Detailed financial statements for Nu Holdings Ltd. (NU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Nu 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 m...
Analysis Summary
Nu Holdings Ltd. reported revenue of $11.30B in the most recent fiscal year, growing at a 5-year CAGR of 99.2%.
Trailing-twelve-month margins: gross margin 44.0%, operating margin 22.6%, net margin 18.6%. Free cash flow grew at 29.3% CAGR over 5 years.
At $11.99 (closing price, November 4, 2026), NU trades at a P/E of 16.20 and an ROE of 30.26%. Market capitalisation stands at $57.9B, placing it among large-cap names.
Balance sheet quality for NU: debt-to-equity ratio of 3.17, current ratio of 0.25 over the last 12 months, net cash position of $10.93B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.49B represents 122% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $208.0M | $359.5M | $359.9M | $1.15B | $2.97B | $5.63B | $8.27B | $11.30B |
| Cost of Revenue | $118.6M | $175.2M | $169.5M | $480.6M | $1.40B | $2.29B | $3.17B | $4.18B |
| Gross Profit | $89.3M | $184.4M | $190.4M | $664.6M | $1.57B | $3.35B | $5.10B | $7.12B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $82.4M | $198.1M | $264.5M | $659.9M | $1.43B | $1.14B | $1.44B | $602.2M |
| Operating Expenses | $122.7M | $313.7M | $383.6M | $834.7M | $1.88B | $1.81B | $2.31B | $3.25B |
| Operating Income | -$33.4M | -$129.3M | -$193.2M | -$170.2M | -$308.9M | $1.54B | $2.80B | $3.87B |
| EBITDA | -$32.3M | -$124.2M | -$185.8M | -$152.8M | -$273.3M | $1.60B | $2.87B | $3.97B |
| Interest Expense | $45.4M | $109.7M | $215.1M | $367.3M | $1.55B | $2.04B | $2.83B | $4.58B |
| Pre-tax Income | -$33.4M | -$129.3M | -$193.2M | -$170.2M | -$308.9M | $1.54B | $2.80B | $3.87B |
| Income Tax | -$4.8M | -$36.8M | -$21.7M | -$4.8M | $55.7M | $508.5M | $823.1M | $996.7M |
| Net Income | -$28.6M | -$92.5M | -$171.5M | -$165.0M | -$364.6M | $1.03B | $1.97B | $2.87B |
| EPS | -$0.01 | -$0.02 | -$0.04 | -$0.04 | -$0.08 | $0.22 | $0.41 | $0.59 |
| EPS (Diluted) | -$0.01 | -$0.02 | -$0.04 | -$0.04 | -$0.08 | $0.21 | $0.40 | $0.58 |
| Shares Outstanding (Diluted) | 4,608.7 M | 4,608.7 M | 4,608.7 M | 4,610.0 M | 4,677.0 M | 4,857.6 M | 4,888.9 M | 4,907.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.90B | $3.33B | $3.71B | $3.96B |
| Gross Profit | $1.95B | $2.09B | $2.00B | $2.50B |
| Operating Income | $1.12B | $1.08B | $954.3M | $1.24B |
| EBITDA | $1.14B | $1.11B | $989.7M | $1.28B |
| Net Income | $782.5M | $892.4M | $872.1M | $1.06B |
| EPS | $0.16 | $0.18 | $0.18 | $0.22 |
| EPS (Diluted) | $0.16 | $0.18 | $0.18 | $0.22 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $201.7M | $439.9M | $603.3M | $2.53B | $6.89B | $13.37B | $13.64B | $15.00B |
| Short-term Investments | $177.6M | $806.7M | $1.78B | $8.16B | $9.95B | $8.65B | $9.51B | $1.14B |
| Receivables | $1.62B | $2.79B | $2.94B | $4.90B | $9.00B | $14.53B | $13.89B | $19.27B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.01B | $4.05B | $5.35B | $15.63B | $25.92B | $36.73B | $37.19B | $35.44B |
| Property, Plant & Equipment | $6.7M | $25.9M | $20.5M | $20.5M | $46.5M | $69.8M | $46.2M | $27.6M |
| Goodwill | 0 | 0 | $831,000 | $401.9M | $397.4M | $397.5M | $414.3M | $409.4M |
| Intangible Assets | $503,000 | $1.1M | $12.4M | $72.3M | $182.2M | $295.9M | $347.6M | $601.7M |
| Total Assets | $2.79B | $6.76B | $10.15B | $19.86B | $29.93B | $43.35B | $49.93B | $74.89B |
| Accounts Payable | $1.68B | $2.98B | $3.33B | $4.88B | $7.05B | $9.76B | $9.33B | $13.63B |
| Short-term Debt | $17.3M | $1.47B | 0 | $3.0M | $235.6M | $324.0M | $531.5M | $2.53B |
| Total Current Liabilities | $2.31B | $5.70B | $9.29B | $14.66B | $23.20B | $33.94B | $38.90B | $59.81B |
| Long-term Debt | $115.4M | $303.3M | $177.2M | $157.3M | $547.2M | $806.7M | $328.9M | $2.66B |
| Total Liabilities | $2.49B | $6.15B | $9.72B | $15.42B | $25.04B | $36.94B | $42.28B | $63.57B |
| Retained Earnings | -$58.0M | $28.2M | -$102.4M | -$128.4M | $64.6M | $1.28B | $3.42B | $6.41B |
| Total Equity | $296.7M | $612.3M | $438.1M | $4.44B | $4.89B | $6.41B | $7.65B | $11.29B |
