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Friday 6 November 2026 Export XP’s income statement to Excel — free account

XP Inc.

XP Financial Capital Markets

XP Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, up 4.36% from fiscal 2024.

Revenue
+22.0%
EPS
+23.3%
Free cash flow
−127.1%
Total debt
−30.7%

Quarter to June 2026, against a year earlier

14.84 0.33 −2.18%
Market cap
$7.6B
P/E
7.7×
Fwd P/E
7.1×
Dividend yield
2.56%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 19.98
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 1 1 1 1 17 3 — —
Insider Ownership 24.74%

Capital & Financial Ratios $m

Size
Market Cap 7,640.00
Revenue ttm 3,614.56
Net income ttm 1,086.08
Free cash flow ttm 2,355.01
Net debt Q (1,211.69)
Valuation
P/E 7.69
Forward P/E 7.08
Price / sales 2.11
Forward P/S Powerpack
Price / FCF 3.24
Price / book 1.55
Financial health
Current ratio Q 4.80
Debt / equity Q 0.07
Interest coverage Q 14.39
Growth
Revenue growth Q +22.04% (above 0%: growing)
Operating income growth Q +20.16% (above 0%: growing)
EPS, this year +11.37%
EPS, next year A +12.95%
Revenue, next year A +510.25% (at or above 10%: strong)
EPS, past 5 yrs +19.30% (at or above 15%: strong)
EPS, next 5 yrs A +11.30%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 0.92%
10-year low 10-year high
P/S against its own 10 years 1.76%
10-year low 10-year high
P/B against its own 10 years 0.24%
10-year low 10-year high

Dividends

Yield
2.56%
Annual rate
0.38
Payout ratio
19.9%
Growth, 2023–25
−63.0%/yr
  1. 1.32 ’23
  2. 0.00 ’24 −100
  3. 0.18 ’25
  4. 7.27 ’26e +3938
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 790 1,040 1,855 1,579
Receivables 186 228 324 343
Inventory — — — —
Other — — — —
1,860 2,077 2,907 2,795
2023 2024 2025 Q'26
Payables 190 142 145 160
ST’ Debt — — — —
Other 342 320 397 423
532 462 542 583

