XPNasdaqSecurity Brokers, Dealers & Flotation CompaniesFiscal year ends December 31
XP Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$30.26+1.03 (+3.52%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Net margin
64.9%+23.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.3% | +10.3% | +9.7% | – | |
| Net income | +14.5% | +13.0% | +20.0% | – | |
| EPS, diluted | +18.1% | +15.9% | +21.2% | – | |
| Free cash flow | +7.3% | +88.8% | +54.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 23.0% | 23.7% | |
| Return on assets | – | 3.0% | 1.4% | |
| Capex to revenue | – | 2.9% | 2.6% | |
| Diluted shares | – | 559M | 532M |
Where the cash went
Fiscal 2021 to 2025, five years combined
XP generated 37.18B BRL from operations and spent 6.67B BRL on capital expenditure, dividends and share buybacks. 9% of that went back into the business.
Generated
37.18B BRL
Used
6.67B BRL
Capital expenditure600.10M BRL9%Dividends6.07B BRL91%Share buybacks0 BRL0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin64.9%
×Asset turnover0.02×
×Equity multiplier17.07×
=Return on equity, FY202523.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 64.9% | 0.02× | 17.07× | 23.7% |
| FY2024 | 60.8% | 0.02× | 15.10× | 22.9% |
| FY2023 | 59.7% | 0.03× | 12.09× | 21.4% |
| FY2022 | 60.2% | 0.04× | 10.54× | 22.8% |
| FY2021 | 57.9% | 0.05× | 9.30× | 28.4% |
| FY2020 | 41.4% | 0.07× | 7.74× | 23.0% |
| FY2019 | 30.0% | 0.12× | 6.64× | 23.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero5.17B BRL
- Cash generatingOperating cash flow above zero12.04B BRL
- Return on assets improvedROA up on the prior year1.8% → 1.5%
- Earnings backed by cashOperating cash flow above net income12.04B BRL vs 5.17B BRL
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise548M → 532M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.03 → 0.02