Xp Inc. (XP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.62	$2.67	+1.9%	—	$2B	—
Q1 26	$2.53	$2.49	-1.6%	—	$1.9B	—
Q4 25	$2.5	$2.56	+2.4%	—	$2.4B	—
Q3 25	$2.42	$2.47	+2.1%	—	$2.1B	—
Q2 25	$2.33	$2.46	+5.6%	—	$1.8B	—
Q1 25	$2.17	$2.29	+5.5%	—	$1.6B	—
Q4 24	$2.25	$2.23	-0.9%	—	$366.2M	—
Q3 24	$2.17	$2.18	+0.5%	—	$364.2M	—
Q2 24	$1.96	$2.03	+3.6%	—	$358.9M	—
Q1 24	$2.06	$1.85	-10.2%	—	$1.6B	—
Q4 23	$1.97	$2.08	+5.6%	—	$1.9B	—
Q3 23	$2.07	$2.13	+2.9%	—	$1.8B	—
Q2 23	$1.87	$2	+7.0%	—	$1.5B	—
Q1 23	$1.37	$1.52	+10.9%	—	$1.3B	—
Q4 22	$1.93	$1.59	-17.6%	—	$1.6B	—
Q3 22	$1.59	$2.06	+29.6%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.8	—	—	$8B	—
FY24	—	$8.33	—	—	$1.4B	—
FY23	—	$7.22	—	—	$6.5B	—
FY22	—	$6.44	—	—	$5.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$689.9M	$1.3B	$2.1B	$3.6B	$5B	$6.2B	$5.9B	$6.5B	$1.4B	$8B
YoY change	—	+86.1%	+60.1%	+75%	+39.5%	+23.5%	-4.13%	+9.96%	-78.2%	+460.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	689.9M	1.3B	2.1B	3.6B	5B	6.2B	5.9B	6.5B	1.4B	8B
Cost of revenue	376.1M	714.4M	1.2B	2B	3.5B	4.8B	5.5B	5.8B	1.1B	5.9B
Gross profit	313.8M	569.2M	899.8M	1.6B	1.5B	1.4B	472.1M	761.1M	362M	2.1B
Gross margin	45.5%	44.3%	43.8%	44.2%	30.4%	21.8%	7.95%	11.7%	25.5%	26%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	495.7M	518.1M	970.8M	1.5B	2.2B	3.2B	3.9B	4B	826.1M	4.7B
Operating expenses	497.8M	503M	972.6M	1.4B	1.9B	2.9B	3.7B	3.9B	987M	5.8B
Operating income	-186.7M	15.1M	-179.8M	75M	-615.3M	-1.9B	-3.6B	-3.8B	-749.9M	-4.5B
Operating margin	-27.1%	1.17%	-8.75%	2.08%	-12.3%	-31.1%	-59.9%	-58%	-52.7%	-56.7%
Non-operating income, net	560.6M	621.5M	892.8M	1.5B	3.1B	5.9B	7.4B	8.3B	1.8B	10.5B
Pretax income	373.9M	575.5M	640.7M	1.5B	2.4B	3.8B	3.4B	3.9B	954.9M	5.4B
Income tax	130.2M	152M	175.4M	454.6M	339.9M	222.7M	-135.6M	37M	90.2M	279.3M
Net income	243.8M	423.5M	465.3M	1.1B	2.1B	3.6B	3.6B	3.9B	864.7M	5.2B
Net margin	35.3%	33%	22.6%	30.3%	41.5%	58%	60.3%	59.7%	60.8%	64.9%
EBITDA	-163.6M	42.5M	-127M	197.9M	-465.7M	-1.7B	-3.3B	-3.4B	-684.7M	-4.1B
EPS	0.44	0.75	0.84	1.97	3.76	6.42	6.44	7.22	8.33	9.8
Diluted EPS	0.44	0.75	0.84	1.97	3.71	6.26	6.25	7.16	8.23	9.72

