Q3 2025 XP Inc Earnings Call Transcript

Nov 17, 2025 / 10:00 PM GMT

Release Date Price: €14.28

Transcript

Key Points

Positve

XP Inc (XP) achieved a 16% year-over-year growth in client assets, reaching 1.9 trillion reals.
The company posted a 9% growth in gross revenues year-over-year, totaling 4.9 billion reals.
XP Inc (XP) maintained a strong capital ratio of 21.2%, providing a comfortable buffer above regulatory requirements.
The company reported a 13% year-over-year growth in diluted EPS, supported by an active share buyback program.
XP Inc (XP) achieved a 23% return on equity (ROE) during the quarter, demonstrating consistent profitability.

Negative

The number of total advisors decreased year-over-year due to stricter policies and some becoming employees.
Fixed income revenues contracted by 2% year-over-year despite a 22% growth in assets under custody.
The EBT margin contracted quarter-over-quarter due to increased expenses, running below medium-term guidance.
Retail client growth was limited, with only a 2% increase year-over-year, as the company focused on high-income segments.
The company anticipates potential volatility in 2026, which may impact corporate clients' appetite for new offerings.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

XP.OQ - Xp Inc
Q3 2025 XP Inc Earnings Call
Nov 17, 2025 / 10:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good evening everyone. I'm Andrewrezi, Investor Relations Officer at XP. It's a pleasure to be here with you today. On behalf of the company, I would like to thank you all for your interest and welcome you to our 3rd quarter 2025 earnings call.

Today's presentation will be led by our CEO Thiago Maffra and our CFO Victor Masso, who will both be available for the Q&A session right after the presentation.

If you would like to ask a question, please use the raise hand feature on Zoom, and we will address them in the order we received.

We also offer the option of simultaneous translation to Portuguese. If you would like to activate it, please click the button below.

Before we begin, please refer to our legal disclaimers on

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.