XP Inc.
XP · Security Brokers, Dealers & Flotation Companies · EDGAR filings ↗
Grade
B75bank composite 64pct→75
Notable findings
- Customer concentration~12% of revenue from one customer/distributor — Brazil’s investments industry is highly concentrated and we estimate our Individual’s Client Assets as of December 31, 2025 to account for nearly 12% of a market totaling R$ 8
- Strong balance sheetStrong balance sheet — $2.1B cash & investments
- Revenue declineRevenue -10.8% YoY
Key metrics
Net margin
60.8%
Return on equity
22.5%
Return on assets
1.3%
Revenue growth (QoQ)
-10.8%
Net-income growth
-9.2%
Debt / equity
0.1×
Free cash flow
$1.8B
Tangible book value
$3.2B
Cash & investments
$2.1B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0002070979-26-000182 ↗ |
| 20-F | 2025-04-24 | 2024-12-31 | 0001628280-25-019508 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001628280-24-018424 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001628280-23-013297 ↗ |
| 20-F | 2022-04-13 | 2021-12-31 | 0001628280-22-009080 ↗ |
| 20-F | 2021-04-29 | 2020-12-31 | 0001628280-21-008199 ↗ |
| 20-F | 2020-04-29 | 2019-12-31 | 0000950103-20-008430 ↗ |