NASDAQ : XP
XP Inc. — Financial statements
Financials · Capital Markets · Cayman Islands
Last price 14.76 USD (Nov 2, 2026, 11:04 AM EST) · Market cap 7.49B
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Financial statements
XP Inc. (XP) reported revenue of 18.63B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Interest Expense | 491.54M | 625.40M | 779.52M | 617.48M | 402.30M | 135.73M |
| Net Interest Income | -491.54M | -625.40M | -779.52M | -617.48M | -402.30M | -135.73M |
| Brokerage Commission | 3.35B | 3.21B | 3.13B | 2.78B | 2.67B | 2.66B |
| Asset Management Fee | 2.12B | 1.89B | 1.74B | 1.63B | 1.58B | 1.49B |
| Gain on Sale of Investments (Rev) | 2.51B | 2.50B | 2.29B | 1.98B | 1.63B | 1.92B |
| Other Revenue | 11.13B | 10.80B | 9.87B | 8.47B | 7.47B | 6.01B |
| Revenue | 18.63B | 17.77B | 16.25B | 14.24B | 12.95B | 11.94B |
| Cost of Services Provided | 12.72B | 12.12B | 11.12B | 9.96B | 9.58B | 8.30B |
| Other Operating Expenses | -126.54M | -162.98M | -145.59M | -23.48M | -214.92M | -278.80M |
| Total Operating Expenses | 12.96B | 12.35B | 11.26B | 10.30B | 9.46B | 8.11B |
| Operating Income | 5.67B | 5.42B | 4.99B | 3.94B | 3.49B | 3.83B |
| EBT Excluding Unusual Items | 5.83B | 5.54B | 5.03B | 4.01B | 3.47B | 3.82B |
| Asset Writedown | -38.00M | -23.36M | -29.45M | -32.27M | -20.80M | -20.37M |
| Legal Settlements | -71.81M | -68.89M | -18.55M | -46.10M | -8.56M | -3.67M |
| Pretax Income | 5.73B | 5.45B | 4.99B | 3.94B | 3.44B | 3.82B |
| Income Tax Expense | 412.69M | 279.26M | 471.13M | 36.96M | -135.56M | 222.71M |
| Earnings From Continuing Ops. | 5.31B | 5.17B | 4.51B | 3.90B | 3.58B | 3.59B |
| Minority Interest in Earnings | 2.95M | 494.00K | -1.43M | -689.00K | -1.16M | -3.04M |
| Net Income | 5.32B | 5.17B | 4.51B | 3.90B | 3.58B | 3.59B |
| Net Income to Common | 5.32B | 5.17B | 4.51B | 3.90B | 3.58B | 3.59B |
| Shares Outstanding (Basic) | 519.54M | 527.32M | 541.67M | 539.84M | 555.43M | 559.00M |
| Shares Outstanding (Diluted) | 524.51M | 531.92M | 548.32M | 544.21M | 573.01M | 573.50M |
| EPS (Basic) | 10.23 | 9.80 | 8.33 | 7.22 | 6.44 | 6.42 |
| EPS (Diluted) | 10.14 | 9.72 | 8.23 | 7.16 | 6.25 | 6.26 |
| Free Cash Flow | 13.21B | 11.84B | 11.03B | 8.06B | 1.76B | -4.16B |
| Free Cash Flow Per Share | 25.19 | 22.25 | 20.12 | 14.81 | 3.07 | -7.25 |
| Dividend Per Share | 2.03 | 0.99 | 4.02 | 6.36 | ||
| Operating Margin | 30.45% | 30.52% | 30.69% | 27.67% | 26.93% | 32.08% |
| Profit Margin | 28.54% | 29.09% | 27.77% | 27.37% | 27.65% | 30.06% |
| Free Cash Flow Margin | 70.92% | 66.59% | 67.90% | 56.60% | 13.59% | -34.80% |
| Effective Tax Rate | 7.21% | 5.12% | 9.45% | 0.94% | 5.84% | |
| Revenue as Reported | 19.12B | 18.40B | 17.03B | 14.86B | 13.35B | 12.08B |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.98B | 10.36B | 5.61B | 3.94B | 3.55B | 2.49B |
| Short-Term Investments | 25.61B | 17.06B | 22.06B | 14.89B | 7.60B | 8.89B |
| Trading Asset Securities | 253.84B | 239.29B | 195.52B | 126.25B | 95.01B | 68.77B |
| Accounts Receivable | 1.01B | 608.95M | 515.59M | 487.33M | 413.00M | |
| Other Receivables | 37.17B | 34.53B | 29.42B | 28.77B | 22.34B | 12.88B |
| Property, Plant & Equipment | 942.23M | 804.13M | 763.10M | 655.17M | 569.38M | 598.47M |
| Goodwill | 1.92B | 1.92B | 1.83B | 595.22M | 542.75M | |
| Other Intangible Assets | 2.95B | 841.90M | 713.10M | 668.64M | 248.96M | 278.23M |
