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Jun 30
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XP Q2 2025 Earnings Report
XP reported record Q2 2025 results, with double-digit net income growth and strong operational performance.
Key Takeaways
XP posted R$4.455 billion in revenue and R$1.321 billion in net income in Q2 2025. Adjusted net margin rose to 29.6%, retail segment continued to expand, and XP maintained solid profitability and efficiency levels.
Total revenue reached R$4.455 billion, with 9% YoY growth in retail revenue.
Adjusted net income was R$1.321 billion, marking a new quarterly record.
Adjusted net margin improved to 29.6%, and efficiency ratio remained stable.
Annualized retail take rate held strong at 1.34% in Q2 2025.
XP
XP
XP Revenue by Segment
Revenue by Segment
Retail Revenue
CapyFin.comInstitutional Revenue
CapyFin.comIssuer Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
XP aims to maintain margin resilience and growth momentum, with operational efficiency and credit quality remaining focal points.
Positive Outlook
- Resilient net margin performance despite macro volatility.
- Strong revenue growth driven by retail and credit businesses.
- High client activity sustained take rate levels.
- Record net income reinforces profitability trajectory.
- Insurance premiums and credit book continue growing steadily.
Challenges Ahead
- Short-term margin pressure possible from interest rate shifts.
- Revenue diversification still relies heavily on retail segment.
- Increased provisioning requirements as credit expands.
- Competition remains intense across core verticals.
- Macroeconomic risks in Brazil could affect client sentiment.