XP Inc.
XP Inc. is a Cayman Islands holding company whose operating subsidiaries provide securities brokerage, investment advisory, and related financial services, with a core focus on Brazil and additional activity in the United States. Its platform serves investors through the XP, Rico, Clear and XP Investments brands and combines brokerage, wealth solutions, banking, foreign exchange, pension, and digital content.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueExecution, brokerage commissions, and securities market access for retail and institutional clients.
Financial planning, RIA-style advice, portfolio guidance, and wealth management services.
Loan operations, deposits, and related banking products distributed through the platform.
Distribution of funds, private pension plans, and other investment solutions.
FX transactions and corporate/issuer-related services for companies and investors.
Customers
XP serves individual investors as its core customer base, including active retail clients using its direct platform and adviser network. It also serves small and medium-sized enterprises, corporate clients, and higher-value clients who buy advisory, banking, and capital-markets services. The platform is designed for customers seeking low-fee access, product breadth, and integrated advice across investing and financial planning.
Individuals using XP, Rico, Clear and XP Investments for brokerage, investing, and platform services.
Higher-asset clients buying planning, advisory, and portfolio solutions through the platform and advisers.
Small and medium-sized businesses using banking, credit, FX, and treasury-related products.
Companies using issuer, placement, and capital-markets services.
IFAs that distribute products and advise end clients via XP's platform and tools.
Strategy
XP's strategy centers on expanding its service-model-agnostic platform, deepening client relationships, and broadening the product set beyond brokerage into advice, banking, and ecosystem services. It also emphasizes advisor development, data/technology tools, and cross-sell across financial goals such as investing, insurance, and credit to increase client penetration and retention.
A larger, better-equipped adviser base expands client coverage and platform penetration.
Selling more products per client improves engagement and deepens customer relationships.
Multiple brands help reach different client segments and broaden the addressable market.
Geography
XP is structurally centered on Brazil, where most client activity and product distribution occur through its adviser network and direct platforms. The company also maintains a U.S. presence through its SEC-registered holding company structure and cross-border client relationships. Geography matters because its business is exposed to Brazilian market activity, local regulation, and Brazilian real reporting, while also touching international clients and products.
Risks
XP is exposed to market activity, client trading volumes, and investor sentiment because a large share of revenue is tied to brokerage and related financial services. The business also faces credit, fair-value, and operational risks typical of financial intermediaries, including valuation uncertainty for illiquid assets and expected credit losses. Regulation, competition for advisers and clients, and Brazil-specific macro conditions can affect both activity and product demand.
- Market activity and transaction-volume sensitivityImpact: HighLikelihood: High
Brokerage and placement fees depend on trading, issuance, and client engagement levels.
Exposure: Retail brokerage and capital-markets services
- Credit risk on lending and deposits-related productsImpact: HighLikelihood: Medium
Loan operations and banking products expose the group to default and impairment risk.
Exposure - Regulatory and conduct riskImpact: HighLikelihood: Medium
Broker-dealer, advisory, and banking activities are heavily regulated and compliance-sensitive.
Exposure - Brazil macro and currency exposureImpact: MediumLikelihood: High
The business is concentrated in Brazil and reports in BRL, so local volatility affects demand and translation.
Exposure: Brazil operating base and BRL reporting
- Fair-value uncertainty for illiquid financial instrumentsImpact: MediumLikelihood: Medium
Valuation models and assumptions affect instruments not traded in active markets.
Exposure: Level 2/3-style valuations and private holdings
Accounting
Judgemental itemsRevenue is recorded under contractual terms and point-in-time recognition controls matter.
Impact: Can affect quarter-to-quarter comparability and cutoff risk
Valuation depends on market-based assumptions and internal models.
Impact: Can move reported assets, gains/losses, and equity
Allowance estimates depend on default rates and forward-looking assumptions.
Impact: Affects impairment expense and net income
Recognition of tax losses carried forward depends on recoverability judgments.
Impact: Can change assets and tax expense
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Last updated: 28/09/2026