NU NYSE Russell 1000 Earnings call
Nubank (NU) · Q2 2026 results and valuation
Share price: $12.32 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 13 Aug 2026 and 14 May 2026
Net income up 21.6% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+21.6%
Net income vs Q1 2026
Net income 1.06B vs 872.1M
Revenue +6.5%
Against the same quarter last year (Q2 2025) it is +66.5%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 56% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Nubank's customer base exceeds 135 million, and Mexico crossed 15 million customers, becoming the third largest financial institution in that market.
Valuation
Is Nubank undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2024-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $9.29 a share — the stock trades 33% above it. Today's price assumes 13.3% growth a year.
Current price
$12.32
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+13.3% for 10 yrs
Fair value / share
$9.29
Buy below
$6.97
Price vs fair value
Overvalued 33%
Price vs buy-below price
Overvalued 77%
Read between the lines
-
Figure
The activity rate expanded to 83.5% and Brazil surpassed 86% for the first time, indicating increased user engagement.
Source quote
“Our activity rate expanded sequentially to 83.5%, while Brazil surpassed 86% for the first time.”
-
Fading
Brazil customer base now exceeds 135 million and Mexico crossed 15 million, replacing last quarter's emphasis on being the largest private financial institution.
Source quote
“In Brazil, we surpassed 115 million customers and solidified our position as Our customer base now stands above 135 million customers. In Mexico, we crossed 15 million customers, becoming the third largest financial institution in the market.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Sequential growth remained solid while normalizing after a period of exceptionally strong expansion.”
“This acceleration was driven by our strong loan growth in cards and unsecured lending in Q1 reflected in our improving loan-to-deposit ratio.”
“If you think about the progress that we made from last quarter to this quarter of almost 3% expansion in the metric, the majority of it did come from lending...”
Full figures
USD · ROIC.AI fundamentals (NYSE:NU, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.77B | 3.54B | +6.5% | 2.51B | +50.2% |
| Net income | 1.06B | 872.1M | +21.6% | 636.8M | +66.5% |
| EPS | 0.22 | 0.18 | +21.6% | 0.13 | +65.4% |
| P/E | — | — | — | — | — |
Topics
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