Nu Holdings (NU) Cost of Revenue (2021 - 2025)

Nu Holdings' Cost of Revenue history runs 5 years deep, the most recent figure standing at $121.0 million for Q4 2025.

• In Q4 2025, Cost of Revenue rose 132.77% year-over-year to $121.0 million; the TTM figure through Dec 2025 stood at $302.8 million (up 22.9% YoY), while the FY2025 annual figure was $302.8 million, up 22.9% from the prior year.
• Cost of Revenue was $121.0 million for Q4 2025 at Nu Holdings, up from $70.3 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $121.0 million in Q4 2025 to a low of $4.9 million in Q1 2021.
• Historically, Cost of Revenue has averaged $47.6 million across 5 years, with a median of $45.3 million in 2023.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue soared 467.25% in 2022, then sank 30.19% in 2023.
• A 5-year view of Cost of Revenue shows it stood at $34.5 million in 2021, then soared by 48.02% to $51.1 million in 2022, then jumped by 39.68% to $71.3 million in 2023, then decreased by 27.11% to $52.0 million in 2024, then soared by 132.77% to $121.0 million in 2025.
• The last three Cost of Revenue figures came in at $121.0 million (Q4 2025), $70.3 million (Q3 2025), and $67.3 million (Q2 2025), per Business Quant data.