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.8B	1.9B	1.6B	358.9M	364.2M	366.2M	1.6B	1.8B	2.1B	2.4B	1.9B	2B
Cost of revenue	1.5B	1.6B	1.5B	213.5M	277.6M	265M	1.3B	1.6B	1.5B	1.5B	1.6B	1.5B
Gross profit	307.5M	310M	169.6M	145.3M	86.5M	101.2M	366M	227.2M	566.9M	927.4M	373.3M	459.7M
Gross margin	16.9%	16.5%	10.4%	40.5%	23.8%	27.6%	22.2%	12.7%	27.1%	38.1%	19.3%	23.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.1B	1B	200.1M	204.5M	216.4M	1.5B	1.1B	1.2B	1.3B	1.2B	1.2B
Operating expenses	1.1B	1.1B	1.1B	254.4M	242M	268.9M	1.5B	1.2B	1.5B	1.7B	1.5B	1.5B
Operating income	-1B	-971.8M	-1.2B	-133.4M	-180.9M	-203.2M	-1.3B	-1.2B	-1.1B	-907.3M	-1.3B	-1.3B
Operating margin	-56.3%	-51.7%	-71.8%	-37.2%	-49.7%	-55.5%	-76.5%	-66.9%	-54.4%	-37.3%	-68.4%	-66.7%
Non-operating income, net	2.3B	2.1B	2.4B	425.7M	445.7M	484.6M	2.7B	2.7B	2.6B	2.6B	2.8B	2.9B
Pretax income	1.2B	995.1M	1.1B	254.8M	227.5M	249.2M	1.3B	1.3B	1.3B	1.5B	1.3B	1.5B
Income tax	70.8M	-44.9M	58.9M	48.9M	4.9M	23.1M	27M	-3.5M	495K	255.6M	25.7M	130.8M
Net income	1.1B	1B	1B	205.9M	222.7M	226.1M	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B
Net margin	59.6%	55.3%	63.4%	57.4%	61.2%	61.8%	75%	73.6%	63.6%	52.7%	68.2%	70.3%
EBITDA	-945.5M	-842.4M	-1.1B	-113.7M	-168M	-186M	-1.3B	-1.1B	-1B	-760.7M	-1.2B	-1.1B
EPS	1.99	—	1.88	2.05	2.21	—	2.3	2.5	2.51	—	2.53	2.71
Diluted EPS	1.96	—	1.85	2.03	2.18	—	2.3	2.46	2.47	—	2.49	2.67

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	124.2B	128B	93.9B	49.8B	79.9B	—	—	10.3B
Enterprise value	—	—	—	138.1B	138.1B	85.9B	44B	64.5B	—	—	-22.7B
Shares outstanding	3.2B	3.2B	3.2B	3.2B	3.2B	3.3B	3.2B	3.1B	103.7M	527.3M	527.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	114	61.5	26.1	13.9	20.5	—	—	10.4
P/S	—	—	—	34.5	25.5	15.2	8.38	12.2	—	—	0.55
P/B	—	—	—	17.4	11.8	6.51	2.92	4.11	—	—	2.23
EV/EBITDA	—	—	—	697.9	-296.6	-50.7	-13.1	-18.7	—	—	5.6
EV/Sales	—	—	—	38.4	27.5	13.9	7.41	9.88	—	—	-6.31
Earnings yield	—	—	—	0.88%	1.63%	3.83%	7.19%	4.88%	—	—	9.64%
FCF yield	—	—	—	-3.2%	0.95%	-4.66%	3.37%	9.93%	—	—	50.4%
PEG	—	—	—	—	—	—	—	—	—	—	1.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	45.5%	44.3%	43.8%	44.2%	30.4%	21.8%	7.95%	11.7%	25.5%	26%	23.4%
Operating margin	-27.1%	1.17%	-8.75%	2.08%	-12.3%	-31.1%	-59.9%	-58%	-52.7%	-56.7%	31.2%
Net margin	35.3%	33%	22.6%	30.3%	41.5%	58%	60.3%	59.7%	60.8%	64.9%	28.5%
ROE	—	36.8%	22.2%	15.2%	19.1%	24.9%	21%	20%	22.5%	22%	22.6%
ROA	—	5.94%	2.63%	2.5%	2.17%	2.58%	1.86%	1.57%	1.3%	1.3%	1.36%
ROIC	—	0.65%	-1.64%	0.25%	-2.52%	-28.3%	-31.6%	-92.6%	-5.88%	-7.84%	-5.93%
Return on tangible assets	—	6.86%	2.78%	2.56%	2.2%	2.61%	1.88%	1.6%	1.32%	1.32%	1.31%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	0.51	0.71	0.53	0.57	0.83	0.72	0.79	0.81	0.71	1.49
Quick ratio	—	0.51	0.71	0.53	0.57	0.83	0.72	0.79	0.81	0.71	0.8
Debt / equity	—	1.2	3.59	2.39	2.95	1.96	2.08	1.83	5.74	4.43	6.42
Debt / assets	—	0.19	0.42	0.39	0.33	0.2	0.18	0.14	0.33	0.26	0.26
Net debt / EBITDA	—	13.1	-46.1	70.1	-21.6	4.73	1.73	4.47	-11.3	-7.67	-11.7
Interest coverage	—	10.4	9.86	19.3	47	29.1	9.56	7.37	7.4	9.71	12.7
Effective tax rate	34.8%	26.4%	27.4%	29.4%	14%	5.84%	0%	0.94%	9.45%	5.13%	7.21%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.21	0.4	0.64	1.11	1.55	1.9	1.83	2.13	13.7	15.1	35.9
EPS (basic)	0.44	0.75	0.84	1.97	3.76	6.42	6.44	7.22	8.33	9.8	9.8
EPS (diluted)	0.44	0.75	0.84	1.97	3.71	6.26	6.25	7.16	8.23	9.72	1.95
Book value per share	—	0.36	0.65	2.22	3.38	4.41	5.25	6.35	37	44.7	9.08
FCF per share	-0.01	0.07	-0.18	-1.23	0.38	-1.34	0.52	2.59	20	21.9	24.6
Cash per share	—	0.26	0.52	1	6.83	11.1	12.7	16.6	138.3	138.7	566.4
Capex per share	0	0.01	0.03	0.02	0.04	0.04	0.01	0.02	0.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.81%	2.37%	4.05%	2.02%	2.89%	2.19%	0.75%	1.01%	1.82%	—	—
Capex / operating cash flow	78%	6.67%	-45.3%	-2.08%	-7.13%	-0.86%	-0.3%	-1.74%	-0.59%	—	—
Payout ratio	71.5%	44.9%	69.8%	45.9%	0%	0%	0%	90.8%	45.1%	9.57%	20%
Dividend yield	—	—	—	0.4%	0%	0%	0%	4.43%	—	—	3.95%