| Investments in Debt & Equity Securities | 52.97B | 66.54B | 66.95B | 55.13B | 47.27B | 35.03B |
| Other Current Assets | 9.33B | 8.14B | 8.52B | 4.72B | 5.92B | 2.16B |
| Long-Term Deferred Tax Assets | 3.83B | 3.37B | 2.89B | 2.10B | 1.61B | 1.27B |
| Other Long-Term Assets | 13.41B | 12.66B | 12.48B | 9.57B | 6.82B | 6.01B |
| Total Assets | 408.03B | 396.53B | 347.46B | 249.04B | 192.03B | 139.34B |
| Accounts Payable | 807.65M | 810.16M | 763.47M | 948.22M | 617.39M | 867.53M |
| Accrued Expenses | 1.26B | 1.68B | 1.56B | 1.48B | 1.19B | 1.30B |
| Short-Term Debt | 105.23B | 96.50B | 113.49B | 58.13B | 40.40B | 38.19B |
| Current Portion of Long-Term Debt | 36.51B | 30.86B | 18.10B | 24.21B | 15.45B | 4.02B |
| Current Portion of Leases | 157.46M | 62.34M | 40.76M | 69.72M | 69.72M | 71.92M |
| Other Current Liabilities | 79.11B | 101.13B | 75.48B | 45.06B | 40.41B | 25.93B |
| Long-Term Debt | 17.38B | 20.96B | 27.30B | 23.80B | 19.58B | 14.93B |
| Long-Term Leases | 269.64M | 249.08M | 270.59M | 235.04M | 215.92M | 246.63M |
| Long-Term Deferred Tax Liabilities | 631.19M | 489.49M | 265.29M | 86.36M | 111.04M | 28.93M |
| Other Long-Term Liabilities | 43.24B | 26.68B | 23.73B | 18.93B | 11.07B | 7.14B |
| Total Liabilities | 383.20B | 372.98B | 327.41B | 229.59B | 174.99B | 124.92B |
| Common Stock | 28.00K | 28.00K | 26.00K | 26.00K | 24.00K | 23.00K |
| Additional Paid-In Capital | 4.36B | 19.70B | 15.29B | 6.42B | 6.99B | 6.82B |
| Retained Earnings | 2.70B | |||||
| Comprehensive Income & Other | 18.89B | 3.98B | 4.98B | 13.15B | 12.04B | 7.77B |
| Total Common Equity | 24.83B | 23.55B | 20.04B | 19.45B | 17.04B | 14.42B |
| Minority Interest | 596.00K | 1.01M | 3.68M | 1.49M | 6.47M | 2.79M |
| Shareholders' Equity | 24.83B | 23.55B | 20.05B | 19.45B | 17.04B | 14.42B |
| Total Liabilities & Equity | 408.03B | 396.53B | 347.46B | 249.04B | 192.03B | 139.34B |
| Total Debt | 159.54B | 148.63B | 159.21B | 106.44B | 75.71B | 57.46B |
| Net Cash (Debt) | 127.88B | 118.08B | 63.98B | 38.64B | 30.46B | 22.69B |
| Net Cash Per Share | 243.82 | 221.98 | 116.68 | 71.00 | 53.16 | 39.56 |
| Filing Date Shares Outstanding | 507.48M | 518.74M | 537.42M | 548.44M | 541.32M | 559.00M |
| Total Common Shares Outstanding | 507.48M | 518.74M | 537.42M | 548.44M | 541.32M | 559.00M |
| Working Capital | 109.97B | 78.81B | 52.14B | 48.96B | 36.64B | 24.96B |
| Book Value Per Share | 48.93 | 45.39 | 37.30 | 35.46 | 31.47 | 25.80 |
| Tangible Book Value | 21.88B | 20.78B | 17.41B | 16.95B | 16.19B | 13.60B |
| Tangible Book Value Per Share | 43.11 | 40.06 | 32.39 | 30.90 | 29.91 | 24.33 |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.32B | 5.17B | 4.51B | 3.90B | 3.58B | 3.59B |
| Depreciation & Amortization, Total | 241.86M | 214.11M | 201.90M | 165.15M | 129.43M | 82.93M |
| Gain (Loss) On Sale of Investments | 402.35M | 423.33M | 321.62M | 387.23M | 78.94M | 92.56M |
| Stock-Based Compensation | 291.31M | 391.69M | 417.26M | 365.71M | 584.77M | 561.46M |
| Change in Accounts Receivable | -136.00M | -638.81M | -109.73M | -53.25M | -157.06M | 37.16M |
| Change in Accounts Payable | 87.77M | 46.69M | -184.75M | 326.34M | -308.82M | -133.58M |
| Change in Other Net Operating Assets | 7.82B | 7.46B | 4.63B | 3.30B | -1.61B | -8.71B |
| Other Operating Activities | -302.90M | -994.60M | 1.40B | -382.27M | -565.88M | 51.52M |
