XP Inc
XP
29.53
-0.20
-0.67%
XP Inc
US · XP
#1395 by market cap
Listed 2019
29.53
-0.20
-0.67%
Live - 5344 symbols - heartbeat 33s ago
· 2026-10-08 07:28
Pre-market
29.17
-1.22%
After-hours
29.55
+0.07%
Overnight
29.53
0.00%
- Market cap
- 14.98B
- P/E (TTM)i
- 14.61
- P/Bi
- 3.03
- EPSi
- 1.94
- Div yieldi
- 1.33%
- 52W posi
- 96%
Reader sentiment
Are you bullish or bearish on XP?
Anonymous reader poll. Unscientific, not investment advice.
Revenue annual, last 8 years
Latest year +7.30% YoY
Margins
- Gross margin
- 26.00%
- Operating margin
- -56.70%
- Net margin
- 64.89%
Key ratios & quality
- Enterprise valuei
- 46.09B
- PEG ratioi
- 1.12
PEG uses trailing P/E against the 3-year net income growth rate (13.04%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG."
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.05B | 3.60B | 5.02B | 6.20B | 5.94B | 6.53B | 7.42B | 7.97B |
| Gross profit | 1.08B | 1.92B | 2.08B | 2.06B | 1.10B | 1.62B | 1.89B | 2.07B |
| Selling & admin expenses | 970.79M | 1.52B | 2.16B | 3.22B | 3.91B | 3.99B | 4.31B | 4.67B |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | -179.80M | 74.96M | -615.31M | -1.93B | -3.56B | -3.86B | -3.92B | -4.52B |
| Pretax profit | 640.73M | 1.54B | 2.42B | 3.82B | 3.44B | 3.94B | 4.99B | 5.45B |
| Tax | 175.40M | 454.63M | 339.92M | 222.71M | -135.56M | 36.96M | 471.13M | 279.26M |
| Net profit | 465.33M | 1.09B | 2.08B | 3.59B | 3.58B | 3.90B | 4.51B | 5.17B |
| Basic EPS | 1 | 2 | 4 | 6 | 6 | 7 | 8 | 10 |
| Diluted EPS | 0.84 | 2.11 | 3.71 | 6.26 | 6.25 | 7.16 | 8.23 | 9.72 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 1.65B | 1.79B | 2.09B | 2.43B | 1.93B | 1.97B |
| Gross profit | 207.76M | 368.94M | 566.94M | 927.39M | 373.30M | 459.73M |
| Selling & admin expenses | 979.46M | 1.14B | 1.22B | 1.32B | 1.16B | 1.23B |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | -1.27B | -1.20B | -1.14B | -907.29M | -1.32B | -1.31B |
| Pretax profit | 1.26B | 1.32B | 1.33B | 1.54B | 1.34B | 1.52B |
| Tax | 26.66M | -3.51M | 495.00K | 255.62M | 25.74M | 130.83M |
| Net profit | 1.24B | 1.32B | 1.33B | 1.28B | 1.32B | 1.38B |
| Basic EPS | 2 | 2 | 3 | 2 | 3 | 3 |
| Diluted EPS | 2.29 | 2.46 | 2.47 | 2.49 | 2.49 | 2.67 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 8.73B | 13.52B | 34.62B | 62.54B | 76.12B | 119.51B | 158.06B | 148.95B |
| Cash & ST investments | 1.66B | 3.23B | 22.05B | 36.22B | 41.30B | 54.41B | 74.91B | 73.11B |
| Inventory | -- | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 17.72B | 43.62B | 96.03B | 139.34B | 192.03B | 249.04B | 347.46B | 396.53B |
| Total current liabilities | 12.31B | 25.48B | 60.25B | 75.25B | 105.40B | 124.10B | 196.14B | 209.53B |
| Short-term debt | 6.76B | 15.75B | 31.86B | 27.94B | 33.66B | 40.83B | 81.84B | 74.65B |
| Long-term debt | 761.66M | 1.36B | 266.45M | 267.72M | -- | 27.73B | 33.29B | 29.57B |
| Total liabilities | 15,632,555,000.00 | 36,466,809,000.00 | 85,131,547,000.00 | 124,920,773,000.00 | 174,992,403,000.00 | 229,589,834,000.00 | 327,409,523,000.00 | 372,980,645,000.00 |
| Total equity | 2.09B | 7.16B | 10.90B | 14.42B | 17.04B | 19.45B | 20.05B | 23.55B |
| Retained earnings | -- | -- | -- | -- | -- | -- | -- | -- |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 136.12B | 149.95B | 164.85B | 148.95B | 149.59B | 148.10B |
| Cash & ST investments | 71.17B | 76.45B | 78.81B | 73.11B | 68.36B | 58.92B |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 349.97B | 373.85B | 399.48B | 396.53B | 414.31B | 408.03B |
| Total current liabilities | 172.91B | 189.44B | 200.84B | 209.53B | 200.84B | 185.54B |
| Short-term debt | 57.87B | 74.16B | 72.51B | 74.65B | 58.23B | 58.63B |
| Long-term debt | -- | -- | -- | 29.57B | 50.65B | 48.66B |
