XP Inc.

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13
Total revenue	18.24	19.87	14.82	14.18	12.97	8.60	5.17	3.16	2.00	1.18	0.66	0.42	0.03
Cost of revenue	5.95	6.42	4.83	4.44	4.05	2.96	1.73	1.11	0.66	0.40	0.05	0.13
Gross profit	12.29	13.45	9.99	9.74	8.93	5.64	3.43	2.05	1.34	0.78	0.66	0.42	0.03
Total operating expenses +	6.37	6.86	5.45	5.70	4.77	3.05	1.83	1.24	0.65	0.43	0.48	0.02
Selling, general and administrative	6.27	4.16	3.82	3.78	2.99	2.02	1.36	0.87	0.49	0.47	0.01	0.01
Research and development			0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other operating expenses	0.10	2.69	1.63	1.92	1.78	1.02	0.46	0.37	0.17	-0.04	0.46	0.00	0.00
Operating income	5.91	6.60	4.55	4.05	4.15	2.59	1.61	0.81	0.68	0.35	0.19	0.07	0.03
Non-operating income (net)	-0.57	-0.88	-0.67	-0.48	-0.19	-0.15	-0.11	-0.13	-0.09	0.00	0.01	0.00	0.00
Income before tax	5.34	5.72	3.87	3.57	3.97	2.44	1.50	0.68	0.60	0.35	0.19	0.07	0.03
Income tax expense	0.27	0.54	0.04	-0.14	0.23	0.34	0.44	0.19	0.16	0.12	0.06	0.03
Net income	5.07	5.18	3.84	3.71	3.73	2.09	1.05	0.49	0.43	0.18	0.08	0.02	0.03

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Total revenue	4.62	5.06	4.59	4.38	4.32	4.24	4.35	4.66	4.18	4.10	4.30	3.53	3.12	1.35	3.74	3.69	2.83	1.41	3.32	2.95	2.76	1.67	2.41	1.97	2.08	1.38	1.43	1.15	1.06	0.90
Cost of revenue	1.58	1.65	1.51	1.42	1.41	1.12	1.45	1.47	1.38	1.29	1.30	1.16	1.09	1.27	1.09	1.15	0.89	1.91	1.03	0.91	1.02	1.58	0.82	0.65	0.76	1.87	0.47	0.36	0.32	0.31
Gross profit	3.04	3.41	3.08	2.96	2.91	4.24	2.91	3.20	2.80	2.81	3.00	2.37	2.03	0.08	2.66	2.54	1.94	-0.50	2.29	2.04	1.75	0.09	1.59	1.31	1.32	-0.49	0.96	0.79	0.74	0.59
Total operating expenses +	1.63	1.74	1.66	1.52	1.49	1.66	1.53	1.54	1.49	1.53	1.67	1.26	1.08	0.90	1.52	1.53	1.10	0.40	1.30	1.07	0.92	0.29	0.85	0.66	0.70	-0.66	0.54	0.46	0.41	0.40
Selling, general and administrative	1.71	1.61	1.15	1.06	1.45	1.50	1.05	1.05	0.98	0.98	1.06	0.91	0.78	0.78	1.06	0.96	0.80	0.32	0.79	0.75	0.59	0.23	0.60	0.45	0.37	0.80	0.34	0.43	0.28	0.36
Research and development																										0.00	0.00	0.00	0.00	0.00
Other operating expenses	-0.09	0.13	0.51	0.46	0.04	0.16	0.48	0.48	0.52	0.55	0.60	0.35	0.30	0.13	0.46	0.57	0.30	0.08	0.51	0.32	0.33	0.06	0.25	0.21	0.33	-1.46	0.20	0.03	0.13	0.05
Operating income	1.41	1.67	1.43	1.43	1.42	2.59	1.38	1.66	1.31	1.28	1.33	1.11	0.94	-0.80	1.14	1.01	0.84	-0.92	0.99	0.97	0.83	-0.20	0.74	0.65	0.62	0.17	0.43	0.33	0.33	0.19
Non-operating income (net)	-0.09	-0.11	-0.12	-0.16	-0.18	-1.29	-0.19	-0.18	-0.20	-0.20	-0.13	-0.16	-0.14	1.62	-0.13	-0.09	-0.07	1.77	-0.05	-0.02	-0.01	0.86	-0.08	-0.04	-0.01	0.38	-0.03	-0.02	-0.02	-0.01
Income before tax	1.32	1.56	1.30	1.27	1.24	1.30	1.19	1.48	1.11	1.08	1.19	0.94	0.80	0.82	1.00	0.93	0.77	0.86	0.94	0.95	0.82	0.66	0.66	0.61	0.61	0.55	0.40	0.31	0.31	0.17
Income tax expense	0.03	0.26	0.00	0.00	0.03	0.12	0.03	0.28	0.06	0.06	0.07	-0.01	0.02	0.02	-0.05	-0.05	0.00	0.00	-0.03	0.07	0.05	0.06	0.10	0.07	0.14	0.16	0.13	0.08	0.10	0.06
Net income	1.29	1.32	1.29	1.27	1.22	1.18	1.16	1.20	1.05	1.03	1.12	0.95	0.78	0.80	1.05	0.98	0.77	0.85	0.97	0.88	0.76	0.60	0.57	0.54	0.47	0.38	0.27	0.22	0.22	0.12

