Brazilian fintech PicPay reported second-quarter 2026 results that exceeded internal guidance, with total revenue rising 67% year-over-year to BRL 4.1 billion, while adjusted net income climbed 135% to BRL 283 million. The company’s shares, which closed the regular session up 2.83% at $10.90, fell 3.21% in after-hours trading to $10.55.
PicPay’s managerial revenue, which excludes hedge accounting effects, reached BRL 3.7 billion, a 59% increase from the prior year. Net interest income grew 65% year-over-year to BRL 2 billion, exceeding guidance by 5.4%. Gross profit rose 48% to BRL 1.25 billion, while adjusted earnings before taxes jumped 174% to BRL 291 million. The adjusted return on equity improved to 20.2% from 15.5% in the first quarter.
Revenue per active client increased 52% year-over-year to BRL 92, driven by a shift toward lower-risk revenue streams. Float, hedge accounting, fees, commissions, and partially secured credit now account for 71% of total revenue, up from 63% a year earlier. The credit portfolio expanded 99% year-over-year to BRL 31.9 billion, with consumer loans representing 93% of the total. Total payment volume grew 27% to BRL 167.6 billion, while deposits rose 45% to BRL 35.8 billion.
Operating efficiency continued to improve, with the adjusted efficiency ratio declining to 44.8% from 46.9% in the prior quarter. The cost of risk remained within guidance at 3.9%, while funding costs stood at 96.2% of the CDI benchmark rate. Total active accounts increased 10% year-over-year to 70.4 million, with 45.4 million quarterly active clients.
PicPay’s CEO, Eduardo Chedid, highlighted the company’s ability to beat guidance across key metrics, noting that gross profit growth reflected operating leverage. He emphasized the resilience of the private payroll loan portfolio, stating that vintage performance could withstand a 70% increase in delinquency rates while remaining at break-even. The CFO, André Cazotto, described the efficiency trend as a floor rather than a ceiling.
Looking ahead, PicPay provided third-quarter 2026 guidance, projecting adjusted net income of BRL 265 million, a 6% decline from the second quarter due to the normalization of tax benefits. Managerial revenue is expected to reach BRL 4 billion, with net interest income of BRL 2.1 billion and gross profit of BRL 1.3 billion. The company also anticipates a total credit portfolio of BRL 34.7 billion and a cost of risk ranging between 3.9% and 4.1%.
