PicPay reported second-quarter 2026 results that exceeded expectations, with revenue rising 67% year-over-year to R$4.12 billion and adjusted net income more than doubling to R$283 million. The fintech’s managerial revenue, excluding derivative and hedge accounting, totaled R$3.73 billion, beating guidance by 3.6%. Gross profit increased 48% to R$1.25 billion, also surpassing estimates by 8.4%.
Net interest income climbed 65% to R$2.00 billion, supported by a 19.4% net interest margin, up from 18.7% in the prior quarter. Adjusted earnings before taxes surged 174% to R$291 million, while the annualized adjusted return on equity improved to 20.2%, recovering from 15.5% in the first quarter. Total accounts reached 70.4 million, with quarterly active clients up 10% to 45.4 million.
Transaction payment volume rose 27% to R$167.6 billion, while total deposits increased 45% to R$35.8 billion. Active insurance policies grew 63% to 11.1 million, and average revenue per active client climbed 52% to R$92.0. The adjusted efficiency ratio improved to 44.8%, down from 56.2% a year earlier, despite flat headcount since October 2025.
Credit portfolio expanded 98% to R$31.9 billion, exceeding guidance by 3%, with secured and partially secured credit accounting for 55% of the total. Private payroll loan originations surged 78% to R$4.8 billion, while the portfolio grew 5.6x year-over-year to R$7.2 billion, capturing a 6.4% market share. Delinquency metrics showed mixed trends, with early-stage non-performing loans improving to 7.5% but late-stage delinquency rising to 9.8%.
Capital ratios remained robust, with a total capital ratio of 17.6% and a common equity tier 1 ratio of 15.6%. The company issued a PicPay FIDC FGTS II in May, raising R$1.25 billion. Despite the strong financial performance, PicPay’s shares slipped 3.2% in after-hours trading to $10.55, following a 2.83% gain during regular hours.
