The latest data point for NU's Return on Sales (ROS) in Q4'25 stands at 22.95%, reflecting a moderate decline from the previous quarter's peak of 26.75% in Q3'25, yet it remains above the series average. Over the period from Q1'23 to Q4'25, ROS has exhibited an overall upward trend, starting at 15.05% and reaching a high of 25.67% in Q4'24, with consistent growth through 2023 (from 15.05% to 23.28%) and into mid-2024, driven by operational efficiencies. However, the metric showed volatility in 2025, including a dip to 23.97% in Q2'25 before rebounding and then softening in Q4'25, suggesting potential pressures on margins amid market fluctuations. This area chart highlights sustained improvement over the two-year span, with no prolonged declines but increasing quarter-to-quarter variability in the latter half.