XP Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), XP Inc. reported revenue of $18.4B (+8.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $8.0B | $7.4B | $6.5B | $5.9B |
| Interest Income (Loss) on Financial Assets Held for Trading | ($5.8B) | ($1.8B) | $1.6B | $1.1B |
| Interest income on financial assets designated at fair value through profit or loss | $16.2B | $11.4B | $6.8B | $6.3B |
| Revenue and other operating income | $18.4B | $17.0B | $14.9B | $13.3B |
| Operating expense | ($5.5B) | ($5.1B) | ($4.4B) | ($3.9B) |
| Selling expense | ($294.5M) | ($149.0M) | ($169.5M) | ($138.7M) |
| Administrative expenses | $6.4B | $6.0B | ($5.5B) | ($5.6B) |
| Other operating income (expense) | $127.9M | $188.9M | $10.6M | $256.9M |
| Expected Credit Loss | ($392.3M) | ($288.5M) | ($360.9M) | ($94.2M) |
| Interest expense on debt instruments issued | ($625.4M) | ($779.5M) | ($617.5M) | ($402.3M) |
| Share of profit (loss) of associates and joint ventures accounted for using equity method | $115.8M | $47.3M | $73.5M | ($12.2M) |
| Profit (loss) before tax | $5.4B | $5.0B | $3.9B | $3.4B |
| Tax income (expense) | ($279.3M) | ($471.1M) | ($37.0M) | $135.6M |
| Profit (loss) | $5.2B | $4.5B | $3.9B | $3.6B |
| Other comprehensive income, net of tax, exchange differences on translation of foreign operations | ($99.5M) | $147.7M | ($41.2M) | ($19.6M) |
| Other comprehensive income, net of tax, hedges of net investments in foreign operations | $70.9M | ($136.6M) | $34.6M | $17.3M |
| Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | $385.4M | ($1.2B) | $556.4M | $218.1M |
| Other comprehensive income, other | ($13.0M) | — | — | — |
| Total other comprehensive income | $343.9M | ($1.2B) | $549.8M | $215.7M |
| Total comprehensive income for the year | $5.5B | $3.4B | $4.4B | $3.8B |
| Profit (loss), attributable to owners of parent | $5.2B | $4.5B | $3.9B | $3.6B |
| Comprehensive income, attributable to owners of parent | $5.5B | $3.4B | $4.4B | $3.8B |
| Profit (loss), attributable to non-controlling interests | ($494.0K) | $1.4M | $689.0K | $1.2M |
| Basic earnings per share (in R$ per share) | $9.80 | $8.33 | $7.22 | $6.44 |
| Diluted earnings per share (in R$ per share) | $9.72 | $8.23 | $7.16 | $6.25 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash | $10.4B | $5.6B | $3.9B | $3.6B |
| Financial assets at fair value through profit or loss, classified as held for trading | $198.8B | $150.0B | $103.3B | $87.5B |
| Derivative financial assets | $40.9B | $46.2B | $23.7B | $9.2B |
| Total financial assets at fair value through profit or loss | $239.8B | $196.2B | $127.0B | $96.7B |
| Investments in equity instruments designated at fair value through other comprehensive income | $42.2B | $50.9B | $44.1B | $34.5B |
| Total financial assets at fair value through other comprehensive income | $42.2B | $50.9B | $44.1B | $34.5B |
| Financial Assets At Amortized Cost Securities | $7.4B | $2.8B | $6.9B | $9.3B |
| Financial Assets At Amortized Cost Securities Purchased Under Agreements To Resell | $17.1B | $22.1B | $14.9B | $7.6B |
| Financial Assets At Amortized Cost Securities Trading And Intermediation | $6.3B | $6.5B | $2.9B | $3.3B |
| Trade receivables | $1.4B | $778.9M | $681.2M | $597.9M |
| Financial Assets At Amortized Cost Loan Operations | $34.1B | $29.2B | $28.6B | $22.2B |
