In Q4'25, NU's Gross Margin stood at 41.5%, reflecting a slight decline from 43.5% in Q3'25, while Operating Margin was 22.6%, down from 26.1% in the prior quarter, and Net Profit Margin reached 19.0%, marking a modest increase from 18.8% in Q3'25. Over the period from Q1'23 to Q4'25, all three margins exhibited an overall upward trend, with Gross Margin rising from 40.2% to a peak of 47.7% in Q2'24 before stabilizing around 41-43%, Operating Margin improving from 15.1% to 25.7% by Q4'24 with some quarterly volatility, and Net Profit Margin steadily advancing from 8.8% to 19.0%, highlighting enhanced profitability efficiency despite occasional dips in 2025.