New York, Feb 18, 2026, 08:14 EST — Premarket
Nu Holdings’ U.S.-listed shares rose about 0.3% to $16.82 in premarket trading on Wednesday, a touch firmer than some Latin America-linked fintech names. StoneCo fell 2.4% and MercadoLibre slipped 0.6%.
The small move comes with markets already looking past the previous session’s chop. U.S. stock index futures were higher and investors were waiting for minutes from the Federal Reserve’s January meeting, which could shift rate-cut bets that feed directly into growth-stock valuations. (Reuters)
Nu’s own catalyst sits just ahead, and traders have been treating the stock like a report card. Any hint of pressure in loan losses or margins can matter more than it does for slower-moving banks.
In late January, Nu said it received conditional approval from the U.S. Office of the Comptroller of the Currency to form a new national bank, Nubank, N.A., according to a securities filing. Chief Executive David Vélez called the U.S. push a chance to test its “digital-first, customer-centric” model while keeping its focus on Brazil, Mexico and Colombia.
Cristina Junqueira, a Nubank co-founder, told American Banker the federal approval was a “significant step” toward becoming a regulated institution in the U.S. The report said Nu still needs final approvals from the Federal Reserve and the FDIC, and it aims to capitalize the bank within 12 months and open it within 18 months; Klaros Group’s Michele Alt called the OCC decision a “critical step” for entering the U.S. market. (American Banker)
Back in Brazil, the interest-rate backdrop is shifting. Brazil’s central bank earlier this month signaled it will begin cutting rates in March, while stressing policy must stay tight — a mix that can lift loan demand but still keep a lid on risk appetite. (Reuters)
The last set of hard numbers left investors watching the same pressure points. In its most recent quarter, reported in November, Nu posted $783 million in net income and $4.2 billion in revenue, beating analyst estimates in an LSEG poll, Reuters reported; net interest margin — what a bank earns on loans versus what it pays for deposits and other funding — narrowed to 17.3%. (Reuters)
That is why next week’s read-through matters. Investors will look for changes in delinquencies, signs that margins have stopped sliding, and whether growth in Mexico keeps pace with Brazil.
But the setup cuts both ways. A credit-cost surprise, or guidance that suggests higher funding or compliance costs tied to a U.S. build-out, could hit the shares even if headline profit holds up.
Nu is due to report fourth-quarter results on Feb. 25 after the market closes, and it will host a conference call at 5 p.m. ET. (Nubank RI)
