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All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
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Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q1 call day (May 14, 2026) through the next call day (Aug 13, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro signals
→Labor Market↑Consumer Spending↑Credit
Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million. Operating leverage produced a record-low reported efficiency ratio of 17.6%, though management guided the full year back toward approximately 20% as timing benefits normalize. Credit loss allowance rose 33% quarter-over-quarter on an FX-neutral basis and risk-adjusted NIM eased 100 basis points to 9.5%, which management attributed to seasonality, 40% portfolio growth and mix rather than any asset-quality deterioration. A structurally lower 8.7% IFRS effective tax rate, expected to converge toward 15% to 20% over the rest of 2026, lifted reported earnings even as operating-line profit grew far more slowly than revenue. Management framed 2026 as an investment year, funding an AI transformation, Mexico's scaling and a measured US entry capped at under 100 basis points of efficiency-ratio headwind.
Key themes
7
positive📊 company
Record Revenue And Engaged Customer Base
Revenue reached $5 billion for the first time in our history, with ARPAC now sits at around $16 per active customer and the customer base now stands above 135 million customers.
Revenue GrowthSubscriber Growth
mixed📊 company
Elevated Credit Provisions From Seasonality, Growth And Mix
Credit loss allowance was up 33% quarter-over-quarter on an FX-neutral basis and risk-adjusted NIM came in at 9.5%, down 100 basis points sequentially from 10.5%, which management framed as seasonality, growth and mix rather than asset-quality deterioration.
CreditMargin
positive📊 company
Record-Low Efficiency Ratio And Operating Leverage
The efficiency ratio improved to 17.6% on a reported basis and 16.6% at the core, though management said the 17.6% efficiency ratio should not be extrapolated as our run rate and guided the full year toward approximately 20%.
The 8.7% IFRS rate this quarter reflects structural changes to the corporate structure that management called recurring, but the IFRS ETR is expected to converge towards the 15% to 20% range for the remainder of 2026.
Guidance Reliability
positive📊 company
Credit Portfolio Expansion Led By Unsecured Lending
The consolidated credit portfolio ended the quarter with $37.2 billion, up 40% year-over-year on an FX-neutral basis, with unsecured lending grew 53%, reaching $10 billion in total portfolio.
CreditRevenue Growth
positive📊 company
Mexico Inflection And Measured US Expansion
In Mexico, we crossed 15 million customers and reached a first quarter of IFRS profitability ahead of plan, while management capped any US investment headwind at less than 100 basis points on our consolidated efficiency ratio.
Geographic ExpansionSubscriber Growth
positive📊 company
AI Transformation Of The Banking Model
Management described rebuilding banking around AI, citing engineering throughput up over 50% year-over-year and AI Private Banker functionalities already serving more than 15 million monthly active users.
CompanyFiscal year ends DecMost recent earnings call: Aug 13, 2026 (FY2026 Q2)Next earnings call: Nov 12, 2026
8/ 10
FY2026 Q1Positive+1.0 vs FY2025 Q4Default view · newest free
Calendar quarter Q1 2026Earnings call May 14, 2026
FY2026 Q1 in brief
Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million.
PositiveRecord Revenue And Engaged Customer Base
MixedElevated Credit Provisions From Seasonality, Growth And Mix
PositiveRecord-Low Efficiency Ratio And Operating Leverage
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
16%company-level, not the selected quarter
GAAP revenue YoY +53.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +53.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP USD revenue YoY +53.43% -> base 8 (>=15%). NU reports in USD under IFRS, so the USD figure IS the reported figure; management's FX-neutral figures (record revenue reaching $5 billion; gross profit +27% FX-neutral) also land in the >=15% band, so there is no band gap either way. NU is a Brazilian digital bank and is NOT on the closed Sector Rules Table (not a listed US bank peer), so no Tier 2 structural adjustment is applied. GAAP revenue is clean for scoring.
