XP Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.43bn, up 3.1% on a year earlier, slower than the 5.8% growth a quarter earlier. The diluted share count is down 3.0% on a year earlier, which lifts each remaining share.
Our model value for XP is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
XP Inc.'s trailing-twelve-month revenue grew 3.1% year on year, with a free-cash-flow margin of 148.6%. Where it stands out: net margin of 64.9% ranks 1 of 40 investment banking & brokerage companies we cover.
Current signal Net margin expanding: TTM net margin reached 64.9%, up 4.1pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for XP Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value XP Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$10 ~$22–$46 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$32 ~$24–$44 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$27 ~$24–$32 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.8 ~$8.5–$37 | Left out: out of range vs price (0.06x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$28 ~$23–$35 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare XP Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 16, 2026, after the close.
No analyst estimates are published for XP Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $2.62 | $2.67 | +2.0% |
| Mar 2026 | $2.53 | $2.49 | −1.7% |
| Dec 2025 | $2.50 | $2.56 | +2.4% |
| Sept 2025 | $2.42 | $2.47 | +2.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY17 Q4 | $402.5M |
| FY18 Q4 | $566.3M |
| FY19 Q4 | $913.2M |
| FY20 Q4 | $981.4M |
| FY21 Q4 | $1.2B |
| FY22 Q4 | $1.2B |
| FY23 Q4 | $1.3B |
| FY24 Q4 | $1.4B |
| FY25 Q4 | $1.4B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q4 | 40.7% |
| FY19 Q4 | 61.2% |
| FY20 Q4 | 7.5% |
| FY21 Q4 | 17.2% |
| FY22 Q4 | 0.3% |
| FY23 Q4 | 13.5% |
| FY24 Q4 | 5.8% |
| FY25 Q4 | 3.1% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY17 Q4 | 18.1% |
| FY18 Q4 | -26.3% |
| FY19 Q4 | -108.1% |
| FY20 Q4 | 27.2% |
| FY21 Q4 | -67.1% |
| FY22 Q4 | 29.6% |
| FY23 Q4 | 123.4% |
| FY24 Q4 | 148.6% |
| FY25 Q4 | 148.6% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 402 | 566 | 913 | 981 | 1,150 | 1,153 | 1,309 | 1,384 | 1,427 |
| Net income | 130 | 127 | 274 | 406 | 666 | 695 | 781 | 841 | 926 |
| Diluted EPS | $0.27 | $0.26 | $0.54 | $0.73 | $1.16 | $1.21 | $1.44 | $1.53 | $1.74 |
| Growth (year on year) | |||||||||
| Revenue | — | +40.7% | +61.2% | +7.5% | +17.2% | +0.3% | +13.5% | +5.8% | +3.1% |
| Net income | — | −2.0% | +115.7% | +48.0% | +64.0% | +4.3% | +12.4% | +7.7% | +10.1% |
| Diluted EPS | — | −3.6% | +107.9% | +35.5% | +59.9% | +4.4% | +18.4% | +6.9% | +13.5% |
| Margins | |||||||||
| Net margin | 32.2% | 22.5% | 30.0% | 41.4% | 57.9% | 60.2% | 59.7% | 60.8% | 64.9% |
| Free-cash-flow margin | 18.1% | −26.3% | −108.1% | 27.2% | −67.1% | 29.6% | 123.4% | 148.6% | 148.6% |
| Cash flow | |||||||||
| Cash from operations | 82 | −126 | −969 | 296 | −746 | 350 | 1,629 | 2,084 | 2,158 |
| Capital spending | 10 | 23 | 18 | 28 | 25 | 9 | 13 | 27 | 37 |
| Free cash flow | 73 | −149 | −987 | 267 | −771 | 342 | 1,615 | 2,057 | 2,121 |
