XP Inc. Q1 Revenue Jumps 23% to $911.7M; Net Inflows Fall 39%
XP Inc. reported Q1 EPS of $0.47 and revenue of $911.68 million, missing forecasts of $0.48 and $925.7 million despite 23% year-over-year revenue growth. Total net inflows plunged 39% to R$14 billion, the annualized retail take-rate dipped to 1.18%, and shares slid about 6% on the results.
1. Q1 Financial Results
XP Inc. posted EPS of $0.47, below the $0.48 estimate, and revenue of $911.68 million, short of the $925.7 million forecast but up 23% from $740.99 million in Q1 2025.
2. Net Inflows and Take Rate
Total net inflows decreased 39% to R$14 billion, while the annualized retail take rate eased to 1.18%, indicating a slowdown in new client capital contributions.
3. Market Response
Shares fell approximately 6% following the earnings release, as investors weighed the modest forecast misses against strong revenue growth.
4. Asset Base and Valuation
Client assets grew 15% to R$1.53 trillion and active clients rose 2% to 4.79 million, while valuation metrics include a trailing P/E of 8.88, P/S of 2.50 and a debt-to-equity ratio of 3.62.