Jun 2026 (Q2 FY26) — Aug 17, 2026
XP Inc. Q2 FY26 — Strong Profitability and Capital Management Amidst Market Volatility
Read the full callXP (XP) earnings
- Jun 2026 (Q2 FY26)
- Dec 2024
XP earnings: last reported Mon, 17 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 6 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Retail net new money (BRL/quarter) -- Q1 FY26 | Around BRL 20 billion in retail net new money | Dec 2025 | In Q1, we posted BRL 19 billion of organic retail net new money, while corporate and institutional came in at negative BRL 4 billion, bringing the total for the quarter to approximately BRL 14 billion. So we once again reached our guidance of around BRL 20 billion in retail net new money per quarter. | Achieved |
| FY26 gross revenue (Investor Day guidance) | Gross revenues of BRL 22.8bn to BRL 26.8bn in FY26 (~12%-22% CAGR from the FY23 Investor Day base) | Sep 2024 | if we take that off, we would probably be at low teens, very close to what we have planned | At Risk |
| FY25 capital payout ratio (dividends + buybacks) | More than 50% of net income returned via dividends and buybacks in 2025 | Sep 2024 | On the right-hand side of this slide, you can see the evolution of our payout ratio over the years, including last year, we had a close to 15% payout, considering both buybacks and dividends. | Missed |
3 of XP Inc.'s 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
- Client assets (AUM + AUA) reached BRL 2.2 trillion, up 17% YoY.
- EBT advanced 15% YoY to BRL 1.6 billion.
- ROE increased 80 bps sequentially to 22.5%.
- Adjusted diluted EPS grew 9% YoY, faster than net income.
- Retail net new money met soft target of BRL 20 billion, with total net new money at BRL 28 billion.
Qualified
- Global geopolitical tensions and residual market volatility impacted results, particularly widening credit spreads and reduced primary DCM offerings.
- Retail revenues were impacted by BRL 420 million mark-to-market effect in H1 FY26, with BRL 100M-BRL 160M in Q2 FY26.
- Fixed income revenues impacted by mix shift to daily liquid products, representing 70% of fixed income sales, up from 30% three quarters ago.
- Issuer Services segment experienced lower revenues YoY and QoQ due to sharp decrease in new fixed income offerings.
Price
$30.26 +3.52% · +$1.03
Performance +82.8% 1Y
1Y: $16.55 on 17 Oct 2025 → $30.26. High $32.6 (12 Oct 2026), low $14.94 (10 Jun 2026).
- Previous close
- $29.23
- 52-week range
- $14.94 – $32.6
- One year
- +73.31%
Overview
- Symbol
- XP
- Sector
- Financials
- Industry
- Security Brokers, Dealers & Flotation Companies
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 10 judged targets kept · 6 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Retail net new money (BRL/quarter) -- Q1 FY26 | Around BRL 20 billion in retail net new money | Dec 2025 | In Q1, we posted BRL 19 billion of organic retail net new money, while corporate and institutional came in at negative BRL 4 billion, bringing the total for the quarter to approximately BRL 14 billion. So we once again reached our guidance of around BRL 20 billion in retail net new money per quarter. | Achieved |
| FY26 gross revenue (Investor Day guidance) | Gross revenues of BRL 22.8bn to BRL 26.8bn in FY26 (~12%-22% CAGR from the FY23 Investor Day base) | Sep 2024 | if we take that off, we would probably be at low teens, very close to what we have planned | At Risk |
| FY25 capital payout ratio (dividends + buybacks) | More than 50% of net income returned via dividends and buybacks in 2025 | Sep 2024 | On the right-hand side of this slide, you can see the evolution of our payout ratio over the years, including last year, we had a close to 15% payout, considering both buybacks and dividends. | Missed |
Claimed
- Client assets (AUM + AUA) reached BRL 2.2 trillion, up 17% YoY.
- EBT advanced 15% YoY to BRL 1.6 billion.
- ROE increased 80 bps sequentially to 22.5%.
- Adjusted diluted EPS grew 9% YoY, faster than net income.
- Retail net new money met soft target of BRL 20 billion, with total net new money at BRL 28 billion.
Qualified
- Global geopolitical tensions and residual market volatility impacted results, particularly widening credit spreads and reduced primary DCM offerings.
- Retail revenues were impacted by BRL 420 million mark-to-market effect in H1 FY26, with BRL 100M-BRL 160M in Q2 FY26.
- Fixed income revenues impacted by mix shift to daily liquid products, representing 70% of fixed income sales, up from 30% three quarters ago.
- Issuer Services segment experienced lower revenues YoY and QoQ due to sharp decrease in new fixed income offerings.
The full ledger
Open XP Inc.’s full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 18, 2026
XP Inc. Q1 FY26 — Double-Digit Growth Outlook Despite Q1 Volatility
Read the full callEvery analysed call
XP earnings calls (XP)
Financials
What the filings say
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | — | 4,028 | 9,072 | 16,390 | 22,422 | 33,102 | 47,316 | 52,939 |
| Fixed assets | 14 | 26 | 35 | 39 | 56 | 59 | 77 | 73 |
| Total assets | — | 4,567 | 10,852 | 18,488 | 25,010 | 36,325 | 51,325 | 56,180 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 79 | -118 | -949 | 291 | -722 | 341 | 1,675 | 1,808 |
| Cash from investing | -138 | -38 | -40 | -112 | -207 | -70 | 111 | -270 |
| Cash from financing | 176 | 98 | 1,053 | 152 | 1,192 | -38 | -906 | -935 |
| Capital expenditure | -9 | -21 | -18 | -28 | -24 | -8 | -14 | -23 |
| Free cash flow | 70 | -139 | -967 | 263 | -746 | 333 | 1,661 | 1,784 |
XP operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Active accounts | 4.8MWe ended the period with 18,300 advisers, up 1% year-over-year, while our active client base totaled BRL 4.8 million, a 2% year-over-year increase.Source: earnings call transcript | 4.8MWe ended the period with 18,400 advisers, up 1% year-over-year, while our active client base totaled 4.8 million, a 1% increase year-over-year.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
1 filing, all on Sep 16, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.41M
1 sale by 1 insider
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Dos Santos Bruno Constantino Alexandre | — | $2.41M | Sep 16, 2026 |
Latest filings (1)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Dos Santos Bruno Constantino Alexandre Director | Sale | 123,257 | $2.41M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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