Nu Holdings Stock (NU): What Nubank's Share Is, and How It Moves on Results Day
Michael Whitman
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Trading since 2017, full-time since 2020
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YouTube creator, 137K subscribers
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Published 2026-11-07
NU is the New York Stock Exchange ticker of Nu Holdings Ltd., the Cayman Islands parent of Brazil's digital bank Nubank, and what trades is its Class A ordinary share, not a depositary receipt. On November 6, 2026 it closed at $12.03, about 16.4 times trailing earnings, with a market value near $58.4 billion.
“Nu bank stock” means one share, NU, and it belongs to Nu Holdings Ltd., the holding company behind Nubank. The bank lives in São Paulo and most of its customers are Brazilian, but the company that lists in New York is incorporated in the Cayman Islands, reports in US dollars and earns mostly in Brazilian reais. Each of those three facts changes what a US buyer is holding.
Nu Holdings in nine numbers
Close on November 6, 2026. Nu reports calendar quarters; the latest figures are for the three months to June 30, 2026, released August 13. Third-quarter results had not been filed when we pulled the data.
| measure | value | how it is worked out |
|---|---|---|
| NU close (NYSE) | $12.03 | Yahoo Finance daily close |
| trailing diluted earnings a share | $0.7343 | 2025 $0.5846 + first half 2026 $0.3936 − first half 2025 $0.2439 |
| P/E (trailing) | 16.4x | $12.03 ÷ $0.7343 |
| book value a share | about $2.73 | $13.25 billion of shareholders’ equity at Jun 30, 2026 ÷ 4.86 billion shares at Dec 31, 2025 |
| price-to-book | 4.41x | $12.03 ÷ $2.73 |
| market value | about $58.4 billion | $12.03 × 4,855.7 million Class A and Class B shares |
| trailing net income | $3.61 billion | 2025 + first half 2026 − first half 2025 |
| dividend | none paid | no dividend policy adopted (20-F) |
| customers, Jun 30, 2026 | 138.9 million | almost 118 million in Brazil, 15.8 million in Mexico, over 5 million in Colombia |
NU fell 28.1% in 2026 to November 6. Its highest close since listing was $18.76, reached on January 28, 2026 and matched the next day, and the November 6 price was 35.9% below it. The first close after the December 2021 listing was $10.33.
How it works: a Cayman share, two vote classes and reais underneath
A Cayman share, not a receipt. Nu’s 20-F registers “Class A ordinary shares” on the NYSE, and the description of securities filed with it says American depositary shares are not applicable. So unlike an American depositary receipt (ADR), there is no depositary, no share ratio and no depositary fee. One search summary we read on November 7 called NU an ADS; the filing says otherwise.
Two classes, very different votes. Class A shares carry one vote and Class B shares 20 votes each, and a Class B share converts into a Class A share when transferred, with exceptions. At December 31, 2025 there were 3,833.1 million Class A shares and 1,022.6 million Class B shares: 21.1% of the shares and about 84.2% of the votes, if every share votes. Buyers of NU are buying an economic stake with little say.
A second line in São Paulo. Nu also has Brazilian depositary receipts (BDRs) on the B3 exchange under ROXO34, each worth one-sixth of a Class A share in its 2021 filing. The ratio still fits the prices: on November 6, six BDRs at R$11.01 came to $12.00 at Yahoo’s rate of R$5.50 per dollar, within 0.2% of NU’s close.
Dollars on top, reais underneath. Nu presents its accounts in US dollars, translating revenue and expenses at monthly average exchange rates, but its Brazilian unit earns in reais. When the real strengthens, the same business reports bigger dollar numbers, which is why Nu also gives “FX-neutral” growth rates.
Reading Nu’s numbers: size, margin, credit and buybacks
Size. Second-quarter 2026 revenue was $5,875.7 million and net income $1,061.1 million, against $3,772.3 million and $637.0 million a year earlier. The bank reported a return on equity of 33%.
Margin and credit, side by side. Nu lends mainly through credit cards and personal loans, so its interest margin is high and its credit losses are a large part of the picture. The release gives:
| Q2 2026 measure | Q2 2026 | Q2 2025 |
|---|---|---|
| net interest margin | 22.9% | not given |
| risk-adjusted net interest margin (after credit losses) | 12.4% | 9.9% |
| loans 15 to 90 days overdue | 4.8% | 4.5% |
| loans 90+ days overdue | 6.9% | 6.5% |
| deposits | $45.3 billion | $36.6 billion |
| credit portfolio (cards and loans) | $39.4 billion | $27.3 billion |
| monthly activity rate | 83.5% | 83.2% |
Deposits were 1.15 times the credit portfolio, so customer deposits more than covered the loans. For comparison, the large US lenders on our bank stocks page earn far lower margins on loan books that include mortgages and other secured lending; a P/E built on either kind of profit only makes sense next to the credit line beside it. Our P/E ratio page and price-to-book page explain the two multiples.
Buybacks. The interim cash-flow statement shows $500.4 million spent on share repurchases in the first half of 2026.
A US charter in progress. The 20-F says the Office of the Comptroller of the Currency gave conditional approval on January 29, 2026 for a US national bank, Nubank, N.A., which had not started operating and still needed FDIC and Federal Reserve approvals.
A worked example: Nu’s reported vs FX-neutral profit growth
- Reported. Net income went from $637.0 million to $1,061.1 million: $1,061.1 ÷ $637.0 = 1.666, a rise of 66.6%. Revenue rose 55.8% the same way.
