# XP Inc. (XP)

Source page: https://stoqly.net/companies/xp

- **Ticker:** XP (Nasdaq)
- **Sector:** Financials / Security Brokers, Dealers & Flotation Companies
- **SEC CIK:** 0001787425
- **Latest annual report:** 20-F filed 2026-04-29 (https://www.sec.gov/Archives/edgar/data/1787425/000207097926000182/xp-20251231.htm)
- **Data updated:** 2026-11-09

## What the company does

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.

XP describes its business as combining retail investment services, related retail products and wholesale banking. It serves clients through digital channels and a network of independent financial advisors, while also connecting product issuers, corporate clients and institutional traders. Its advisory network includes approximately 18,000 advisors as of December 31, 2025, and the company had approximately 4.7 million active clients. XP says it competes with traditional banks and other financial services providers in Brazil.

XP began as an independent financial advisor partnership and has developed its own technology platform and digital channels. Its open platform offers products from XP, partner firms and competitors, rather than limiting clients to products issued by a single bank. The company also uses financial education, online content and events to reach investors. XP Inc. is incorporated in the Cayman Islands, with its principal office in Grand Cayman.

## Key figures

- **Last close:** $15.49 on 2026-11-13 (+2.99% on the day)
- **Market cap:** $8.2B
- **P/E (trailing):** 8.9x
- **EPS, trailing 12 months:** $1.74
- **Revenue (FY2025):** $1.4B
- **Revenue growth:** +3.4%
- **Revenue growth, 5-year CAGR:** +7.9%
- **Net margin:** 64.9%
- **Free cash flow:** $2.1B
- **Free cash flow margin:** 148.6%
- **Return on equity:** 24.5%
- **Net debt:** −$3.5B
- **Change in share count:** −3.0%
- **Piotroski F-score:** 5/9
- **Insider buys, last 90 days:** $0.0M
- **Insider sells, last 90 days:** $2.4M

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## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/xp/figures.csv

| US$ millions | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Revenue | 402 | 562 | 911 | 973 | 1,149 | 1,150 | 1,308 | 1,378 | 1,425 |
| Net income | 130 | 126 | 274 | 403 | 665 | 693 | 781 | 838 | 925 |
| Diluted EPS (US$) | 0.27 | 0.26 | 0.54 | 0.72 | 1.16 | 1.21 | 1.43 | 1.53 | 1.74 |
| Operating cash flow | 82 | -125 | -967 | 293 | -745 | 349 | 1,627 | 2,075 | 2,154 |
| Free cash flow | 73 | -148 | -985 | 265 | -770 | 341 | 1,614 | 2,048 | 2,117 |
| Cash | 252 | 162 | 221 | 512 | 673 | 940 | 1,898 | 2,087 | 3,509 |
| Debt and leases | — | 121 | 95 | 55 | 346 | 353 | 453 | 269 | 43 |

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Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.