XP Inc. Reports Fourth Quarter 2025 Results
XP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial...
SÃO PAULO: XP Inc. (NASDAQ: XP) (“XP” or the “Company”), a leading tech-enabled platform and a trusted pioneer in providing low-fee financial products and services in Brazil, reported today its financial results for the fourth quarter of 2025.
Dear Shareholders,
Before reflecting on the year, I would like to thank our clients, investment advisors, employees, and partners for their trust, resilience, and commitment. During a challenging period for the investment industry, our people, culture, and clarity of purpose enabled us to continue advancing. At XP Inc., we have always believed that building an enduring financial institution requires courage in difficult times, disciplined decision-making, and a non-negotiable commitment to do what is right for the client. These principles remain the foundation of our choices.
Customer: transparency, freedom of choice, and a new competitive differentiator
Putting the power of choice in the client’s hands, rather than the financial institution’s, is a paramount component of our strategy and one of XP’s greatest differentiators. Historically, the market has limited alternatives and imposed one-size-fits-all relationship models, constraining how investors engage with their advisors and services. By taking a different path, we give investors the opportunity to make fully informed decisions, with full transparency, about which service model best aligns with their individual profile and investing style. This client-centric approach strengthens engagement, supports more appropriate service delivery, and underpins our long-term vision.
We believe we are the first investment platform in Brazil that is truly agnostic to the service model, meaning we do not confine clients to a single delivery or relationship format. Instead, we offer a full range of options so each client can independently select the model that most closely matches their goals and preferences. Achieving this level of flexibility required a sophisticated operational framework developed over many years: an integrated ecosystem that coordinates processes, platforms and teams, backed by consistent investments in technology and people. The result is an operational capability that supports personalized client choice at scale.
Executing this model with consistent quality and scale requires well-defined processes, disciplined governance, and aligned incentives, together with a consistent experience across the entire client journey. Our ability to operate at this scale and level of sophistication is unmatched in the market. This strength not only sets us apart from peers but also underpins our capacity to scale solutions reliably while maintaining service standards and reinforcing our competitive edge.
This movement represents the democratization of access to high quality financial and wealth planning. Historically limited to those who had access to Private Banking, these services are now offered to high-income clients at the same level of depth and customization. By expanding availability without compromising service quality, we have broadened our client reach and strengthened long-term engagement, marking an unprecedented shift in the local market.
Regardless of the model clients choose, they have the support of a trusted XP advisor. The choice is the client’s, the commitment to service excellence is ours. That unique value proposition - real choice - stems from the evolution of the advisor’s role alongside our investment platform, becoming increasingly strategic, comprehensive, and aligned with the client’s interests.
The evolution of the investment advisor’s role
XP’s history is deeply connected to the evolution of the investment advisor profession in Brazil. We played a leading role in creating and developing this career, always with the goal of transforming how Brazilians invest and engage with the financial markets.
In the early days, in a market still concentrated in equities, the advisor’s role was primarily that of a stockbroker. When we launched the country’s first open investment platform, we democratized access to products and led a structural transformation of the Brazilian market, going far beyond what traditional financial institutions offered. This shift required a new generation of advisors, with a broader portfolio perspective and the ability to build comprehensive allocations, integrating fixed income, funds, international products, and different strategies.
In recent years this evolution has taken a meaningful step: advisors are increasingly serving as full financial planners, integrating asset allocation, financial planning and wealth planning to provide a 360-degree view of a client’s assets. Concurrently, we have expanded the available relationship models (transactional, fee-based, and RIA) so each client can choose the interaction and compensation model that best aligns with their goals.
We consistently invest in training, tools, data and technology to support this transformation. Strengthening the advisor’s role deepens client relationships, enhances service quality and reinforces our model’s long-term sustainability.
Technology and AI as levers to empower the advisor
Technology is a core strategic pillar and a key enabler of our model. We invest to strengthen security, improve asset allocation quality, deepen client relationships, and gain scale and productivity.
