As of Q4'25, NU's latest reported operating income reached USD 1.06B, marking the highest level in the observed period. The year-over-year (YoY) growth rate for this quarter stands at 0.38%, indicating a significant deceleration compared to previous quarters. From Q1'23 to Q4'25, NU's operating income has shown a strong upward trajectory, rising from USD 244M to over USD 1B. The most rapid growth occurred between Q2'23 and Q3'23, with YoY increases peaking at nearly 80%. However, after this surge, the YoY growth rate steadily declined, falling below 1% by 2024 and remaining subdued through 2025, suggesting that while absolute operating income continues to expand, the pace of growth is stabilizing at a much lower rate.