Nu Holdings Q2 2025 Preview: Engagement and Credit Quality in Focus

Nu Holdings NU will release Q2 2025 results after market close on Thursday, August 14, 2025. Wall Street consensus estimate revenue of $3.2 billion, up 12% YoY, and EPS of $0.13, a 30% increase from the same quarter last year. The stock has cooled recently but remains up 15% year to date, supported by optimism over its customer growth and monetisation potential.

The primary focus for investors will be on customer growth and engagement. Nu has already surpassed 118 million customers across Brazil, Mexico, and Colombia, but the market wants to see more than just headline growth, and it wants to see ARPAC and the activity rate, which will be key to gauging the company's ability to monetise its user base.

Credit quality is just as important. Nu's loan book has been expanding fast, and its credit card portfolio is now a major driver in Brazil and increasingly in Mexico and Colombia. That growth comes with risk. Investors will want to see the 90-day non-performing loan ratio continuing to drop, after peaking in Q3 2024 in Brazil. Keeping it stable, or better yet improving it, would show that Nu can lend aggressively without loosening standards.

Finally, what management says about the Latin American economy, the competitive landscape, and the rollout of new products will help set the tone for the rest of the year. With valuation elevated compared to peers (P/S near 10x and P/B around 7x), cost discipline, credit provisioning, and growth sustainability matter as much as the quarterly numbers. A strong print could reaffirm Nu's long-term growth story, but anything weaker might cause more pressure for the stock.