XP
Combines financial advice, open investment distribution, retail banking and wholesale services in Brazil.
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Profile
Connects Brazilian retail, high-net-worth and institutional clients with financial advice and an open shelf of proprietary and third-party products. Investments anchor a broader offering spanning banking, credit, insurance, retirement and corporate services, with distribution shaped by advisor networks, client activity and Brazil’s financial regulation.
Serves Brazilian retail, high-net-worth, international, corporate and institutional clients through financial advice and an open platform of proprietary and third-party products. The visible brand set includes XP Investimentos, Rico, Clear, XP Investments and XP Private Europe.
Combines an investments franchise with cards, deposits, lending, insurance, retirement products and a wholesale bank. Retail, Institutional, Corporate & Issuer Services and Other are management revenue categories within one operating and reportable segment.
Executes distribution through independent and employee advisors, registered investment advisors, consultants and wealth managers, while product breadth depends partly on outside issuers and asset managers. Revenue mechanics follow client assets and flows, product mix, market activity and transaction volumes. Brazil remains the core market, so banking, brokerage, insurance, pension, lending, market-infrastructure and data rules shape the business.
Company facts
Categories
Key statistics
Year to date +9.1% · Average volume (30d) 4.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jan 19, 2026 | Jefferies | Target | $22 | |||
| Dec 16, 2025 | UBS | Reiterate | Buy | $23 | $25 | |
| Oct 16, 2025 | UBS | Reiterate | Buy | $21 | $23 | |
| Jun 4, 2025 | Goldman Sachs | Upgrade | Neutral | Buy | ||
| May 13, 2025 | Morgan Stanley | Upgrade | Equal Weight | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 17, 2026Q2 FY26 | $0.50 | $0.53 | +6.0% | $935.1M | $941.6M | +0.7% | +0.89% |
| May 18, 2026Q1 FY26 | $0.48 | $0.47 | −2.1% | $925.7M | $909.7M | −1.7% | −3.86% |
| Feb 12, 2026Q4 FY25 | $0.45 | $0.46 | +2.2% | $866.1M | $901.6M | +4.1% | +0.51% |
| Nov 17, 2025Q3 FY25 | $0.46 | $0.45 | −1.5% | $875.6M | $847.0M | −3.3% | +1.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $829.7M | $841.8M | $882.2M | $972.6M | $886.7M | $959.5M | |
| Gross profit | $559.0M | $568.4M | $592.1M | $655.6M | $583.4M | $637.2M | |
| Operating income | $273.1M | $275.4M | $273.8M | $320.5M | $271.1M | $312.8M | |
| Net income | $233.7M | $244.9M | $248.2M | $252.7M | $246.9M | $273.4M | |
| Diluted EPS | $0.44 | $0.47 | $0.47 | $0.48 | $0.46 | $0.53 | |
| Gross margin | 67.4% | 67.5% | 67.1% | 67.4% | 65.8% | 66.4% | |
| Operating margin | 32.9% | 32.7% | 31.0% | 33.0% | 30.6% | 32.6% |
Fiscal years (4-quarter sums)FY21 $2.41B · FY22 $2.65B · FY23 $2.89B · FY24 $3.45B · FY25 $3.53B
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $1.53B · Total debt $17.82B · Total assets $78.26B · Shareholders' equity $4.76B
Dividends
Last raised to $0.20 from $0.18 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 10, 2026 | Jun 10 | Jun 18 | $0.20 | raised from $0.18 |
| Dec 10, 2025 | Dec 10 | Dec 18 | $0.18 | cut from $0.65 |
| Dec 10, 2024 | Dec 10 | Dec 18 | $0.65 | cut from $0.73 |
| Dec 12, 2023 | Dec 13 | Dec 22 | $0.73 | raised from $0.585 |
| Sep 11, 2023 | Sep 12 | Sep 25 | $0.585 |
Ownership
Shares outstanding 523.13M · Float 412.93M · 78.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Guilherme Dias Fernandes Benchimol | 96.80M | 18.70% | 13D | Jul 7, 2026 |
| BlackRock, Inc. | 49.00M | 9.37% | 13F | Aug 7, 2026 |
| Dodge & Cox | 32.56M | 6.22% | 13F | Aug 13, 2026 |
| ARGA Investment Management, LP | 24.64M | 5.90% | 13G | Aug 13, 2026 |
| GAP (Bermuda) L.P. | 22.76M | 5.40% | 13D | Dec 4, 2025 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Itaú Unibanco (ADR)
Universal-bank overlap in investments, credit, cards, insurance, and wholesale
- Banco Bradesco (ADR)
Broad Brazilian banking rival with investments, insurance, and pensions
- Nu
Digital-first pressure across accounts, cards, lending, and investments
- Santander Brasil (ADR)
Retail, wealth, insurance, and wholesale overlap across Brazil
- Inter & Co
Digital super-app rival spanning banking, investments, credit, and insurance
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| XP | $17.66 | +0.01% | $9.24B | 9.1 | 9.9 | 2.5 | +16.7% |
| Itaú Unibanco (ADR) | $7.50 | +0.13% | $82.66B | 9.6 | 9.9 | — | −51.6% |
| Banco Bradesco (ADR) | $3.28 | +0.92% | $34.37B | 7.5 | 7.4 | 0.5 | −47.8% |
| Nu | $14.32 | +0.21% | $69.26B | 19.3 | 14.4 | 3.6 | +66.0% |
| Santander Brasil (ADR) | $5.81 | −0.17% | $43.50B | 10.8 | 9.1 | 1.1 | −54.6% |
| Inter & Co | $5.39 | 0.00% | $2.38B | 8.0 | 8.2 | 0.7 | −18.0% |
| Median | 9.6 | 9.1 | 0.9 | −47.8% |