| Stock-based pay | — | 0 | 1 | 46 | 104 | 114 | 73 | 78 | 70 |
| Free cash flow after stock pay | — | −149 | −988 | 222 | −876 | 228 | 1,542 | 1,979 | 2,050 |
| Balance sheet | |||||||||
| Cash | 252 | 162 | 221 | 512 | 673 | 940 | 1,898 | 2,088 | 3,509 |
| Total debt | 0 | 121 | 95 | 55 | 346 | 353 | 453 | 269 | 43 |
| Net debt (negative = net cash) | −252 | −41 | −126 | −458 | −327 | −587 | −1,445 | −1,818 | −3,466 |
| Diluted shares | 485m | 493m | 512m | 559m | 573m | 573m | 544m | 548m | 532m |
| Returned to shareholders | |||||||||
| Dividends | 60 | 90 | 127 | 0 | 0 | 0 | 710 | 380 | 89 |
| Total returned | 60 | 90 | 127 | 0 | 0 | 0 | 710 | 380 | 89 |
| Last 12 months unless stated | XP | OPY | PJT | MRX | PIPR | HLI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.4bn | $1.8bn | $1.9bn | $2.0bn | $2.1bn | $2.6bn | $2.0bn |
| Revenue growth, last 12 months | 3.1% | 13.9% | 22.9% | 26.9% | 32.1% | −0.4% | 20.7% |
| Revenue growth, 3-year average | — | 11.8% | 20.0% | — | 17.1% | 12.7% | 16.2% |
| Revenue growth, latest quarter | — | −10.0% | 19.5% | — | 24.5% | 4.8% | 17.4% |
| Operating margin | — | 7.2% | — | — | — | 20.3% | −2.3% |
| Operating margin, 3-year average | — | 7.7% | — | — | — | 20.3% | 9.4% |
| Net margin | 64.9% | 4.9% | 10.6% | 14.5% | 14.5% | 15.8% | 5.8% |
| Cash from operations / revenue | 151.2% | 3.7% | 37.8% | 33.0% | 23.9% | 16.7% | 7.7% |
| Free-cash-flow margin | 148.6% | 3.3% | 35.1% | 32.3% | 23.0% | 15.7% | 5.2% |
| Free-cash-flow margin, 3-year average | 33.2% | −0.2% | 33.0% | — | 20.3% | 23.3% | 16.8% |
| Stock pay / revenue | 4.9% | 4.8% | 12.5% | — | 6.0% | 7.8% | 4.7% |
| Change in share count | −3.0% | −1.0% | — | 1.1% | 0.1% | −1.6% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 3.1% | 20.8% | 32 of 40 |
| Change in growth rate Growth | -2.6pp | -0.3pp | 25 of 40 |
| Net margin Profitability | 64.9% | 6.0% | 1 of 40 |
| Stock pay as % of revenue Cash generation | 4.9% | 4.8% | 20 of 36 |
| Change in share count Balance sheet | -3.0% | 1.2% | 4 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $797M | 49.0M | 14.7% | ▲ 5.3% |
| Dodge & Cox | $529M | 32.6M | 9.7% | ▼ 0.5% |
| Arga Investment Management, LP | $401M | 24.6M | 7.4% | ▲ 19.1% |
| General Atlantic, L.P. | $334M | 20.6M | 6.2% | 0.0% |
| Capital World Investors | $315M | 19.4M | 5.8% | ▲ 1.4% |
| Massachusetts Financial Services Co | $206M | 12.6M | 3.8% | ▲ 1.8% |
| State Street Corp | $158M | 9.7M | 2.9% | ▼ 0.7% |
| Ninety One Uk Ltd | $131M | 8.1M | 2.4% | 0.0% |
| FMR LLC | $130M | 8.0M | 2.4% | ▼ 12.2% |
| Arrowstreet Capital, Limited Partnership | $114M | 7.0M | 2.1% | ▼ 8.3% |
| Marshall Wace, LLP | $106M | 6.5M | 2.0% | ▲ 101.5% |
| Morgan Stanley | $106M | 6.5M | 1.9% | ▲ 8.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not XP Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Dos Santos Bruno Constantino Alexandre Director | September 16, 2026 | Sell | 123,257 | $19.58 | $2.4M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in XP Inc. disclosed in the last 12 months; 5 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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