| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 75 | 8.0x | 17.3x | Top tier | |
Growth | 86 | 164.6% | 7.1% | Top tier | |
Quality | 95 | — | — | Top tier | |
Safety | 11 | — | — | Bottom tier | |
Capital Return | 70 | 2.32% | 0.06% | Top tier | |
Momentum | 91 | 24.0% | -1.6% | Top tier | |
Sentiment | 67 | 4 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
XP Inc. operates as a financial and investment services platform in Brazil serving individuals, companies, and institutions, combining investment product distribution, advisory, asset management, fund management, banking services, and insurance. Revenue growth depends on retail activity, including equities, fixed income, the funds platform, the international platform, and foreign exchange, as well as on the wholesale bank, which includes corporate, issuer services, and institutional businesses. The company seeks to deepen client relationships through financial and tax planning and wealth planning, and slightly more than 26% of its clients’ assets are now under the fee-based model.
In Q2 of fiscal year 2026, gross revenues reached 5.1 billion Brazilian reais, up 8% year over year and 3% quarter over quarter, while adjusted earnings before taxes rose 15% year over year to 1.6 billion Brazilian reais, with a 32% margin. Adjusted net income was 1.4 billion Brazilian reais, up 5% year over year and quarter over quarter, and the net income margin was 28.3%, up about 50 basis points quarter over quarter but down about 100 basis points year over year. Adjusted diluted earnings per share grew about 9% year over year, outpacing net income growth due to share repurchases.
Retail activity accounted for 3.9 billion Brazilian reais of revenues in Q2 of fiscal year 2026, representing 8% year-over-year growth, and equities revenues were approximately 1.1 billion Brazilian reais after growing 11% year over year, while the funds platform grew 22%. Meanwhile, wholesale bank revenues rose 32% year over year, and corporate segment revenues jumped 117%, supported by the sale of solutions including derivatives, foreign exchange, and credit. Total client assets, including assets under management and assets under administration, reached about 2.2 trillion Brazilian reais, up 17% year over year, with 4.8 million active clients and 18.4 thousand advisors.
The average analyst price target is 24.57 dollars, with a consensus “Buy” rating and a wide target range between 19 and 33 dollars; the average exceeds the 52-week range high of 23.13 dollars, while the range low is 14.8 dollars. However, the wide target range, together with the year-over-year decline in the net income margin and the impact of fixed-income portfolio revaluation on revenues, means that realizing the value implied by the consensus depends on a return to double-digit growth and improved issuance without additional margin pressure.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Gross revenues reached 5.1 billion Brazilian reais, up 8% year over year, with retail growing 8% to 3.9 billion Brazilian reais. Equities revenues rose 11% to approximately 1.1 billion Brazilian reais, and the funds platform grew 22%. The fastest driver was the corporate segment, whose revenues jumped 117% year over year as wholesale bank revenues grew 32%.
Adjusted earnings before taxes rose 15% year over year to 1.6 billion Brazilian reais, with a 32% margin. Adjusted net income reached 1.4 billion Brazilian reais, up 5%, while adjusted diluted earnings per share rose about 9% due to repurchases. The net income margin was 28.3%, up about 50 basis points quarter over quarter but down about 100 basis points year over year.
Management said about 70% of fixed-income platform sales shifted to daily-liquidity products during Q2 of fiscal year 2026, compared with about 30% three or four quarters earlier. These products generate daily accruals at a low yield rate, unlike bonds that generate duration and spread revenue upfront. In addition, the negative mark-to-market impact reached about 420 million Brazilian reais in the first half of fiscal year 2026, including 150 to 160 million in Q2 of fiscal year 2026.
Automated analysis for informational purposes only — not investment advice.
The company executed a 1 billion Brazilian reais repurchase program and kept another program of the same value in progress. It also distributed about 500 million Brazilian reais in June 2026, bringing total announced distributions, assuming completion of the open program, to approximately 2.5 billion Brazilian reais. It decided to cancel about 11.8 million treasury shares, equivalent to 2.3% of outstanding shares, a step that mechanically supports earnings per share.
The company set September 1, 2026 as the launch date for a platform aimed at small and medium-sized enterprises. The offerings include cards, payment acceptance, and collateral-backed credit, in addition to a partnership for point-of-sale devices. Management confirmed that the primary credit offering for this segment will rely on collateral such as card receivables, with gradual and conservative expansion rather than broad unsecured lending.
Total client assets, including assets under management and assets under administration, reached about 2.2 trillion Brazilian reais, up 17% year over year. Net new money was 28 billion Brazilian reais, including 20 billion from retail and 8 billion from companies and institutions. Active clients reached 4.8 million and advisors reached 18.4 thousand, with 1% year-over-year growth for each, while the Net Promoter Score reached 66 points.