실적분석 2026년 8월 13일

Nu Holdings ($NU) Q2 2026 Earnings Analysis — Revenue and EPS Both Beat, Quarterly Net Income Tops $1 Billion for the First Time

Earnings Scorecard

Revenue: $5.513 billion (Q2 2026, IFRS) — +50.3% year-over-year, estimate $5.480 billion ✅ Beat

EPS (Net income per share): $0.22 (diluted basis of $0.2162) — estimate $0.20 ✅ Beat

Guidance: Not provided — The company did not issue separate revenue or earnings outlook figures

Stock reaction: +1.22% after-hours ($14.1) — as of 05:59 Korea time on 08-14

The Positives

First $1 billion in quarterly net income: $1.061 billion in Q2 2026, up 49% year-over-year

Profitability metrics surge: Return on equity at 33% in Q2 2026, up 5 percentage points from 28% a year earlier

138.9 million customers: Approximately 4 million added in a single quarter, with a monthly activity rate of 83.5%

The key takeaway is that the company is making money at a faster pace than customers are growing. Average monthly revenue per active customer climbed sharply to $17.1 from $12.5 a year earlier, and the risk-adjusted net interest margin also improved from the prior quarter. Mexico officially launched as a bank in August, becoming the largest digital bank in the country.

The Negatives

90-day-plus delinquency rate at 6.9%: Up 0.4 percentage points from 6.5% in the prior quarter (Q2 2026)

Efficiency ratio worsens to 19.5%: Up from 17.6% in the prior quarter (a lower number is better)

No guidance issued: The company did not provide numerical targets for second-half revenue or earnings

The company attributed the rise in delinquencies largely to seasonal factors, as early-stage delinquencies from the first quarter roll forward over time. However, it also noted that it is intentionally expanding lending into higher-risk, higher-return segments. The decline in Mexican deposits was again framed by the company as a deliberate adjustment aimed at lowering funding costs, but this remains a point requiring confirmation for investors who have been focused purely on growth metrics.

What the Company Said

Founder and CEO David Vélez said the 13-year-old hypothesis that a technology-based bank without branches or legacy burdens could serve hundreds of millions of people better and at far lower cost has now been validated by $1 billion in quarterly net income. The company highlighted the launch of its Mexico bank, the addition of a banking license in Brazil, and the company-wide rollout of its proprietary financial AI model, NuPCB, as the next growth pillars. The market read the results themselves as sufficiently strong in lieu of concrete numerical targets.

Market Reaction and Key Points Ahead

Share prices edged higher in after-hours trading, supported by the EPS beat and the milestone of $1 billion in quarterly net income for the first time in the company's history. However, gains were capped by the accompanying rise in delinquencies.

Whether the 90-day-plus delinquency rate declines again in the next quarter or remains stuck in the high-6% range

Whether deposits and customer counts rebound following the launch of the Mexico bank

Whether the risk-adjusted net interest margin of 12.4% is sustained, or whether the cost of expanding into higher-risk lending begins to show