XP Inc. Reports First Quarter 2026 Results
XP Inc. reported Q1 2026 adjusted net income of R$1.318 billion, up 7% year over year, and announced a R$1 billion buyback and R$500 million in dividends.
Brazilian investment platform XP Inc. (NASDAQ: XP) reported first-quarter 2026 adjusted net income of R$1.318 billion, up 7% from R$1.236 billion a year earlier. Adjusted diluted earnings per share rose 9% year over year to R$2.49. Gross revenue increased 8% to R$4.919 billion, while net revenue grew 8% to R$4.733 billion.
The company also announced new capital distributions: a R$1 billion share repurchase program and R$500 million in dividends payable on June 18, 2026. During the first quarter, XP repurchased approximately R$200 million of its own shares.
Total client assets reached R$1.529 trillion at the end of the quarter, up 15% year over year and 3% sequentially, driven by R$85 billion in net inflows over the past twelve months and R$116 billion in market appreciation. First-quarter net inflows totaled R$14 billion, with retail net inflows of R$19 billion. Active clients rose 2% year over year to 4.79 million, while total advisors reached 18,300, up about 1%.
Retail revenue came in at R$3.773 billion in 1Q26, up 10% year over year. Equities revenue climbed 22% to R$1.167 billion, supported by higher daily average trading volumes, which rose 23% year over year to 2.7 million trades. The annualized retail take rate slipped 7 basis points year over year to 1.18%. Funds platform revenue grew 22% to R$392 million, and cards total payment volume increased 10% to R$13.3 billion.
Wholesale banking revenue, which now includes the institutional business, rose 26% year over year to R$1.146 billion, led by a 78% jump in corporate revenue to R$498 million. The company said the previously reported "Other" revenue line was eliminated as its restructuring concluded, with the amounts absorbed into net interest margin across business lines.
Adjusted return on average equity was 21.7% in the quarter, while adjusted return on tangible equity was 26.2%. The BIS ratio reached 20.7% with CET1 at 17.5%, above its target range of 16% to 19%; management said it expects to move the ratio into that range by the end of 2026 through capital distributions.
Source: XP Investimentos