Nu Holdings, the parent company of Nubank, reported revenues of $3.7 billion for the second quarter of 2025, a 40% increase on a foreign-exchange-neutral basis compared with the same period a year earlier, the Brazilian digital bank announced on 14 August 2025. Net income reached $637 million, also up 42% year-on-year on an FX-neutral basis, as the company continued to demonstrate that its low-cost, technology-driven model can generate both scale and profitability simultaneously.
Nubank's global customer base reached 122.7 million as of the end of the second quarter, cementing its position as one of the world's largest digital financial institutions by customer count. The bank's return on equity stood at 28%, a level that compares favourably with established incumbents across Latin America and reflects the operating leverage embedded in a platform business with minimal physical infrastructure.
BRAZIL ANCHORS A CONTINENTAL FRANCHISE
Brazil remains by far the largest market in Nubank's portfolio, with 107.3 million customers as of the end of Q2 2025. Of that base, 60% now use Nubank as their primary financial relationship — a figure that illustrates how the bank has progressed from being a credit card challenger to a full-service financial partner for the majority of its customers. Primary relationship status is a key operational and revenue metric in retail banking, as it correlates with higher product adoption, greater deposit balances, and stronger customer retention.
Average revenue per active customer (ARPAC) crossed $12 for the first time in the quarter, rising 18% year-on-year. The milestone reflects Nubank's success in deepening its commercial relationship with existing customers through an expanding product range that now includes personal loans, investment products, insurance, and payroll services. Growing ARPAC while simultaneously expanding the customer base is among the more difficult combinations to sustain in consumer finance.
The Brazilian digital banking market has become intensely competitive, with incumbents including Itaú Unibanco, Bradesco, and state-owned Caixa Econômica Federal all investing heavily in their digital capabilities in response to Nubank's disruption. Nubank's Q2 results suggest that its early-mover advantage and brand loyalty among younger consumers continue to translate into market share gains even as competition intensifies.
PROFITABILITY METRICS REINFORCE GROWTH STORY
The combination of a 28% return on equity and 40% revenue growth puts Nubank in a relatively unusual position among global fintech companies of its scale. Many of its peers have had to choose between investing in growth — which compresses margins — and demonstrating the unit economics that reassure public market investors. Nubank's Q2 results suggest it is currently able to pursue both objectives in parallel.
Net income of $637 million for a single quarter annualises to a level that makes Nubank one of the more profitable consumer banks in Latin America by this measure, despite the company being only a fraction of the age of regional incumbents. The company has benefited from relatively low customer acquisition costs — built on viral growth and referral dynamics — and an asset-light model that does not require the branch network expenditure that weighs on traditional banks.
Nubank has operations in Colombia and Mexico alongside its Brazilian home market, and the international expansion remains a watch point for investors assessing the company's longer-term growth runway. The Brazilian base provides a strong earnings foundation, but the extent to which the Nubank model replicates its domestic success in markets with different competitive and regulatory dynamics will shape the company's trajectory beyond the current quarter.