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Nu vs Qfin: revenue, profit, margins and growth compared

Nu brought in $11.5B of revenue in fiscal 2024, Qfin $2.7B in fiscal 2025. Revenue changed by +43.4% at Nu and +16.8% at Qfin on the year before, so Nu grew faster. Nu kept 17.1% of its revenue as net profit, Qfin 31.2%.

Side by side, latest fiscal year

NUQFIN
Fiscal year endedFY2024 (December 31, 2024)FY2025 (December 31, 2025)
Revenue$11.5B$2.7B
Revenue growth+43.4%+16.8%
Net income$2B$856.5M
Net margin17.1%31.2%
Free cash flown/a$1.6B
Free cash flow marginn/a56.5%
Earnings per share (diluted)$0.40$3.15
Cash$9.2B$671.6M
Debt$1.7Bn/a
Price to earningsn/an/a
Market value$60.5B$858.4M
Dividend yieldn/an/a
Rank by revenue in sector#64 of 536 · Finance#140 of 536 · Finance

Over the years

Revenue
NU FY2019: $612.1MNU FY2021: $737.1MNU FY2021: $1.7BNU FY2022: $4.8BNU FY2023: $8BNU FY2024: $11.5BQFIN FY2018: $646.8MQFIN FY2019: $1.3BQFIN FY2020: $2.1BQFIN FY2021: $2.6BQFIN FY2022: $2.4BQFIN FY2023: $2.3BQFIN FY2024: $2.4BQFIN FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
NU $11.5BQFIN $2.7B
Net income
NU FY2019: -$92.5MNU FY2021: -$171.5MNU FY2021: -$165MNU FY2022: -$364.6MNU FY2023: $1BNU FY2024: $2BQFIN FY2018: $173.6MQFIN FY2019: $359.3MQFIN FY2020: $535.9MQFIN FY2021: $907.3MQFIN FY2022: $583.5MQFIN FY2023: $603.6MQFIN FY2024: $858.2MQFIN FY2025: $856.5MFY18FY19FY20FY21FY22FY23FY24FY25
NU $2BQFIN $856.5M
Net margin
NU FY2019: -15.1%NU FY2021: -23.3%NU FY2021: -9.7%NU FY2022: -7.6%NU FY2023: 12.8%NU FY2024: 17.1%QFIN FY2018: 26.8%QFIN FY2019: 27.1%QFIN FY2020: 25.8%QFIN FY2021: 34.8%QFIN FY2022: 24.3%QFIN FY2023: 26.3%QFIN FY2024: 36.5%QFIN FY2025: 31.2%FY18FY19FY20FY21FY22FY23FY24FY25
NU 17.1%QFIN 31.2%
Revenue growth
NU FY2021: +20.4%NU FY2021: +130.4%NU FY2022: +182.2%NU FY2023: +67.5%NU FY2024: +43.4%QFIN FY2019: +104.8%QFIN FY2020: +57.0%QFIN FY2021: +25.6%QFIN FY2022: -8.1%QFIN FY2023: -4.4%QFIN FY2024: +2.5%QFIN FY2025: +16.8%FY19FY20FY21FY22FY23FY24FY25
NU +43.4%QFIN +16.8%
Free cash flow
QFIN FY2018: $40.2MQFIN FY2019: $423.4MQFIN FY2020: $813.9MQFIN FY2021: $904.6MQFIN FY2022: $854.8MQFIN FY2023: $990.7MQFIN FY2024: $1.3BQFIN FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
NUQFIN $1.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Nu and Qfin

Which is bigger by revenue, Nu or Qfin?

Nu is bigger by revenue: $11.5B in fiscal 2024, against $2.7B for Qfin in fiscal 2025.

Which keeps more of its revenue as profit, Nu or Qfin?

Nu had a net margin of 17.1% in fiscal 2024; Qfin had 31.2% in fiscal 2025.

Which grew revenue faster, Nu or Qfin?

In their latest fiscal years revenue changed by +43.4% at Nu and +16.8% at Qfin.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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