XP

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XP Inc.

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Key Metrics

Previous Close: $16.53
52-Week Range: $14.80 – $23.13
Market Cap: $7.93B
P/E (TTM): 8.20
EPS (TTM): 1.95
Dividend Yield: 1.21%

Advanced Metrics

Price/Book: 1.76
PEG Ratio: —
Return on Equity: 22.56%
Return on Assets: 1.36%
Gross Margin: 69.20%
Operating Margin: 31.18%
Profit Margin: 28.54%
Current Ratio: 1.49
Debt/Equity: 6.42
Total Debt: $159.54B
Free Cash Flow: —
Revenue Growth: 10.60%
Earnings Growth: 8.60%
Enterprise Value: $-119.50B

XP Income statement, annual periods, in BRL
BRL	FY2022	FY2023	FY2024	FY2025
Revenue	$5.94B	$6.53B	$7.42B	$7.97B
Cost of Revenue	$4.89B	$4.98B	$5.60B	$6.02B
Gross Profit	$1.05B	$1.56B	$1.82B	$1.95B
Selling, General & Admin	$3.91B	$3.99B	$4.31B	$4.67B
Operating Expenses	$4.61B	$5.42B	$5.74B	$6.47B
Operating Income	-$3.56B	-$3.86B	-$3.92B	-$4.52B
EBITDA	$4.05B	$4.81B	$6.03B	$6.38B
Pretax Income	$3.44B	$3.94B	$4.99B	$5.45B
Income Tax	-$135.56M	$36.96M	$471.13M	$279.26M
Net Income	$3.58B	$3.90B	$4.51B	$5.17B
Diluted EPS	6.25	7.16	8.23	9.72
Diluted Shares	573.01M	544.21M	548.32M	531.92M

XP Balance Sheet statement, annual periods, in BRL
BRL	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$3.55B	$3.94B	$5.61B	$10.36B
Receivables	$22.97B	$31.89B	$35.20B	$41.20B
Current Assets	$76.12B	$119.51B	$158.06B	$148.95B
Total Assets	$192.03B	$249.04B	$347.46B	$396.53B
Current Liabilities	$105.40B	$124.10B	$196.14B	$209.53B
Long-Term Debt	$1.87B	$27.73B	$33.29B	$29.57B
Total Debt	$33.66B	$68.56B	$115.13B	$104.22B
Total Liabilities	$174.99B	$229.59B	$327.41B	$372.98B
Shareholders' Equity	$17.04B	$19.45B	$20.04B	$23.55B
Working Capital	-$29.28B	-$4.58B	-$38.08B	-$60.58B
Net Debt	$30.10B	$64.62B	$109.52B	$93.86B

XP Cash Flow statement, annual periods, in BRL
BRL	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.80B	$8.13B	$11.18B	$12.04B
Capital Expenditure	-$126.97M	-$196.22M	-$330.21M	-$489.57M
Free Cash Flow	$1.68B	$7.93B	$10.85B	$11.56B
Depreciation & Amortisation	$205.88M	$252.41M	$265.32M	$304.14M
Stock-Based Compensation	$584.77M	$365.71M	$417.26M	$391.69M
Investing Cash Flow	-$371.28M	$538.81M	-$1.67B	-$715.97M
Financing Cash Flow	-$200.30M	-$4.39B	-$5.78B	-$4.93B
Dividends Paid	$0.00	-$3.54B	-$2.04B	-$494.52M
Share Repurchases	-$1.81B	-$915.86M	-$1.35B	-$1.90B
Net Change in Cash	$1.23B	$4.27B	$3.73B	$6.40B

XP Income statement, quarterly periods, in BRL
BRL	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$1.65B	$1.79B	$2.09B	$2.43B	$1.93B
Cost of Revenue	$1.28B	$1.57B	$1.67B	$1.20B	$1.44B
Gross Profit	$366.00M	$227.22M	$420.91M	$1.23B	$491.00M
Selling, General & Admin	$1.50B	$1.14B	$1.22B	$1.32B	$1.71B
Operating Expenses	$1.63B	$1.43B	$1.56B	$2.14B	$1.80B
Operating Income	-$1.26B	-$1.20B	-$1.14B	-$907.29M	-$1.31B
EBITDA	$1.51B	$1.57B	$1.55B	$1.75B	$1.45B
Pretax Income	$1.26B	$1.32B	$1.33B	$1.54B	$1.34B
Income Tax	$27.00M	-$3.51M	$495.00K	$255.62M	$26.00M
Net Income	$1.24B	$1.32B	$1.32B	$1.30B	$1.32B
Diluted EPS	2.32	2.46	2.47	—	2.55
Diluted Shares	532.46M	535.82M	534.93M	—	516.68M

XP Balance Sheet statement, quarterly periods, in BRL
BRL	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$5.61B	$8.23B	$12.09B	$12.41B	$10.36B
Receivables	$35.20B	$31.45B	$34.74B	$35.78B	$41.20B
Current Assets	$158.06B	$107.64B	$149.95B	$164.85B	$148.95B
Total Assets	$347.46B	$349.97B	$373.85B	$399.48B	$396.53B
Current Liabilities	$196.14B	$189.57B	$189.44B	$200.84B	$209.53B
Long-Term Debt	$33.29B	$3.50B	—	—	$29.57B
Total Debt	$115.13B	$57.87B	$74.16B	$72.51B	$104.22B
Total Liabilities	$327.41B	$328.92B	$351.58B	$375.81B	$372.98B
Retained Earnings	—	$1.24B	$2.55B	$3.87B	—
Shareholders' Equity	$20.04B	$21.04B	$22.26B	$23.66B	$23.55B
Working Capital	-$38.08B	-$81.93B	-$39.50B	-$36.00B	-$60.58B
Net Debt	$109.52B	$49.65B	$62.07B	$60.09B	$93.86B

XP Cash Flow statement, quarterly periods, in BRL
BRL	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$3.82B	-$2.63B	$4.76B	$12.31B	-$2.38B
Capital Expenditure	-$86.00M	-$72.68M	-$106.39M	-$161.00M	-$149.50M
Free Cash Flow	$3.73B	-$2.71B	$4.65B	$12.15B	-$2.53B
Depreciation & Amortisation	$59.50M	$74.13M	$76.57M	$75.71M	$77.74M
Stock-Based Compensation	$60.41M	$135.94M	$128.45M	$132.84M	-$5.54M
Investing Cash Flow	-$101.16M	-$153.87M	-$102.67M	-$309.89M	-$149.53M
Financing Cash Flow	-$2.15B	$149.66M	-$742.47M	-$1.60B	-$2.74B
Dividends Paid	-$2.04B	—	—	—	—
Share Repurchases	-$105.06M	-$497.77M	-$417.05M	-$133.57M	-$852.29M
Net Change in Cash	$1.57B	-$2.64B	$3.91B	$10.40B	-$5.27B

Market Snapshot

About

XP Inc. is a leading Brazilian financial services and technology company providing investment and wealth management solutions. The company operates a digital platform offering access to a comprehensive range of financial products including stocks, bonds, mutual funds, and alternative investments. XP serves retail and institutional clients across Brazil with a technology-driven, low-cost brokerage model.