about 2 months ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13
Total cash and short-term investments +	73.11	74.91	54.41	41.30	36.22	22.05	3.23	1.66	0.83	0.01	0.03	0.01	0.00
Cash and cash equivalents	10.36	5.61	3.94	3.55	2.49	1.95	0.11	0.07	0.15	0.01	0.03	0.01	0.00
Short-term investments	62.76	69.30	50.47	37.75	33.74	20.09	3.12	1.59	0.67	0.00	0.00
Accounts receivable, net	35.93	35.20	31.89	22.97	13.44	4.55	0.71	0.40	0.17	0.09	0.01	0.05
Inventories					19.91	7.90	0.91	-17.63	0.00	0.00	0.00
Other current assets	0.00	47.95	33.21	11.84	12.88	8.02	9.58	6.67	1.00	0.57	0.29	1.16
Total current assets	46.28	158.06	119.51	76.12	62.54	34.62	13.52	8.73	2.00	0.01	0.03	0.01	0.00
Total non-current assets +	350.04	189.39	129.53	115.92	76.80	61.41	30.11	8.99	5.14	4.22	3.44	2.48	0.26
Property, plant and equipment, net				0.57	0.60	0.39	0.37	0.10	0.05	0.03	0.00	0.01
Goodwill	1.92	1.92	1.83	0.60	0.54	0.47	0.38	0.38	0.37	0.09	0.00
Intangible assets	0.84	0.71	0.67	0.25	0.28	0.24	0.17	0.12	0.11	0.03	0.13	0.01
Long-term investments	212.56	157.65	117.46	107.39	71.79	58.82	34.22	13.08	4.74	0.00	0.01
Other non-current assets
Total assets	396.53	347.46	249.04	192.03	139.34	96.03	43.62	17.72	7.14	4.24	3.47	2.49	0.26

Total current liabilities +	81.94	196.14	124.10	105.40	75.25	60.25	25.48	12.31	3.90	0.13	0.11	0.04
Accounts payable	0.81	0.76	0.95	0.62	0.87	0.86	0.27	0.13	0.07	0.07	0.01	0.02
Short-term debt	81.94	81.84	40.83	33.66	27.94	31.86	15.75	6.76	0.64	0.00	0.00
Current portion of long-term debt	74.65	81.84	35.54	33.66	27.94	0.05	0.12	0.11	0.13	0.00	0.00
Deferred revenue
Other current liabilities	68.97	112.14	81.78	70.76	45.89	27.10	9.11	5.31	3.12	0.13	0.11	0.04
Total non-current liabilities +	290.79	131.27	105.49	69.59	49.67	24.88	10.99	3.33	2.09	0.00	0.00
Long-term debt	32.11	33.29	27.73	1.87	1.93	0.83	1.36	0.76	0.74	0.00	0.00
Capital lease obligations							0.00	0.00	0.00	0.00	0.00
Other non-current liabilities	-1.43	0.88	20.73	1.08	28.96	39.29	17.69	7.90	1.23	0.00	0.00
Total liabilities	372.98	327.41	229.59	174.99	124.92	85.13	36.47	15.63	5.98	0.13	0.11	0.04

Total stockholders' equity +	23.55	20.04	19.45	17.04	14.42	10.89	7.15	2.08	1.14	1.05	0.40	0.30	0.26
Common stock and paid-in capital	23.55	20.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.99	0.39	0.29	0.24
Retained earnings			19.45	17.04	14.42	10.89	7.15	2.08	1.14	0.05	0.01	0.01	0.02
Common shares outstanding	532	548	544	573	573	559	512	552	552	552	246	239	241