Share price
NU $11.991Y -25.9%YTD -28.4%50-day avg $14.1350D avg $14.13
earnings call (score)
16.2211.45
Aug '26Nov '26
Sources.Tellvest earnings-call sentiment score for Nu Holdings Ltd. (NU), FY2026 Q1: 8/10. Scores: Nu Holdings Ltd.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NU daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2024 Q4
$2.99B
+24.3%
—
—
18.5%
FY2025 Q1
$3.25B
+18.7%
$0.11
+47.0%
17.2%
FY2025 Q2
$3.67B
+28.8%
$0.13
+30.3%
17.4%
FY2025 Q3
$4.17B
+41.8%
$0.16
+40.9%
18.8%
FY2025 Q4
$4.69B
+56.8%
—
—
19.1%
FY2026 Q1Selected
$4.97B
+53.0%
—
—
17.6%
FY2026 Q2
$5.51B
+50.3%
$0.22
+66.3%
19.2%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Net income reached $871 million in the quarter”
Revenue
“reaching $5 billion for the first time in our history”
Guidance
“expect our consolidated efficiency ratio for the full year of 2026 to land at approximately 20%”
Key metric
“risk-adjusted NIM came in at 9.5%, down 100 basis points sequentially from 10.5%”
+
EPS0EPS 0GAAP EPS YoY +63.64% vs revenue YoY +53.43% = spread +10.21 percentage points (outside +/-5 percentage points, POSITIVE; GAAP-only answer would be +1). NU is a no-OI IFRS foreign-private-issuer LENDING bank (in NO_OI_SUBTOTAL / NO_OI_LENDING_BANKS since the 2026-09-14 tooling fix), so per OI trust gate test 3 the vendor-synthesized OI is INADMISSIBLE as the Step-3 tiebreaker regardless of how clean it looks, and per test 3d the bank operating-leverage read is management-stated PPNR vs revenue with the GAAP EPS/NI spread advisory-only. The prior load's -1 rested on the inadmissible vendor operating income spread (operating income YoY +20.03% - rev +53.43% = -33.40 percentage points) and is VOID. No operating anchor evidences genuine deleverage (efficiency ratio a record-low 17.6%; the credit-loss allowance grew on 40% portfolio GROWTH and IFRS-9 front-loading, not deterioration), and NU stated no PPNR figure on the call, so the rubric-correct EPS adjustment ABSTAINS to 0 (the FP-safe floor; +1 would require a retrieved 6-K PPNR read confirming pre-provision operating leverage). EPS adjustment 0, final 8. Same class as the RESOLVED NU FY2025-Q3 remediation (9->8).
+
Guidance0Guidance 0NU provides no formal financial (revenue/EPS/OI/FCF) guidance with a midpoint. Management guided the full-year 2026 consolidated efficiency ratio to approximately 20%, 'broadly in line with where we ended 2025' -- reiterated, not raised/lowered, and a cost/efficiency metric rather than a growth-outcome metric. The 2026 investment headwinds (return-to-office, US expansion capped at less than 100bps of efficiency ratio, AI infrastructure) are spend commitments, not business deterioration (management reaffirmed durable, compounding net income and medium-term operating leverage), so they do not cut per the spend-metric convention. No company-level primary metric is guided and no incremental business deterioration is stated (GPC test not met) -> 0.
=
Final8
How this score was built
Base8Base 8GAAP revenue YoY +53.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP USD revenue YoY +53.43% -> base 8 (>=15%). NU reports in USD under IFRS, so the USD figure IS the reported figure; management's FX-neutral figures (record revenue reaching $5 billion; gross profit +27% FX-neutral) also land in the >=15% band, so there is no band gap either way. NU is a Brazilian digital bank and is NOT on the closed Sector Rules Table (not a listed US bank peer), so no Tier 2 structural adjustment is applied. GAAP revenue is clean for scoring.+EPS0EPS 0GAAP EPS YoY +63.64% vs revenue YoY +53.43% = spread +10.21 percentage points (outside +/-5 percentage points, POSITIVE; GAAP-only answer would be +1). NU is a no-OI IFRS foreign-private-issuer LENDING bank (in NO_OI_SUBTOTAL / NO_OI_LENDING_BANKS since the 2026-09-14 tooling fix), so per OI trust gate test 3 the vendor-synthesized OI is INADMISSIBLE as the Step-3 tiebreaker regardless of how clean it looks, and per test 3d the bank operating-leverage read is management-stated PPNR vs revenue with the GAAP EPS/NI spread advisory-only. The prior load's -1 rested on the inadmissible vendor operating income spread (operating income YoY +20.03% - rev +53.43% = -33.40 percentage points) and is VOID. No operating anchor evidences genuine deleverage (efficiency ratio a record-low 17.6%; the credit-loss allowance grew on 40% portfolio GROWTH and IFRS-9 front-loading, not deterioration), and NU stated no PPNR figure on the call, so the rubric-correct EPS adjustment ABSTAINS to 0 (the FP-safe floor; +1 would require a retrieved 6-K PPNR read confirming pre-provision operating leverage). EPS adjustment 0, final 8. Same class as the RESOLVED NU FY2025-Q3 remediation (9->8).+Guidance0Guidance 0NU provides no formal financial (revenue/EPS/OI/FCF) guidance with a midpoint. Management guided the full-year 2026 consolidated efficiency ratio to approximately 20%, 'broadly in line with where we ended 2025' -- reiterated, not raised/lowered, and a cost/efficiency metric rather than a growth-outcome metric. The 2026 investment headwinds (return-to-office, US expansion capped at less than 100bps of efficiency ratio, AI infrastructure) are spend commitments, not business deterioration (management reaffirmed durable, compounding net income and medium-term operating leverage), so they do not cut per the spend-metric convention. No company-level primary metric is guided and no incremental business deterioration is stated (GPC test not met) -> 0.=Final8
Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million
Fifth Third closed the largest acquisition in its history on February 1, and the Comerica addition drove revenue to $2.9 billion, up 33% year-over-year, with adjusted net income of $734 million, up 38%
Huntington delivered an outstanding first quarter, with GAAP EPS of $0.25 and adjusted EPS of $0.37, up 9% year-over-year excluding acquisition-related expenses and other notable items
KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target
M&T Bank delivered GAAP EPS of $4.13 with NIM expanding 2 basis points to 3.71% as fixed-rate asset repricing continued, while fee income grew 13% year-over-year with broad-based strength and C&I growth reached $1.5 billion driven by middle market utilization pickup
Regions Financial reported Q1 EPS of $0.62 with continued peer-leading returns and strong earnings growth, as loan growth acceleration showed broad-based demand
Truist delivered 25% EPS growth to $1.09 with 250 basis points of operating leverage, as investment banking produced its highest quarterly revenue since 2021
Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million
Fifth Third closed the largest acquisition in its history on February 1, and the Comerica addition drove revenue to $2.9 billion, up 33% year-over-year, with adjusted net income of $734 million, up 38%
NU improving · FITB stable · HBAN mixed · MTB mixed · RF stable · TFC stable · USB stable
Credit
NU improving · CFG improving · KEY stable · PNC stable · RF improving · TFC stable · USB stable
Labor market
NU stable · MTB mixed
Trade & tariffs
FITB deteriorating · KEY stable
Inflation
PNC stable
Oil & energy
MTB deteriorating
Regulation Policy
CFG improving
Huntington delivered an outstanding first quarter, with GAAP EPS of $0.25 and adjusted EPS of $0.37, up 9% year-over-year excluding acquisition-related expenses and other notable items
KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target
M&T Bank delivered GAAP EPS of $4.13 with NIM expanding 2 basis points to 3.71% as fixed-rate asset repricing continued, while fee income grew 13% year-over-year with broad-based strength and C&I growth reached $1.5 billion driven by middle market utilization pickup
Regions Financial reported Q1 EPS of $0.62 with continued peer-leading returns and strong earnings growth, as loan growth acceleration showed broad-based demand
Truist delivered 25% EPS growth to $1.09 with 250 basis points of operating leverage, as investment banking produced its highest quarterly revenue since 2021