Compound Annual Growth %

10y 5y 3y
Sales — 15.82% 8.42%
Cash Flow — 49.07% 83.45%
Earnings — 18.11% 10.11%
Book Value — 14.81% 8.51%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.51 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.45 0.45 Met by 0.00
Dec 2025 0.45 0.46 Beat by 0.01
Mar 2026 0.48 0.47 Miss by 0.01
Jun 2026 0.51 0.53 Beat by 0.02
Sep 2026 0.53 — Reports 16 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.47 0.53 — — —
’25 0.39 0.43 0.45 0.46 1.74
’24 0.37 0.39 0.39 0.37 1.53
’23 0.28 0.37 0.40 0.38 1.45
’22 0.28 0.32 0.35 0.26 1.21
’21 0.23 0.31 0.31 0.31 1.16
’20 0.16 0.18 0.18 0.20 0.72
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 888 960 — — —
’25 742 786 856 911 3,295
’24 818 808 779 752 3,158
’23 603 717 846 810 2,976
’22 597 697 691 600 2,585
’21 481 570 607 580 2,238
’20 392 358 391 440 1,581
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 890 (193) — — —
’25 (450) 824 2,275 (492) 2,157
’24 (676) 1,187 815 746 2,073
’23 660 394 (235) 809 1,628
’22 211 (112) (44) 294 349
’21 66 (255) (771) 215 (745)
’20 (31) 105 77 143 293
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 846 (218) — — —
’25 (462) 805 2,244 (517) 2,070
’24 (685) 1,173 797 729 2,013
’23 658 394 (286) 821 1,589
’22 209 (117) (46) 279 325
’21 41 (276) (784) 209 (810)
’20 (41) 99 69 109 237
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 360 604 814 1,299 1,581 2,238 2,585 2,976 3,158 3,295 3,615 +27.9% 20,109 22,510 25,059 +96.7%
Gross margin, % 0.00 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT 107 180 175 391 470 707 667 788 924 976 1,083 +27.8%
EBT margin, % 29.72 29.80 21.50 30.11 29.70 31.59 25.81 26.49 29.28 29.61 29.95 (0.1) pt
Net income 54 0 126 391 470 707 667 788 924 976 1,086 +37.9%
Per share, $
Per share, $ Revenue 0.65 1.09 1.47 2.54 2.86 4.00 4.65 5.51 5.83 6.25 7.04 +28.5%
Earnings 0.10 0.23 0.23 0.51 0.73 1.19 1.25 1.45 1.55 1.76 1.93 +37.5%
Cash flow 0.19 0.22 0.25 (1.89) 0.53 (1.33) 0.63 3.02 3.83 4.09 4.83 +41.1%
Capex 0.00 0.00 0.00 (0.08) (0.10) (0.12) (0.04) (0.07) (0.11) (0.17) (0.24) n/m
Free cash flow 0.19 0.22 0.25 (1.97) 0.43 (1.45) 0.58 2.94 3.72 3.92 4.59 +40.4%
Book value 0.00 0.63 0.97 3.55 3.83 4.78 5.94 7.22 6.86 8.00 9.57 n/m
Shares, m 552 552 552 511 552 559 555 540 542 527 521 (0.5%)
Valuation, ×
Valuation, × P/E 61.54 61.54 61.54 226.59 55.10 24.15 11.15 17.76 7.65 9.41 7.69 53.6
P/S 0.00 0.00 0.00 0.00 13.85 7.18 2.97 4.64 2.03 2.62 2.11 3.3
P/B 0.00 0.00 0.00 0.00 10.36 6.01 2.33 3.54 1.73 2.05 1.55 2.6
EV/Sales 0.00 0.00 0.00 0.00 13.72 7.13 2.84 4.52 1.80 2.07 — 3.2
EV/FCF 0.00 0.00 0.00 0.00 91.71 (19.70) 22.63 8.57 2.83 3.30 — 10.9
Cash, $m
Cash, $m Operating cash flow 102 122 138 (966) 293 (745) 349 1,628 2,073 2,157 2,480 +40.3%
Capex (9) (16) (37) (41) (57) (65) (25) (39) (59) (88) (125) +28.7%
Free cash flow 102 122 138 (1,007) 237 (810) 325 1,589 2,013 2,070 2,355 +39.7%
Balance, $m
Balance, $m Working capital — — — (51) 392 862 1,279 1,329 1,615 2,364 2,212 n/m
Net debt — 585 2,245 345 (219) (103) (327) (349) (731) (1,812) (1,212) n/m
Shareholders’ equity — 345 538 1,813 2,114 2,672 3,301 3,896 3,717 4,217 4,914 +36.7%
Returns, %
Returns, % ROA 0.00 3.87 5.51 3.50 2.71 2.99 2.20 1.79 1.46 1.37 1.37 +1.4 pt
ROIC — 0.00 0.00 11.95 16.18 18.26 16.09 17.09 23.31 29.56 20.52 +29.6 pt
ROE 0.00 29.45 28.54 23.29 20.51 27.79 23.22 21.70 21.98 23.34 22.76 +23.3 pt
People
People Employees — — — 2,429 3,651 6,192 6,928 6,669 7,442 8,069 — +22.2%
Revenue/emp, $m 0.00 0.00 0.00 0.53 0.43 0.36 0.37 0.45 0.42 0.41 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

XP Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FUTU Futu Holdings Limited Sponsored ADR $9.0B 9.2× 10.6× +35.71% (above 0%: growing) +42.98% (above 0%: growing) +443.45% (above 0%: growing) 86.31% 61.99% Compare
VIRT Virtu Financial, Inc. $8.4B 8.9× 8.2× +19.05% (above 0%: growing) −1.21% (below 0%: shrinking) +78.56% (above 0%: growing) 78.24% 46.04% Compare
XP XP Inc. $7.6B 7.7× 7.1× +22.04% (above 0%: growing) +23.26% (above 0%: growing) −127.08% (below 0%: shrinking) 100.00% 34.50%
IREN IREN Limited $7.3B — (loss-making) — (loss-making) −26.73% (below 0%: shrinking) n/m +705.74% (above 0%: growing) 75.71% (585.97%) Compare
SNEX StoneX Group Inc. $6.5B 12.0× 12.1× +15.40% (above 0%: growing) +86.64% (above 0%: growing) −183.02% (below 0%: shrinking) 3.06% 1.67% Compare
MKTX MarketAxess Holdings Inc. $5.8B 19.5× 21.3× −0.48% (below 0%: shrinking) +1.05% (above 0%: growing) −83.73% (below 0%: shrinking) 100.00% 41.15% Compare
HUT Hut 8 Corp. $5.7B — (loss-making) — (loss-making) −14.90% (below 0%: shrinking) +122.92% (above 0%: growing) +173.77% (above 0%: growing) 0.00% 447.73% Compare
RIOT Riot Platforms, Inc. $5.5B — (loss-making) — (loss-making) +0.66% (above 0%: growing) −96.67% (below 0%: shrinking) −276.72% (below 0%: shrinking) 0.00% 0.67% Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%) Compare
Median of peers $6.2B 10.6× 11.4× +0.09% +22.02% −2.59% 74.01% 21.41%

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XP metrics, ten years each

stockrow.com/XP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com