XP (XP) Q4 2025 earnings summary

Executive summary

• Achieved BRL 19.5 billion in gross revenues for 2025, up 8% year-over-year, with double-digit growth in the second half and strong performance in corporate and issuer services.

• Adjusted net income reached BRL 5.2 billion for the year, a 15% increase year-over-year, and adjusted diluted EPS rose 18% to BRL 9.81.

• ROE expanded to 23.9%, up 94 basis points from 2024, with a BIS ratio of 20.4% and CET1 at 17.3%, reflecting a conservative capital structure.

• Total client assets surpassed BRL 2.1 trillion, growing 22% year-over-year, with net new money of BRL 32 billion in Q4 2025.

• Retail, institutional, and wholesale banking segments all contributed to growth, with retail maintaining its revenue share and wholesale banking growing double digits.

Financial highlights

• Gross revenue for Q4 2025 was BRL 5.3 billion, up 12% year-over-year and 7% sequentially; full-year gross revenue was BRL 19.5 billion, up 8% year-over-year.

• Adjusted EBT for Q4 2025 was BRL 1.5 billion, up 20% year-over-year, with a margin of 31.3%; full-year EBT margin was 29.6%.

• Adjusted net income for Q4 2025 was BRL 1.33 billion, up 10% year-over-year.

• SG&A for 2025 was BRL 6.4 billion, reflecting ongoing investments in technology and advisor expansion.

• Adjusted net margin reached 26.6% in 2025.

Outlook and guidance

• Guidance for 2026 remains unchanged, targeting 17% revenue growth to reach the lower end of the BRL 22.8–26.8 billion range.

• Net new money is expected to remain at BRL 20 billion per quarter, with acceleration anticipated in future years.

• Efficiency ratio is expected to remain stable in 2026, with continued investment in technology and advisory.

• Focus on innovation, expanding sales force, evolving client platform, and enhancing technology, marketing, and banking to drive service levels and engagement.

• Targeting further optimization of capital base in 2026, with BIS ratio expected to move toward the 16–19% range through capital distributions.