XP XP Inc.
Price Chart
Executive Summary
XP Inc. filed its unaudited Q1 2026 interim financials, highlighting continued growth. Total revenue and income increased 7.6% YoY to R$4,674 million, and net income attributable to parent rose 6.0% to R$1,310 million, with basic EPS up 9.4% to R$2.5257. The 20-F annual report filed 19 days prior provides a baseline. Post-period, the Board approved a new R$1.0 billion buyback program and a US$0.20 per share dividend. The business is executing well operationally, with commission and management fees driving growth, though net income from financial instruments at amortized cost showed a larger loss. The stock is well-covered with 84% bullish consensus.
Actionable Insight
The strong operating momentum, combined with the new buyback authorization and first-ever dividend, signals management confidence. The 84% analyst bullish consensus is corroborated by the numbers. Watch for execution on the US reorganization and further IFA consolidation, which could provide upside. The US$750M bond maturing July 2026 (~R$4.8B on balance sheet) is a refinancing event to monitor, though the operating cash flow improvement provides ample coverage.
Key Facts
- Total revenue and income for Q1 2026 was R$4,674 million, up 7.6% from R$4,345 million in Q1 2025.
- Net income attributable to owners of the parent for Q1 2026 was R$1,309.7 million, up 6.0% from R$1,235.5 million in Q1 2025.
- Basic EPS was R$2.5257 for Q1 2026, up 9.4% from R$2.3082 in Q1 2025.
- Net revenue from services rendered rose to R$1,932 million (Q1 2026) from R$1,650 million (Q1 2025), driven by higher brokerage commissions and management fees.
- Net cash from operations was R$4,689 million in Q1 2026, a sharp reversal from a use of R$2,634 million in Q1 2025.
- On May 15, 2026, the Board approved a new R$1.0 billion share buyback program and a dividend of US$0.20 per share.
- The company acquired a minority stake in an IFA for R$65 million and acquired 100% of Augme Holding for R$96.9 million (preliminary goodwill R$90.7 million) during Q1 2026.
- Total equity increased to R$24.7 billion as of March 31, 2026, from R$23.5 billion at year-end 2025.
- Cross-filing context: A 20-F was filed 19 days prior. The SCORE CALIBRATION shows the 6-K offer and annual context combo is an amplifier in this segment.
Financial Impact
Revenue grew by R$329.8M (7.6% YoY), net income grew by R$81.6M (6.6% YoY), and operating cash flow swung from -R$2.6B to +R$4.7B.
Risk Factors
- Contingent liabilities classified as possible amount to ~R$4.0B, up from R$3.7B, mainly from tax assessments on profit-sharing plans.
- Net loss from financial instruments at amortized cost widened to -R$1,170M from -R$902M, driven by interest rate environment.
- Regulatory approval for the XP US reorganization is pending, introducing execution risk.
- The R$1.0B buyback is an authorization, not an obligation; failure to execute could be viewed negatively.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950103-26-007341 |
| Document: dp246825_6k-1q26.htm | 0000950103-26-007341 |
| Document: 0000950103-26-007341-index-headers.html | 0000950103-26-007341 |
| Document: 0000950103-26-007341-index.html | 0000950103-26-007341 |
| Document: 0000950103-26-007341.txt | 0000950103-26-007341 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 29, 2026
11d ago
|
6-K
| $16.60 $15.34 | ▼ −7.59% | ▼ −4.84% | $15.26 (−8.07%) |
|
May 18, 2026
22d ago
|
6-K
| $16.67 $17.25 | ▲ +3.48% | ▲ +1.23% | $15.26 (−8.46%) |
|
May 18, 2026
22d ago
|
6-K
| $16.67 $17.25 | ▲ +3.48% | ▲ +1.23% | $15.26 (−8.46%) |
US Market Status
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