PicPay released its results for the first quarter of 2026 this Tuesday, June 2nd. And, in the balance sheet , the second since going public on Nasdaq, the digital bank exceeded its own expectations, beating the projections it had set for the period.

One of the deliveries that exceeded expectations came in the adjusted net profit of R$ 169 million. This figure represented a 92% increase over the same period a year earlier, and was 9.3% higher than the initial estimate of R$ 155 million.

On another note, PicPay reported net revenue of R$ 3.5 billion, a 70% year-on-year increase, and 11.5% above the projection of R$ 3.15 billion made for the period just over two months ago, when the company released its consolidated balance sheet for 2025.

“This balance sheet perpetuates a model with a very low cost to serve and a very high leverage capacity, due to the cross-selling of products,” says Eduardo Chedid , CEO of PicPay, to NeoFeed . “And with a very diversified revenue mix.”

In numerical terms, the cost of service was R$ 20.30, a 9% increase year-over-year, and a 1% decrease compared to the fourth quarter of 2025. On this latter basis of comparison, net revenue grew by 17%.

Along with these indicators, PicPay reached a user base of 68.6 million, an increase of 11%, of which 44.3 million have active accounts, representing a growth of 10% over the first quarter of 2026 and an addition of 1.5 million customers over the last quarter of 2025.

In another highly relevant piece of data from the quarter, which shows the digital bank's growing ambition to expand its share of wallet among this customer base, the average revenue per active user increased by 55%, to R$ 80.70.

Regarding the mix, areas such as float, fees, commissions, and services accounted for 46% of revenue. In the credit area, responsible for the remaining share, collateralized products had a 23% share and clean credit lines 31%.

“It’s also a more resilient model, since 69% of the revenue came from products with very low or no risk,” says Chedid. “And, in credit, 91% of the origination came from products with collateral or credit cards with which we have had a relationship for more than 12 months, that is, with lower risk.”

In this area, PicPay also exceeded its estimates, reporting a credit portfolio of R$ 28 billion, a growth of 116% over the first quarter of last year. The amount surpassed the guidance of R$ 26.5 billion for the period by 5.8%.

“We performed better in several areas,” says Chedid. “But a positive surprise was the private payroll loan , which exceeded our best expectations.”

PicPay recorded a monthly volume of R$ 700 million in new private payroll loan operations and ended the quarter with a contracted amount of approximately R$ 2 billion and a market share of approximately 5% in the segment.

“We are expanding private payroll loans, and this product is definitely one of our biggest bets,” says Chedid. “Comparatively, we have grown less in personal loans, but that's largely due to private payroll loans having taken some market share from that product.”

At the same time, Chedid emphasizes that the main driver of growth for PicPay will be investing more and more in cross-selling its product portfolio, particularly credit products. "The more credit products customers adopt, the more our market share increases," says the CEO.

In this regard, he also highlights that the expectation is that the share of collateralized products – currently around 54% – will increase. Chedid emphasizes, however, that the clean credit line is also continuing to grow – in the quarter, the increase was 44%.

Contrary to this growth trend, the return on equity (ROE) for the quarter was 15.5%, compared to 24.4% at the end of 2025. Chedid, however, offers an explanation for this decline: the company's IPO, which took place in January of this year.

“Obviously, we had a huge increase in capital during the period, which broadened the equity base and automatically brings about this drop. But it's a mathematical error and not a deterioration of the business,” he says. “The trend is for ROE to return above 20% in two or three quarters.”

The earnings report also included guidance for the second quarter. For this period, PicPay projects, among other indicators, a credit portfolio of R$ 31 billion and an adjusted net profit of R$ 245 million.

PicPay shares closed the day on Nasdaq with a slight increase of 0.90%, quoted at US$11.17. Since the IPO, the shares have fallen by 41.2%. The company is valued at US$1.44 billion.