| Operating Cash Flow | 13.45B | 12.04B | 11.18B | 8.13B | 1.80B | -4.02B |
| Capital Expenditures | -234.75M | -209.28M | -144.81M | -66.00M | -44.56M | -135.44M |
| Cash Acquisitions | -4.62M | 770.89M | -69.53M | -40.86M | ||
| Sale (Purchase) of Intangibles | -426.11M | -280.28M | -180.78M | -130.22M | -82.41M | -217.57M |
| Investment in Securities | -343.36M | -371.28M | -1.39B | -35.85M | -174.77M | -756.86M |
| Other Investing Activities | 115.49M | 144.88M | 46.81M | |||
| Investing Cash Flow | -888.74M | -715.97M | -1.67B | 538.81M | -371.28M | -1.15B |
| Long-Term Debt Issued | 2.63B | 1.16B | 2.63B | 1.89B | 5.76B | |
| Long-Term Debt Repaid | -5.16B | -3.55B | -2.56B | -277.71M | -254.20M | |
| Lease Payments | -129.25M | -123.15M | -125.97M | -132.74M | -99.66M | -55.35M |
| Net Debt Issued (Repaid) | -3.59B | -2.53B | -2.39B | 69.33M | 1.61B | 5.51B |
| Repurchase of Common Stock | -1.98B | -1.90B | -1.35B | -915.86M | -1.81B | |
| Common Dividends Paid | -1.01B | -494.52M | -2.04B | -3.54B | ||
| Other Financing Activities | -638.00K | -800.00K | -996.00K | -6.00M | 1.74M | 1.13B |
| Financing Cash Flow | -6.59B | -4.93B | -5.78B | -4.39B | -200.30M | 6.64B |
| Foreign Exchange Rate Adjustments | -103.15M | -90.59M | -28.28M | -28.28M | -16.68M | -376.73M |
| Net Cash Flow | 5.87B | 6.31B | 3.70B | 4.24B | 1.22B | 1.09B |
| Free Cash Flow | 13.21B | 11.84B | 11.03B | 8.06B | 1.76B | -4.16B |
| Free Cash Flow Margin | 70.92% | 66.59% | 67.90% | 56.60% | 13.59% | -34.80% |
| Free Cash Flow Per Share | 25.19 | 22.25 | 20.12 | 14.81 | 3.07 | -7.25 |
| Free Cash Flow After Leases | 13.08B | 11.71B | 10.91B | 7.93B | 1.66B | -4.21B |
| Cash Interest Paid | 386.78M | 367.33M | 349.35M | 141.20M | 197.94M | 81.43M |
| Cash Income Tax Paid | 525.44M | 313.60M | 542.40M | 402.84M | 370.86M | 783.82M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.13B | 8.65B | 6.36B | 14.29B | 8.59B | 16.08B |
| Last Close Price | 14.04 | 16.16 | 11.58 | 24.25 | 13.50 | 25.29 |
| PE Ratio | 7.18 | 9.21 | 8.72 | 17.78 | 12.70 | 24.96 |
| PS Ratio | 1.98 | 2.68 | 2.42 | 4.87 | 3.51 | 7.50 |
| PB Ratio | 1.49 | 2.02 | 1.96 | 3.56 | 2.67 | 6.21 |
| P/FCF Ratio | 2.93 | 4.02 | 3.57 | 8.60 | 25.83 | |
| P/OCF Ratio | 2.88 | 3.95 | 3.52 | 8.53 | 25.19 | |
| Debt / Equity Ratio | 6.42 | 6.31 | 7.94 | 5.47 | 4.44 | 3.98 |
| Debt / FCF Ratio | 12.07 | 12.56 | 14.43 | 13.20 | 43.03 | |
| Net Debt / Equity Ratio | -5.15 | -5.01 | -3.19 | -1.99 | -1.79 | -1.57 |
| Net Debt / FCF Ratio | -9.68 | -9.98 | -5.80 | -4.79 | -17.31 | 5.46 |
| Asset Turnover | 0.05 | 0.05 | 0.05 | 0.07 | 0.08 | 0.10 |
| Quick Ratio | 1.45 | 1.30 | 1.21 | 1.34 | 1.31 | 1.32 |
| Current Ratio | 1.49 | 1.34 | 1.25 | 1.38 | 1.37 | 1.35 |
| Return on Equity (ROE) | 22.56% | 23.71% | 22.86% | 21.37% | 22.76% | 28.38% |
| Return on Assets (ROA) | 1.36% | 1.39% | 1.51% | 1.77% | 2.16% | 3.05% |
| Return on Invested Capital (ROIC) | 2.80% | 2.93% | 2.96% | 3.57% | 4.23% | 5.61% |
| Earnings Yield | 13.94% | 10.85% | 11.47% | 5.62% | 7.88% | 4.01% |
| FCF Yield | 34.11% | 24.85% | 28.04% | 11.63% | 3.87% | -4.64% |
| Dividend Yield | 1.43% | 1.08% | 5.49% | 5.03% | ||
| Payout Ratio | 19.42% | 9.57% | 45.13% | 90.86% | ||
| Buyback Yield / Dilution | 2.91% | 2.99% | -0.76% | 5.03% | 0.09% | -2.57% |
| Total Shareholder Return | 4.33% | 4.07% | 4.74% | 10.05% | 0.09% | -2.57% |