XP (XP) Q2 2026 earnings summary

Executive summary

• Client assets reached R$2.2 trillion, up 17% year-over-year, with 4.8 million active clients and 18,400 advisors, both increasing 1% year-over-year.

• Gross revenue rose 8% year-over-year to R$5.1 billion, with net income up 5% to R$1.38 billion and adjusted EBT up 15% year-over-year.

• Net new money totaled R$28 billion, with retail contributing R$20 billion and corporate/institutional R$8 billion.

• Despite market volatility and reduced DCM activity, core businesses showed resilience and underlying momentum.

• Total assets increased to R$408.0 billion as of June 30, 2026, reflecting growth in financial assets and loan operations.

Financial highlights

• Gross revenue for 2Q26 was R$5.1 billion (+8% YoY, +3% QoQ); net income for the first half was R$2.70 billion (+5.7% YoY).

• Retail revenue accounted for 77% of gross revenue, with growth in equities (+11%), funds platform (+23%), and new verticals.

• Wholesale banking revenue surged 32% YoY, led by a 117% increase in corporate activity.

• Adjusted EBT reached R$1.57 billion (+15% YoY, +10% QoQ), with a margin of 32%.

• Diluted EPS increased 9% YoY to R$2.67.

Outlook and guidance

• Targeting double-digit growth for 2026, supported by diversified revenue and stronger execution.

• Expecting continued strong corporate revenues and normalization in fixed income pipeline in coming quarters.

• Efficiency and compensation ratios expected to remain flattish for 2026 and likely into 2027, despite investments in technology and new business lines.

• Management targets a BIS ratio in the 16%-19% range by year-end through capital distributions.

• The company is evaluating the impact of IFRS 18, which may significantly affect future income statement presentation.