REVENUEBeat +496.1%
EPSBeat +11.1%
Actuals vs. estimates
| Metric | Actual | Consensus | Surprise |
|---|---|---|---|
| RevenueTotal revenue and financial income (2Q26 headline) | BRL 4.10B | BRL 687.9M | ▲ Beat +496.1% |
| EPS(provider-reported) | BRL 0.44 | BRL 0.40 | ▲ Beat +11.1% |
Revenue — API Ninjas actual does not reconcile with a unique Quartr consolidated revenue
EPS — actual sourced from API Ninjas, not the company release
Verdict
- PicPay beat its own guidance on every layer it published: managerial revenues of R$3,730m against ~R$3,600m, gross profit of R$1,246m against R$1,150m, and adjusted net income of R$283m against ~R$245m.
- Adjusted net income grew 135% year over year while total revenue and financial income grew 67%, so profitability is compounding faster than the top line.
- The credit portfolio reached R$31.9bn, up 99% year over year, and consumer loan origination of R$9.2bn rose 96% -- the balance sheet nearly doubled in a year.
- Quarterly annualised adjusted ROE improved to 20.2% from 15.5% in the first quarter.
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Total revenue and financial income | R$4.1bn | — | +67% yoy |
| Adjusted Net Income | R$283.0m | — | +135% yoy |
| Gross Profit | R$1,246m | — | — |
| Total credit portfolio | R$31.9bn | — | +99% yoy |
| Quarterly annualized adjusted ROE | 20.2% | 15.5% in 1Q26 | +470bps qoq |
| Quarterly cost of risk | 3.9% | — | — |
Guidance changes
| Item | New guidance | Prior guidance |
|---|---|---|
| 2Q26 total credit portfolio (guidance vs actual) | R$31.9 billion actual | ~R$31.0 billion guidance |
| 2Q26 managerial revenues (guidance vs actual) | R$3,730 million actual | ~R$3,600 million guidance |
| 2Q26 gross profit (guidance vs actual) | R$1,246 million actual | R$1,150 million guidance |
| 2Q26 adjusted net income (guidance vs actual) | R$283 million actual | ~R$245 million guidance |
Quality of earnings
- Managerial revenues of R$3,730m exclude derivative and hedge accounting effects, so the R$4.1bn total revenue and financial income figure and the guided line are different measures.
- Adjusted net income of R$283m sits above IFRS net income of R$269m, the gap being stock-based compensation excluded from the adjusted figures.
- The R$3,730m revenue and R$283m adjusted net income cover PicPay standalone and exclude any contribution from the Kovr insurance acquisition.
Gotchas & watch items
- The release reports in Brazilian reais while the consensus estimate is denominated in US dollars, so the revenue comparison above is not a like-for-like currency match.
- NPL 90+ increased, which management attributes to portfolio seasoning and deliberate risk-taking in private payroll loans rather than credit deterioration.
- Cost of funding closed at 96% of CDI, 2 percentage points worse than the previous quarter, as funding diversified into FIDCs and third-party distribution.
- Total accounts grew only 10% year over year to 70.4m against 99% credit portfolio growth, so growth is depth of wallet, not new customers.