Nubank's performance in the first quarter of 2026 partially exceeded market expectations. In revenue and customer volume, it surpassed the analysts' consensus, 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 .
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 still awaiting full banking authorization 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.
As of 2026, Nubank's shares have fallen 22.7% on the NYSE. The company has a market capitalization of US$62.8 billion.
