XP (XP) Q1 2026 earnings summary

Executive summary

• Client assets (AUM + AUA) reached R$2.1 trillion, up 21% year-over-year, with 4.8 million active clients and 18,300 advisors, both growing modestly year-over-year.

• Gross revenues were R$4.9 billion, up 8% year-over-year, and adjusted net income was R$1.3 billion, up 7% year-over-year.

• Retail revenue grew 10% year-over-year, driven by equities (+22%), funds platform (+22%), and other retail (+43%).

• Wholesale banking revenue increased 26% year-over-year, led by corporate activity (+78%).

• Announced a new R$1 billion share buyback program and R$500 million in dividends to be paid in June.

Financial highlights

• Gross revenues increased 8% year-over-year to R$4.9 billion, with retail revenue at R$3.8 billion (+10% YoY).

• Adjusted EBT was R$1.4 billion, up 8% year-over-year; EBT margin stable year-over-year at 30%.

• Adjusted diluted EPS was R$2.49, up 9% year-over-year.

• Efficiency ratio (LTM) was 34.6%, up 100 bps year-over-year.

• BIS capital ratio stood at 20.7%, above guidance of 16%-19%.

Outlook and guidance

• Confident in delivering double-digit growth for the year, despite short-term volatility and credit spread widening.

• Interest rate easing cycle expected to be gradual but supportive of business momentum.

• No change in overall strategy; focus remains on scaling the investment platform and expanding the ecosystem.

• Management targets a BIS ratio in the 16–19% range by year-end, with ongoing capital distributions.