Artificial intelligence occupies a clearly defined role in this strategy: empowering the investment advisor. We deploy AI to strengthen both client relationships and the advisor’s execution and analytical capabilities. This enables deeper personalization in client interactions, more effective prioritization of opportunities, and more sophisticated decision support for the advisor.
This vision reinforces our belief that AI will not replace the investment advisor or human relationships, but quite the opposite: it will be a multiplier of quality, consistency, and scale, enabling advisors to deliver better service to more clients, with governance and discipline.
Results in 2025: learnings, maturity, and execution
This continued pursuit of excellence across the client journey shaped how we ran our business over the past year. In 2025, we advanced our key operating KPIs and financial results. We reached approximately R$1.5 trillion in assets under custody (AUC), revenues grew 8%, and net income and EPS also grew 15% and 18%, respectively. We recognize that 2025 was a challenging year for revenue growth, mainly due to a more conservative mix, with shorter investment duration and lower market activity.
Furthermore, recent challenges have strengthened our governance, enhanced our controls, and better positioned XP for the future. This ability to learn and recalibrate our course is an essential attribute of sound institutions and has always been part of our DNA.
In this context, I reaffirm my commitment - and that of our entire team - to make XP better every day and to consistently place our clients at the center of every decision. I am convinced that this mindset, together with the progress we have made on our excellence agenda, kept us on a consistent growth trajectory even amid challenges.
I would like to underscore the strength of our ecosystem in enabling this achievement. The Wholesale Bank’s performance was among our key highlights of the year. In just five years, we have built one of Brazil’s most relevant franchises, with a meaningful presence in Corporate and Investment Banking. In 2025, this business evolved markedly - supporting institutional and corporate clients while simultaneously strengthening retail through an expanded product offering and improved liquidity. The integration between wholesale and retail is a core competitive advantage of our model, and it became increasingly evident over the course of the year.
Capital: discipline and smart allocation
We maintained a disciplined approach to capital management, balancing growth investments with robust capital levels and consistent shareholder returns. Our priority is to allocate capital intelligently, preserving flexibility across cycles and ensuring long-term sustainability. We enter 2026 with a temporarily elevated capital base, which will be optimized throughout the year.
Positioning for the next cycle: innovation and strengthening the core business
Looking ahead, we remain focused on continuous innovation and further strengthening our core business through our strategy, which continues to be anchored on three major pillars: i) Leadership in investments, ii) Complementary Retail Offering, and iii) Wholesale Bank.
We are investing in expanding our sales force, evolving our client platform, and enhancing our actions in technology, marketing, and banking, always with the goal of raising service levels, efficiency, and engagement throughout the investor journey.
At the same time, we continue to make meaningful investments to further strengthen our Wholesale Bank. These investments will allow us to address opportunities in the SME segment, as well as in credit, where we see significant potential for sustainable growth, supported by risk discipline and strong integration with the rest of the ecosystem.
Legacy and culture
This year marks our 25th anniversary. A quarter-century of entrepreneurship and transformation in Brazil’s financial market that only became possible thanks to a strong culture anchored in four core values that are non-negotiable for us: client focus, dream big, open mind, and an entrepreneurial spirit. It is this culture, lived every day, that enables us to have strong and ambitious teams building XP daily.
We have become one of the leading financial institutions in the country because we have always moved forward together-with the courage to challenge the status quo and to go where no one else has gone. As a company of entrepreneurs, we have also shown the courage to evolve our business model to expand the way we relate to our clients.
When I reflect on these 25 years and look to our future, it still feels as if we are only getting started: a unique opportunity lies ahead. We are once again transforming the way Brazilians invest. I have great confidence in our strategy, our teams, and the strength of our culture and ecosystem to continue changing the financial industry and improving people’s lives.
This purpose drives us and will enable the realization of our bold ambition: to become Brazil’s leading investment platform by 2033 - distinguished by uncompromising service quality, enduring client trust, and the ability to innovate responsibly.
Final thanks
Once again, I would like to express my sincere gratitude to everyone on this journey: our clients, advisors, employees, partners, and shareholders. We remain confident that the decisions we make today are building a stronger, better-prepared, and more relevant company for the future.