| Other financial assets | $16.9B | $13.2B | $4.2B | $3.5B |
| Financial assets at amortised cost | $83.2B | $74.6B | $58.1B | $46.5B |
| Total financial assets | $365.2B | $321.7B | $229.2B | $177.7B |
| Current tax assets | $442.8M | $452.6M | $245.2M | $163.2M |
| Right-of-use assets | $340.6M | $313.1M | $281.8M | $258.5M |
| Prepayments | $4.1B | $4.4B | $4.4B | $4.2B |
| Other non-financial assets | $5.9B | $5.5B | $2.9B | $1.1B |
| Other assets | $10.8B | $10.7B | $7.8B | $5.8B |
| Deferred tax assets | $3.4B | $2.9B | $2.1B | $1.6B |
| Investments in subsidiaries, joint ventures and associates reported in separate financial statements | $3.6B | $3.5B | $3.1B | $2.3B |
| Property, plant and equipment | $463.5M | $450.0M | $373.4M | $310.9M |
| Intangible assets and goodwill | $2.8B | $2.6B | $2.5B | $844.2M |
| Assets | $396.5B | $347.5B | $249.0B | $192.0B |
| Financial Liabilities At Fair Value Through Profit Or Loss Securities Loaned | $21.0B | $15.3B | $20.4B | $13.5B |
| Derivative financial liabilities | $37.5B | $40.0B | $24.8B | $8.6B |
| Total financial liabilities at fair value through profit or loss | $58.6B | $55.3B | $45.2B | $22.1B |
| Financial Liabilities At Amortized Cost Securities Sold Under Repurchase Agreements | $58.7B | $71.8B | $33.3B | $31.8B |
| Financial Liabilities At Amortized Cost Securities Trading And Intermediation | $22.4B | $18.5B | $16.9B | $16.1B |
| Financing Instruments Payables | $123.4B | $95.2B | $60.4B | $43.7B |
| Trade payables | $810.2M | $763.5M | $948.2M | $617.4M |
| Borrowings | $237.9M | $1.7B | $2.2B | $1.9B |
| Other financial liabilities | $12.3B | $14.7B | $12.2B | $11.6B |
| Financial liabilities at amortised cost | $217.9B | $202.7B | $126.0B | $105.6B |
| Total financial liabilities | $276.5B | $258.0B | $171.2B | $127.7B |
| Social And Statutory Obligations | $1.4B | $1.3B | $1.1B | $968.1M |
| Payables On Social Security And Taxes | $853.3M | $417.7M | $559.6M | $365.4M |
| Net defined benefit liability | $93.0B | $66.2B | $56.4B | $45.7B |
| Provisions | $191.7M | $146.2M | $97.7M | $43.5M |
| Other non-financial liabilities | $560.2M | $1.1B | $53.8M | $61.9M |
| Other liabilities | $96.0B | $69.2B | $58.3B | $47.2B |
| Deferred tax liabilities | $489.5M | $265.3M | $86.4M | $111.0M |
| Total liabilities | $373.0B | $327.4B | $229.6B | $175.0B |
| Issued capital | $28.0K | $26.0K | $26.0K | $24.0K |
| Capital reserve | $24.0B | $20.9B | $19.2B | $19.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Profit (loss) before tax | $5.4B | $5.0B | $3.9B | $3.4B |
| Adjustments for depreciation expense | $141.0M | $125.2M | $118.6M | $110.2M |
| Adjustments for amortisation expense | $163.2M | $140.1M | $133.8M | $95.6M |
| Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss | $23.4M | $29.5M | $32.3M | $20.8M |
| Share of profit (loss) of associates and joint ventures accounted for using equity method | ($115.8M) | ($47.3M) | ($73.5M) | $12.2M |
| Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax | $75.6M | $91.2M | $52.4M | $54.3M |
| Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, trade and other receivables | $392.3M | $288.5M | $360.9M | $78.9M |
| Adjustments for provisions | $3.6M | $34.3M | $9.9M | $12.3M |
| Adjustments for unrealised foreign exchange losses (gains) | ($980.9M) | $1.2B | ($470.8M) | ($301.7M) |
| Adjustments for share-based payments | $391.7M | $417.3M | $365.7M | $584.8M |
