Nu Holdings posts nearly $1.1 billion profit in Q2; Mexico generates more revenue per customer than Brazil

Nu Holdings, the parent company of Nubank, announced a robust second quarter for 2026, achieving a net profit of $1.06 billion. This figure represents a significant 49% increase compared to the same period last year. The company's financial report also highlighted a 39% rise in revenue, reaching $5.9 billion, with a return on equity of 33%.

Globally, Nu's customer base expanded to 139 million by the end of June, adding approximately 4 million new users during the quarter. While Brazil remains the largest market, Mexico has emerged as a key growth area, reaching 15.8 million customers by June and 16 million by July.

The company's consolidated loan portfolio grew 37% annually to $39.4 billion, and deposits reached $45.3 billion, an 18% increase. Notably, Nu's Mexican operations have achieved financial breakeven, a milestone indicating that revenue now exceeds the investment required for expansion. This marks a significant shift from its earlier growth phase.

What sets Mexico apart is the rapid monetization of its customer base. The average revenue per active customer (ARPAC) in Mexico reached $12.3, more than double the $5.6 recorded in Brazil during a comparable development phase. This suggests that Mexican customers are adopting revenue-generating products more quickly, presenting a "highly attractive opportunity" for Nu in the country.