Inter & Co, Inc. (INTR) Earnings
Inter & Co, Inc. is expected to report next earnings on November 12, 2026 (in NaN days), with a consensus EPS estimate of $0.18. INTR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -0.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.18 | $0.19 | +4.7% | $518M | +0.8% |
| May 7, 2026 | $0.17 | $0.17 | +0.0% | $496M | +0.2% |
| Feb 11, 2026 | $0.16 | $0.16 | -2.4% | $786M | -66.4% |
| Nov 13, 2025 | $0.15 | $0.14 | -5.7% | $715M | +81.3% |
| Aug 6, 2025 | $0.12 | $0.13 | +8.3% | $631M | +81.5% |
| Feb 6, 2025 | $0.10 | $0.11 | +10.0% | $449M | +52.1% |
| Nov 14, 2024 | $0.10 | $0.10 | -1.8% | $460M | +62.8% |
| May 9, 2024 | $0.08 | $0.09 | +12.5% | $427M | +56.8% |
| Feb 7, 2024 | $0.07 | $0.07 | +0.0% | $420M | +58.4% |
| Aug 14, 2023 | $0.02 | $0.02 | +0.0% | $238M | +1.6% |
| Mar 13, 2023 | $-0.03 | $0.01 | +133.3% | $187M | -4.5% |
| Aug 15, 2022 | $0.00 | $-0.01 | -272.9% | $166M | -8.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Business Positioning * Inter is a digital bank with a low cost of funding, strong efficient digital distribution channels, and a disciplined approach to credit underwriting. * From a credit perspective, Inter remains a small platform in the Brazilian market, with less than 5% of total credit exposure for its existing primary clients, creating significant room for further penetration growth. * The company has recorded 13 consecutive quarters of net income growth and achieved its highest ever earnings in the most recent quarter. * Total addressable credit market for Inter is 6.6 trillion reais across three segments, and Inter is expanding beyond its current core segment into the two adjacent addressable markets. - Credit Operations & Product Updates * Asset quality performance is in line with management expectations. The Brazilian government's Desenrola debt renegotiation program reduced NPLs by 10 bps and cost of risk by 15 bps, with most of the positive impact already captured. * Inter updated its credit card write-off policy from 360 days to 330 days, aligning with Brazilian Central Bank Resolution 4966 and industry best practices. This change reduced the overall NPL ratio by 30 bps, as all affected loans were already 100% provisioned by day 330. * Inter began doing private payroll loan linkages internally to improve processing frequency after third-party linkages took longer than expected; new credit insurance for private payroll is launching in the near term alongside targeted credit policy adjustments to reduce cost of risk. * Coverage ratio for the maturing private payroll portfolio has adjusted to 130%-135% from a peak of 146% when the product was new and delinquencies had not yet materialized, which management views as a sustainable level for coming quarters.
Guidance
- Management reaffirmed that its full-year outlook for overall business performance and asset quality remains unchanged. * Management expects the private payroll loan segment to grow to 200 billion to 300 billion reais in market size in the near term, and Inter will continue growing its portfolio in line with market expansion while targeting a sustained marginal ROE of 30% for the segment. * The 130% to 135% coverage ratio for the private payroll segment is viewed as a safe assumption for coming quarters.
Segment performance
No full segment financial results with absolute revenue values and contribution percentages were disclosed in the provided transcript. The partial segment details noted are: 1) Private Payroll: Inter is continuing to grow this loan segment, which currently holds ~2.5% market share in its segment. Interest income for the Credit Card segment grew 64% over the last 12 months. 2) Private Payroll has delivered a marginal ROE of ~30%, within management expectations, despite current cost of risk coming in at the higher end of projections. 3) The Desenrola debt renegotiation program resulted in 100 million reais in renegotiated loans, with a net 12 million reais EBT impact for Inter.
Risks & headwinds
- Market concerns around Brazilian consumer leverage, macroeconomic uncertainty related to general elections, and expected fiscal spending contraction next year have been raised, but management believes Inter's small relative credit portfolio size and disciplined underwriting allow continued growth without putting its balance sheet at risk. * Private payroll loan cost of risk is currently running at the higher end of management expectations, though the product remains profitable within target ROE ranges, and management is implementing internal adjustments to bring risk down. * New interest rate caps on private payroll loans caused a less than 5% reduction in Inter's origination volumes, as only a small share of Inter's loans exceeded the initial cap level.
Analyst Q&A
Q: How does Inter view the current Brazilian operating environment given high household debt, electoral uncertainty, and expected future fiscal contraction, and do these factors pose asset quality risks as Inter grows its loan book ~30% annually? /
A: João Vitor explains that Inter has maintained a conservative approach to credit underwriting since its 2018 IPO. Inter remains a small credit platform with large untapped penetration opportunity among its existing clients, holding less than 5% of those clients' total system credit exposure. With a low cost of funding, efficient digital model, and strong distribution, Inter can continue growing both secured and unsecured loan portfolios at its current pace without balance sheet risk, even in the current credit cycle. (208 characters)
Q: What impact did Brazil's Desenrola debt renegotiation program have on Inter's asset quality and earnings? /
A: Xande states Desenrola performed better than the prior program, with 100 million reais in total renegotiations. The program had a gross 40 million reais P&L impact, half of which would have been realized through internal collection efforts anyway, resulting in a net 12 million reais EBT gain. It also reduced NPLs by 10 bps and cost of risk by 15 bps, with renegotiated delinquent loans backed by FGO guarantee that supports high recovery rates. (276 characters)
Q: How should we interpret the large quarterly increase in income from securities, derivatives, and FX, and is the 10-20 bps quarterly NIM expansion target still achievable? What is driving the declining coverage ratio and is it appropriate for the current macro environment? /
A: Santiago explains that ~130 million reais of the quarterly securities income increase is tied to hedging for the loan portfolio, and should be considered part of overall net interest income. For the private payroll portfolio, coverage peaked at 146% when the product was new and delinquencies had not yet materialized; as the product matures, a coverage ratio of 130%-135% is a safe, sustainable level for coming quarters. (254 characters)
Q: What drove the recent write-off policy change for credit cards, and what impact does it have? What is the update on internal private payroll linkages and the outlook for delinquency in this segment? /
A: Santiago says the policy change to write off credit card loans at 330 days instead of 360 aligns Inter with regulatory best practices and industry standards; all affected loans were already 100% provisioned, so the only impact is a 30 bps reduction in the overall NPL ratio. Xande adds that private payroll cost of risk is at the higher end of expectations, but profitability remains on target for 30% marginal ROE, and internal linkages are already improving NPLs, with additional adjustments (including new credit insurance) coming to lower risk further. (345 characters)