XP Inc. (XP) Balance Sheet
XP balance sheet, 2025
December 31, 2025 · Brazilian reaisR$396.53B assets = R$372.98B liabilities + R$23.55B equity
Both columns are drawn to the same scale: what XP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
XP financial health
Current ratio0.56
Tight · current assets cover current liabilities 0.56×
Debt / equity3.62
High leverage · R$3.62 of debt for each $1 of equity
Equity / assets5.9%
Thin equity · of assets funded by shareholders
Cash / debt12.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
XP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$4.24B2016 | R$396.53B2025 | +65.6%/yr | |
| Total liabilities | R$133.9M2016 | R$372.98B2025 | +141.4%/yr | |
| Shareholders’ equity | R$1.05B2016 | R$23.55B2025 | +41.4%/yr | |
| Cash & short-term investments | R$14.9M2016 | R$10.35B2025 | +106.9%/yr | |
| Total debt | R$02016 | R$85.30B2025 | — | |
| Net cash (debt) | R$14.9M2016 | −R$74.95B2025 | −R$75.0B | |
| Working capital | −R$119.0M2016 | −R$35.65B2025 | −R$35.5B | |
| Current ratio | 0.112016 | 0.562025 | +0.45 | |
| Debt / equity | 0.002016 | 3.622025 | +3.62 | |
| Shares outstanding | 551.8M2016 | 531.9M2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XP assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
XP liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
XP debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
XP balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R$10.35B | R$74.91B | R$54.41B | R$41.30B | R$36.22B | R$22.05B | R$3.23B | R$1.66B | R$825.1M | R$14.9M |
| Cash & equivalents | R$10.36B | R$5.61B | R$3.94B | R$3.55B | R$2.49B | R$1.95B | R$109.9M | R$68.4M | R$153.2M | R$14.9M |
| Short-term investments | R$62.76B | R$69.30B | R$50.47B | R$37.75B | R$33.74B | R$20.09B | R$3.12B | R$1.59B | R$671.8M | R$0 |
| Receivables | R$35.93B | R$35.20B | R$31.89B | R$22.97B | R$13.44B | R$4.55B | R$705.7M | R$402.6M | R$171.9M | R$87.4M |
| Inventory | R$0 | R$0 | R$0 | R$0 | R$19.91B | R$7.90B | R$905.3M | −R$17.63B | R$0 | R$0 |
| Other current assets | R$0 | R$47.95B | R$33.21B | R$11.84B | R$0 | R$120.3M | R$8.67B | R$24.29B | R$1.00B | R$0 |
| Total current assets | R$46.28B | R$158.06B | R$119.51B | R$76.12B | R$62.54B | R$34.62B | R$13.52B | R$8.73B | R$2.00B | R$14.9M |
| Property, plant & equipment (net) | R$804.1M | R$763.1M | R$655.2M | R$569.4M | R$598.5M | R$387.2M | R$369.9M | R$99.1M | R$47.1M | R$28.7M |
| Goodwill & intangible assets | R$2.76B | R$2.63B | R$2.50B | R$844.2M | R$821.0M | R$713.6M | R$553.5M | R$504.9M | R$483.2M | R$123.3M |
| Long-term investments | R$212.56B | R$157.65B | R$117.46B | R$107.39B | R$71.79B | R$58.82B | R$34.22B | R$13.08B | R$4.74B | R$2,342 |
| Other non-current assets | R$134.12B | R$28.34B | R$8.91B | R$7.12B | R$3.59B | R$1.49B | R$0 | R$0 | R$0 | R$4.07B |
| Total assets | R$396.53B | R$347.46B | R$249.04B | R$192.03B | R$139.34B | R$96.03B | R$43.62B | R$17.72B | R$7.14B | R$4.24B |
| Liabilities | ||||||||||
