XP Inc. · XP · FY2024 Q1 · Calendar Q2 2024
XP Inc.: Strong Growth, Reaffirmed Margin Target, Macro Risks
XP's strong growth, expanding client assets and adviser productivity initiatives support the platform's operating trajectory, but the outlook remains sensitive to macro conditions, net new money, take rates and competitive pressure.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The latest supplied analysis shows stronger year-over-year growth, rapid early adoption of the financial planning tool, and a broader contribution from virtual segments. Management also reaffirmed its 2026 pretax margin target and outlined continued investment in private and wholesale banking.
Guidance delta
Maintained; management reaffirmed its 2026 pretax profit margin target of 30%-34%.
Key takeaways
- Revenue and net income grew 28% and 29% year over year, respectively.
- Client assets grew 20% year over year and the adviser network expanded 16%.
- The financial planning tool had more than 2,500 advisers onboard within two weeks.
- Management maintained cost discipline, with the efficiency ratio improving to 36.5%.
Management priorities
- Scale the financial planning tool across the adviser network.
- Integrate open investments with the planning platform and deepen cross-sell.
- Invest in private banking and wholesale banking capabilities.
- Maintain cost discipline and return excess capital to shareholders in the second half.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 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 $29.23. 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 | +26.6% | Oct 8, 2026 |
| Jefferies | Analyst unavailable | $22 | $17.4 | -24.7% | Jan 19, 2026 |
| UBS | Thiago Batista | $25 | $17.58 | -14.5% | Dec 16, 2025 |
| UBS | Thiago Batista | $23 | $16.53 | -21.3% | Oct 16, 2025 |
| UBS | Thiago Batista | $21 | $18.25 | -28.2% | Jul 11, 2024 |
| Bradesco | Gustavo Schroden | $19 | $16.7 | -35.0% | Jul 2, 2024 |
| Goldman Sachs | Tito Labarta | $23 | $21.42 | -21.3% | Apr 30, 2024 |
| Morgan Stanley | Jorge Kuri | $24 | $21.11 | -17.9% | Apr 22, 2024 |
| Bradesco | Otavio Tanganelli | $32 | $25.47 | +9.5% | Jan 24, 2024 |
| Credit Suisse | Marcelo Telles | $26 | $23.82 | -11.1% | Jul 20, 2023 |
| HSBC | Neha Agarwala | $33 | $20.48 | +12.9% | Jun 10, 2022 |
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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| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T Bank: Loan Growth Holds Up as Rates Pressure Margins |
| MTB-PJ M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T: Deposit growth supports margins as AI use expands |
| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
| RF-PC Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee growth supports a steady Q3 outlook |
| TFC-PI Truist Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | -50.9% | — | Truist sharpens focus as Q3 EPS rises 12% |
| TRV The Travelers Companies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +24.2% | +1.5% | Travelers posts strong Q3, with investment income above $900 million |
Latest beats and misses
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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 · 2026-10-18T00:00:46.788428+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T00:00:46.785661+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 2026-10-18. For educational purposes only; not investment advice.