Nu Holdings saw its pre-market trading decline by 4.87% after reporting first-quarter 2026 revenue of $5.3 billion on a managed basis, marking the first time it has crossed the $5 billion threshold. On a neutral currency basis, net profit reached $871 million, a 41% increase year-over-year. The annualized return on equity (ROE) settled at 29%, down from 33% in the fourth quarter of 2025.

Gross profit decreased by 7% sequentially to $1.88 billion, while credit loss provisions grew by 33% quarter-over-quarter to $1.79 billion. The risk-adjusted net interest margin (NIM) fell by 100 basis points from 10.5% in the fourth quarter to 9.5%. Early delinquency rates, representing non-performing loans aged 15 to 90 days, increased by 89 basis points to 5.0%, aligning with the seasonal patterns observed in the first quarters of 2024 and 2025. Total credit portfolio expanded by 40% year-over-year to $37.2 billion. The cost-to-income ratio improved to 17.6% from 19.9% in the prior quarter.

The Mexican operations reached breakeven and, with 15 million customers, became the third-largest financial institution in that market. Global total customers reached 135 million, with the Brazilian market surpassing 115 million. Founder and CEO David Vélez stated that the company is "rebanking around artificial intelligence," with its proprietary foundational model, NuFormer, now deployed for credit card decisioning in Brazil and Mexico, as well as for unsecured lending operations in Brazil.