| Total liabilities | 328,919,716,000.00 | 351,580,614,000.00 | 375,808,485,000.00 | 372,980,645,000.00 | 389,584,658,000.00 | 383,199,397,000.00 |
| Total equity | 21.05B | 22.27B | 23.67B | 23.55B | 24.73B | 24.83B |
| Retained earnings | 1.24B | 2.55B | 3.87B | -- | 1.31B | 2.70B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -456.75M | -3.81B | 1.51B | -4.02B | 1.80B | 8.13B | 11.18B | 12.04B |
| Depreciation & amortization | 52.79M | 90.71M | 143.26M | 231.73M | 205.88M | 252.41M | 265.33M | 304.14M |
| Free cash flow | -593.41M | -3.98B | 1.22B | -4.37B | 1.68B | 7.93B | 10.85B | 11.56B |
| Dividends paid | -325.00M | -500.00M | -- | 0 | 0 | -3.54B | -2.04B | -494.52M |
| Stock buybacks / issuance | 673.29M | 4.48B | 1.41B | 1.13B | -1.81B | -915.86M | -1.35B | -1.90B |
| Ending cash balance | 626.86M | 887.80M | 2.66B | 3.75B | 4.97B | 9.21B | 12.91B | 19.22B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | -2.63B | 4.76B | 12.31B | -2.38B | 4.69B | -1.16B |
| Depreciation & amortization | 74.13M | 76.57M | 75.71M | 77.74M | 83.37M | 102.48M |
| Free cash flow | -2.71B | 4.65B | 12.15B | -2.53B | 4.46B | -1.28B |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -497.77M | -417.05M | -133.57M | -852.29M | -197.48M | -798.47M |
| Ending cash balance | 10.23B | 14.17B | 24.57B | 19.22B | 23.60B | 20.04B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 28.83 | 23.39 | 23.01 | 28.36 | 22.76 | 21.37 | 22.86 | 23.72 |
| ROA %i | 3.74 | 3.52 | 2.97 | 3.05 | 2.16 | 1.77 | 1.51 | 1.39 |
| ROIC %i | 8.54 | 6.73 | 6.24 | 8.61 | 8.24 | 8.50 | 4.65 | 4.35 |
| 5-year avg ROE %i | -- | -- | -- | 27.91 | 25.22 | 23.78 | 23.67 | 23.81 |
| EBIT margin %i | 34.71 | 45.29 | 49.32 | 63.76 | 64.76 | 69.72 | 77.65 | 76.24 |
| FCF / sales %i | -- | -- | 24.30 | -- | 28.23 | 121.42 | 146.11 | 145.04 |
| Current ratioi | 0.71 | 0.53 | 0.57 | 0.83 | 0.72 | 0.96 | 0.81 | 0.71 |
| Quick ratioi | 0.17 | 0.15 | 0.44 | 0.66 | 0.61 | 0.70 | 0.56 | 0.55 |
| Debt / assetsi | 42.41 | 39.23 | 33.45 | 20.25 | 17.53 | 27.53 | 33.14 | 26.28 |
| LT debt / equityi | 36.53 | 18.96 | 2.45 | 1.86 | -- | 142.55 | 166.10 | 125.58 |
| Interest coveragei | 9.86 | 19.30 | 46.97 | 29.11 | 9.56 | 7.37 | 7.40 | 9.71 |
| Revenue CAGR (3Y) %i | -- | 73.38 | 57.51 | 44.48 | 18.22 | 9.20 | 6.21 | 10.28 |
| Net income CAGR (3Y) %i | -- | 64.27 | 71.19 | 98.14 | 49.07 | 23.37 | 7.93 | 13.04 |
| FCF CAGR (3Y) %i | -- | -- | 79.34 | -- | -- | 86.68 | -- | 90.29 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 22.76 | 23.31 | 22.46 | 23.72 | 22.92 | 22.58 |
| ROA %i | 1.50 | 1.47 | 1.41 | 1.39 | 1.37 | 1.36 |
| ROIC %i | 7.17 | 6.51 | 6.75 | 4.35 | 4.35 | 4.14 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 79.66 | 80.06 | 79.28 | 76.24 | 73.71 | 73.82 |
| FCF / sales %i | 154.81 | 140.41 | 239.34 | 145.04 | 226.93 | 151.81 |
| Current ratioi | 0.79 | 0.79 | 0.82 | 0.71 | 0.74 | 0.80 |
| Quick ratioi | 0.59 | 0.59 | 0.57 | 0.55 | 0.54 | 0.55 |
| Debt / assetsi | 16.54 | 19.84 | 18.15 | 26.28 | 26.28 | 26.30 |
| LT debt / equityi | -- | -- | -- | 125.58 | 204.90 | 195.98 |
| Interest coveragei | 7.66 | 7.82 | 8.54 | 9.71 | 11.03 | 12.65 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Diversified
- Management fees is the largest reported line at 28.36% of revenue, across 7 reported segments.
- No single line clears half of revenue; Brokerage commission is next at 26.86%, spreading the business across more than one real driver.
Revenue breakdown most recent period
Business
Management fees28.36%
Brokerage commission26.86%
Securities placement24.03%
Commissions Fees14.54%
Other Services11.77%
Insurance brokerage fee3.17%
Quote time 2026-10-08 07:28:21 · For reference only, not investment advice and not tailored to your situation.