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XP (XP) investor relations material
XP Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved significant profitability growth in 3Q25, with net income up 12% year-over-year and gross revenue up 9%, driven by Corporate & Issuer Services and technology investments.
Client assets reached BRL 1.9 trillion, up 16% year-over-year, with active clients growing 2% to 4.8 million.
Maintained leadership in investment services, expanding cross-sell initiatives and democratized wealth planning.
Enhanced advisor productivity and client experience through proprietary AI-powered technology.
Financial highlights
Gross revenues were BRL 4.9 billion, up 9% year-over-year and 6% quarter-over-quarter.
Net income reached BRL 1.3 billion, up 12% year-over-year; EBT was BRL 1.3 billion, up 10% year-over-year.
Diluted EPS grew 13% year-over-year, supported by share buybacks.
ROE was 23%, flat year-over-year; capital ratio at 21.2%.
Adjusted net margin improved by 106 bps year-over-year to 29.7%.
Outlook and guidance
Retail net new money target remains BRL 20 billion per quarter.
Revenue growth for 2025 expected to be close to, but slightly below, 10% guidance due to a soft first half; 2026 may require 17-20% growth to meet guidance.
EBT margin guidance of 30% by end of next year remains achievable, though near-term margins may be flat due to ongoing investments.
Capital ratio guidance for end of 2026 maintained at 16%-19%.
Strategy centers on investment market leadership, expanding product offerings, and deepening client relationships.
What drives retail take rate decline?
Clarify net inflow vs. new AuM/AuA disclosure
Corporate & Issuer Services growth vs. Retail strategy
What drives fixed income take rate pressure?
EBT margin outlook with current investments
Wholesale warehousing strategy for 2026
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Next XP earnings date
Q4 202512 Feb, 2026
Next XP earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
XP Inc. engages in the provision of financial products and services to retail, high-net worth, and corporate clients in Brazil. XP Inc. offers securities brokerage, private pension plans, commercial, and investment banking products. Its products and services include securities, brokerage, private pension plans, commercial, and investment banking product; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; wealth management services for high-net-worth customers and institutional clients; loan operations; transactions in the foreign exchange markets and deposits, etc.
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