Nu Holdings stock has lost its momentum recently. Year to date, it is down about 12%1. The Latin American FinTech powerhouse continues to grow at a rapid pace though. Here’s a look at some key numbers from the group’s recent Q4 earnings report.
Strong Growth in Q4
For the fourth quarter of 2025, Nu’s revenue amounted to $4.9 billion, up 58% (45% at constant currency) on the figure of $3.1 billion posted for Q4 2024. Net income for the period was $895 million compared to $553 million a year earlier.
At the end of the quarter, the digital banking company’s total deposits stood at $41.9 billion, up 29% year over year. Meanwhile, Nu’s total credit portfolio was worth $32.7 billion, up 40% year over year.
Source: Nu Holdings, Q4 2025 earnings presentation, as of February 25, 2026
During Q4, Nu added 4 million customers. This took its total number of customers to 131 million at the end of the year, up 15% year over year.
Monthly average revenue per active customer (ARPAC) reached $15 in Q4, up roughly 27% year over year. Monthly average cost to serve per active customer was $0.80, demonstrating the strong operating leverage of the company’s business model.
It’s worth noting that the launch of new banking tools has been a major growth driver for the company recently. In Q4, Nu launched over 100 new products and features across its markets to deepen engagement and expand monetization.
In Brazil, it launched new payroll loan modalities, an under-18 credit card, and tools to strengthen financial planning. In Colombia, it released a range of new credit card products designed for those who may not meet the standard criteria.
Going Global in 2026
While Nu is having significant success in Latin America at present (it is now the largest private financial institution in Brazil by number of customers), it is looking to expand globally. This year, it plans to lay the operational foundations for a move into the US, while continuing to prioritize the Brazilian and Mexican markets.
Note that back in January, Nu received conditional approval from the US Office of the Comptroller of the Currency (OCC) to establish a bank in the United States. It is still waiting on approvals from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) though.
AI Adoption
Another priority for the FinTech company this year is AI adoption. Looking ahead, it plans to use AI as a structural advantage for long-term growth, employing it to assist with app functionality, customer service, and cross-selling activity.
Recently, it deployed its AI model “nuFormer” in credit underwriting in Brazil, which led to the largest quarterly gain in credit card market share in ten quarters. The model will now be expanded to lending in Brazil and credit cards in Mexico.
Source: Nu Holdings, Q4 2025 earnings presentation, as of February 25, 2026
Forecasts for Nu Stock
Since the company’s Q4 earnings, analysts at Morgan Stanley2 have raised their price target for Nu stock. Their new price target is $21 (up from $18), which is about 40% above the current share price. They believe that Nu could potentially command a $100 billion valuation by the end of 2026. Other firms3 that are bullish on the stock include Goldman Sachs, Susquehanna, and Itau BBA, which have price targets of $21, $22, and $20, respectively.
Footnotes:
1Google Finance, as of March 4, 2026
2Market Screener, Morgan Stanley Raises Price Target on Nu Holdings to $21 From $18, Keeps Overweight Rating, as of March 2, 2026
3Investing.com, Nu Holdings Ltd (NU), as of March 3, 2026
