XP Inc. Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	5,170	4,513	3,899	3,579	3,589
Depreciation & Amortization, Total	265.56	214.56	180.73	129.43	82.93
Gain (Loss) On Sale of Investments	392.3	321.62	387.23	78.95	92.56
Stock-Based Compensation	391.69	417.26	365.72	584.77	561.46
Change in Accounts Receivable	-638.81	-109.73	-53.25	-157.06	37.16
Change in Accounts Payable	46.69	-184.75	326.34	-308.82	-133.58
Change in Other Net Operating Assets	7,463	4,633	3,304	-1,609	-8,710
Other Operating Activities	-994.6	1,405	-382.27	-565.88	51.52
Operating Cash Flow	12,045	11,179	8,127	1,804	-4,020
Capital Expenditures	-209.29	-144.81	-66	-44.56	-135.44
Cash Acquisitions	-	-4.62	770.89	-69.53	-40.86
Sale (Purchase) of Intangibles	-280.28	-180.78	-130.22	-82.41	-217.57
Investment in Securities	-371.28	-1,394	-35.86	-174.77	-756.86
Other Investing Activities	144.88	46.81	-	-	-
Investing Cash Flow	-715.97	-1,667	538.81	-371.28	-1,151
Long-Term Debt Issued	2,626	1,159	2,626	1,891	5,762
Long-Term Debt Repaid	-5,158	-3,552	-2,557	-277.72	-254.2
Net Debt Issued (Repaid)	-2,531	-2,393	69.33	1,613	5,508
Repurchase of Common Stock	-1,901	-1,354	-915.86	-1,815	-
Common Dividends Paid	-494.52	-2,037	-3,542	-	-
Other Financing Activities	-0.8	-1	-6	1.74	1,132
Financing Cash Flow	-4,927	-5,784	-4,395	-200.3	6,639
Foreign Exchange Rate Adjustments	-90.59	-28.28	-28.28	-16.68	-376.73
Net Cash Flow	6,311	3,699	4,243	1,216	1,091
Free Cash Flow	11,836	11,034	8,061	1,759	-4,156
Free Cash Flow Growth	7.26%	36.88%	358.21%	-	-
Free Cash Flow Margin	66.59%	67.90%	56.60%	13.59%	-34.80%
Free Cash Flow Per Share	22.25	20.12	14.81	3.07	-7.25
Cash Interest Paid	367.33	349.35	141.2	197.94	81.43
Cash Income Tax Paid	313.6	542.4	402.84	370.86	783.82

Updated Feb 12, 2026. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.

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