XP (XP) Company Report

Analyst Coverage

Research analysts who have asked questions during XP earnings calls.

Eduardo Rosman

BTG Pactual

8 questions for XP

Also covers: BBD, BDORY, BSBR +4 more

Tito Labarta

Goldman Sachs

8 questions for XP

Also covers: BAP, BBAR, BBD +14 more

Daniel Vaz

Banco Safra

6 questions for XP

Also covers: BAP, BBD, BSBR +5 more

Gustavo Schroden

Citigroup

6 questions for XP

Also covers: BBD, BDORY, BSBR +5 more

Marcelo Mizrahi

Bradesco BBI

5 questions for XP

Also covers: BAP, BSBR, INTR +2 more

Mario Pierry

Bank of America

5 questions for XP

Also covers: BBD, BDORY, BSBR +5 more

Thiago Bovolenta Batista

UBS

5 questions for XP

Also covers: BAP, BBD, BSBR +3 more

Yuri Fernandes

JPMorgan Chase & Co.

5 questions for XP

Also covers: AVAL, BAP, BBD +13 more

Pedro Leduc

Itau BBA

4 questions for XP

Also covers: BBAR, BBD, BDORY +7 more

Antonio Reale

Bank of America

2 questions for XP

Also covers: BBVA, CAIXY, UBS

Neha Agarwala

HSBC

2 questions for XP

Also covers: BCH, BSAC, DLO +5 more

Renato Meloni

Autonomous Research

2 questions for XP

Also covers: BAP, BBD, BDORY +3 more

Thiago Batista

UBS BB

2 questions for XP

Also covers: BBD

Andrew Gerrity

Morgan Stanley

1 question for XP

Also covers: BBD

Antonio Ruette

Bank of America

1 question for XP

Also covers: INTR, PAGS

Arnon Shirazi

BTG Pactual

1 question for XP

Also covers: BDORY, ITUB, PAGS

Guilherme Grespan

JPMorgan Chase & Co.

1 question for XP

Also covers: DLO, ITUB, PAX +2 more

Guillermo Greizmann

JPMorgan Chase & Co.

1 question for XP

Henrique Navarro

Banco Santander, S.A.

1 question for XP

Also covers: BBD, ITUB, NU

Jérémy Caspar

JPMorgan Chase & Co.

1 question for XP

Marcelo

Bradesco BBI

1 question for XP

Neha Argawal

HSBC

1 question for XP

Olavo Arthuzo

UBS Group AG

1 question for XP

Also covers: BSAC

Latest news

Recent press releases and 8-K filings for XP.

XP Reports Strong Full-Year 2025 Financial Results and Outlines 2026 Strategic Investments

Earnings

Share Buyback

New Projects/Investments

XP reported BRL 19.5 billion in gross revenues for the full year 2025, an 8% increase year-over-year, with adjusted net income reaching BRL 5.2 billion, up 15% year-over-year, and adjusted diluted EPS growing 18% to BRL 9.81.
The company achieved a 23.9% Return on Equity (ROE) in 2025, a 94 basis points expansion from 2024, and maintained a strong BIS ratio of 20.4% at year-end.
Total client assets (AUC, AUM, AUA) reached BRL 2.1 trillion in Q4 2025, marking a 22% year-over-year growth, with net new money totaling BRL 32 billion for the quarter.
In 2025, XP returned BRL 2.4 billion in capital to shareholders through dividends and BRL 1.9 billion in share buybacks, retiring over 24 million shares.
For 2026, XP plans continued investments in technology (AI, CRM), advisor network expansion, and new product launches including a proprietary dollar-backed stablecoin and integrated crypto services, while expecting to maintain a stable efficiency ratio.

