XP Inc.

XP Inc.

XP
XP Inc.US flagNASDAQ
20.52
USD
-0.36
- -
10.73BMarket Cap
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1.25
2.33
3.72
6.52
9.08
11.08
10.7
12.1
13.71
15.11
16.22
Basic EPS, GAAP
0.44
0.75
0.84
1.96
3.76
6.42
6.44
7.22
8.33
9.8
10.24
Free Cash Flow per Basic Share
-0.05
0.38
-1.08
-7.2
2.21
-7.82
3.02
14.69
20.03
21.91
24.62
Dividend per Share
0.32
0.34
0.59
0.91
- -
- -
- -
6.56
3.76
0.94
- -
Book Value per Share
- -
2.07
3.78
12.96
19.49
25.77
31.47
36.33
37.3
45.39
48.93
Tangible Book Value per Share
- -
1.2
2.86
11.96
18.21
24.3
29.91
31.66
32.39
40.06
43.11
Basic Weighted Avg Shares
552
552
552
552
552
559
555
540
542
527
519
Sales/Revenue/Turnover
690
1,284
2,055
3,596
5,016
6,196
5,940
6,532
7,425
7,967
8,423
Operating Margin (%)
-27.06
1.17
-8.75
2.08
-12.27
-31.07
-59.98
-59.17
-52.74
-56.7
-55.57
Depreciation Expense
23
27
53
91
143
232
206
252
265
304
339
Net Income, GAAP
244
414
461
1,080
2,076
3,589
3,579
3,899
4,513
5,170
5,317
Effective Tax Rate (%)
34.81
26.41
27.37
29.44
14.04
5.84
- -
0.94
9.45
5.13
7.21
Profit Margin (%)
35.33
32.24
22.46
30.05
41.39
57.93
60.25
59.69
60.79
64.89
63.12
Working Capital
- -
-1,899
-3,574
-11,965
-25,633
-12,704
-29,280
-4,581
-38,078
-60,581
-37,436
LT Debt
- -
737
762
1,356
266
268
1,866
27,725
33,293
29,570
48,664
Total Equity
- -
1,152
2,092
7,156
10,898
14,420
17,042
19,451
20,047
23,548
24,832
Return on Invested Capital (%)
- -
0.86
-2.12
0.31
-1.55
-4.19
- -
-5.41
-3.16
-3.24
-3.78
Return on Capital (%)
- -
35.47
8.4
6.68
6.29
8.67
- -
6.42
4.68
4.38
5.05
Return on Common Equity (%)
- -
72.37
28.58
23.39
23.01
28.36
22.76
21.37
22.86
23.72
22.58

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
74,652
58,234
58,630
LT Borrowings
29,570
50,646
48,664
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
519
517
507
Market Capitalization
46,633
51,184
42,799

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
148,947
149,588
148,100
Cash, Cash Equivalents & STI
73,113
68,356
58,918
Accounts Receivable, Net
1,130
1,161
1,165
Inventories
- -
- -
- -
Total Current Liabilities
209,529
200,836
185,536
Payables & Accruals
65,436
54,207
46,501
ST Debt
74,652
58,234
58,630
Deferred Revenue
442
279
150

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
17.03%
17.46%
Free Cash Flow
- -
-36.16%
6.51%
Net Income, GAAP
- -
22.36%
14.54%
Sales/Revenue/Turnover
- -
10.06%
7.3%
Total Cash Common Dividend
- -
- -
-75.72%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,624
1,949
1,940
1,912
7,425
2025
1,650
1,795
2,090
2,432
7,967
2026
1,932
1,969
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.88
2.05
2.21
- -
8.33
2025
2.31
2.5
2.51
- -
9.8
2026
2.53
2.71
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
3.76
2025
- -
- -
- -
- -
0.94
2026
- -
- -
- -
- -
- -

Company Description

CEO
Thiago Maffra
Full Time Employees
8,069
Sector
Financial Services
Industry
Financial - Capital Markets
Address
20, Genesis Close George Town SP Cayman Islands KY1-1208
IPO Date
Dec 11, 2019
Website
xpinc.com
Business
XP Inc. (Nasdaq: XP) operates as a leading technology-driven financial services platform primarily in Brazil, with operations extending to the United States and the United Kingdom; the company provides an open-architecture ecosystem offering low-cost investment products, brokerage services, financial advisory, wealth management, digital banking, credit cards, loans, insurance products including life, health, and property coverage, pension plans, retirement solutions, securities placement, fixed income underwriting, alternative funds, institutional trading, structured products, interdealer brokerage, and foreign exchange services through brands such as XP Investimentos, Rico, and Clear. Founded in 2001 by Guilherme Benchimol and Marcelo Maisonnave in Porto Alegre, Brazil, XP Inc. is headquartered in Grand Cayman, Cayman Islands, and serves retail clients including high-net-worth individuals, corporate/institutional investors, and independent advisors numbering over 18,200; it targets Brazilian and international markets with a focus on democratizing access to diverse equities, fixed income, funds, derivatives, mutual and hedge funds, real estate investment trusts (REITs), private equity, educational content, and asset management solutions. The company generates revenue from commissions (approximately 52%), interest income (26%), and other services amid assets under custody exceeding R$1.4 trillion and a client base surpassing 4.7 million active accounts as of recent quarters. In recent developments, XP Inc. launched new liquidity products and private credit solutions on its fixed-income platform, announced a R$1.0 billion share repurchase program effective November 2025 through November 2026 funded by existing cash, approved a US$0.18 per Class A share cash dividend payable December 2025, initiated XTAGE its digital assets trading platform leveraging Nasdaq technology for cryptocurrency trading integrated into its existing app with plans for asset expansion, participated alongside General Atlantic in a strategic minority investment in LiveMode a sports and media ecosystem firm in April 2024 via XP Private Equity, reported record Q3 2025 gross revenue of R$18.9 billion last twelve months with earnings before tax at R$5.1 billion, and continued client asset growth to R$1.425 trillion in Q3 2025 reflecting accelerated retail net new money inflows and product innovations in FX, global investments, and digital accounts.

Company News

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