Nubank Posts Record Q4 With 50% Profit Jump as AI-Driven Lending Scales

Overview

• Fourth-quarter net income reached US$894.8 million, up 50% year over year, with total revenue at US$4.86 billion, a 45% increase, and adjusted net income at US$943 million topping Bloomberg’s consensus.
• Return on equity rose to 33% while the credit portfolio expanded 40% to US$32.7 billion and loans over 90 days past due edged down to 6.6%.
• The customer base grew to 131 million across Brazil, Mexico and Colombia, making Nubank Brazil’s largest private financial institution by customers in December.
• Management attributes performance to higher revenue per active customer, stable servicing costs and a new AI-based credit model that enabled higher limits for targeted borrowers.
• Shares fell more than 5% in New York after the earnings release as executives signaled higher 2026 spending for AI investments, a return to office and expansion into new markets.