XP Inc. is a leading, technology-driven financial services platform primarily operating in Brazil, with additional activities in the USA and the UK. The company provides low-fee financial products and services, aiming to disintermediate traditional financial institutions by offering a wide range of financial services and products. XP Inc. sells financial advisory services, investment products, broker-dealer services, insurance products, and digital content and financial education.
- Retail - Offers core retail investments including equities, fixed income, and funds, along with new verticals such as cards, retirement plans, insurance, and credit.
- Corporate & Issuer Services - Provides securities placement, fixed income underwriting, and alternative funds activity.
- Institutional - Engages in trading and structured products for institutional clients.
- Other Revenue - Includes asset-liability management (ALM) and other miscellaneous items.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Fabrício Cunha de Almeida ExecutiveBoard | General Counsel | None | General Counsel since 2013; member of the Board of Directors since November 2019; oversees legal and compliance functions. | View Report → |
Bruno Constantino Alexandre dos Santos Executive | CFO | None | CFO since November 2019; joined XP in 2012; has 26+ years of financial markets experience. | |
Thiago Maffra Executive | CEO | None | CEO since May 2021; joined XP in 2015; previously CTO; led XP's digital transformation. | |
Bernardo Amaral Botelho Board | Board Member | None | Board member since 2019; previously held executive roles across XP entities; contributed to risk management strategies. | |
Cristiana Pereira Board | Independent Board Member | Partner at ACE Governance; Board member at Maestro Locadora, CESAR, ARCO ILP | Independent board member since June 2022; chairperson of the audit committee; MBA from Harvard Business School. Resigning effective May 2024 but remains advisor to Audit Committee. | |
Frederico Seabra de Carvalho Board | Independent Board Member | Operating Partner at General Atlantic | Independent board member since July 2023; member of the audit committee; extensive experience in financial advisory. | |
Gabriel Klas da Rocha Leal Board | Board Member | None | Board member since November 2019; joined XP in 2006; previously held executive roles at XP entities. | |
Guilherme Dias Fernandes Benchimol Board | Executive Chairman | None | Founder of XP; Executive Chairman since August 2019; previously CEO until May 2021. | |
Martin Emiliano Escobari Lifchitz Board | Independent Board Member | Board member at Arco Platform, Pague Menos, Sanfer, Grupo Axo; Lincoln Center | Independent board member since November 2019; Co-President at General Atlantic; extensive investment experience. |
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Your guidance suggests the need for revenue growth exceeding 10% to meet the 2026 targets, given the higher base in 2025; with potential headwinds in the DCM market and uncertainties in equity markets, where specifically do you see upside to achieve this growth?
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The risk-weighted assets increased significantly this quarter, primarily driven by market risk; can you elaborate on the factors behind this increase and how it impacts your capital ratios and future capital requirements?
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Expenses grew around 10%, yet you are guiding for margin expansion; what measures are you taking to control costs further, and how much flexibility do you have to reduce expenses if revenue growth slows?
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Internal advisers represent only 15% of your sales force but contributed 60% of net new money; why is their productivity so much higher than that of your IFAs, and how do you plan to improve efficiency across your entire sales network?
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With the mix shift towards fixed income products potentially putting pressure on take rates, how do you plan to sustain or improve your take rate in 2025, especially considering the end of the cycle may not be as close as anticipated?
Research analysts who have asked questions during XP earnings calls.
Eduardo Rosman
BTG Pactual
4 questions for XP
Tito Labarta
Goldman Sachs
4 questions for XP
Daniel Vaz
Banco Safra
3 questions for XP
Mario Pierry
Bank of America
3 questions for XP
Thiago Bovolenta Batista
UBS
3 questions for XP
Yuri Fernandes
JPMorgan Chase & Co.
3 questions for XP
Gustavo Schroden
Citigroup
2 questions for XP
Neha Agarwala
HSBC
2 questions for XP
Pedro Leduc
Itau BBA
2 questions for XP
Renato Meloni
Autonomous Research
2 questions for XP
Andrew Gerrity
Morgan Stanley
1 question for XP
Antonio Ruette
Bank of America
1 question for XP
Arnon Shirazi
BTG Pactual
1 question for XP
Guillermo Greizmann
JPMorgan Chase & Co.
1 question for XP
Henrique Navarro
Banco Santander, S.A.
1 question for XP
Marcelo
Bradesco BBI
1 question for XP
Marcelo Mizrahi
Bradesco BBI
1 question for XP
Neha Argawal
HSBC
1 question for XP
Olavo Arthuzo
UBS Group AG
1 question for XP
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Monte Bravo JV S.A. | 2024 | XP Inc. acquired a minority stake in Monte Bravo JV S.A. through its subsidiary, with a total fair value consideration of R$834,743 (including preliminary goodwill of R$537,671) and additional minority acquisitions in July and August 2024 for R$324,503. The structured payments (with amounts paid in 2023, 2024, and deferred in early 2025/2026) support XP Inc.'s strategy to consolidate its Independent Financial Advisors network. |
Blue3 S.A. | 2024 | XP Inc., via its subsidiary, acquired minority interests in Blue3 S.A. as part of a broader transaction valued at R$834,743, with payments structured in 2024 and deferred amounts scheduled for January 2025/2026, including a contingent consideration of R$50,000. This acquisition aligns with the firm's strategic intent to strengthen its financial advisory capabilities. |
Ável Participaçõ es Ltda. | 2024 | XP Inc. acquired a 35% stake in Ável Participaçõ es Ltda., with its fair value embedded within a broader deal totaling R$834,743 (inclusive of preliminary goodwill of R$537,671). The payment structure (amounts paid in 2023 and 2024 with deferred installments in January 2025/2026) reflects its broader strategy to expand its market presence. |
Two Independent Financial Advisors | 2024 | XP Inc. acquired two independent financial advisors in July and August 2024 for a total fair value consideration of R$324,503, paid partly in cash, partly via the private issuance of Class A shares, with a balance due in Q1 2025. This move is aimed at expanding its advisory network and enhancing service capabilities. |
Banco Modal S.A. | 2023 | Finalized on July 1, 2023, the acquisition of Banco Modal S.A. was executed as a non-cash equity exchange where former shareholders received 18,717,771 XP Inc. Brazilian Depository Receipts at R$112.05 per unit (totaling R$2,097,326), resulting in R$1,232,547 of goodwill; the deal, supported by regulatory approvals, is designed to harness synergies by integrating Banco Modal's client base. |
Recent press releases and 8-K filings for XP.
