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Sep 30, 2025
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XP Q3 2025 Earnings Report
XP Inc. reported solid financial results for Q3 2025 with steady revenue growth, strong net income, and expanding margins.
Key Takeaways
XP Inc. posted strong Q3 2025 results, with net revenue of R$4.66 billion and net income reaching R$1.33 billion. Growth was driven by its Corporate & Issuer Services and Other Retail lines. Operational efficiency also improved, supported by declining non-compensation expenses.
Net revenue reached R$4.66 billion, up 8% YoY
Net income rose 12% YoY to R$1.33 billion
Retail revenue was the largest segment at R$3.7 billion
Corporate & Issuer Services revenue jumped 32% YoY, driven by strong corporate hedging demand
Revenue by Segment
Forward Guidance
XP Inc. continues to see growth opportunities in corporate services, cards, insurance, and international investments, with efficiency improvements. However, it faces margin pressure and lower retail take rates.
Positive Outlook
- Strong momentum in Corporate & Issuer Services
- Increased revenues from Cards and Insurance segments
- Steady growth in Client Assets
- Improving operational efficiency
- Continued strength in international and float-related revenues
Challenges Ahead
- Retail Take Rate slightly declined
- Margin slightly compressed QoQ
- Equities and Fixed Income revenues saw slight declines
- Non-GAAP EPS not disclosed
- Institutional segment showed no growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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