Nu Holdings Nine Months Performance Suggests Investors Shouldn't Wait Until February Report

There’s a compelling case for investors to consider Nu Holdings (NYSE: NU) stock right now rather than waiting for the company’s Q4 2025 financial results scheduled for February 25. The stock has surged 350% over the past three years, but its recent nine months of performance through September 30 reveals even more important insights about where the business is headed. The question isn’t whether to buy before the earnings report—it’s whether delaying the decision makes financial sense.

Nine Months of Expansion Demonstrates Market Leadership in Latin America

Nu’s digital-only banking platform continues to reshape financial services across Latin America. The company’s nine months of 2025 results paint a picture of sustained momentum in a region where the market opportunity remains largely untapped. Revenue jumped 31% year-over-year to reach $11.1 billion during this nine-month period, a trajectory that accelerates from previous growth rates and signals the ongoing expansion of its customer acquisition engine.

The scale of Nu’s user base tells the story most clearly. By the end of Q3, the company had amassed 127 million customers, adding 17.3 million net new accounts in just the prior year. In Brazil alone, Nu now counts 60% of the adult population as customers. Mexico and Colombia combined contribute another 17 million users. This isn’t just growth—it’s market dominance in emerging markets where traditional banks have failed to serve millions of unbanked and underbanked citizens.

What makes these nine months particularly notable is the unit economics underneath the headline numbers. The company maintains monthly customer acquisition costs of just $0.90 while extracting $13.40 in average monthly revenue per active customer. This 14x spread between cost and revenue demonstrates the efficiency of Nu’s model at scale. In the nine-month period, the company converted its growth into $2 billion in net income, proving that expansion doesn’t have to come at the expense of profitability.

Management’s commitment to artificial intelligence as a strategic pillar adds another layer to why the nine months of 2025 matter. CEO David Vélez stated on recent earnings calls that the company aims to become “AI-first,” integrating foundation models throughout operations to create what they describe as an AI-native banking interface. This forward-looking orientation suggests the nine months of progress is just the foundation for the next phase of competitive advantage.

Before February Earnings, Investors Face Real Trade-offs

Before February 25’s earnings announcement, investors should understand the genuine headwinds facing the business. Competition looms in a market Nu helped create. Both MercadoLibre and Itau Unibanco—two financial powerhouses—are pursuing customers in the same geography. As Latin America continues developing, more competitors will inevitably identify the profit opportunity that Nu pioneered. Maintaining competitive advantage requires flawless execution.

Macroeconomic risks present another dimension that shouldn’t be ignored. As a lending-focused platform, Nu faces exposure to interest rate shifts, economic slowdowns, and unemployment spikes. The company serves customers often new to formal financial services, making credit quality management crucial. This challenge becomes more acute when paired with Latin America’s specific risks: political instability can shift suddenly, currency fluctuations can erode returns unpredictably, and regulatory frameworks can change without warning.

These factors don’t make Nu a bad investment. Rather, they’re reminders that even strong operators face structural headwinds. Investors should factor in that any major economic disturbance in the markets Nu serves could disrupt the growth narrative, regardless of how impressive the nine months of 2025 results appear.

The Valuation Argument Makes Waiting Unnecessary

Here’s where the timing question gets interesting. Waiting for February 25 to gather Q4 data—customer growth, revenue, net income, deposit trends, and credit metrics—would certainly provide additional clarity. But investors may be overthinking the decision. The company has demonstrated consistent execution through nine months of 2025, with no signals suggesting Q4 represents a material departure from these trends.

At a forward P/E ratio of 20.7, the market is pricing in measured growth expectations rather than aggressive optimism. This represents an attractive entry point relative to other growth-stage financial technology companies. The valuation doesn’t demand perfection; it suggests investors can acquire exposure to one of Latin America’s fastest-growing financial platforms at reasonable multiples.

The real question isn’t whether to wait until February 25 for more data. It’s whether the incremental information from Q4 results justifies the risk of missing the current opportunity. Given the track record of nine months of exceptional execution and a valuation that remains reasonable, the case for acting now appears stronger than the case for delay.