Nubank's performance in the first quarter of 2026 partially exceeded market expectations. In revenue and customer volume, it surpassed the consensus of 19 analysts covering the digital bank, as reported by BTG. However, it fell short of expectations in net profit and ROE.

Between January and March, the financial institution recorded net revenue of US$5.3 billion, a 42% increase over the same period last year – market expectations were US$4.93 billion. The number of clients reached 135.2 million, with 115 million in Brazil, 15 million in Mexico, and five million in Colombia.

In terms of net profit, Nubank reported US$871.4 million, a 41% increase over the same period of the previous year. However, leading financial analysts had predicted US$918 million. The ROE, at 29%, although growing by 2 percentage points, also fell short of the forecast of 31.1%.

“Since our loan portfolio grew more than the market expected, our accounting policy calls for provisioning a larger amount in advance. If we had grown at the rate the market expected, we would have far exceeded the consensus,” says Guilherme Lago, CFO of Nubank, in an interview with NeoFeed .

The expected credit loss, reported in the balance sheet, was US$1.71 billion, compared to US$973 million in the first quarter of 2025. This represents a 75.74% increase in provisions over 12 months.

A highlight of the first quarter's results was the achievement in Mexico, reaching breakeven after six years of operation. The company reached this level much sooner than in Brazil, where it took eight years to break even. Today, the bank is already the third largest financial institution in the Mexican market.

“Monetization and efficiency are performing much better than in Brazil. We are very excited about this operation. This proves that the business model structure in Brazil is applicable in other countries,” says the executive.

The consolidated loan portfolio, which includes loan and credit card volume, grew 40% in the quarter, reaching US$37.2 billion. Deposits totaled US$42.4 billion, a 22% increase.

Even with the growth recorded in revenue volume and the increase of approximately four million customers in the quarter, Nubank currently operates with a market share of 7% in relation to the profitability of the retail sector in Brazil.

“There is an expected growth in the financial sector in Brazil of at least 50% in the next five years. This represents a very large opportunity for us to gain more market share,” says Lago.

While awaiting full banking licensing in the United States, expected within 12 to 18 months, Nubank plans to reduce its operational expenses in the country by up to 100 basis points of its efficiency ratio, currently at 17.6%, between 2026 and 2027.

“If we are successful in the United States, it will be the gateway to the largest banking market in the world. And that is very significant. The cost of developing a platform in the United States will be very palatable,” he explains.

In the quarter, delinquency rates between 15 and 90 days increased by 0.9 percentage points (NPL of 5%), but decreased by 0.1 points when the debt is more than three months overdue (NPL of 6.5%). And it is precisely this segment that should benefit from the new Desenrola program, recently launched by the federal government.

“A significant portion of our customers will benefit from the program. We joined on day one. I can't see any outcome that isn't very positive for customers and at least neutral for Nubank. Desenrola is very welcome,” says the CFO.

Another point, according to Lago, that should help the income of Nubank's banking service users is the beginning of the adoption of the change in the Income Tax exemption rule, which now benefits those who earn up to R$ 5,000.

"This will increase income for a very large segment of our customers. Both situations are very positive. There is a large avenue for growth in this regard."

As of 2026, Nubank's shares have fallen 22.7% on the NYSE. The company has a market capitalization of US$62.8 billion.