◆ Inside the Latest Quarter (Q2 2026)

StoneCo (STNE) — the variant view

Card volume shrank, credit doubled and delinquency nearly doubled: the new StoneCo is a lender first.

📈 STNE valuation, revenue & earnings — P/E, P/S, revenue, EPS →

StoneCo's second quarter of 2026 was flat on the surface and moving fast underneath.

Q2 2026 against Q2 2025 (% change)+153.0%Credit revenue+8.6%Adjusted EPS+2.5%Total revenue-2.6%Adjusted net incomeStoneCo Q2 2026 earnings release
Buybacks lifted EPS while net income fell; credit is the only line growing fast.

Total revenue and income rose 2.5% to 3,587.4 million reais and adjusted net income fell 2.6% to 582.7 million, but adjusted earnings per share rose 8.6% to 2.40 reais, because buybacks of about 3.0 billion reais over twelve months cut the share count by 40.3 million1. ROE was 21.6%, helped by a 3.08 billion reais extraordinary dividend paid in May after the sale of Linx2.

Three things moved.

Card volume shrank. Total payment volume rose 4.3% to 142.2 billion reais, but card volume fell to 111.5 billion from 115.0 billion while Pix QR-code volume grew 44.3% to 30.7 billion3. Net revenue from transaction activities fell 35.1% to 427.2 million reais, which StoneCo attributes to moving price from card fees into prepayment within its bundled offers4.

Credit doubled, and so did its problems. The credit portfolio reached 3,752.0 million reais, up 107.5%, and credit revenue 348.5 million, up 153.0%5. Loans more than 90 days overdue rose to 8.60% from 4.67% a year earlier, and 15-90 days to 6.00% from 2.51%; provisions rose 127.9% to 187.6 million, and coverage fell to 203.6% from 279.9%6. StoneCo attributes the rise to weaker vintages from the second half of 2025 and early 2026 and to cases in its dedicated desk7.

Deposits kept growing. Retail deposits reached 10,796.6 million reais, up 22.3%, almost all of it in time deposits8.

StoneCo now reports a single active-client figure, 4.8 million merchants generating revenue in the past 30 days, up 6.4%; revenue per active client fell 6.6% to 251.1 reais a month9.

The number to carry forward is the over-90-day delinquency ratio: 8.60%. The credit book is the growth engine of the new StoneCo, and a ratio still rising in the third quarter would mean the 2025 vintages were not the last bad ones.

References
  1. ReportedTotal revenue and income rose 2.5% to 3,587.4 million reais and adjusted net income fell 2.6% to 582.7 million, but adjusted EPS rose 8.6% to 2.40 reais after buybacks of about 3.0 billion reais cut the share count by 40.3 million.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  2. ReportedROE was 21.6%, helped by a 3.08 billion reais extraordinary dividend paid in May after the sale of Linx.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  3. ReportedTotal payment volume rose 4.3% to 142.2 billion reais; card volume fell to 111.5 billion from 115.0 billion while Pix QR-code volume grew 44.3% to 30.7 billion.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  4. ReportedNet revenue from transaction activities fell 35.1% to 427.2 million reais on pricing optimizations between card MDRs and prepayment revenues across bundled offers.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  5. ReportedThe credit portfolio reached 3,752.0 million reais, up 107.5%, and credit revenue 348.5 million, up 153.0%.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  6. ReportedLoans more than 90 days overdue rose to 8.60% from 4.67%, and 15-90 days to 6.00% from 2.51%; provisions rose 127.9% to 187.6 million, and coverage fell to 203.6% from 279.9%.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  7. ReportedStoneCo attributes the rise to weaker second-half 2025 and early 2026 vintages and to cases in its dedicated desk.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  8. ReportedRetail deposits reached 10,796.6 million reais, up 22.3%, almost all of it in time deposits.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
  9. ReportedActive clients were 4.8 million, up 6.4%; revenue per active client fell 6.6% to 251.1 reais a month.
    StoneCo second-quarter 2026 earnings release (13 August 2026) - revenue, net income, EPS, ROE, buybacks and dividend; client metrics; TPV by card and Pix QR; retail deposits; credit portfolio, revenue, provisions, NPLs, coverage and their explanation — Q2 2026 · publ. 13 August 2026 · source ↗
Sources
Generated September 23, 2026