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Brazilian investment platform offering brokerage, wealth management and financial products to retail and institutional clients.
Brazilian investment platform offering brokerage, wealth management and financial products to retail and institutional clients.
Earns mainly from brokerage and distribution fees on the investments clients hold on its platform, with independent advisors acting as the sales channel and paid out of those fees. It also earns fund-management fees and some interest on lending. Brazil is its market, and it has been listed on Nasdaq since 2019.
In one line: Brazil's Charles Schwab.
Moat: narrow (brand, distribution, switching costs). Large network of independent financial advisors distributing XP products is difficult for banks to replicate quickly.
Headquarters: Sao Paulo, Brazil · Founded: 2001 · Employees: 8,069
Size XP Inc. Class A (XP) is a United States Financials company (Investment Banks/Brokers) with a market value of $7.83B, the 901st largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.14 on 6 Nov 2026.
Performance Over six months the shares fell 21.0%, against -6.0% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +3.5%); the operating margin is 31.9% (peer median 38.5%).
Valuation It trades at 6.7× forward earnings against a peer median of 14.4× (4th cheapest of 21).
Credit XP Inc. Class A has 1 bond outstanding ($500M) and trading like B+ at a weighted spread of 228 bp.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.65B | $3.33B | $3.21B | $3.01B | $2.65B |
| Revenue growth | — | +4% | +7% | +14% | — |
| Gross profit | $2.49B | $2.30B | $2.22B | $2.08B | $1.86B |
| EBITDA | $1.23B | $1.13B | $1.12B | $975M | $797M |
| Net income | $1.01B | $925M | $837M | $781M | $693M |
| Free cash flow | $8.92B | $9.08B | $8.44B | $4.34B | $4.96B |
| Capital expenditure | $128M | $87.6M | $61.3M | $39.3M | $24.6M |
| Total debt | $17.9B | $15.6B | $15.5B | $12.7B | $10.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| XP Inc. Class A XP | $7.83B | -21% | +17% | 32% | 6.7× | n/a |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | $84.9B | -12% | +8% | 27% | 8.0× | n/a |
| Nu Holdings Ltd. Class A NU | $58.1B | -13% | +54% | 35% | 12.1× | n/a |
| Inter & INTR | $1.70B | -40% | +51% | 19% | 4.7× | n/a |
| Credicorp BAP | $27.6B | +5% | +24% | 40% | 11.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | XP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -49.9% | 0.0% | lowest of 21 |
| 6-month return | -21.0% | -6.0% | 4th lowest of 21 |
| Distance from 52-week high | -53.7% | -24.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | +16.8% | +3.5% | 5th highest of 21 |
| Operating margin | 31.9% | 38.5% | 6th lowest of 21 |
| Forward P/E | 6.7× | 14.4× | 4th cheapest of 21 |
| Bond spread | 228 bp | 121 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XP Inc. Class A XP | United States | $7.83B | -21% | +17% | 32% | 6.7× | n/a | n/a |
| Mirae Asset Sec 006800.KS | South Korea | $7.57B | -66% | +5% | 114% | 4.0× | n/a | n/a |
| Investec INVP.L | United Kingdom | $7.34B | +3% | -4% | 37% | 7.1× | n/a | n/a |
| Virtu Financial VIRT | United States | $8.37B | +5% | +28% | 38% | 7.8× | n/a | n/a |
| Founder Securities 601901.SS | China | $8.52B | -4% | -21% | 47% | 11.7× | n/a | n/a |
| Everbright Securities 6178.HK | Hong Kong | $8.59B | -20% | +15% | 42% | 6.0× | n/a | n/a |
| Nordnet SAVE.ST | Sweden | $8.70B | +13% | +11% | 58% | 23.7× | n/a | n/a |
| ASX ASX.AX | Australia | $9.02B | +15% | +3% | 65% | 24.2× | n/a | n/a |
| Guolian Minsheng Securities 601456.SS | China | $6.75B | -13% | +9% | 25% | 20.1× | n/a | n/a |
| Allfunds ALLFG.AS | Netherlands | $6.69B | +18% | +1% | 43% | 20.5× | n/a | n/a |
| StoneX SNEX | United States | $6.55B | -33% | +21% | 2% | 13.0× | n/a | n/a |
| NHIS 005940.KS | South Korea | $6.46B | -32% | +156% | 34% | 5.2× | n/a | n/a |
| Multi Commodity Exchange of India MCX.NS | India | $9.51B | +16% | +122% | 79% | 50.8× | n/a | n/a |
| Swissquote SQN.SW | Switzerland | $6.33B | -13% | +4% | 44% | 15.9× | n/a | n/a |
| Zhongtai Securities 600918.SS | China | $6.31B | -12% | -4% | 21% | 17.1× | n/a | n/a |
| Orient Securities 600958.SS | China | $10.00B | -10% | -5% | 28% | 11.1× | n/a | n/a |
| Houlihan Lokey HLI | United States | $10.1B | -5% | 0% | 20% | 18.0× | n/a | n/a |
| Zheshang Securities 601878.SS | China | $6.03B | -10% | -4% | 32% | 13.0× | n/a | n/a |
| SDIC Capital 600061.SS | China | $5.96B | -7% | -28% | 33% | 12.0× | n/a | n/a |
| Avanza Bank AZA.ST | Sweden | $5.95B | +13% | +13% | 54% | 19.1× | n/a | n/a |
| MarketAxess MKTX | United States | $5.83B | +12% | +3% | 39% | 19.5× | n/a | n/a |
XP Inc. Class A has 1 bond outstanding with $500M face value. Weighted yield 6.84%, a spread of 228 bp over government bonds.