XP Inc. (XP) Income Statement
XP 2025 at a glance
Fiscal year ended December 31, 2025 · Brazilian reaisXP revenue and net income
Where XP's revenue goes
2025Each bar shows an amount and its share of revenue. XP kept 27.8% of revenue as net income.
XP profit margins
XP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.2% | +8.8% | +16.2% | +39.3% |
| Gross profit | −8.7% | +8.0% | +16.8% | +33.9% |
| Operating income | −10.3% | +13.5% | +17.9% | +41.4% |
| Net income | −2.1% | +11.0% | +19.3% | +52.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XP income statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$18.24B | R$19.87B | R$14.82B | R$14.18B | R$12.97B | R$8.60B | R$5.17B | R$3.16B | R$2.00B | R$1.18B |
| Cost of revenue | R$5.95B | R$6.42B | R$4.83B | R$4.44B | R$4.05B | R$2.96B | R$1.73B | R$1.11B | R$657.5M | R$395.2M |
| Gross profit | R$12.29B | R$13.45B | R$9.99B | R$9.74B | R$8.93B | R$5.64B | R$3.43B | R$2.05B | R$1.34B | R$780.7M |
| Research & development | — | — | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Sales, general & admin | R$6.27B | R$4.31B | R$3.99B | R$3.91B | R$3.22B | R$2.16B | R$1.52B | R$970.8M | R$518.1M | R$471.2M |
| Total operating expenses | R$6.37B | R$6.86B | R$5.45B | R$5.70B | R$4.77B | R$3.05B | R$1.83B | R$1.24B | R$654.8M | R$426.5M |
| Operating income | R$5.91B | R$6.60B | R$4.55B | R$4.05B | R$4.15B | R$2.59B | R$1.61B | R$806.6M | R$684.7M | R$354.2M |
| Interest income | R$43.4M | R$28.0M | R$17.2M | R$15.4M | R$7.6M | R$5.5M | R$84.4M | R$72.3M | R$61.1M | — |
| Interest expense | R$613.1M | R$894.2M | R$607.6M | R$416.7M | R$141.1M | R$53.1M | R$81.9M | R$76.7M | R$63.3M | R$0 |
| Income before taxes | R$5.34B | R$5.72B | R$3.87B | R$3.57B | R$3.97B | R$2.44B | R$1.50B | R$679.6M | R$596.2M | R$350.0M |
| Income taxes | R$273.8M | R$540.4M | R$36.4M | −R$140.4M | R$231.5M | R$342.6M | R$441.0M | R$186.0M | R$157.4M | R$121.8M |
| Net income | R$5.07B | R$5.18B | R$3.84B | R$3.71B | R$3.73B | R$2.09B | R$1.05B | R$489.5M | R$428.8M | R$176.6M |
| EBITDA | R$6.26B | R$6.88B | R$4.73B | R$4.19B | R$4.35B | R$2.64B | R$1.67B | R$812.3M | R$687.9M | R$371.6M |
| Gross margin | 67.4% | 67.7% | 67.4% | 68.7% | 68.8% | 65.6% | 66.4% | 64.8% | 67.1% | 66.4% |
| Operating margin | 32.4% | 33.2% | 30.7% | 28.6% | 32.0% | 30.1% | 31.1% | 25.5% | 34.3% | 30.1% |
| Net margin | 27.8% | 26.1% | 25.9% | 26.1% | 28.8% | 24.3% | 20.3% | 15.5% | 21.5% | 15.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$4.99B | R$4.62B | R$5.06B | R$4.59B | R$4.38B | R$4.32B | R$4.24B | R$4.35B | R$4.66B | R$4.18B | R$4.10B | R$4.30B |
| Cost of revenue | R$1.68B | R$1.58B | R$1.65B | R$1.51B | R$1.42B | R$1.41B | R$1.12B | R$1.45B | R$1.47B | R$1.38B | R$1.29B | R$1.30B |
| Gross profit | R$3.32B | R$3.04B | R$3.41B | R$3.08B | R$2.96B | R$2.91B | R$4.24B | R$2.91B | R$3.20B | R$2.80B | R$2.81B | R$3.00B |
| Sales, general & admin | R$1.23B | R$1.71B | R$1.69B | R$1.22B | R$1.14B | R$1.50B | R$1.54B | R$1.09B | R$1.09B | R$1.01B | R$1.01B | R$1.11B |
