XP Inc. Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	5,054	4,513	3,899	3,579	3,589	2,076
Depreciation & Amortization, Total	214.89	214.56	180.73	129.43	82.93	86.04
Gain (Loss) On Sale of Investments	481.52	321.62	387.23	78.95	92.56	55.56
Stock-Based Compensation	457.64	417.26	365.72	584.77	561.46	232.79
Change in Accounts Receivable	-259.94	-109.73	-53.25	-157.06	37.16	-46.25
Change in Accounts Payable	-71.62	-184.75	326.34	-308.82	-133.58	564.32
Change in Other Net Operating Assets	12,751	4,633	3,304	-1,609	-8,710	-1,584
Other Operating Activities	-521.73	1,405	-382.27	-565.88	51.52	-186.4
Operating Cash Flow	18,249	11,179	8,127	1,804	-4,020	1,511
Capital Expenditures	-179.73	-144.81	-66	-44.56	-135.44	-145.16
Cash Acquisitions	-4.62	-4.62	770.89	-69.53	-40.86	-62.44
Sale (Purchase) of Intangibles	-241.71	-180.78	-130.22	-82.41	-217.57	-146.37
Investment in Securities	-302.55	-1,394	-35.86	-174.77	-756.86	-228.04
Other Investing Activities	61.03	46.81	-	-	-	-
Investing Cash Flow	-667.59	-1,667	538.81	-371.28	-1,151	-582.01
Long-Term Debt Issued	-	1,159	2,626	1,891	5,762	-
Long-Term Debt Repaid	-	-3,552	-2,557	-277.72	-254.2	-617.59
Net Debt Issued (Repaid)	-1,154	-2,393	69.33	1,613	5,508	-617.59
Issuance of Common Stock	-	-	-	-	-	1,413
Repurchase of Common Stock	-1,153	-1,354	-915.86	-1,815	-	-
Common Dividends Paid	-2,037	-2,037	-3,542	-	-	-
Other Financing Activities	-0.5	-1	-6	1.74	1,132	-6.63
Financing Cash Flow	-4,345	-5,784	-4,395	-200.3	6,639	788.71
Foreign Exchange Rate Adjustments	-105.41	-28.28	-28.28	-16.68	-376.73	55.16
Net Cash Flow	13,131	3,699	4,243	1,216	1,091	1,773
Free Cash Flow	18,070	11,034	8,061	1,759	-4,156	1,366
Free Cash Flow Growth	58.90%	36.88%	358.21%	-	-	-
Free Cash Flow Margin	105.00%	67.90%	56.60%	13.59%	-34.80%	16.86%
Free Cash Flow Per Share	33.60	20.12	14.81	3.07	-7.25	2.44
Cash Interest Paid	374.62	349.35	141.2	197.94	81.43	71.22
Cash Income Tax Paid	301.2	542.4	402.84	370.86	783.82	518.97

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.