| Total Debt | $115.4M | $322.0M | $189.2M | $167.9M | $803.2M | $1.17B | $886.5M | $5.21B |
| Net Debt | -$263.8M | -$924.5M | -$2.20B | -$10.52B | -$16.03B | -$20.86B | -$22.26B | -$10.93B |
| Working Capital | -$300.0M | -$1.66B | -$3.94B | $972.1M | $2.72B | $2.79B | -$1.71B | -$24.38B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $17.32B | $15.00B | $19.37B | $19.60B |
| Total Assets | $68.36B | $74.89B | $77.46B | $82.75B |
| Total Liabilities | $57.81B | $63.57B | $64.86B | $69.50B |
| Total Equity | $10.55B | $11.29B | $12.59B | $13.25B |
| Total Debt | $3.12B | $5.21B | $3.17B | $42.02B |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$28.6M | -$92.5M | -$171.5M | -$165.3M | -$364.6M | $1.03B | $1.97B | $2.87B |
| Depreciation & Amortization | $1.1M | $5.1M | $7.4M | $17.3M | $35.6M | $62.9M | $77.1M | $98.0M |
| Stock-based Compensation | $9.3M | $18.5M | $35.6M | $157.3M | $253.2M | $212.6M | $272.4M | $271.8M |
| Change in Working Capital | -$120.3M | $183.7M | $622.1M | -$3.72B | -$1.85B | -$4.71B | -$7.39B | -$6.07B |
| Operating Cash Flow | -$5.4M | $276.1M | $974.5M | -$2.92B | $755.6M | $1.27B | $2.40B | $3.50B |
| Capital Expenditure | -$6.4M | -$4.7M | -$8.0M | -$28.5M | -$114.3M | -$177.0M | -$175.0M | -$7.2M |
| Acquisitions | 0 | 0 | -$8.3M | -$114.5M | -$10.3M | 0 | -$5.6M | -$1.5M |
| Stock Repurchased | -$695,000 | -$3.8M | -$15,000 | -$4.6M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.8M | $271.5M | $966.5M | -$2.95B | $641.3M | $1.09B | $2.22B | $3.49B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$970.6M | $831.0M | -$1.21B | -$2.92B |
| Capital Expenditure | -$125.3M | $270.9M | -$75.2M | -$11.7M |
| Free Cash Flow | -$1.10B | $1.10B | -$1.29B | -$2.93B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $73.7M | $63.3M | $82.4M | $134.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +72.9% | +0.1% | +218.2% | +159.4% | +89.6% | +46.8% | +36.6% | |
| Net Income Growth (YoY) | -223.7% | -85.3% | +3.8% | -121.0% | +382.7% | +91.4% | +45.5% | |
| EPS Growth (YoY) | -224.2% | -85.1% | +3.8% | -117.9% | +382.1% | +86.4% | +43.9% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +1.5% | +3.9% | +0.6% | +0.4% | |
| FCF Growth (YoY) | +2,395.4% | +256.1% | -405.5% | +121.7% | +69.8% | +104.2% | +57.1% | |
| Gross Margin | 43.0% | 51.3% | 52.9% | 58.0% | 52.7% | 59.4% | 61.7% | 63.0% |
| Operating Margin | -16.1% | -36.0% | -53.7% | -14.9% | -10.4% | 27.3% | 33.8% | 34.2% |
| EBITDA Margin | -15.5% | -34.6% | -51.6% | -13.3% | -9.2% | 28.4% | 34.7% | 35.1% |
| Net Margin | -13.7% | -25.7% | -47.6% | -14.4% | -12.3% | 18.3% | 23.8% | 25.4% |
| FCF Margin | -5.7% | 75.5% | 268.5% | -257.8% | 21.6% | 19.3% | 26.9% | 30.9% |
| Effective Tax Rate | 14.4% | 28.4% | 11.2% | 2.8% | -18.0% | 33.0% | 29.4% | 25.7% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.00 | $0.06 | $0.21 | -$0.64 | $0.14 | $0.22 | $0.45 | $0.71 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 4,608.7 M | 4,608.7 M | 4,608.7 M | 4,610.0 M | 4,677.0 M | 4,738.8 M | 4,792.1 M | 4,832.9 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 30.26% |
| Return on Assets | 4.36% |
| Gross Margin | 44.03% |
| Operating Margin | 22.62% |
| Net Margin | 18.61% |
Financial Health
| Piotroski F-Score | 5 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -1,666.13 | -513.93 | -277.69 | -262.01 | -52.18 | 37.86 | 25.27 | 28.37 |
| P/B | 160.44 | 77.76 | 108.67 | 9.74 | 3.89 | 6.16 | 6.49 | 7.17 |
| P/S | 228.92 | 132.42 | 132.27 | 37.76 | 6.41 | 7.01 | 6.00 | 7.16 |
| Gross Margin | 35.3% | 39.3% | 33.1% | 43.9% | 34.7% | 43.6% | 45.9% | 44.8% |
| Operating Margin | -16.1% | -36.0% | -53.7% | -14.9% | -10.4% | 27.3% | 33.8% | 34.2% |
| Net Margin | -13.7% | -25.7% | -47.6% | -14.4% | -12.3% | 18.3% | 23.8% | 25.4% |
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Explore sector: Financial Services · Banks - Regional
More sections of NU: Overview · Valuation · Estimates · Technical · Ownership
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