📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

XP Inc. engages in the provision of financial products and services in Brazil. It operates XP Platform, an open product platform that provides clients to access investment products in the market comprising brokerage securities, fixed income securities, mutual, hedge, and private equity funds; derivatives and synthetic instruments; credit cards; loan operations/collateralized credit products; pension and social security funds, and life and travel insurance products; and other investment products comprising real estate funds, and equity and debt capital markets solutions, as well as wealth management services. The company offers brokerage and issuer services to institutional and corporate clients. It also manages mutual funds focused on stocks and macro strategies distributed to retail and to institutional clients; funds and managed portfolios for high-net-worth retail clients, and proprietary treasury funds; and passive mutual funds that track market indexes, and mutual and investment funds focused on fixed income, credit, real estate, infrastructure, and other alternative strategies. In addition, the company offers securities brokerage services for institutional and retail investors; interdealer brokerage services for institutional traders; and commercial and investment banking products, such as loan operations and transactions in the foreign exchange markets and deposits, as well as develops and sells financial education courses and events online and in person to retail clients. It offers its sell products and services through its omni-channel distribution network and online portals. XP Inc. was founded in 2001 and is based in George Town, the Cayman Islands.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding XP

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	632.7K	$12.0M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management consistently highlighted record net income, ROE expansion, and reiterated specific guidance (e.g., 10% revenue growth, BRL 20bn quarterly retail net new money) while acknowledging a more challenging macro environment. The tone was direct and numeric, with open admission of headwinds but strong conviction in strategy.

Q3 2025

Mixed

Management expressed confidence in long-term strategy and record wholesale performance, but tempered with caution on short-term margin pressure, fixed income revenue decline, and guidance being 'doable' rather than guaranteed.

Q4 2025

Confident Specific

Management used specific figures (e.g., 'BRL 2.1 trillion AUC', 'double-digit growth in H2', '23.9% ROE') and repeatedly affirmed guidance without hedging, signaling strong conviction in their strategy and execution.

Q1 2026 latest

Confident Specific

Management provided detailed revenue breakdowns, specific growth percentages, and expressed confidence in double-digit growth for the year despite acknowledging credit spread widening and market volatility. They cited execution across key verticals and a diversified revenue base as offsets.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears largely unchanged after this call, with management reaffirming double-digit growth targets and a diversified platform. However, the credit spread headwind in Q1 and ongoing market volatility introduce near-term uncertainty, especially for DCM and fixed income revenues. The strong retail franchise, high advisor retention, and capital returns (buybacks + dividends) support the thesis, but investors should watch the pace of credit spread normalization and NPS recovery over the next quarters. The CFO transition is unlikely to alter strategy but may shift focus towards banking products. Overall, thesis remains intact but with heightened caution on revenue sensitivity to macro conditions.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED XP reports Q1 2026: gross revenue BRL 4.9B, net income BRL 1.3B, client assets BRL 2.1T

Revenue & Profitability

For Q1 2026, XP reported gross revenue of BRL 4.9 billion, up 8% year-over-year. EBT was BRL 1.4 billion (up 8% YoY), net income BRL 1.3 billion (up 7% YoY). Adjusted diluted EPS grew 9% YoY. ROE was 21.7%. The BIS capital ratio stood at 20.7%. Revenue growth was driven by Retail new verticals, float, and equities (equity revenue up 22% YoY).

Outlook

Management noted a favorable global macro environment with weaker USD and rotation to non-U.S. assets boosting emerging market inflows. In Brazil, an interest rate easing cycle is underway, though more gradual than expected. However, increased global volatility in March and widening credit spreads pressured local market sentiment. Spreads stabilized in May, and management expects a better balance between buyers and sellers. They are confident in double-digit growth for the year despite short-term headwinds.

Growth Drivers

Key growth levers include Retail net new money (BRL 19 billion in Q1, on track with guidance of ~BRL 20 billion per quarter), equity revenue growth (up 22% YoY), and expansion in Wholesale (up 26% YoY). The corporate segment and institutional business also contributed. Revenue diversification through advisory, fee-based models, and new verticals partially offset take rate effects. Client retention remained high (~80%) after FGC-related inflows.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The last 12-month efficiency ratio was 34.6%, up 100 bps YoY due to temporary market events. Adjusted EBT margin was 30% (stable YoY). Net margin was 27.8% (down 30 bps YoY). Management expects flattish efficiency ratio for 2026 compared to 2025. They are committed to maintaining cost discipline if revenues soften.

Key Risks

Management flagged increased global volatility and widening credit spreads (driven by technical factors) as external risks impacting Q1 2026 results. NPS was temporarily affected by one-off credit events and Banco Master, though recovering (current NPS ~70). The pace of interest rate easing is more gradual than anticipated. Credit spread widening impacted fixed income and DCM revenues, but no credit losses were realized.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-05-18

Client assets grew 21% year-over-year to BRL 2.1 trillion, with gross revenues up 8% and net income up 7%. Despite market volatility and credit spread widening, double-digit growth is expected for the year, supported by strong capital ratios and ongoing business diversification.

Q4 2025 Q4 2025 2026-02-12

Gross revenues grew 8% to BRL 19.5 billion in 2025, with adjusted net income up 15% and ROE at 23.9%. Total client assets surpassed BRL 2.1 trillion, and guidance for 2026 targets 17% revenue growth, supported by ongoing investments in technology and advisory.

Q3 2025 Q3 2025 2025-11-17

Gross revenues grew 9% year-over-year to BRL 4.9 billion, with net income up 12% and ROE steady at 23%. Retail net new money rebounded, and capital returns to shareholders reached BRL 2.4 billion. Ongoing investments in technology and sales force are expected to support future growth.

Q2 2025 Q2 2025 2025-08-18

Record net income and EPS growth were achieved, with strong retail and new product performance offsetting corporate outflows. Capital ratios remain robust, and guidance for accelerated revenue and net new money in the second half is reaffirmed.

Q1 2025 Q1 2025 2025-05-20

Client assets grew 13% YoY to BRL 1.8 trillion, with record net income up 20% YoY and ROE at 24.1%. Retail and new verticals drove growth, while a new BRL 1 billion buyback was launched. Guidance for at least 10% revenue growth in 2025 remains unchanged.

📊 Analysis Methodology

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