- Net income
- $2.9B
- Net margin
- 18.2%
- Revenue growth
- +71.9% a year, FY2019–FY2025
Volkswagen
- Latest revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +6.5% a year, FY2021–FY2025
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.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments.
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 |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | — | 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.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
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.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about Nubank vs Volkswagen
Which company has higher revenue — Nu Holdings Ltd. or Volkswagen Aktiengesellschaft?
Nu Holdings Ltd. reported $15.8B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with Nu Holdings Ltd. reporting a smaller revenue base.
What is the market cap of Nu Holdings Ltd. vs Volkswagen Aktiengesellschaft?
Nu Holdings Ltd.'s market capitalisation stands at $66.3B, while Volkswagen Aktiengesellschaft's is $35.5B. Nu Holdings Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — Nu Holdings Ltd. or Volkswagen Aktiengesellschaft?
Nu Holdings Ltd. generates $1.57M / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / employee. Nu Holdings Ltd. 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 Volkswagen Aktiengesellschaft make money?
Nu Holdings Ltd. and Volkswagen Aktiengesellschaft 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. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — Nu Holdings Ltd. or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, Nu Holdings Ltd. trades at 4.2x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. Nu Holdings Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Nu Holdings Ltd. bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) 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 Volkswagen overview