XP Inc. key statistics and ratios

In fiscal 2025, XP Inc. had return on equity of 24.6%, a net margin of 64.9% and debt equal to 1.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

XP Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	37.3%	28.7%	23.7%	21.0%	28.4%	23.9%	21.6%	23.2%	24.6%
Return on assets	—	2.8%	3.6%	2.8%	3.1%	2.3%	1.8%	1.6%	1.4%
Asset turnover	—	0.12	0.12	0.07	0.05	0.04	0.03	0.03	0.02
Debt to equity	0.0%	22.5%	5.3%	2.6%	13.4%	11.0%	11.3%	8.3%	1.0%
Effective tax rate	26.4%	27.4%	29.4%	14.0%	5.8%	−3.9%	0.9%	9.4%	5.1%
Capital spending as % of revenue	2.4%	4.0%	2.0%	2.9%	2.2%	0.8%	1.0%	2.0%	2.6%
Free cash flow ÷ net income	56.1%	−117.0%	−359.7%	65.8%	−115.8%	49.2%	206.8%	244.5%	228.9%
Dividends ÷ net income	45.9%	70.4%	46.3%	0.0%	0.0%	0.0%	90.9%	45.1%	9.6%
Dividends and buybacks ÷ free cash flow	81.9%	—	—	0.0%	—	0.0%	43.9%	18.5%	4.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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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.