XP Inc. Q2 2026 Earnings Recap

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.