| Accounts payable | R$810.2M | R$763.5M | R$948.2M | R$617.4M | R$867.5M | R$859.5M | R$266.8M | R$134.6M | R$71.6M | R$68.4M |
| Short-term debt | R$81.94B | R$81.84B | R$40.83B | R$33.66B | R$27.94B | R$31.86B | R$15.75B | R$6.76B | R$644.4M | R$0 |
| Deferred revenue | — | R$1.01B | R$39.63B | — | R$24.98B | R$435.8M | R$345.0M | — | R$60.9M | — |
| Total current liabilities | R$81.94B | R$196.14B | R$124.10B | R$105.40B | R$75.25B | R$60.25B | R$25.48B | R$12.31B | R$3.90B | R$133.9M |
| Long-term debt | R$32.11B | R$33.29B | R$27.73B | R$1.87B | R$1.93B | R$827.8M | R$984.7M | R$761.7M | R$736.7M | R$0 |
| Lease obligations | — | — | — | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Other long-term liabilities | R$258.68B | R$97.98B | R$77.77B | R$67.73B | R$47.75B | R$24.05B | R$10.00B | R$2.56B | R$1.35B | R$0 |
| Total liabilities | R$372.98B | R$327.41B | R$229.59B | R$174.99B | R$124.92B | R$85.13B | R$36.47B | R$15.63B | R$5.98B | R$133.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R$28,000 | R$26,000 | R$26,000 | R$24,000 | R$23,000 | R$23,000 | R$23,000 | R$21,000 | R$254.6M | R$254.6M |
| Retained earnings (deficit) | — | — | R$19.45B | R$17.04B | R$14.42B | R$10.89B | R$7.15B | R$2.08B | R$1.14B | R$51.4M |
| Treasury stock | — | — | — | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Accumulated other comprehensive income | R$3.98B | R$14.61B | R$13.15B | R$12.04B | R$14.59B | R$4.07B | R$1.74B | R$2.08B | R$685.7M | R$739.2M |
| Minority interest | R$1.0M | R$3.7M | R$1.5M | R$6.5M | — | — | R$0 | R$0 | R$0 | R$0 |
| Total shareholders' equity | R$23.55B | R$20.04B | R$19.45B | R$17.04B | R$14.42B | R$10.89B | R$7.15B | R$2.08B | R$1.14B | R$1.05B |
| Key figures | ||||||||||
| Total debt | R$85.30B | R$115.13B | R$68.56B | R$35.52B | R$28.21B | R$32.12B | R$17.11B | R$7.52B | R$1.38B | R$0 |
| Net cash (debt) | −R$74.95B | −R$40.22B | −R$14.15B | R$5.78B | R$8.01B | −R$10.08B | −R$13.88B | −R$5.85B | −R$556.0M | R$14.9M |
| Working capital | −R$35.65B | −R$38.08B | −R$4.58B | −R$29.28B | −R$12.70B | −R$25.63B | −R$11.97B | −R$3.57B | −R$1.90B | −R$119.0M |
| Tangible book value | R$20.78B | R$17.41B | R$16.95B | R$16.19B | R$13.60B | R$10.18B | R$6.60B | R$1.58B | R$660.6M | R$921.9M |
| Shares outstanding | 531.9M | 548.3M | 544.2M | 573.0M | 573.5M | 559.1M | 511.7M | 551.8M | 551.8M | 551.8M |
| Current ratio | 0.56 | 0.81 | 0.96 | 0.72 | 0.83 | 0.57 | 0.53 | 0.71 | 0.51 | 0.11 |
| Quick ratio | 0.56 | 0.56 | 0.70 | 0.61 | 0.66 | 0.44 | 0.15 | 0.17 | 0.26 | 0.76 |
| Debt / equity | 3.62 | 5.74 | 3.53 | 2.09 | 1.96 | 2.95 | 2.39 | 3.61 | 1.21 | 0.00 |
| Equity / assets | 5.9% | 5.8% | 7.8% | 8.9% | 10.3% | 11.3% | 16.4% | 11.8% | 16.0% | 24.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R$7.97B | R$8.68B | R$10.35B | R$78.81B | R$76.45B | R$71.17B | R$5.61B | R$65.96B | R$53.02B | R$50.19B | R$3.94B | R$51.15B |
| Cash & equivalents | R$7.97B | R$8.68B | R$10.36B | R$12.41B | R$12.09B | R$8.23B | R$5.61B | R$4.63B | R$5.60B | R$3.94B | R$3.94B | R$3.82B |
