Nu Holdings’ Record 2025 Meets Mixed Sentiment as U.S. Expansion Advances

Overview

• Morgan Stanley lifted its price target to $21 and kept an Overweight rating on March 2 after a CFO roundtable reinforced confidence in Nubank’s long-term growth trajectory.
• Q4 2025 revenue rose 45% year over year to $4.9 billion, with net income up 50% to a quarterly record $895 million and return on equity reaching 33%.
• The customer base reached about 131 million at year-end, including 17 million net additions in 2025 and 4 million added in the fourth quarter.
• Unit economics remain strong, with an average cost to serve of roughly $0.80 per customer versus about $15 in average revenue per active customer.
• Shares fell 15.6% in February and extended losses in early March as investors questioned the timeline and execution risks of a U.S. build-out after securing a bank charter targeted to begin operations within about 18 months.