XP Inc. Earnings Recaps
Q2 2026
Aug 21, 2026
The stock was essentially unchanged, rising just 0.1%, reflecting a market stance that the quarter’s results neither significantly disappointed nor exceeded expectations amid ongoing geopolitical tensions and market volatility.
Key takeaways
- Client assets reached $2.2 trillion, up 17% year over year, supported by $28 billion in net new money across retail, corporate, and institutional segments.
- Gross revenues grew 8% year over year to $5.1 billion, with EBT increasing 15% to $1.6 billion and net income rising 5% to $1.4 billion.
- EPS improved 9% year over year, aided by capital management and payout strategy, while ROE increased 80 basis points sequentially to 22.5%.
- Market volatility and credit spread widening negatively impacted growth, particularly reducing primary GCM offerings; without these effects, revenue growth would have been in the double digits.
- The firm continues strategic progress on product and service diversification aimed at deeper client relationships and building a more complete financial ecosystem.
Q1 2026
May 19, 2026
Shares declined 0.7% after the quarter, reflecting investor caution despite stable growth, driven by modest volatility pressures and a cautious outlook on near-term market conditions.
Key takeaways
- Client assets reached BRL 2.1 trillion, up 21% year-over-year, supported by a 2% increase in active clients to 4.8 million.
- Gross revenues and EBT both grew 8% year-over-year, with net income rising 7%.
- Diluted EPS grew 9%, slightly outpacing net income growth.
- Market volatility, particularly widening spreads in March and April, created a temporary slowdown in growth momentum, despite management’s view that the impact was external and should diminish.
- Retail net new money remained robust at BRL 19 billion, offset by a BRL 4 billion outflow in corporate and institutional segments, totaling BRL 14 billion.
Q3 2025
Nov 18, 2025
XP achieved solid growth in Q3 2025, with a notable increase in client assets and revenues, reflecting successful strategic initiatives despite ongoing market challenges.
Key takeaways
- Client assets (AUM and AUA) reached BRL 1.9 trillion, growing 16% year-over-year.
- Gross revenues rose to BRL 4.9 billion, marking a 9% increase from the previous year.
- Net income reached a record BRL 1.33 billion, up 12% year-over-year, with 23% ROE maintained.
- Retail net new money inflows reached BRL 20 billion, indicating a rebound in client investment activity.
- Continued advancements in technology and client servicing strategies are setting the stage for future growth.