| Short-term investments | R$50.94B | R$59.57B | R$62.76B | R$66.40B | R$64.36B | R$62.94B | R$69.30B | R$61.33B | R$47.42B | R$46.25B | R$46.25B | R$47.33B |
| Receivables | R$37.12B | R$33.59B | R$35.93B | R$35.78B | R$34.74B | R$31.45B | R$684.8M | R$28.99B | R$27.39B | R$30.62B | R$30.62B | R$27.57B |
| Inventory | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$875.0M |
| Other current assets | R$1,000 | R$1,000 | R$0 | R$50.26B | R$38.76B | R$33.50B | R$0 | R$44.19B | R$44.92B | R$52.46B | R$98.72B | R$12.30B |
| Total current assets | R$45.08B | R$42.27B | R$46.28B | R$164.85B | R$149.95B | R$136.12B | R$5.61B | R$139.14B | R$125.33B | R$133.27B | R$133.27B | R$91.89B |
| Property, plant & equipment (net) | R$940.8M | R$805.0M | R$804.1M | R$680.0M | R$619.1M | R$580.0M | R$763.1M | R$781.8M | R$806.2M | R$645.5M | R$645.5M | R$502.3M |
| Goodwill & intangible assets | R$2.95B | R$4.79B | R$2.76B | R$2.70B | R$2.66B | R$4.57B | R$2.63B | R$2.60B | R$2.57B | R$4.36B | R$4.36B | R$4.38B |
| Long-term investments | R$220.12B | R$223.07B | R$212.56B | R$197.96B | R$184.12B | R$179.81B | R$157.65B | R$145.70B | R$144.08B | R$121.45B | R$117.46B | R$122.69B |
| Other non-current assets | R$138.31B | R$138.29B | R$134.12B | R$33.29B | R$36.50B | R$28.88B | R$180.79B | R$28.18B | R$24.36B | R$19.20B | R$23.19B | R$13.96B |
| Total assets | R$407.40B | R$409.23B | R$396.53B | R$399.48B | R$373.85B | R$349.97B | R$347.46B | R$316.40B | R$297.14B | R$278.92B | R$278.92B | R$233.43B |
| Liabilities | ||||||||||||
| Accounts payable | R$807.7M | R$890.0M | R$810.2M | R$734.0M | R$719.9M | R$871.3M | R$763.5M | R$805.6M | R$623.2M | R$954.0M | R$954.0M | R$603.8M |
| Short-term debt | R$89.77B | R$86.38B | R$81.94B | R$72.51B | R$74.16B | R$57.87B | — | R$51.14B | R$56.42B | R$51.32B | R$51.32B | R$40.78B |
| Deferred revenue | — | — | — | — | — | R$1.01B | — | — | — | R$5.87B | R$5.87B | R$39.63B |
| Total current liabilities | R$89.77B | R$86.38B | R$81.94B | R$200.84B | R$189.44B | R$172.91B | R$1.56B | R$149.87B | R$137.78B | R$128.82B | R$128.82B | R$116.95B |
| Long-term debt | R$48.66B | R$50.65B | R$32.11B | R$0 | R$0 | R$3.50B | R$33.29B | R$0 | R$0 | R$0 | R$27.73B | R$1.26B |
| Other long-term liabilities | R$244.17B | R$247.78B | R$258.68B | R$174.96B | R$162.14B | R$152.51B | R$292.56B | R$145.17B | R$139.39B | R$129.68B | R$101.95B | R$95.19B |
| Total liabilities | R$382.60B | R$384.81B | R$372.98B | R$375.81B | R$351.58B | R$328.92B | R$327.41B | R$295.04B | R$277.18B | R$258.50B | R$258.50B | R$213.40B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R$27,956 | R$27,656 | R$28,000 | R$26,000 | R$26,000 | R$26,000 | R$26,000 | R$26,000 | R$26,000 | R$26,000 | R$26,000 | R$25,000 |
| Retained earnings (deficit) | R$2.70B | R$1.29B | — | R$3.87B | R$2.55B | R$1.24B | — | R$3.33B | R$2.15B | R$1.03B | R$1.03B | R$1.28B |
| Accumulated other comprehensive income | R$18.87B | R$19.18B | R$3.98B | R$15.29B | R$15.17B | R$14.88B | R$14.61B | R$18.14B | R$19.18B | R$19.52B | R$13.10B | R$18.85B |