| Total operating expenses | R$1.69B | R$1.63B | R$1.74B | R$1.66B | R$1.52B | R$1.49B | R$1.66B | R$1.53B | R$1.54B | R$1.49B | R$1.53B | R$1.67B |
| Operating income | R$1.63B | R$1.41B | R$1.67B | R$1.43B | R$1.43B | R$1.42B | R$2.59B | R$1.38B | R$1.66B | R$1.31B | R$1.28B | R$1.33B |
| Interest income | R$10.0M | R$8.1M | R$13.8M | R$8.7M | R$11.3M | R$9.6M | — | R$7.6M | R$19.6M | — | — | — |
| Interest expense | R$118.9M | R$101.0M | R$132.4M | R$139.0M | R$169.9M | R$174.5M | R$196.0M | R$194.5M | R$218.4M | R$185.1M | R$181.3M | R$139.5M |
| Income before taxes | R$1.55B | R$1.32B | R$1.56B | R$1.30B | R$1.27B | R$1.24B | R$1.30B | R$1.19B | R$1.48B | R$1.11B | R$1.08B | R$1.19B |
| Income taxes | R$133.8M | R$25.3M | R$259.5M | R$484,645 | −R$3.4M | R$26.2M | R$120.6M | R$25.3M | R$284.9M | R$60.1M | R$58.9M | R$73.0M |
| Net income | R$1.42B | R$1.29B | R$1.32B | R$1.29B | R$1.27B | R$1.22B | R$1.18B | R$1.16B | R$1.20B | R$1.05B | R$1.03B | R$1.12B |
| EBITDA | R$1.77B | R$1.50B | R$1.77B | R$1.52B | R$1.52B | R$1.49B | — | R$1.45B | R$1.77B | R$1.37B | R$1.34B | R$1.41B |
| Gross margin | 66.4% | 65.8% | 67.4% | 67.1% | 67.5% | 67.4% | 100.0% | 66.8% | 68.5% | 66.9% | 68.6% | 69.7% |
| Operating margin | 32.6% | 30.6% | 33.0% | 31.0% | 32.7% | 32.9% | 61.0% | 31.7% | 35.6% | 31.3% | 31.3% | 30.9% |
| Net margin | 28.5% | 27.8% | 26.0% | 28.1% | 29.1% | 28.2% | 27.8% | 26.7% | 25.7% | 25.1% | 25.1% | 26.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported in XP's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XP financial results
In fiscal year 2025 (ended December 31, 2025), XP reported revenue of R$18.2 billion, down 8.2% from the year before. It had net income of R$5.1 billion (down 2.1%), a net profit margin of 27.8%. Over five years revenue grew at an average rate of 16.2% a year. Figures are in Brazilian reais, the currency of its financial statements.
See the XP stock overview for the latest quote and news, or the XP chart for price history and technical indicators.
XP income statement FAQ
What is XP's annual revenue?
XP reported total revenue of R$18.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 8.2% from R$19.9 billion the previous year.
Is XP profitable?
Yes. XP reported net income of R$5.1 billion in fiscal 2025, a net profit margin of 27.8%; its operating margin was 32.4%.
What is XP's gross margin?
XP's gross margin was 67.4% in fiscal 2025: for every $100 of revenue, XP kept $67 after the direct cost of its products and services.
How fast is XP growing?
Revenue grew 16.2% a year on average over the last five fiscal years, from R$8.6 billion to R$18.2 billion.
When will XP report its next earnings?
XP is expected to report results for the quarter ending September 30, 2026 on November 16, 2026 after the market closes.
When does XP's fiscal year end?
XP's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.