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XP (XP) investor relations material
XP Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved BRL 19.5 billion in gross revenues for 2025, up 8% year-over-year, with double-digit growth in the second half and strong performance in corporate and issuer services.
Adjusted net income reached BRL 5.2 billion for the year, a 15% increase year-over-year, and adjusted diluted EPS rose 18% to BRL 9.81.
ROE expanded to 23.9%, up 94 basis points from 2024, with a BIS ratio of 20.4% and CET1 at 17.3%, reflecting a conservative capital structure.
Total client assets surpassed BRL 2.1 trillion, growing 22% year-over-year, with net new money of BRL 32 billion in Q4 2025.
Retail, institutional, and wholesale banking segments all contributed to growth, with retail maintaining its revenue share and wholesale banking growing double digits.
Financial highlights
Gross revenue for Q4 2025 was BRL 5.3 billion, up 12% year-over-year and 7% sequentially; full-year gross revenue was BRL 19.5 billion, up 8% year-over-year.
Adjusted EBT for Q4 2025 was BRL 1.5 billion, up 20% year-over-year, with a margin of 31.3%; full-year EBT margin was 29.6%.
Adjusted net income for Q4 2025 was BRL 1.33 billion, up 10% year-over-year.
SG&A for 2025 was BRL 6.4 billion, reflecting ongoing investments in technology and advisor expansion.
Adjusted net margin reached 26.6% in 2025.
Outlook and guidance
Guidance for 2026 remains unchanged, targeting 17% revenue growth to reach the lower end of the BRL 22.8–26.8 billion range.
Net new money is expected to remain at BRL 20 billion per quarter, with acceleration anticipated in future years.
Efficiency ratio is expected to remain stable in 2026, with continued investment in technology and advisory.
Focus on innovation, expanding sales force, evolving client platform, and enhancing technology, marketing, and banking to drive service levels and engagement.
Targeting further optimization of capital base in 2026, with BIS ratio expected to move toward the 16–19% range through capital distributions.
"Third wave" revenue impact by segment?
RWA growth and 2026 BIS ratio target alignment?
SMB and credit expansion: key growth drivers?
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Next XP earnings date
Q1 202619 May, 2026
Next XP earnings date
Q1 202619 May, 2026
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Frequently asked questions
XP Inc. engages in the provision of financial products and services to retail, high-net worth, and corporate clients in Brazil. XP Inc. offers securities brokerage, private pension plans, commercial, and investment banking products. Its products and services include securities, brokerage, private pension plans, commercial, and investment banking product; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; wealth management services for high-net-worth customers and institutional clients; loan operations; transactions in the foreign exchange markets and deposits, etc.
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