| Minority interest | R$596,000 | R$8.4M | R$1.0M | R$4.7M | R$6.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | R$24.79B | R$24.41B | R$23.55B | R$23.66B | R$22.26B | R$21.04B | R$20.04B | R$21.35B | R$19.96B | R$20.42B | R$20.42B | R$20.01B |
| Key figures | ||||||||||||
| Total debt | R$92.75B | R$89.50B | R$85.30B | R$72.51B | R$74.16B | R$61.38B | R$27.30B | R$51.14B | R$56.42B | R$51.32B | R$74.83B | R$42.04B |
| Net cash (debt) | −R$84.79B | −R$80.81B | −R$74.95B | R$6.30B | R$2.29B | R$9.79B | −R$21.69B | R$14.82B | −R$3.40B | −R$1.13B | −R$70.89B | R$9.11B |
| Working capital | −R$44.69B | −R$44.10B | −R$35.65B | −R$36.00B | −R$39.50B | −R$36.79B | R$4.05B | −R$10.73B | −R$12.46B | R$4.46B | R$4.46B | −R$25.06B |
| Tangible book value | R$21.84B | R$19.62B | R$20.78B | R$20.96B | R$19.60B | R$16.47B | R$17.41B | R$18.76B | R$17.39B | R$16.07B | R$16.07B | R$15.63B |
| Shares outstanding | 520.5M | 525.4M | 520.2M | 534.9M | 535.8M | 539.5M | 540.4M | 545.9M | 551.5M | 548.4M | 556.7M | 553.6M |
| Current ratio | 0.50 | 0.49 | 0.56 | 0.82 | 0.79 | 0.79 | 3.60 | 0.93 | 0.91 | 1.03 | 1.03 | 0.79 |
| Quick ratio | 0.50 | 0.49 | 0.56 | 0.57 | 0.59 | 0.59 | 4.04 | 0.63 | 0.58 | 0.63 | 0.27 | 0.67 |
| Debt / equity | 3.74 | 3.67 | 3.62 | 3.06 | 3.33 | 2.92 | 1.36 | 2.39 | 2.83 | 2.51 | 3.66 | 2.10 |
| Equity / assets | 6.1% | 6.0% | 5.9% | 5.9% | 6.0% | 6.0% | 5.8% | 6.7% | 6.7% | 7.3% | 7.3% | 8.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed April 29, 2026); data from EODHD.
XP financial position
At the end of fiscal 2025 (December 31, 2025), XP had total assets of R$396.5 billion (up 14.1% from a year earlier), total liabilities of R$373.0 billion and shareholders' equity of R$23.5 billion. It held R$10.4 billion in cash and short-term investments against R$85.3 billion of debt, net debt of R$74.9 billion. Its current ratio was 0.56. In the latest quarter (ended June 30, 2026) total assets were R$407.4 billion and equity R$24.8 billion.
Related: XP income statement, XP cash flow statement, XP key metrics. See the XP stock overview for the latest quote and news.
XP balance sheet FAQ
What are XP's total assets?
XP reported total assets of R$396.5 billion at the end of fiscal 2025 (December 31, 2025), compared with R$347.5 billion a year earlier.
How much debt does XP have?
XP had R$85.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.62.
How much cash does XP have?
XP held R$10.4 billion in cash and short-term investments at the end of fiscal 2025; with R$85.3 billion of debt that is net debt of R$74.9 billion.
What is XP's book value?
XP's shareholders' equity (book value) was R$23.5 billion at the end of fiscal 2025.
What is XP's current ratio?
XP had current assets of R$46.3 billion and current liabilities of R$81.9 billion, a current ratio of 0.56 (current liabilities exceed current assets).
How much goodwill does XP have?
XP carried R$2.8 billion of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.