Analyst Consensus ?
ConsensusBuy10 ratings
Bullish880.0%
Neutral220.0%
Bearish00.0%
XP Inc. · XP · FY2024 Q2 · Calendar Q3 2024
XP reports record Q2 results as inflows and margins strengthen
The quarter provides evidence for a constructive earnings-growth case: record results, strong net new money, operating leverage, and adviser-network expansion improved the trajectory. The thesis remains dependent on sustained inflows, margin durability, and execution of the XP Bank restructuring.
Reported After market closeNASDAQFinancial Services
$16.86B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.39
Consensus $0.35
EPS surprise
+11.8%
Reported versus consensus
Reported revenue
$778.6M
Consensus $736.5M
Revenue surprise
+5.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+6.2%
Event window
SPY move
+0.3%
Same window
Abnormal move
+5.9%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-5.1%
Up to 20 sessions
XPSPY benchmark
Ask FN2 about XP FY2024 Q2
Transcript, numbers and history already loaded
Why did XP rise 6.2% after beating EPS estimates in FY2024 Q2?What changed in XP's guidance and outlook in FY2024 Q2?Give me the bull and bear case for XP after FY2024 Q2 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, the analysis emphasizes stronger operating momentum: net new money reached BRL32bn, efficiency improved to 36.1%, and management added detail on loan-book securitization, the XP Bank restructuring, and new corporate services.
Guidance delta
Management maintained guidance, reaffirmed its 2026 outlook, and expects second-half revenue acceleration.
Key takeaways
- Revenue, EBITDA, and net income reached all-time highs, supporting the margin-expansion trajectory.
- Net new money reached BRL32bn, with retail inflows nearly doubling quarter over quarter.
- Cost discipline improved the efficiency ratio to 36.1%.
- XP Bank restructuring is intended to lower capital costs and increase debt-issuance capacity.
Management priorities
- Complete the XP Bank restructuring
- Launch Corporate Digital Account and Trade Finance services
- Improve the credit-card offering and expand eligibility
- Scale the adviser network and multi-channel distribution
- Continue share buybacks and dividend returns within the capital-return plan
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$32.22Current
$19Low
$26.78Average
$37High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 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 $32.22. 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 | +14.8% | Oct 8, 2026 |
| Jefferies | Analyst unavailable | $22 | $17.4 | -31.7% | Jan 19, 2026 |
| UBS | Thiago Batista | $25 | $17.58 | -22.4% | Dec 16, 2025 |
| UBS | Thiago Batista | $23 | $16.53 | -28.6% | Oct 16, 2025 |
| UBS | Thiago Batista | $21 | $18.25 | -34.8% | Jul 11, 2024 |
| Bradesco | Gustavo Schroden | $19 | $16.7 | -41.0% | Jul 2, 2024 |
| Goldman Sachs | Tito Labarta | $23 | $21.42 | -28.6% | Apr 30, 2024 |
| Morgan Stanley | Jorge Kuri | $24 | $21.11 | -25.5% | Apr 22, 2024 |
| Bradesco | Otavio Tanganelli | $32 | $25.47 | -0.7% | Jan 24, 2024 |
| Credit Suisse | Marcelo Telles | $26 | $23.82 | -19.3% | Jul 20, 2023 |
| HSBC | Neha Agarwala | $33 | $20.48 | +2.4% | 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| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
Latest beats and misses
Who reports nextBeat on EPS
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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 · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-11T10:50:42.807936+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T10:50:42.805203+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 2026-10-11. For educational purposes only; not investment advice.