- XP reported gross revenues of BRL 4.9 billion, a 9% year-over-year increase, and net income of BRL 1.3 billion, up 12% year over year for Q3 2025.
- Diluted EPS grew 13% year over year to BRL 2.47 per share, driven by the company's share buyback program.
- Client assets (AUM and AUA) reached BRL 1.9 trillion, a 16% year-over-year growth, while active clients increased 2% year over year to 4.8 million.
- The company announced a new BRL 1 billion share buyback program and a BRL 500 million dividend payment for 2025, bringing the total capital return to shareholders in 2025 to BRL 2.4 billion.
- Management stated that achieving the EBT margin guidance of 30-32% by the end of 2026 is still "doable," despite continued investments in sales force, marketing, and technology.
- XP reported Q3 2025 gross revenues of BRL 4.9 billion, a 9% year-over-year increase, with net income growing 12% year-over-year to BRL 1.3 billion and diluted EPS up 13% year-over-year to BRL 2.47 per share.
- Client assets, AUM, and AUA collectively reached BRL 1.9 trillion, representing a 16% year-over-year growth, while retail net new money for the quarter was BRL 20 billion.
- The company announced a new BRL 1 billion share buyback program for the next 12 months and a BRL 500 million dividend to be paid in 2025, contributing to BRL 2.4 billion in total capital return for 2025.
- XP maintained a comfortable capital ratio of 21.2% and is focused on strategic investments in client experience, product diversification, and wholesale banking, with management expecting to be close to 10% top-line growth for 2025 and 17-20% growth for 2026.
- XP reported gross revenues of BRL 4.9 billion, a 9% increase year over year, and net income of BRL 1.3 billion, up 12% year over year for Q3 2025.
- Diluted EPS grew 13% year over year to BRL 2.47 per share, and the company achieved a 23% Return on Equity (ROE).
- Client assets (AUM and AUA) reached BRL 1.9 trillion, marking a 16% growth year over year, with 4.8 million active clients.
- XP announced a new BRL 1 billion share buyback program and a BRL 500 million dividend to be paid in 2025, bringing the total capital return to shareholders for the year to BRL 2.4 billion.
- Corporate and industry services revenue reached a record BRL 729 million, representing 32% growth year over year, driven by strong capital markets activity.
- 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.
- 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.
- XP Inc.'s board of directors approved a cash dividend of US$0.18 per Class A common share, payable on December 18, 2025, to shareholders of record as of December 10, 2025, with an expected total distribution of approximately R$500 million.
- The company approved the retirement of 10,970,754 Class A common shares, which represents approximately 2.1% of its total shares, reducing the total share count from 530,859,761 to 519,889,007.
- A new share repurchase program was authorized, allowing the company to repurchase up to R$1.0 billion of its outstanding Class A common shares over a period from November 18, 2025, until November 18, 2026.
- Record Earnings: XP Inc. reported Q1 2025 with a net income of BRL 1.2 billion, 7% YoY revenue growth, and strong EPS performance (R$2.29, 24% YoY) .
- Share Buyback & Treasury Shares: The board approved a BRL 1 billion share buyback program (May 21, 2025 – December 31, 2026) to repurchase Class A shares, including cancellation of 12,053,924 treasury shares (2.2% of outstanding; share count reduced from 540,052,383 to 527,998,459) [doc 32] .
- Interim Financial Statements: Q1 2025 Interim Consolidated Financial Statements were prepared in accordance with IAS 34 and reviewed by PwC [doc 0] [doc 2].
- Corporate Reorganization: Initiatives including the inversion of financial institutions and the spin-off of XP Investimentos were executed with no material impact on the Group’s financial position [doc 1].
- Enhanced Retail Performance: Growth was driven by expanding fixed income, credit cards, insurance, and consortium verticals, bolstered by 4.7 million active retail clients, R$1.3 trillion in total client assets, and R$24 billion in net inflow .
- XP Inc. filed a 6-K report on May 7, 2025 providing a formal update as a foreign private issuer, including key corporate contact details and authorized signatures.
- The document announces the Annual General Meeting scheduled for May 30, 2025 to approve and ratify the 2024 audited consolidated financial statements and auditor’s report.
- It also outlines proxy statement details, voting instructions, and submission deadlines for both registered and street shareholders.
- XP Inc. issued a supplementary press release to address and refute the misleading short selling report released on March 12, 2025, reaffirming its commitment to transparency and accurate market information.
- The company emphasized its robust business model—characterized by low leverage, strong efficiency, and a strategic market-making position—to highlight why the misinformation does not affect its solid financial fundamentals.
- XP also stated its intent to use legal measures against parties spreading false information, underscoring its proactive stance in protecting investor interests and market integrity.
- XP Inc. refutes misleading and inaccurate allegations made by Grizzly Reports regarding its business model and profitability.
- The company emphasizes its compliance with regulatory oversight and independent audits by top-tier institutions.
- XP Inc. is evaluating legal measures against Grizzly Research to address the allegations and protect its reputation.