As of Q4'25, NU reported a revenue surprise of 7.7% and a year-over-year revenue growth of 56.8%. This marks a moderate positive surprise compared to previous quarters, with revenue growth rebounding strongly from the recent low in Q1'25. From Q1'23 to Q4'25, the revenue surprise percentage showed considerable volatility, peaking at 26.8% in Q1'24 before declining and stabilizing in the mid-to-high single digits. Revenue growth (YoY) started at a high of 84.5% in Q1'23, gradually decelerated through 2024, reaching a low of 18.7% in Q1'25, and then recovered to 56.8% by Q4'25. This trend indicates that while NU’s revenue outperformance versus expectations fluctuated, the company managed to regain momentum in revenue growth towards the end of the period.