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Total cash and short-term investments +	8.68	73.11	78.81	76.45	71.17	74.91	65.96	53.02	50.19	50.19	51.15	45.26	36.71	36.71	48.25	43.83	40.10	40.10	32.45	27.71	26.37	22.05	11.71	7.55	6.16	3.23	1.66	0.00	0.00	1.66
Cash and cash equivalents	8.68	10.36	12.41	12.09	8.23	5.61	4.63	5.60	3.94	3.94	3.82	2.92	3.09	3.09	2.60	3.24	3.22	3.22	2.82	1.24	1.56	1.95	0.64	0.35	0.25	0.11	0.07			0.07
Short-term investments		62.76	66.40	64.36	62.94	69.30	61.33	47.42	46.25	46.25	47.33	42.34	33.62	33.62	45.65	40.59	36.88	36.88	29.63	26.48	24.81	20.09	11.07	7.20	5.91	3.12	1.59			1.59
Accounts receivable, net	33.59	35.93	35.78	34.74	31.45	0.68	28.99	27.39	30.62	30.62	27.57	24.95	23.98	23.98	21.14	17.22	14.96	14.96	11.02	8.48	5.54	4.55	1.79	0.95	0.71	0.71	0.25			0.40
Inventories											0.88	0.88	28.74	27.91		-3.29	-3.29								0.00	0.00	0.00			0.00
Other current assets	0.00	0.00	50.26	38.76	33.50		44.19	44.92	52.46	52.46	13.18	16.66	12.67	0.84	8.85	5.60	6.86	0.80	11.28	11.06	8.53	1.39	19.33	6.31	15.02	0.09	13.30			6.67
Total current assets	42.27	46.28	164.85	149.95	136.12	5.61	139.14	125.33	133.27	133.27	91.89	86.87	73.36	61.53	78.25	66.66	61.92	55.86	54.76	47.25	40.43	27.99	32.84	14.80	21.90	4.03	15.73			8.73
Total non-current assets +	366.95	350.04	234.63	223.90	213.85	341.85	177.26	171.81	145.65	145.65	141.54	143.91	121.08	132.91	107.49	103.62	101.17	107.24	74.98	67.07	81.32	68.04	55.56	44.73	36.15	39.60	23.43			8.99
Property, plant and equipment, net											0.55	0.51	0.54	0.57	0.57	0.56	0.57	0.60	0.55	0.44	0.43	0.39	0.28	0.38	0.39	0.37	0.34			0.10
Goodwill	1.92	1.92			1.92	1.92			1.83	1.83	1.83		0.60	0.60	0.60		0.54	0.54	0.54		0.47	0.47			0.38	0.38	0.00			0.38
Intangible assets	2.87	0.84	2.70	2.66	2.65	0.71	2.60	2.57	2.52	2.52	2.55	0.84	0.83	0.83	0.81	0.81	0.79	0.79	0.78	0.81	0.80	0.24	0.67	0.57	0.56	0.17	0.52			0.12
Long-term investments		212.56	197.96	184.12	179.81	157.65	145.70	144.08	121.45	117.46	122.69	126.44	110.10	107.39	92.31	84.13	79.33	71.79	64.82	57.62	72.54	58.82	59.29	33.87	41.30	34.22	30.19			0.00
Other non-current assets
Total assets	409.23	396.53	399.48	373.85	349.97	347.46	316.40	297.14	278.92	278.92	233.43	230.78	194.44	194.44	185.74	170.28	163.09	163.09	129.74	114.32	121.75	96.03	88.40	59.54	58.05	43.62	39.16			17.72

