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 for Q4 2025 stood at $121.0 million, up from $70.3 million in the prior quarter.
• The five-year high for Cost of Revenue was $121.0 million in Q4 2025, with the low at $4.9 million in Q1 2021.
• The 5-year median for Cost of Revenue is $45.3 million (2023), against an average of $47.6 million.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue surged 467.25% in 2022, then plunged 30.19% in 2023.
• Nu Holdings' Cost of Revenue stood at $34.5 million in 2021, then surged by 48.02% to $51.1 million in 2022, then soared by 39.68% to $71.3 million in 2023, then retreated by 27.11% to $52.0 million in 2024, then surged by 132.77% to $121.0 million in 2025.
• Business Quant data shows NU's Cost of Revenue at $121.0 million in Q4 2025, $70.3 million in Q3 2025, and $67.3 million in Q2 2025.