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 across retail, corporate, and wholesale segments.

• Adjusted net income reached BRL 5.2 billion for the year, a 15% increase year-over-year, with adjusted diluted EPS up 18%.

• ROE expanded to 23.9%, up 94 basis points from 2024, reflecting disciplined capital allocation and operational leverage.

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

• Continued investments in technology, AI, and advisor network to drive scalable growth and service excellence.

Financial highlights

• Fourth quarter gross revenue 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.

• Retail revenues for Q4 were BRL 3.9 billion, up 8% year-over-year; full-year retail gross revenue reached BRL 14.6 billion, up 8%.

• Corporate and issuer services revenue for Q4 was BRL 895 million, up 49% year-over-year; full-year revenue was BRL 2.7 billion, up 19%.

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

• Adjusted diluted EPS grew 18% to BRL 9.81 in 2025; annualized ROAE at 23.9% and ROTE at 29.5%.

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.

• Expect retail net new money to remain at BRL 20 billion per quarter in the near term.

• Margin guidance is already being met, with expectations for further improvement as investments mature.

• Efficiency ratio 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.