2 days ago

Transcript

XP Reports Strong 2025 Financial Results and Maintains Ambitious 2026 Revenue Guidance

Earnings

Guidance Update

Product Launch

XP reported gross revenues of BRL 19.5 billion for 2025, an 8% year-over-year increase, with adjusted net income reaching BRL 5.2 billion, up 15% year-over-year, and adjusted diluted EPS growing 18%. The company achieved a 23.9% ROE in 2025, a 94 basis points expansion from 2024.
Total client assets, including AUC, AUM, and AUA, reached BRL 2.1 trillion in Q4 2025, marking a 22% year-over-year growth and crossing the BRL 2 trillion threshold. Net new money for Q4 2025 totaled BRL 32 billion, comprising BRL 20 billion from retail and BRL 12 billion from corporate and institutional clients.
The company maintains its 2026 guidance for gross revenues between BRL 22.8 billion and BRL 26.8 billion, which implies an almost 20% year-over-year revenue growth at the low end, a significant acceleration from 2025. Management expects retail net new money to remain around BRL 20 billion per quarter in 2026.
XP plans to launch a proprietary dollar-backed stablecoin in the first half of 2026 and reintroduce crypto services fully integrated into its platform. Cross-sell products showed strong growth in Q4 2025, with credit card TPV up 11% and life insurance written premium up 25% year-over-year.

2 days ago

Transcript

XP Reports Strong Full-Year 2025 Financial Results and Strategic Progress

Earnings

Dividends

Share Buyback

XP posted gross revenues of BRL 19.5 billion for the full year 2025, an 8% increase year-over-year, with Q4 2025 gross revenue reaching BRL 5.3 billion, up 12% year-over-year.
Adjusted net income for 2025 was BRL 5.2 billion, representing a 15% expansion year-over-year, and adjusted diluted EPS increased by 18% during the year.
The company achieved a 23.9% Return on Equity (ROE) in 2025, expanding by 94 basis points from 2024, and maintained a strong year-end BIS ratio of 20.4%.
XP executed BRL 500 million in dividends and BRL 1.9 billion in share buybacks in 2025.
Strategically, XP is focusing on a service excellence agenda, with approximately 23% of retail Assets Under Custody (AUC) now under a fee-based model, and aims to become a market leader in investments by market share by 2033.

2 days ago

Transcript

XP Announces Q4 and Full Year 2025 Results

Earnings

Dividends

Share Buyback

XP reported Gross Revenue of R$5,279 million for Q4 2025 and R$19,447 million for FY 2025, with Adjusted Net Income of R$1,331 million and R$5,218 million respectively.
Adjusted Diluted EPS was R$2.56 for Q4 2025 and R$9.81 for FY 2025, marking an 18% YoY growth for the full year.
The company's total client assets (AUC + AUM + AUA) reached R$2.1 trillion, serving approximately 4.8 million clients through ~18K advisors.
For 2025, XP's ROE was 23.9% (+94bps YoY) and ROTE was 23.9%.
In 2025, XP returned capital to shareholders through R$500 million in dividends paid and R$1,899 million in share repurchases.

2 days ago

Presentation

XP Inc. Announces Realignment of Interests in Control LLC

Management Change

Board Change

Thiago Maffra and José Berenguer are expected to become voting interest holders in XP Control LLC, joining the company's controlling entity.
Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, and Gabriel Klas da Rocha Leal will cease to be partners of ControlCo, with their voting equity interests acquired by ControlCo in exchange for cash and Class A common shares of XP.
Following this realignment, ControlCo's beneficial ownership of Class A common shares will decrease to 18%, but it will continue to control at least 69% of XP's voting power, with Guilherme Dias Fernandes Benchimol remaining the majority unitholder of ControlCo.
The individuals ceasing to be partners of ControlCo (Gabriel Klas da Rocha Leal, Bernardo Amaral Botelho, and Bruno Constantino Alexandre dos Santos) will remain members of XP’s Board of Directors.

2 days ago

6-K

XP Inc. Reports Fourth Quarter and Full Year 2025 Results

Earnings

New Projects/Investments

Dividends

XP Inc. reported Gross Revenue of R$5.3 billion in Q4 2025, a 12% increase year-over-year, and R$19.5 billion for the full year 2025, up 8% year-over-year.
Adjusted Net Income grew by 10% year-over-year to R$1.3 billion in Q4 2025 and by 15% to R$5.2 billion for the full year 2025.
Adjusted Diluted EPS increased by 15% year-over-year to R$2.56 in Q4 2025 and by 18% to R$9.81 for the full year 2025.
Total Client Assets reached R$1.5 trillion in Q4 2025, marking a 16% year-over-year increase, with Active Clients totaling 4.8 million, up 2% year-over-year.
The company maintained a disciplined approach to capital management, with R$1.815 billion in dividends paid and share repurchases in 2025.

