Analyst Consensus ?
ConsensusBuy10 ratings
Bullish880.0%
Neutral220.0%
Bearish00.0%
XP Inc. · XP · FY2023 Q4 · Calendar Q1 2024
XP delivered growth with stronger efficiency, but macro and credit risks remain
The supplied analysis supports a constructive operating picture: XP combined revenue and profit growth with record efficiency and expanding new verticals. The durability of that progress depends on client inflows, take-rate stabilization, credit performance and execution of its corporate and digital-banking expansion.
Reported After market closeNASDAQFinancial Services
$15.72B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.43
Consensus $0.41
EPS surprise
+4.5%
Reported versus consensus
Reported revenue
$837.2M
Consensus $163.9M
Revenue surprise
+410.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-3.6%
Event window
SPY move
-0.1%
Same window
Abnormal move
-3.5%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+7.5%
Up to 20 sessions
XPSPY benchmark
Ask FN2 about XP FY2023 Q4
Transcript, numbers and history already loaded
Why did XP fall 3.6% after beating EPS estimates in FY2023 Q4?What changed in XP's guidance and outlook in FY2023 Q4?Give me the bull and bear case for XP after FY2023 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the supplied current analysis emphasizes 2023 growth, record efficiency, more than $1 trillion in client assets and broader vertical diversification. It also adds focus on take-rate compression, credit provisions, refinancing costs and one-off Modal-related expenses.
Guidance delta
Maintained; the supplied analysis reports no guidance change.
Key takeaways
- Revenue grew 12% year over year and profit grew 10% despite a challenging macro environment.
- The efficiency ratio fell to a record-low 36%, reflecting cost discipline.
- New verticals, including cards, insurance and retirement, represented 17.5% of gross revenue.
- Operating leverage remains dependent on a future investment-market recovery; take rate was 1% versus 1.5% in 2021.
- XP surpassed $1 trillion in client assets while holding less than 12% market share, according to the supplied analysis.
Management priorities
- Maintain SG&A cost discipline and improve efficiency.
- Scale new verticals and deepen retail cross-sell.
- Launch digital bank accounts for corporate and small-business clients.
- Continue dividends and buybacks.
- Invest in wholesale banking, including issuer services and M&A.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$30.41Current
$19Low
$26.78Average
$37High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 6, 2026 |
| Itau BBA | Outperform | Market Perform | Upgrade | Oct 6, 2026 |
| Citigroup | Buy | Buy | Maintain | Sep 29, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jun 4, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | May 21, 2025 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | May 13, 2025 |
| Banco Bradesco BBI S.A | Outperform | Neutral | Upgrade | Jan 24, 2024 |
| Credit Suisse | Neutral | Underperform | Upgrade | Jul 20, 2023 |
| HSBC | Buy | Buy | Maintain | Feb 28, 2023 |
Named analyst price targets
Upside is calculated against the persisted current price $30.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $37 | $30.44 | +21.7% | Oct 8, 2026 |
| Jefferies | Analyst unavailable | $22 | $17.4 | -27.7% | Jan 19, 2026 |
| UBS | Thiago Batista | $25 | $17.58 | -17.8% | Dec 16, 2025 |
| UBS | Thiago Batista | $23 | $16.53 | -24.4% | Oct 16, 2025 |
| UBS | Thiago Batista | $21 | $18.25 | -30.9% | Jul 11, 2024 |
| Bradesco | Gustavo Schroden | $19 | $16.7 | -37.5% | Jul 2, 2024 |
| Goldman Sachs | Tito Labarta | $23 | $21.42 | -24.4% | Apr 30, 2024 |
| Morgan Stanley | Jorge Kuri | $24 | $21.11 | -21.1% | Apr 22, 2024 |
| Bradesco | Otavio Tanganelli | $32 | $25.47 | +5.2% | Jan 24, 2024 |
| Credit Suisse | Marcelo Telles | $26 | $23.82 | -14.5% | Jul 20, 2023 |
| HSBC | Neha Agarwala | $33 | $20.48 | +8.5% | Jun 10, 2022 |
Track every rating change on XP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationXP Inc. provides financial products and services in Brazil. The company operates XP Platform, an open product platform that provides clients to access investment products in the market comprising brokerage securities, fixed income securities, mutual, hedge, and private equity funds; derivatives and synthetic instruments; credit cards; loan operations/collateralized credit products; pension and social security funds, and life and travel insurance products; and other investment products comprising real estate funds, and equity and debt capital markets solutions, as well as wealth management services. It offers brokerage and issuer services to institutional and corporate clients.…
Historical context
All XP earningsFinancial Services peers this season
Latest reports in the same sector
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the XP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-26T00:50:43.660438+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T00:50:43.657664+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.