XP Inc.

XP reported second-quarter 2026 gross revenue of BRL 5.1 billion, up 8% year over year and 3% quarter over quarter. Adjusted EBT rose 15% year over year to BRL 1.6 billion, adjusted net income was BRL 1.4 billion, up 5% year over year, and adjusted diluted EPS increased about 9% year over year. Client assets reached about $2.2 trillion, up 17% year over year; ROE was 22.5%, 80 bps higher sequentially; and the Basel ratio was 20.3% with CET1 at 17.1%. For guidance, management said it still targets double-digit growth throughout 2026, expects the fixed-income pipeline to turn into primary offerings over coming quarters depending on market conditions, and continues to target a flattish efficiency ratio for full-year 2026. They also said the Basel ratio can move toward the 16% to 19% target range over time, while capital distribution should stay above 50% this year.

Thiago Maffra framed the quarter as another step in XP’s broader transition from an investment platform into a more complete financial ecosystem for individuals and businesses. He emphasized that XP wants to be the client’s “CFO,” expanding into financial, tax, succession, banking, insurance, and SMB solutions while staying disciplined on risk and capital. His tone was confident but pragmatic: he acknowledged volatility and weaker primary issuance, yet pointed to resilient core momentum, a gradual recovery in fixed income pipelines, and confidence in double-digit growth for 2026.

Gustavo Alejo Viviani highlighted BRL 5.1 billion in gross revenue, BRL 3.9 billion in retail revenue, BRL 1.6 billion in adjusted EBT, and BRL 1.4 billion in adjusted net income. He said SG&A was BRL 1.6 billion and the last-12-month efficiency ratio was 34.3%, with the company still targeting a flattish efficiency ratio for full-year 2026 despite seasonally higher costs in the second half, including the Expert event and bonus provisions. On capital, he said XP executed BRL 1 billion of buybacks, has another BRL 1 billion program open, paid about BRL 500 million in dividends, and will cancel about 11.8 million shares, or 2.3% of outstanding shares; the Basel ratio ended at 20.3% and CET1 at 17.1%.

Analysts focused on volatility, election-related trading activity, the sustainability of strong corporate revenues, and whether retail revenue could recover from mark-to-market drag. Management said higher volatility can help institutional desks and retail trading volumes, and that second-half revenues could be stronger in those areas; it also said corporate business is becoming a “normal” level going forward, with strong but conservative growth in derivatives, FX, and credit. On the revenue drag from fixed income, management said the second-quarter mark-to-market impact was about BRL 150 million to BRL 160 million, the first-half impact totaled around BRL 420 million, and if spreads stay stable there should be no further mark-to-market provisions, though the book is still smaller but not eliminated. Questions on SMB lending and medium-term payout were met with a cautious answer: XP said there is no big strategy shift, lending will remain collateralized and low-risk, and capital returns should stay above 50% this year with a current bias toward buybacks over dividends.