XP Inc. Earnings Call Transcripts
Fiscal Year 2026
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Client assets grew 21% year-over-year to BRL 2.1 trillion, with gross revenues up 8% and net income up 7%. Despite credit spread volatility, double-digit growth is expected for 2026, supported by strong capital, a new CFO, and ongoing buybacks and dividends.
Fiscal Year 2025
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Gross revenues grew 8% to BRL 19.5 billion in 2025, with adjusted net income up 15% and ROE at 23.9%. Total client assets surpassed BRL 2.1 trillion, and guidance for 2026 targets 17% revenue growth, supported by ongoing investments in technology and advisory.
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Client assets grew 16% year over year to BRL 1.9 trillion, with gross revenues up 9% and net income up 12%. Ongoing investments in technology and sales force support long-term growth, while capital returns to shareholders reached BRL 2.4 billion in 2025.
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Record net income and EPS growth were achieved, with strong retail and new product performance offsetting corporate outflows. Capital ratios remain robust, and guidance for accelerated revenue and net new money in the second half is reaffirmed.
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Client assets grew 13% YoY to BRL 1.8 trillion, with record net income up 20% YoY and ROE at 24.1%. Retail and new verticals drove growth, while a new BRL 1 billion buyback was launched. Guidance for at least 10% revenue growth in 2025 remains unchanged.
Fiscal Year 2024
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Record 2024 results with 15% revenue and 17% net income growth, strong expansion in retail and corporate segments, and improved efficiency. Guidance for 2025 and 2026 remains on track, with robust capital ratios and continued focus on innovation and cross-sell.
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Client assets rose 12% year-over-year to BRL 1.21 trillion, with record net income and strong retail inflows. Efficiency ratio hit a record low, and capital returns remain robust, with over BRL 10.5 billion distributed in three years. Guidance for 2026 remains on track.
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Q2 2024 saw record revenue, EBT, and net income, with strong growth in client assets and net new money. Retail and Corporate segments delivered robust results, efficiency improved, and capital return initiatives continued. Guidance for 2026 remains on track.