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Dec 31, 2025
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XP Q4 2025 Earnings Report
XP reported solid fourth quarter 2025 results with double-digit revenue growth and record adjusted net income.
Key Takeaways
In Q4 2025, XP delivered strong year-over-year growth with gross revenue up 12% and net income rising 9%, supported by robust performance in Corporate & Issuer Services and continued expansion in retail verticals.
Gross revenue increased 12% year-over-year to R$5.279 billion.
Adjusted net income reached a record R$1.331 billion, up 10% year-over-year.
Corporate & Issuer Services revenue surged 49% year-over-year.
Expanded loan portfolio grew 27% year-over-year to R$78 billion.
Revenue by Segment
Forward Guidance
XP plans to optimize its capital base in 2026 while continuing to invest in innovation, retail expansion, and strengthening its Wholesale Bank.
Positive Outlook
- Focus on leadership in investments and complementary retail offerings.
- Continued investment in technology and AI to empower advisors.
- Expansion in SME and credit opportunities within Wholesale Bank.
- Strong capital position with CET1 ratio at 17.3%.
- Integration between wholesale and retail as competitive advantage.
Challenges Ahead
- Revenue growth impacted by conservative investment mix.
- Lower market activity affecting investment duration.
- Temporarily elevated capital base to be optimized.
- Challenging macroeconomic environment in Brazil.
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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