Total current liabilities +	86.38	81.94	200.84	189.44	172.91	1.56	149.87	137.78	128.82	128.82	116.95	97.26	79.93	79.93	99.57	88.17	80.12	80.12	51.18	45.70	68.57	22.69	51.75	26.22	35.76	9.92	27.18			12.31
Accounts payable		0.81	0.73	0.72	0.87	0.76	0.81	0.62	0.95	0.95	0.60	0.63	0.59	0.59	0.56	0.48	0.46	0.46	0.93	1.19	0.80	0.86	0.66	0.32	0.27	0.27	0.21			0.13
Short-term debt	86.38	81.94	72.51	74.16	57.87		51.14	56.42	51.32	51.32	40.78	34.62	27.75	27.75	33.33	32.36	25.55	25.55	25.85	17.80	44.75	0.05	35.32	10.58	21.96	0.12	19.62			6.76
Current portion of long-term debt		74.65	72.51	74.16	54.37	81.84	51.14	56.42	51.32	35.54	40.78	34.62	27.75	33.66	33.33	30.53	25.55	27.94	1.62	1.73	0.27	0.05	0.06	0.47	0.85	0.12	0.10			0.00
Deferred revenue
Other current liabilities		68.97	126.83	113.95	113.65	1.56	97.42	80.12	76.04	-52.78	75.08	61.57	51.20	-28.73	65.43	55.06	53.68	-26.45	23.99	26.23	22.77	21.34	15.54	14.91	13.37	9.19	7.21			5.31
Total non-current liabilities +	298.43	290.79	174.96	162.14	156.01	325.85	145.17	139.39	129.68	129.68	96.45	115.07	97.46	97.46	68.70	65.81	67.43	67.43	65.12	56.03	41.62	62.45	27.98	25.18	14.68	26.54	9.70			3.33
Long-term debt		32.11			3.50	33.29				27.73	1.26			1.87		1.83	0.27	1.93	4.57	0.43	0.58	0.83	0.79	0.95	0.64	1.36	1.48			0.00
Capital lease obligations																										0.00	0.00			0.00
Other non-current liabilities		-1.43	24.78	14.98	18.98	0.88	20.28	15.72	17.81	20.73	1.18	15.25	12.13	1.08	10.53	14.85	9.10	28.96	42.96	32.37	54.65	39.29	39.63	11.54	22.18	17.69	19.99			0.00
Total liabilities	384.81	372.98	375.81	351.58	328.92	327.41	295.04	277.18	258.50	258.50	213.40	212.33	177.39	177.39	168.27	153.98	147.55	147.55	116.30	101.73	110.20	85.13	79.73	51.39	50.44	36.47	36.87			15.63

Total stockholders' equity +	24.41	23.55	23.66	22.26	21.04	20.04	21.35	19.96	20.42	20.42	20.01	18.44	17.04	17.04	17.46	16.29	15.54	15.54	13.43	12.59	11.55	10.89	8.67	8.14	7.60	7.15	2.28		2.09	2.08
Common stock and paid-in capital	23.12	23.55	19.79	19.71	19.81	20.04	18.02	17.81	19.39	19.39	18.74	16.67	16.24	16.24	14.67	14.53	14.68	14.68	10.83	10.92	10.82	10.89	7.19	7.21	7.21	6.96	2.09	0.00	2.09	1.67
Retained earnings	1.29		3.87	2.55	1.24		3.33	2.15	1.03	1.03	1.28	1.77	0.80	0.80	2.80	1.77	0.85	0.85	2.60	1.66	0.73		1.48	0.94	0.40	0.19	0.19			0.41
Common shares outstanding	525	520	535	536	540	540	546	551	548	557	554	532	537	537	573	560	560	560	572	572	573	573	572	556	556	552	552	552	509	510

about 2 months ago

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16	Dec-15	Dec-14	Dec-13
Operating cash flow +	12.04	11.18	8.13	1.80	-4.02	1.51	1.53	-0.46	0.26	0.00	0.19	0.08	0.00
Net income
Depreciation, depletion and amortization	0.30	0.27	0.25	0.21	0.23	0.14	0.09	0.05	0.03	0.02	0.01	0.00
Stock-based compensation	0.39	0.42	0.37	0.58	0.56	0.23	0.01
Change in inventory					-0.70	20.30	6.40	0.00	0.03	-0.49	0.00
Other working capital changes	11.35	10.50	7.51	1.01	-4.12	-19.16	-4.97	-0.51	0.21	0.47	0.19	0.07	0.00
Cash flow from investing +	-0.72	-1.67	0.54	-0.37	-1.15	-0.58	-0.16	-0.15	-0.46	-0.03	-0.13	-0.01	0.00
Capital expenditures	-0.21	-0.33	-0.20	-0.13	-0.35	-0.29	-0.16	-0.14	-0.05	-0.03	-0.01	0.00	0.00
Others incl. marketable securities changes	-0.51	-1.34	0.74	-0.24	-0.80	-0.29	0.00	-0.01	-0.40	0.00	-0.12	-0.01	0.00
Cash flow from financing +	-4.93	-5.78	-4.39	-0.20	6.64	0.79	4.23	0.38	0.58	0.08	-0.01	0.00
Dividend payout	-0.49	-2.04	-3.54	0.00	0.00	0.00	-0.50	-0.33	-0.19	-0.17	-0.08	-0.03
Common stock repurchases	-1.90	-1.35	-0.92	-1.81	0.00	0.00	4.48	0.67	0.00	0.07	0.00
Net Debt Issuance	-2.53	-2.39	0.06	1.61	6.64	0.79	0.25	0.03	0.77	0.19	0.07	0.03	0.00