- The currency. Using Yahoo’s daily closes, the dollar cost an average of R$5.66 in April to June 2025 and R$5.06 a year later, so each real was worth 11.9% more in dollars.
- Taking it out. Nu’s own FX-neutral figure for net income growth is 49%. Check: 1.49 × 1.119 = 1.667, close to the reported 1.666. Revenue: 1.39 × 1.119 = 1.555, against a reported 1.558.
- What it means for a holder. About a quarter of the 66.6% (17.6 of the 66.6 points) came from the real, not the business. A weaker real would work the same way in reverse. Nu’s own method uses monthly rates and its exact mix of currencies, so our check is approximate.
The original data: NU on 19 results days since listing
Every results day since listing. Nu files each quarter’s results with the SEC as a 6-K after the New York close. We took the acceptance time of the first results document each quarter (file names beginning nupr, nufs or nuitr) from the SEC filing index, then measured NU’s close-to-close move on the next session: 19 quarters, from the fourth quarter of 2021 (filed February 22, 2022) to the second quarter of 2026.
| what we measured | value |
|---|---|
| results days | 19 |
| up / down | 10 / 9 |
| median absolute move | 5.72% |
| mean absolute move | 7.28% |
| moves of 10% or more | 4 |
| largest rise | +17.95%, Aug 16, 2022 (Q2 2022) |
| largest fall | −18.89%, Feb 21, 2025 (Q4 2024) |
| median absolute move, all 1,213 other days | 1.67% |
The last four reports brought +1.48% (November 14, 2025), −9.55% (February 26, 2026), −5.72% (May 15) and +9.33% (August 14). Ten up and nine down is what a coin would give; the pattern is size, not direction. The third-quarter 2026 report had not been filed by November 7.
Two election sessions. Brazil held the two rounds of its 2026 general election on Sunday, October 4 and Sunday, October 25. On the first sessions after them, NU moved +13.03% (October 5) and −16.95% (October 26); the Ibovespa, São Paulo’s main index, moved +7.70% and −13.88%. The October 26 fall was bigger than all but two of the 19 results-day moves.
Price returns to November 6, 2026:
| period | NU in dollars | NU in reais | real vs dollar | Ibovespa | S&P 500 |
|---|---|---|---|---|---|
| 2026 to date | −28.1% | −27.8% | −0.5% | +4.6% | +7.8% |
| 1 year | −24.5% | −22.5% | −2.6% | +9.9% | +9.8% |
| since first close, Dec 9, 2021 | +16.5% | +15.9% | +0.5% | +58.5% | +58.0% |
Download the data: NU’s results-day moves, free to reuse with credit and a link to this page under the site license.
| Dataset | Covers | Pages citing it | Download |
|---|---|---|---|
| Nu Holdings (NU) results-day moves, 2022-2026 | 19 quarterly results, fourth quarter 2021 to second quarter 2026 | 1 | NU results-day moves (CSV) |
No Nu dividend yet, and the Cayman tax position
No dividend yet. Yahoo’s record for NU shows no dividend since listing, and Nu’s description of securities says it has not adopted a dividend policy.
If one is ever paid. Nu’s 20-F for 2025 says payments on Class A shares are not taxed in the Cayman Islands and need no Cayman withholding. Neither the Cayman Islands nor Brazil has an income tax treaty with the United States on the IRS list, so there is no treaty rate to claim, though with no Cayman withholding there is nothing to reduce. BDR holders in Brazil are a different case: their dividends pass through a Brazilian depositary. How US tax treats dividends in general is on our dividend tax page.
When it fails: delinquencies, founder votes, the real and Brazil
A 6.9% delinquency rate is part of the business model. Nu earns a 22.9% margin because it lends unsecured money to tens of millions of people. The risk-adjusted margin, 12.4%, is what is left after credit losses, so a rise in bad loans comes straight out of it.
Votes stay with the founders’ class. With about 84% of the votes in Class B shares, Class A holders cannot outvote the controlling group on most matters.
The currency can turn. In the second quarter of 2026 the real added about a quarter of the reported profit growth. In a quarter when the real weakens by the same amount, a healthy business can print weak dollar numbers.
Brazil moves the stock, not just Nu. The session after the October 25 runoff moved NU more than 17 of its 19 results days did. A US investor is taking on Brazil’s politics and economy along with the bank.
Nineteen results days is a short record. It shows how large the moves have been since February 2022, and nothing about the next one.
Questions people ask
Is NU an ADR?
No. NU is a Class A ordinary share of Nu Holdings Ltd., a Cayman Islands company. The 20-F lists American depositary shares as not applicable, so there is no depositary or share ratio.
Does Nu Holdings pay a dividend?
No. It has never paid one and has not adopted a dividend policy, according to its own description of securities.
How many customers does Nubank have?
138.9 million at June 30, 2026: almost 118 million in Brazil, 15.8 million in Mexico and more than 5 million in Colombia, per the second-quarter 2026 release.
Why do Nu’s dollar results grow faster than its FX-neutral results?
Because the real strengthened. In the second quarter of 2026 the real averaged 11.9% more in dollars than a year earlier, so reported growth of 66.6% in net income was 49% before the currency.
Related
Start with international stocks for how foreign listings fit a US portfolio, and currency risk for the real side of the return. Compare the margin and credit picture with US bank stocks, and the Canadian banks on Canadian bank stocks for another foreign share listed in New York without a depositary. For the tools, use the P/E ratio, price-to-book, market cap and credit card interest, which is where much of a card lender’s margin comes from.
For another emerging-market bank listed in New York, see HDFC Bank stock.
This page is educational, not financial advice. Test every idea on your own charts before risking money.