XP has been growing earnings at an average annual rate of 11.7%, while the Capital Markets industry saw earnings growing at 7.3% annually. Revenues have been growing at an average rate of 11.5% per year. XP's return on equity is 21.2%, and it has net margins of 28.8%.
Key information
11.70%
Earnings growth rate
12.93%
EPS growth rate
Capital Markets Industry Growth
14.66%
Revenue growth rate
11.47%
Return on equity
21.24%
Net Margin
28.85%
Last Earnings Update
31 Mar 2026
Recent past performance updates
Recent updates
Revenue & Expenses Breakdown
How XP makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
BASE:XP Revenue, expenses and earnings (BRL Millions)
Date
Revenue
Earnings
G+A Expenses
R&D Expenses
31 Mar 26
18,177
5,244
7,221
0
31 Dec 25
17,773
5,170
7,048
0
30 Sep 25
17,210
5,054
6,856
0
30 Jun 25
16,811
4,921
6,657
0
31 Mar 25
16,547
4,719
6,440
0
31 Dec 24
16,251
4,513
6,347
0
30 Sep 24
15,886
4,375
6,408
0
30 Jun 24
15,762
4,276
6,460
0
31 Mar 24
15,143
4,134
6,315
0
31 Dec 23
14,243
3,899
5,926
0
30 Sep 23
13,391
3,639
5,643
0
30 Jun 23
12,887
3,584
5,499
0
31 Mar 23
12,843
3,520
5,633
0
31 Dec 22
12,945
3,579
5,803
0
30 Sep 22
13,120
3,786
5,780
0
30 Jun 22
12,750
3,690
5,556
0
31 Mar 22
12,396
3,710
5,284
0
31 Dec 21
11,941
3,589
4,959
0
30 Sep 21
11,128
3,201
4,524
0
30 Jun 21
10,095
2,806
4,051
0
31 Mar 21
9,002
2,413
3,541
0
31 Dec 20
8,099
2,076
3,160
0
30 Sep 20
7,380
1,864
2,853
0
30 Jun 20
6,622
1,581
2,506
0
31 Mar 20
5,841
1,268
2,181
0
31 Dec 19
5,043
1,080
2,016
0
30 Sep 19
4,246
803
1,719
0
31 Dec 18
2,886
461
1,237
0
31 Dec 17
1,846
414
661
0
31 Dec 16
1,252
189
495
0
31 Dec 15
661
76
19
0
Quality Earnings: XP has high quality earnings.
Growing Profit Margin: XP's current net profit margins (28.8%) are higher than last year (28.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: XP's earnings have grown by 11.7% per year over the past 5 years.
Accelerating Growth: XP's earnings growth over the past year (11.1%) is below its 5-year average (11.7% per year).
Earnings vs Industry: XP earnings growth over the past year (11.1%) did not outperform the Capital Markets industry 13.6%.
Return on Equity
High ROE: Whilst XP's Return on Equity (21.24%) is high, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
Data
Last Updated (UTC time)
Company Analysis
2026/07/05 08:28
End of Day Share Price
2026/07/03 00:00
Earnings
2026/03/31
Annual Earnings
2025/12/31
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
XP Inc. is covered by 14 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
Analyst
Institution
Mario Lucio Pierry
BofA Global Research
Marcelo Mizrahi
Bradesco S.A. Corretora de Títulos e Valores Mobiliários
Eric Ito
Bradesco S.A. Corretora de Títulos e Valores Mobiliários