| Adjustments for interest expense | $547.1M | $609.4M | $637.6M | $429.2M |
| Gains (losses) on disposals of investments | $0 | $33.1M | $26.4M | — |
| Losses on disposals of property, plant and equipment | $3.8M | — | — | — |
| Adjustments For Increase decrease In Securities | ($41.2B) | ($59.2B) | ($12.7B) | ($28.3B) |
| Adjustments for decrease (increase) in derivative financial assets | $2.8B | ($7.3B) | $1.7B | ($1.6B) |
| Adjustments for decrease (increase) in financial assets held for trading | $4.1B | ($2.1B) | $1.2B | ($1.4B) |
| Adjustments for decrease (increase) in reverse repurchase agreements and cash collateral on securities borrowed | $8.5B | ($4.3B) | ($4.5B) | $1.9B |
| Adjustments for decrease (increase) in trade accounts receivable | ($638.8M) | ($109.7M) | ($53.2M) | ($157.1M) |
| Adjustments for decrease (increase) in loans and advances to banks | ($5.3B) | ($951.0M) | ($5.6B) | ($9.4B) |
| Adjustments for decrease (increase) in prepaid expenses | $299.8M | $55.0M | $22.7M | ($257.4M) |
| Adjustments for decrease (increase) in other assets | ($3.0B) | ($8.1B) | ($437.1M) | ($3.4B) |
| Adjustments for increase (decrease) in repurchase agreements and cash collateral on securities lent | ($13.1B) | $38.4B | $711.8M | $5.5B |
| Adjustments for increase (decrease) in trade accounts payable | $46.7M | ($184.8M) | $326.3M | ($308.8M) |
| Adjustments for increase (decrease) in deposits from banks | $30.0B | $33.5B | — | — |
| Adjustments For Increase decrease In Social And Statutory Obligations | $54.3M | $164.8M | $126.7M | ($54.1M) |
| Adjustments For Increase decrease In Tax And Social Security Obligations | ($75.9M) | ($154.9M) | $17.4M | ($91.3M) |
| Adjustments for increase (decrease) in employee benefit liabilities | $26.8B | $9.8B | $10.7B | $13.8B |
| Adjustments for increase (decrease) in other liabilities | ($2.7B) | $4.5B | ($347.8M) | $3.9B |
| Cash flows from (used in) operations | $12.9B | $12.1B | $8.7B | $2.4B |
| Income tax paid | ($313.6M) | ($542.4M) | ($402.8M) | ($370.9M) |
| Contingencies paid | ($52.6M) | ($8.2M) | ($52.7M) | ($2.5M) |
| Interest paid | ($367.3M) | ($349.4M) | ($141.2M) | ($197.9M) |
| Additional contigent consideration paid | ($109.6M) | — | — | — |
| Cash flows from (used in) operating activities | $12.0B | $11.2B | $8.1B | $1.8B |
| Purchase of intangible assets | ($280.3M) | ($185.4M) | ($130.2M) | ($82.4M) |
| Purchase of property, plant and equipment | ($209.3M) | ($144.8M) | ($66.0M) | ($44.6M) |
| Disposal of property and equipment assets | $0 | ($10.0M) | — | — |
| Cash flows used in obtaining control of subsidiaries or other businesses | $0 | $0 | $770.9M | ($69.5M) |
| Capital (contributions)/reductions in associates | ($14.4M) | — | — | — |
| Acquisition of associates | ($335.1M) | ($1.4B) | — | — |
| (Acquisition)/disposal of associates measured at fair value | ($50.6M) | — | — | — |
| Other cash payments to acquire interests in joint ventures, classified as investing activities | $144.9M | $46.8M | — | — |
| Cash flows from (used in) investing activities | ($716.0M) | ($1.7B) | $538.8M | ($371.3M) |
| Proceeds from borrowings | $2.6B | $0 | $2.3B | $0 |
| Increase (decrease) through treasury share transactions, equity | ($1.9B) | ($1.4B) | ($915.9M) | ($1.8B) |
XP Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.