Nubank passed 139 million customers and posted record $1.1 billion quarterly profit

Nu Holdings, the parent of Latin American digital bank Nubank, reported second-quarter 2026 gross revenue of nearly $5.9 billion, up 39% from a year earlier, and record net income of $1.1 billion. The company served 139 million customers globally as of June 30 — a scale that makes it one of the largest digital banking franchises in the world by customer count, built almost entirely in the past decade.

The geographic breakdown is where the growth story lives. Brazil, Nubank’s home market, accounted for nearly 118 million customers — a base so large it now covers a majority of the country’s adult population, which naturally slows percentage growth there. The more closely watched numbers are the newer markets: 15.8 million customers in Mexico as of June 30, rising to 16 million by the end of July, and more than 5 million in Colombia. Those markets are earlier in the adoption curve and represent the runway investors are paying for.

Nubank’s model is built on low-cost digital distribution — no physical branches — which lets it serve customers profitably at income levels that traditional Latin American banks, with heavier cost structures and higher fees, have historically under-served. Reaching a record quarterly profit while still expanding aggressively into Mexico and Colombia suggests the mature Brazilian operation is now generating enough earnings to fund international expansion rather than relying on outside capital.

The central question for a company this large is durability across very different markets. Brazil is approaching saturation, which means future growth depends increasingly on deepening revenue per customer at home while replicating the Brazilian playbook abroad — a harder task, given that each market has its own regulators, credit dynamics and competitors. A 39% revenue increase paired with record profit indicates both levers worked this quarter, but international expansion carries execution and credit risk that a single strong period does not resolve.