XP Inc. cash flow statement

In fiscal 2025, XP Inc.'s operations generated $2.16bn of cash; it spent $37.5m on capital projects, leaving free cash flow of $2.12bn. It returned $88.6m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

XP Inc.: cash flow statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	82	−126	−969	296	−746	350	1,629	2,084	2,158
Depreciation and amortisation	—	—	—	13	13	21	24	23	25
Stock-based pay	—	0	1	46	104	114	73	78	70
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
Free cash flow after stock pay	—	−149	−988	222	−876	228	1,542	1,979	2,050
Dividends paid	60	90	127	0	0	0	710	380	89

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from XP Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to XP Inc.