General
XP Inc.
XP Nasdaq Security Brokers, Dealers & Flotation Companies Financials FY2017–FY2025
XP provides financial products and services in Brazil through a technology platform used by individual investors, institutions and companies that issue financial products. Its offerings include stocks and fixed-income investments, mutual and hedge funds, structured products, life insurance, retirement plans and real estate trusts. The XP, Rico and Clear portals serve investors directly: Rico targets people who choose investments themselves, while Clear provides online trading for active retail traders. XP also offers financial education, investment advice and financial media content, including the InfoMoney website.
- Today
- 3.0%
- Previous close
- $15.04
- Market cap
- $8.2B
- P/E
- 8.9x
- Day range
-
$15.03 $15.50
- 52-week range
-
$14.04 $32.60
Last close · Nov 13, 2026
$15.49
−$3.59 (−18.82%) past year
Latest fiscal year
FY25 results
+3.4%
Revenue vs FY24
Fiscal year ended December 31, 2025
See every year| Line | FY24 | FY25 | Change (y/y) |
|---|---|---|---|
| Revenue | $1.4B | $1.4B | 3.4% |
| Net income | $838M | $925M | 10.4% |
| Diluted EPS | $1.53 | $1.74 | 13.8% |
| Free cash flow | $2.0B | $2.1B | 3.4% |
Key numbers
Key numbers, fiscal 2025
Revenue and margins
Revenue and margins
KIRA summarises the numbers
-
XP Inc. had $1.4B of revenue in fiscal 2025, up 3.4% on the year before.
Over five years, revenue changed +7.9% a year on average.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
-
XP Inc. made $925M of net profit in fiscal 2025.
From fiscal 2017 to 2025, diluted EPS grew 26.4% a year.
Net income
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash flow
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
-
Free cash flow was $2.1B in fiscal 2025, 148.6% of revenue.
Free cash flow
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Dividends, buybacks and share count
KIRA summarises the numbers
-
XP Inc. returned $88.5M to shareholders in fiscal 2025, 4% of free cash flow.
The diluted share count fell 3.0%.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
-
In the last 12 months, insiders sold $2.4M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.4M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Santos Bruno Constantino Alexandre DosDirector | Sold | 123,257 | $19.58 | $2.4M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Balance sheet
Balance sheet
Cash, debt and the ratios that show how comfortably XP Inc. can carry it.
KIRA summarises the numbers
-
XP Inc. has $3.5B more cash than debt.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $673M | $940M | $1.9B | $2.1B | $3.5B |
| Debt incl. finance leases | $346M | $353M | $453M | $269M | $43.4M |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Total assets | $25.0B | $36.3B | $51.3B | $56.2B | $72.4B |
| Total liabilities | $22.4B | $33.1B | $47.3B | $52.9B | $68.1B |
| Shareholders' equity | $2.6B | $3.2B | $4.0B | $3.2B | $4.3B |
| Net debt (− = net cash) | −$327M | −$587M | −$1.4B | −$1.8B | −$3.5B |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
F-score
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
-
XP Inc. passes 5 of 7 financial health tests (Piotroski F-score).
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| F-score | 2 / 7 | 4 / 7 | 5 / 7 | 4 / 7 | 5 / 7 |
| Accruals ratio | 6.5% | 1.1% | −1.9% | −2.3% | −1.9% |
| Altman Z'' | — | — | — | — | — |
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — |
| Share count didn't rise | ✕ | ✓ | ✓ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | ✕ | ✕ | ✕ | ✕ | ✕ |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
9 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $402M | $562M | $911M | $973M | $1.1B | $1.1B | $1.3B | $1.4B | $1.4B |
| Pretax income | $180M | $175M | $391M | $470M | $707M | $667M | $788M | $925M | $975M |
| Income tax | $47.6M | $48.0M | $115M | $65.9M | $41.3M | −$26.2M | $7.4M | $87.4M | $50.0M |
| Net income | $130M | $126M | $274M | $403M | $665M | $693M | $781M | $838M | $925M |
| Net income to common | $130M | $126M | $274M | $403M | $665M | $693M | $781M | $838M | $925M |
| Diluted EPS | $0.27 | $0.26 | $0.54 | $0.72 | $1.16 | $1.21 | $1.43 | $1.53 | $1.74 |
| Diluted shares | 0.48B | 0.49B | 0.51B | 0.56B | 0.57B | 0.57B | 0.54B | 0.55B | 0.53B |
| Cash flow | |||||||||
| Cash from operations | $82.2M | −$125M | −$967M | $293M | −$745M | $349M | $1.6B | $2.1B | $2.2B |
