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Jun 30, 2025
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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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