Yield

3.95%

trailing twelve months

Frequency

Annual

Last dividend

$0.20

ex-dividend Jun 10, 2026

Payout ratio

20%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 10, 2026	$0.20
Dec 10, 2025	$0.18
Dec 10, 2024	$0.65
Dec 12, 2023	$0.73
Sep 11, 2023	$0.585

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.8B	$1.9B	$1.6B	$358.9M	$364.2M	$366.2M	$1.6B	$1.8B	$2.1B	$2.4B	$1.9B	$2B
YoY change	+17%	+20.2%	+20.6%	-75.8%	-80%	-80.5%	+1.55%	+400%	+474%	+564.1%	+17.2%	+9.71%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	825.1M	1.7B	3.2B	22B	36.2B	41.3B	50.9B	14.3B	73.1B
Receivables	120.9M	203.6M	458.8M	455.3M	419.5M	522.1M	579.5M	131.2M	1.1B
Inventory	—	—	—	—	—	—	—	—	—
Total current assets	2B	8.7B	13.5B	34.6B	62.5B	76.1B	99.7B	30.3B	148.9B
Property, plant & equipment	47.1M	99.1M	369.9M	387.2M	598.5M	569.4M	655.2M	146.1M	804.1M
Goodwill & intangibles	966.4M	1B	1.1B	1.4B	1.6B	1.7B	5B	1B	5.5B
Total assets	7.1B	17.7B	43.6B	96B	139.3B	192B	249B	66.5B	396.5B
Accounts payable	71.6M	134.6M	266.8M	859.5M	867.5M	617.4M	948.2M	146.2M	810.2M
Short-term debt	644.4M	6.8B	15.8B	31.9B	27.9B	33.7B	35.5B	15.7B	74.7B
Total current liabilities	3.9B	12.3B	25.5B	60.3B	75.2B	105.4B	126.3B	37.6B	209.5B
Long-term debt	736.7M	761.7M	1.4B	266.4M	267.7M	1.9B	—	6.4B	29.6B
Total liabilities	6B	15.6B	36.5B	85.1B	124.9B	175B	229.6B	62.7B	373B
Shareholders' equity	1.2B	2.1B	7.2B	10.9B	14.4B	17B	19.5B	3.8B	23.5B
Total debt	1.4B	7.5B	17.1B	32.1B	28.2B	35.5B	35.5B	22.1B	104.2B
Net debt	1.2B	7.4B	17B	30.2B	25.7B	32B	31.6B	21B	93.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	51.1B	50.9B	50.2B	9.8B	12.4B	14.3B	63.9B	76.4B	78.8B	73.1B	68.4B	58.9B
Receivables	620M	579.5M	639.1M	124.2M	179.8M	131.2M	928M	1.1B	1.2B	1.1B	1.2B	1.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	91.9B	99.7B	133.3B	23.1B	26.1B	30.3B	107.6B	149.9B	164.8B	148.9B	149.6B	148.1B
Property, plant & equipment	502.3M	655.2M	645.5M	148.5M	146.7M	146.1M	486.7M	619.1M	680M	804.1M	737.7M	727.8M
Goodwill & intangibles	5.1B	5B	5B	473.3M	487.2M	1B	2.6B	2.7B	2.7B	5.5B	2.9B	3B
Total assets	233.4B	249B	278.9B	54.7B	59.4B	66.5B	350B	373.9B	399.5B	396.5B	414.3B	408B
Accounts payable	603.8M	948.2M	954M	114.8M	151.2M	146.2M	871M	719.9M	734M	810.2M	890M	807.7M
Short-term debt	40.8B	35.5B	51.3B	10.4B	9.6B	15.7B	54.4B	74.2B	72.5B	74.7B	58.2B	58.6B
