Nu Holdings Ltd. (NU) Announced Q1 2026 Earnings on May 14, 2026, Reporting "record revenue, reaching $5 billion for the first time in our history"

Nu Holdings Ltd. reported a "quarter 1 historical high net income of $871 million" and "record revenue, reaching $5 billion for the first time in our history". The company achieved a "record low efficiency ratio below 18%", which officially reached "17.6% on a reported basis" for the quarter.The gross profit line "closed at $1.88 billion in the quarter", and net interest income reached a "record $3.25 billion in the quarter".Management noted the "customer base now stands above 135 million customers", including surpassing "115 million customers" in Brazil and crossing "15 million customers" in Mexico.The company emphasized its "AI transformation is a core priority of Nu", highlighting that "nuFormer, our set of proprietary foundation models, are in production today for credit card decisioning in Brazil and Mexico and for unsecured lending in Brazil". Executives stated their strategy involves "deepening Brazil from a position of leadership, scaling Mexico and Colombia through their inflection points and making AI compound through every layer of the company, including investing further in our internationalization plans".For forward guidance, the company stated "we expect our consolidated efficiency ratio for the full year of 2026 to land at approximately 20%". Regarding expansion, management announced they are "expanding our model to the U.S. deliberately and at a measured pace". The company projected that "the maximum OpEx headwind we expect from U.S. investment in each of 2026 and 2027 is less than 100 basis points on our consolidated efficiency ratio". Finally, the company expects its "IFRS ETR for the remainder of 2026 to converge towards the 15% to 20% range".