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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Yuri Fernandes | JPMorgan | 8 (13%) |
| Tito Labarta | Goldman Sachs | 8 (0%) |
| Jorge Kuri | Morgan Stanley | 7 (14%) |
| Mario Pierry | Bank of America | 7 (57%) |
| Eduardo Rosman | BTG Pactual | 6 (0%) |
| Pedro Leduc | Itau BBA | 5 (0%) |
| Gustavo Schroden | Citigroup | 4 (50%) |
| Thiago Batista | UBS | 3 (0%) |
| Dan Vaz | Safra | 2 (0%) |
| Geoffrey Elliott | Autonomous Research | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 8 (0%) |
| JPMorgan | 1 | 8 (13%) |
| Morgan Stanley | 1 | 7 (14%) |
| Bank of America | 1 |
| 7 (57%) |
| BTG Pactual | 1 | 6 (0%) |
| Itau BBA | 1 | 5 (0%) |
| Citigroup | 1 | 4 (50%) |
| UBS | 1 | 3 (0%) |
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.
Credit | Margin | Demand | Competitive Dynamics | Geographic Expansion | Product Launch | Cost Pressure | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 1 | 1 | ||||
| 2025Q1 | 4 | 3 | 1 | 1 | 1 | |||
| 2025Q2 | 6 | 1 | 1 | 1 | 2 | |||
| 2025Q3 | 5 | 3 | 1 | 1 | 1 | 2 | ||
| 2025Q4 | 4 | 2 | 1 | 2 | 1 | 2 | 1 | |
| 2026Q1 | 3 | 1 | 1 | 2 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Credit | 5 | 4 | 6 | 5 | 4 | 3 |
| Margin | 3 | 1 | 3 | 2 | 1 | |
| Demand | 3 | 1 | 1 | 1 | 1 | 1 |
| Competitive Dynamics | 1 | 2 | 2 | |||
| Geographic Expansion | 1 | 1 | 1 | 1 | 1 | |
| Product Launch | 1 | 2 | 1 | 1 | ||
| Cost Pressure | 1 | 2 | 1 | |||
| Regulation Policy | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.86B | +24.4% | $0.11 | +48.0% | 26.9% | 19.3% |
| FY2025 Q1 | $3.25B | +23.1% | $0.11 | +41.9% | 24.5% | 17.2% |
| FY2025 Q2 | $3.68B | +33.9% | $0.13 | +30.3% | 23.9% | 17.3% |
| FY2025 Q3 |
| $4.17B |
| +46.1% |
| $0.16 |
| +45.5% |
| 26.7% |
| 18.7% |
| FY2025 Q4 | $4.70B | +64.6% | $0.18 | +63.6% | 22.9% | 19.0% |
| FY2026 Q1 | $4.98B | +53.4% | $0.18 | +63.6% | 19.2% | 17.5% |
| FY2026 Q2 | $5.52B | +49.9% | $0.22 | +69.2% | 22.4% | 19.2% |
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).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NU Nu Holdings Ltd. | 8 | +53.4% | |
| CFG Citizens Financial Group | 8 | +4.5% | |
| FITB Fifth Third Bancorp | 7 | +25.8% | |
| HBAN Huntington Bancshares | 7 | +26.3% | |
| KEY KeyCorp | 9 | +1.1% | |
| MTB M&T Bank | 7 | +1.7% | |
| PNC PNC Financial Services | 8 | +12.7% | |
| RF Regions Financial Corporation | 6 | +0.5% | |
| TFC Truist Financial | 6 | +0.4% | |
| USB U.S. Bancorp | 7 | +4.7% |