Total current liabilities	117B	126.3B	128.8B	25.4B	28.1B	37.6B	189.6B	189.4B	200.8B	209.5B	200.8B	185.5B
Long-term debt	1.3B	—	—	—	—	6.4B	3.5B	—	—	29.6B	50.6B	48.7B
Total liabilities	213.4B	229.6B	258.5B	51B	55.4B	62.7B	328.9B	351.6B	375.8B	373B	389.6B	383.2B
Shareholders' equity	20B	19.5B	20.4B	3.7B	4B	3.8B	21B	22.3B	23.7B	23.5B	24.7B	24.8B
Total debt	42B	35.5B	51.3B	10.4B	9.6B	22.1B	57.9B	74.2B	72.5B	104.2B	108.9B	107.3B
Net debt	38.2B	31.6B	47.4B	9.4B	8.7B	21B	49.6B	62.1B	60.1B	93.9B	100.1B	99.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	373.9M	575.5M	640.7M	1.5B	2.4B	3.8B	3.4B	3.9B	954.9M	5.4B
Depreciation & amortization	23.1M	27.4M	52.8M	90.7M	143.3M	231.7M	205.9M	252.4M	50.8M	304.1M
Stock-based compensation	—	0	0	5.4M	232.8M	561.5M	584.8M	365.7M	79.9M	391.7M
Change in working capital	-380.7M	-148.7M	-937.3M	-5.2B	-4.9B	-20.6B	-19.4B	-8.9B	-5.6B	-23.5B
Operating cash flow	16M	455.2M	-183.4M	-3.5B	-2B	-15.8B	-14.7B	-3.8B	-4.4B	12B
Capital expenditure	-12.5M	-30.4M	-83.1M	-72.5M	-145.2M	-135.4M	-44.6M	-66M	-25.8M	—
Investing cash flow	-12.5M	-435M	-93.6M	-72.5M	-435.6M	-933.2M	-288.9M	669M	-292.8M	-371.3M
Dividends paid	-174.4M	-190M	-325M	-500M	0	0	0	-3.5B	-390.1M	-494.5M
Share repurchases	—	—	—	—	0	0	-1.8B	-915.9M	-259.2M	-1.9B
Financing cash flow	82.1M	584.5M	380.1M	4.2B	788.7M	6.6B	-200.3M	-4.4B	-1.1B	-4.9B
Net change in cash	85.6M	604.7M	103.1M	668.2M	-1.7B	-10.1B	-15.2B	-7.5B	-5.8B	6.7B
Free cash flow	-26.9M	211.4M	-593.4M	-4B	1.2B	-4.4B	1.7B	7.9B	2.1B	11.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	1.3B	1.5B	1.3B	1.5B
Depreciation & amortization	—	—	—	—	—	—	—	—	75.7M	77.7M	83.4M	102.5M
Stock-based compensation	—	—	—	—	—	—	—	—	132.8M	-5.5M	130.9M	33.1M
Change in working capital	6.5B	-656M	-541.7M	-1.7B	2.1B	-7.4B	-630.7M	14.5B	8.1B	-20.5B	10.2B	-4.8B
Operating cash flow	6.5B	-656M	-541.7M	-1.7B	2.1B	-7.4B	-630.7M	14.5B	12.3B	-2.4B	4.7B	-1.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	-158.1M	-53.1M	-81.5M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-133.6M	-852.3M	-197.5M	-798.5M
Financing cash flow	—	—	—	—	—	—	—	—	-1.6B	-2.2B	28.3M	-1.8B
Net change in cash	6.5B	-656M	-541.7M	-1.7B	2.1B	-7.4B	-630.7M	14.5B	10.6B	-4.7B	4.6B	-2.9B
Free cash flow	—	—	—	—	—	—	—	—	12.1B	-2.5B	4.5B	-1.3B

Xp Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement