Nu Holdings (NU) Cost of Revenue (2021 - 2026)
Nu Holdings (NU) reported Cost of Revenue of $3.17 billion for Q2 2026, up 49.3% from $2.12 billion a year earlier and up 2.0% from the prior quarter.
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Analysis
Nu Holdings (NU) Cost of Revenue (2021 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Nu Holdings' Cost of Revenue came in at $11.37 billion, up 56.4% year-over-year; for FY2025, it was $9.15 billion, up 46.1% from FY2024.
- Cost of Revenue has increased for six consecutive years, with a five-year compound annual growth rate of 86.1% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $6.26 billion in FY2024 (+38.0%), $4.54 billion in FY2023 (+45.0%), $3.13 billion in FY2022 (+224.2%) and $965.11 million in FY2021 (+135.3%).
- The Q2 2026 figure ranks as the highest quarterly Cost of Revenue in data going back to Q1 2021.
- Year over year, Cost of Revenue has now increased in each of the last 18 quarters, with growth averaging 44.1% over the last eight quarters.
- Across the past five years, year-over-year growth in Cost of Revenue ran from 24.1% in Q1 2025 to 367.9% in Q2 2022.
- Per Business Quant data, the three quarters before Q2 2026 came in at $3.1 billion (Q1 2026), $2.74 billion (Q4 2025) and $2.36 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Jpmorgan Chase | 883.45 Bn | 912.92 Bn | - | - |
| 2 | Banco Santander Chile | 401.52 Bn | 521.46 Bn | - | - |
| 3 | Bank Of America | 377.43 Bn | -1,998.64 Bn | - | - |
| 4 | Hsbc Holdings | 330.31 Bn | 330.37 Bn | - | - |
| 5 | Morgan Stanley | 299.17 Bn | -209.92 Bn | - | - |
| 6 | Royal Bank Of Canada | 274.08 Bn | 124.82 Bn | - | - |
| 7 | Mitsubishi Ufj Financial | 270.70 Bn | -1,317.79 Bn | 10.89 Bn | - |
| 8 | Goldman Sachs | 263.13 Bn | -3,293.98 Bn | - | - |
| 9 | Wells Fargo & Company | 243.64 Bn | 245.78 Bn | - | - |
| 10 | Nu Holdings | 64.91 Bn | 8.89 Bn | 2.35 Bn | 3.17 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 3.17 Bn |
| Mar 31, 2026 | 3.10 Bn |
| Dec 31, 2025 | 2.74 Bn |
| Sep 30, 2025 | 2.36 Bn |
| Jun 30, 2025 | 2.12 Bn |
| Mar 31, 2025 | 1.93 Bn |
| Dec 31, 2024 | 1.63 Bn |
| Sep 30, 2024 | 1.59 Bn |
| Jun 30, 2024 | 1.49 Bn |
| Mar 31, 2024 | 1.55 Bn |
| Dec 31, 2023 | 1.26 Bn |
| Sep 30, 2023 | 1.22 Bn |
| Jun 30, 2023 | 1.09 Bn |
| Mar 31, 2023 | 967.79 Mn |
| Dec 31, 2022 | 872.20 Mn |
| Sep 30, 2022 | 879.84 Mn |
| Jun 30, 2022 | 794.03 Mn |
| Mar 31, 2022 | 583.17 Mn |
| Dec 31, 2021 | 409.08 Mn |
| Sep 30, 2021 | 256.96 Mn |
API Access
Nu Holdings Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NU&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "NU", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NU&period=max&api_key=YOUR_API_KEY");
const data = await res.json();