As we always say, this is just the beginning.
Thiago Maffra,
CEO XP Inc.
Summary | |||||||||
Operating Metrics (unaudited) | 4Q25 | 4Q24 | YoY | 3Q25 | QoQ |
| 2025 | 2024 | YoY |
Total Client Assets (in R$ bn) | 1,491 | 1,286 | 16% | 1,425 | 5% |
| 1,491 | 1,286 | 16% |
Total Net Inflow (in R$ bn) | 32 | 29 | 10% | 29 | 10% |
| 94 | 109 | -13% |
Annualized Retail Take Rate | 1.25% | 1.33% | -8 bps | 1.24% | 1 bps |
| 1.25% | 1.29% | -4 bps |
Active Clients (in '000s) | 4,762 | 4,684 | 2% | 4,752 | 0% |
| 4,762 | 4,684 | 2% |
Headcount (EoP) | 8,093 | 7,442 | 9% | 7,740 | 5% |
| 8,093 | 7,442 | 9% |
Total Advisors (in '000s) | 18.0 | 18.2 | -1% | 18.2 | -1% |
| 18.0 | 18.2 | -1% |
Retail DATs (in mn) | 2.2 | 2.4 | -7% | 2.1 | 4% |
| 2.2 | 2.3 | -4% |
Retirement Plans Client Assets (in R$ bn) | 95 | 81 | 17% | 90 | 5% |
| 95 | 81 | 17% |
Cards TPV (in R$ bn) | 14.6 | 13.1 | 11% | 13.1 | 11% |
| 52.2 | 47.9 | 9% |
Expanded Loan Portfolio (in R$ bn) | 78.0 | 61.5 | 27% | 67.3 | 16% |
| 78.0 | 61.5 | 27% |
Gross Written Premiums (in R$ mn) | 502 | 401 | 25% | 451 | 11% |
| 1,745 | 1,317 | 33% |
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Financial Metrics (in R$ mn) | 4Q25 | 4Q24 | YoY | 3Q25 | QoQ |
| 2025 | 2024 | YoY |
Gross revenue | 5,279 | 4,725 | 12% | 4,942 | 7% |
| 19,447 | 18,035 | 8% |
Retail | 3,862 | 3,569 | 8% | 3,704 | 4% |
| 14,584 | 13,489 | 8% |
Institutional | 346 | 332 | 4% | 340 | 2% |
| 1,373 | 1,373 | 0% |
Corporate & Issuer Services | 895 | 599 | 49% | 729 | 23% |
| 2,733 | 2,289 | 19% |
Other | 175 | 224 | -22% | 169 | 4% |
| 756 | 884 | -14% |
Net Revenue | 4,951 | 4,487 | 10% | 4,661 | 6% |
| 18,412 | 17,078 | 8% |
Gross Profit | 3,415 | 3,109 | 10% | 3,180 | 7% |
| 12,556 | 11,726 | 7% |
Gross Margin | 69.0% | 69.3% | -31 bps | 68.2% | 75 bps |
| 68.2% | 68.7% | -47 bps |
EBT | 1,547 | 1,289 | 20% | 1,331 | 16% |
| 5,459 | 4,974 | 10% |
EBT Margin | 31.3% | 28.7% | 252 bps | 28.5% | 271 bps |
| 29.6% | 29.1% | 52 bps |
Adjusted Net Income1 | 1,331 | 1,210 | 10% | 1,330 | 0% |
| 5,218 | 4,544 | 15% |
Net Margin | 26.9% | 27.0% | -9 bps | 28.5% | -166 bps |
| 28.3% | 26.6% | 173 bps |
Adjusted Diluted EPS (in R$) | 2.56 | 2.23 | 15% | 2.47 | 4% |
| 9.81 | 8.28 | 18% |
Adjusted ROAE1 | 22.8% | 23.4% | -59 bps | 23.0% | -20 bps |
| 23.9% | 23.0% | 94 bps |
Adjusted ROTE2 | 27.7% | 29.1% | -145 bps | 28.0% | -34 bps |
| 29.5% | 28.7% | 78 bps |
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1 – Please refer to the Non-GAAP Financial Reconciliation for a detailed breakdown of these adjustments. |
2 – Annualized Return on Average Equity. |
3 – Annualized Return on Average Tangible Equity. Tangible Equity excludes Intangibles and Goodwill |
Operating KPIs
1. INVESTMENTS
Client Assets and Net Inflow (in R$ billion)
Client Assets totaled R$1.5 trillion in 4Q25, up 16% YoY and 5% QoQ. Year-over-year growth was driven by R$94 billion net inflow and R$111 billion of market appreciation.