2 days ago

6-K

XP Inc. Reports Full Year 2025 Financial Results and Share Buyback Activities

Earnings

Share Buyback

M&A

For the year ended December 31, 2025, XP Inc. reported net income of R$5,169,293 thousand and basic earnings per share of R$9.8039.
The company's total revenue and income reached R$18,398,597 thousand in 2025, with net revenue from services rendered at R$7,966,733 thousand.
XP Inc. completed multiple share buy-back programs in 2025, including a R$1.0 billion program that terminated in May 2025 and another R$1.0 billion program that terminated in October 2025.
During 2025, XP Inc. acquired minority stakes in other Independent Financial Advisers (IFAs) for a total fair value consideration of R$325,502 thousand, which was paid in cash.
The incorporation of Banco Modal's assets and liabilities into Banco XP was approved on September 1, 2025, a transaction that had no impact on the Group's financial position or results of operations.

2 days ago

6-K

XP Inc. Reports Fourth Quarter and Full Year 2025 Results

Earnings

Share Buyback

Dividends

XP Inc. reported gross revenue of R$5,279 million in Q4 2025, a 12% increase year-over-year, and R$19,447 million for the full year 2025, up 8% year-over-year.
Adjusted Net Income for Q4 2025 was R$1,331 million, a 10% year-over-year increase, contributing to a full-year 2025 Adjusted Net Income of R$5,218 million, up 15% year-over-year.
Adjusted Diluted EPS reached R$2.56 in Q4 2025, a 15% year-over-year increase, and R$9.81 for the full year 2025, an 18% increase year-over-year.
Assets Under Custody (AUC) totaled R$1.5 trillion in 4Q25, growing 16% year-over-year, while the Expanded Loan Portfolio increased 27% year-over-year to R$78.0 billion.
In 2025, XP Inc. executed share repurchases totaling R$1,899 million and paid R$500 million in dividends.

2 days ago

Press Release

XP Inc. Reports Q3 2025 Financial Results, Declares Dividend, and Announces New Share Buyback Program

Earnings

Dividends

Share Buyback

XP Inc. reported net income of R$1,330,105 thousand for the three months ended September 30, 2025, and R$3,887,588 thousand for the nine months ended September 30, 2025. Basic earnings per share were R$2.5086 for Q3 2025 and R$7.3137 for the nine months ended September 30, 2025.
As of September 30, 2025, total assets increased to R$399,477,121 thousand from R$347,456,760 thousand at December 31, 2024, and cash stood at R$12,412,802 thousand. Total equity was R$23,668,636 thousand.
On November 17, 2025, the Board of Directors approved a dividend distribution of US$0.18 per share, scheduled to be paid on December 18, 2025.
A new share buy-back program was approved on November 17, 2025, authorizing the repurchase of up to R$1.0 billion of Class A common shares, effective from November 18, 2025, until November 18, 2026, or earlier completion.
Contingent liabilities with a possible likelihood of loss amounted to approximately R$3,515,148 thousand as of September 30, 2025.

Nov 17, 2025, 10:13 PM

6-K

XP Inc. Reports Strong Q3 2025 Financial and Operational Results

Earnings

Share Buyback

Dividends

XP Inc. reported a record Net Income of R$1.3 billion in Q3 2025, marking a 12% increase year-over-year, with Diluted EPS of R$2.47, up 13% year-over-year.
Gross revenue reached R$4.9 billion in Q3 2025, reflecting a 9% increase year-over-year and 6% quarter-over-quarter.
Total Client Assets stood at R$1.4 trillion in Q3 2025, growing 12% year-over-year and 4% quarter-over-quarter.
The company executed share repurchases totaling R$842 million until October 2025, and announced a new R$1 billion share buyback program and R$500 million in dividends to be paid in 2025.
Active clients totaled 4.8 million in Q3 2025, an increase of 2% year-over-year and 1% quarter-over-quarter.