| Capital expenditure | $9.5M | $22.7M | $18.4M | $28.1M | $25.1M | $8.6M | $13.2M | $26.9M | $37.4M |
| Free cash flow | $72.7M | −$148M | −$985M | $265M | −$770M | $341M | $1.6B | $2.0B | $2.1B |
| Stock-based compensation | — | $0.0M | $1.4M | $45.1M | $104M | $113M | $73.2M | $77.4M | $70.1M |
| Acquisitions | $127M | $2.8M | $0.0M | $12.1M | $7.6M | $13.5M | −$154M | $0.0M | $0.0M |
| Dividends paid | $59.5M | $88.9M | $127M | $0.0M | $0.0M | $0.0M | $709M | $378M | $88.5M |
| Dividends and buybacks | $59.5M | $88.9M | $127M | $0.0M | $0.0M | $0.0M | $709M | $378M | $88.5M |
| Balance sheet | |||||||||
| Cash and short-term investments | $252M | $162M | $221M | $512M | $673M | $940M | $1.9B | $2.1B | $3.5B |
| Total debt | — | $121M | $95.1M | $54.7M | $346M | $353M | $453M | $269M | $43.4M |
| Deposits | — | — | $17.5M | $582M | — | — | — | — | — |
| Property and equipment, net | $14.2M | $25.5M | $35.4M | $39.3M | $56.4M | $58.8M | $76.9M | $72.8M | $84.6M |
| Intangible assets | — | $130M | $138M | — | — | — | — | — | — |
| Total assets | — | $4.6B | $10.9B | $18.5B | $25.0B | $36.3B | $51.3B | $56.2B | $72.4B |
| Total liabilities | — | $4.0B | $9.1B | $16.4B | $22.4B | $33.1B | $47.3B | $52.9B | $68.1B |
| Shareholders' equity | $348M | $537M | $1.8B | $2.1B | $2.6B | $3.2B | $4.0B | $3.2B | $4.3B |
| Margins | |||||||||
| Net margin | 32.2% | 22.5% | 30.0% | 41.4% | 57.9% | 60.2% | 59.7% | 60.8% | 64.9% |
| FCF margin | 18.1% | −26.3% | −108.1% | 27.2% | −67.1% | 29.6% | 123.4% | 148.6% | 148.6% |
| Returns | |||||||||
| Return on equity | 37.3% | 28.5% | 23.6% | 20.8% | 28.4% | 23.8% | 21.6% | 23.1% | 24.5% |
| Return on assets | — | 2.8% | 3.6% | 2.7% | 3.1% | 2.3% | 1.8% | 1.6% | 1.4% |
| Return on tangible equity | 37.3% | 31.0% | 16.7% | 19.2% | 25.7% | 21.5% | 19.5% | 25.8% | 21.5% |
| Growth | |||||||||
| Revenue growth | — | 39.7% | 62.2% | 6.7% | 18.1% | 0.1% | 13.7% | 5.4% | 3.4% |
| Net income growth | — | −2.7% | 117.0% | 47.0% | 65.3% | 4.1% | 12.7% | 7.3% | 10.4% |
| EPS growth | — | −4.3% | 109.1% | 34.6% | 61.1% | 4.2% | 18.6% | 6.5% | 13.8% |
| FCF growth | — | −303.1% | — | — | −390.9% | — | 374.0% | 26.9% | 3.4% |
| Share count change | — | 1.7% | 3.8% | 9.3% | 2.6% | −0.1% | −5.0% | 0.8% | −3.0% |
| Financial health | |||||||||
| Debt / equity | — | 0.2x | 0.1x | 0.0x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Capital allocation | |||||||||
| Capex / revenue | 2.4% | 4.0% | 2.0% | 2.9% | 2.2% | 0.8% | 1.0% | 2.0% | 2.6% |
| Stock comp / revenue | — | 0.0% | 0.1% | 4.6% | 9.1% | 9.8% | 5.6% | 5.6% | 4.9% |
| Payouts / FCF | 81.9% | — | — | 0.0% | — | 0.0% | 43.9% | 18.5% | 4.2% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 2.0 | 3.0 | 2.0 | 4.0 | 5.0 | 4.0 | 5.0 |
| Accruals ratio | — | 5.5% | 16.1% | 0.7% | 6.5% | 1.1% | −1.9% | −2.3% | −1.9% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
News and filings
Latest SEC filings
The original documents every number on this page comes from.
KIRA analysis
KIRA’s summary AI analyst
Hi! I read XP Inc.’s latest annual report (fiscal 2025). Here is what stands out:
XP Inc. in 30 seconds
Good So-so Weak
Are sales growing?
+3.4%
Only a little. Sales grew 3.4% last year.
Does it make a profit?
64.9%
Yes. It keeps 64.9% of every sale as profit.
Does profit turn into cash?
148.6%
Yes. 148.6% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
5 / 7
Mixed. It passes 5 of 7 health tests.
How is the share priced?
8.9x
One share costs 8.9 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Sales and profit
2 2 notes
- XP Inc. had $1.4B of revenue in fiscal 2025, up 3.4% on the year before. Over five years, revenue changed +7.9% a year on average.
- XP Inc. made $925M of net profit in fiscal 2025. From fiscal 2017 to 2025, diluted EPS grew 26.4% a year.
Cash and shareholders
1 3 notes
- Free cash flow was $2.1B in fiscal 2025, 148.6% of revenue.
- XP Inc. returned $88.5M to shareholders in fiscal 2025, 4% of free cash flow. The diluted share count fell 3.0%.
- In the last 12 months, insiders sold $2.4M of shares on the open market and bought none.
Financial health
1 2 notes
- XP Inc. has $3.5B more cash than debt.
- XP Inc. passes 5 of 7 financial health tests (Piotroski F-score).
Source: SEC EDGAR XBRL filings (CIK 0001787425). Data updated November 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in BRL under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.