In 4Q25, Net Inflow was R$32 billion, and Retail Net Inflow was R$20 billion, in line with both year-on-year and quarter-on-quarter levels. Accumulated Retail Net Inflow for the full year of 2025 was R$94 billion, or 13% lower compared to 2024.
Active Clients (in ‘000s)
Active clients grew 2% YoY and remained stable QoQ, totaling 4.8 million in 4Q25.
Total Advisors (in ‘000s)
Total Advisors connected to XP, including (1) IFAs, (2) XP employees who offer advisory services, (3) Registered Investment Advisors, consultants and wealth managers, among others. As of 4Q25, we had 18.0 thousand Total Advisors, a decrease of approximately 1% YoY.
Retail Daily Average Trades (in million)
Retail DATs totaled 2.2 million in 4Q25, down 7% YoY and up 4% QoQ. Retail DATs in 2025 was 2.2 million, 4% lower YoY.
NPS
Our NPS, a widely known survey methodology used to measure customer satisfaction, was 65 in 4Q25. The NPS calculation as of a given date reflects the average scores in the prior six months.
2. RETIREMENT PLANS
Retirement Plans Client Assets (in R$ billion)
As per public data published by Susep, XPV&P’s individual’s market share (PGBL and VGBL) was stable at 5%. Total Client Assets were R$95 billion in 4Q25, up 17% YoY. Assets from XPV&P, our proprietary insurer, grew 40% YoY, reaching R$93 billion.
3. CARDS
Cards TPV (in R$ billion)
In 4Q25, Total TPV was R$14.6 billion, a 11% growth YoY, and 11% increase QoQ. For the full year of 2025, Total TPV was R$52.2 billion, 9% higher compared to 2024.
Active Cards (in ‘000s)
Total Active Cards were 1.5 million in 4Q25, a growth of 10% YoY and being broadly stable QoQ, being 1.0 million Credit Cards and 0.5 million Active Debit Cards.
4. CREDIT
Expanded Loan Portfolio (in R$ billion)
Expanded Loan Portfolio reached R$78 billion as of 4Q25, expanding 27% YoY and 16% QoQ.
5. INSURANCE
Gross Written Premiums (in R$ million)
Gross written premiums (GWP) refer to the total amount of premium income that XPs has written or sold during a particular reporting period before deductions for provisions, reinsurance and other expenses. This figure represents the total premiums that customers have agreed to pay for life insurance policies issued by the company or sold by the company and issued by third-party insurers, including both new policies and renewals. It is a crucial metric for assessing the total business volume of an insurance company or insurance broker within that period.
In 4Q25, Gross Written Premiums grew 25% YoY and 11% QoQ.
b>Discussion of Financial Results
Total Gross Revenue1
Gross revenue reached R$5.3 billion in 4Q25, reflecting a 7% increase quarter-over-quarter (QoQ) and a 12% increase year-over-year (YoY). For the full year 2025, gross revenue was R$19.5 billion, up 8% YoY. The performance highlight was Corporate & Issuer Services, with a strong 2H25.
Retail Revenue | |||||||||
(in R$ mn) | 4Q25 | 4Q24 | YoY | 3Q25 | QoQ |
| 2025 | 2024 | YoY |
Retail Revenue | 3,862 | 3,569 | 8% | 3,704 | 4% |
| 14,584 | 13,489 | 8% |
Equities | 1,035 | 1,001 | 3% | 1.043 | -1% |
| 4,067 | 4,303 | -5% |
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