XP Inc. Posts Higher Revenue and Profit on Expanding Client Assets Through September 2025

XP ( (XP) ) just unveiled an update.

XP Inc. reported that for the nine months ended September 30, 2025, total client assets on its platform reached R$1.43 trillion, up from R$1.27 trillion a year earlier, after it also began including institutional client assets in this metric. The Brazilian investment platform grew its active client base to about 4.75 million, expanded its loan portfolio and card volumes, and continued building out retirement and insurance offerings.

Over the same period, total revenue and income rose to R$13.46 billion from R$12.59 billion in 2024, with net income increasing to R$3.89 billion and the net margin improving to 28.9%. While net inflows slowed and margins edged slightly lower at the gross level, the figures underline XP’s ability to scale revenues and profits as it grows corporate and issuer services, even as it manages higher headcount and a broadly stable retail take rate in a competitive Brazilian financial services landscape.

The most recent analyst rating on (XP) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on XP stock, see the XP Stock Forecast page.

Spark’s Take on XP Stock

According to Spark, TipRanks’ AI Analyst, XP is a Neutral.

The score is driven primarily by solid financial quality (strong profitability and decent cash conversion, with improved leverage) tempered by volatility and a notable 2025 revenue decline. Technicals are supportive with a clear uptrend and positive momentum, and valuation looks reasonable on a moderate P/E. Earnings call commentary is broadly constructive with maintained 2026 guidance, but execution and market-condition risks remain meaningful.

To see Spark’s full report on XP stock, click here.

More about XP

XP Inc. is a Brazil-focused financial services platform offering investment, brokerage, credit, retirement, insurance and corporate & issuer services to retail, institutional and corporate clients. The company operates multi-brand franchises such as XP, Rico and Clear, aggregating client assets across securities, funds, retirement products, cards and lending into a technology-driven investment and wealth-management ecosystem.

XP’s business model centers on capturing client assets onto its platform and monetizing them through distribution, advisory, trading, credit and fee-based financial services. It competes with traditional banks and digital brokers in the Brazilian capital markets, with growing exposure to corporate clients and institutional assets as it broadens its product mix and deepens its presence in retirement, insurance and credit markets.

Average Trading Volume: 6,900,220

Technical Sentiment Signal: Buy

Current Market Cap: $10.62B

For a thorough assessment of XP stock, go to TipRanks’ Stock Analysis page.