Change in cash	6.40	3.73	4.27	1.23	1.47	1.72	5.60	-0.22	0.39	0.06	0.06	0.06	0.00
Change in exchange rate							0.00	0.00	0.00	0.00	0.00

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19	Jun-19	Mar-19	Dec-18
Operating cash flow +	0.75	-2.38	12.31	4.76	-2.63	3.82	4.69	6.02	-3.35	-3.35	-1.22	1.79	3.43	3.43	-0.20	-0.62	1.10	1.10	-4.01	-1.36	0.36	0.70	0.41	0.53	-0.14	-3.83	0.21	-0.12	-0.07	-0.54
Net income
Depreciation, depletion and amortization	0.08	0.10	0.08	0.08	0.07	0.06	0.07	0.07	0.07	0.07	0.07	0.05	0.05	0.05	0.04	0.06	0.06	0.06	0.05	0.06	0.07	0.04	0.04	0.04	0.03	0.03	0.02	0.02	0.02	0.02
Stock-based compensation	-0.01	-0.01	0.13	0.13	0.17	0.06	0.14	0.07	0.15	0.15	0.13	0.11	0.04	0.04	0.14	0.16	0.15	0.15	0.12	0.13	0.14	0.15	0.03	0.02	0.02
Change in inventory									10.68	10.68	-1.12	8.83							-2.52	3.53	-1.98		-0.34	0.40	6.34	0.00	0.02	0.19	-0.15	0.62
Other working capital changes	0.67	-2.48	12.10	4.55	-2.88	3.70	4.48	5.88	-14.23	-14.23	-0.29	-7.21	3.34	3.34	-0.39	-0.84	0.89	0.89	-1.67	-5.07	2.13	0.51	0.69	0.07	-6.54	-3.86	0.17	-0.33	0.06	-1.17
Cash flow from investing +	3.55	-0.15	-0.31	-0.10	-0.15		-0.30	-0.55	-0.72		0.57	-0.03	0.01	-0.08	-0.06	-0.11	-0.13	-0.53	-0.32	-0.15	-0.16	-0.20	-0.30	-0.04	-0.04	-0.08	-0.03	-0.03	-0.02	-0.03
Capital expenditures	-0.05	-0.06	-0.16	-0.11	-0.02	-0.03	-0.12	-0.08	-0.05	-0.05	-0.20	-0.04	-0.01	-0.01	-0.01	-0.02	-0.01	-0.01	-0.07	-0.11	-0.14	-0.17	-0.04	-0.04	-0.04	-0.08	-0.03	-0.03	-0.02	-0.03
Others incl. marketable securities changes	3.60	-0.09	-0.15	0.00	-0.13	0.03	-0.18	-0.47	-0.67	0.05	0.77	0.01	0.02	-0.07	-0.05	-0.08	-0.11	-0.51	-0.25	-0.04	-0.02	-0.03	-0.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash flow from financing +	0.03	-2.74	-1.60	-0.74	0.15	-2.15	-1.09	-2.48	-0.06	-0.06	-0.22	-1.79	-0.81	-0.81	1.58	-0.42	-0.02	-0.02	4.90	1.88	-0.03	1.39	-0.48	-0.10	-0.03	3.95	-0.04	0.36	-0.03	0.55
Dividend payout	-0.49	-0.49			-2.04	-2.04			-1.96	-1.96	-1.58	-1.58	-1.58	-1.58											-0.50	-0.50	0.00			0.00
Common stock repurchases	-0.19	-0.85	-0.13	-0.42	-0.50	-0.11	0.00	-1.24	-0.01	-0.01	0.00	0.00	-0.92	-0.92	-0.26	-0.25	-0.25									4.48	0.00			0.00
Net Debt Issuance	0.72	-1.39	-1.47	-0.33	2.68	-0.01	-1.09	-1.24	1.91	1.91	1.36	-0.21	1.68	1.68	1.84	-0.18	0.22	-0.02	4.90	1.88	-0.03	1.39	-0.48	-0.10	0.47	-0.04	-0.04	0.36	-0.03	0.55

Change in cash	4.32	-5.27	10.40	3.91	-2.64	1.67	3.30	2.99	-4.13	-3.41	-0.87	-0.03	2.63	2.54	1.32	-1.15	0.95	0.55	0.57	0.38	0.17	1.89	-0.37	0.40	-0.21	0.04	0.14	0.21	-0.13	-0.02
Change in exchange rate																										0.00	0.00			0.00