XP Inc. Earnings Call Transcripts
Fiscal Year 2026
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Client assets grew 17% YoY to BRL 2.2 trillion, with gross revenues up 8% and net income up 5%. Despite market volatility and a shift to daily liquidity products impacting revenue mix, core businesses remained resilient. Capital returns exceeded BRL 2.5 billion in 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 market volatility and credit spread widening, double-digit growth is expected for the year, supported by strong capital ratios and ongoing business diversification.
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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Gross revenues grew 9% year-over-year to BRL 4.9 billion, with net income up 12% and ROE steady at 23%. Retail net new money rebounded, and capital returns to shareholders reached BRL 2.4 billion. Ongoing investments in technology and sales force are expected to support future growth.
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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 targets over 10% revenue growth, stable take rates, and continued capital discipline, supported by technology and new product initiatives.
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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.