XP Inc. Shatters Profit Records, Bets on AI to Lead Brazilian Market

SÃO PAULO, BRAZIL – February 12, 2026 – XP Inc. (NASDAQ: XP) delivered a powerful statement to the Brazilian financial market today, reporting record-breaking financial results for the fourth quarter and full year of 2025. The fintech giant posted a full-year adjusted net income of R$5.2 billion, a 15% increase year-over-year, signaling robust health and strategic momentum despite what its CEO described as a "challenging period for the investment industry."

The strong performance, which surpassed analyst consensus estimates, was driven by significant growth in client assets, revenue diversification, and disciplined cost management. The announcement reinforces XP's position as a dominant force transforming Brazil's financial landscape, as the company celebrated its 25th anniversary by laying out an ambitious vision for the future, heavily anchored in technological innovation and an unwavering client-centric philosophy.

Resilient Growth in a Challenging Climate

XP Inc.'s 2025 results paint a picture of a company firing on all cylinders. Total client assets surged to a staggering R$1.5 trillion, a 16% jump from the previous year, bolstered by R$94 billion in net inflows and favorable market appreciation. This growth translated directly to the bottom line, with adjusted diluted earnings per share (EPS) climbing 18% to R$9.81 for the full year.

The fourth quarter was particularly strong, with gross revenue growing 12% year-over-year to R$5.3 billion. A standout performer was the Corporate & Issuer Services division, which saw its revenue soar by 49% compared to the same period in 2024, highlighting the success of the company's integrated wholesale and retail strategy. While retail revenue from equities saw a slight dip for the year, this was more than offset by strong growth in fixed income, cards, insurance, and retirement plans.

In his letter to shareholders, CEO Thiago Maffra acknowledged the difficult environment, noting that revenue growth was impacted by a "more conservative mix, with shorter investment duration and lower market activity." However, he emphasized that the company’s resilience enabled it to continue advancing. The market appeared to agree, with the company's stock showing positive momentum year-to-date and its quarterly earnings of $0.46 per share beating market expectations.

The AI-Powered Advisor: A New Competitive Edge

At the heart of XP's forward-looking strategy is a unique vision for the role of technology, particularly artificial intelligence. Rather than aiming to replace human interaction, the company is deploying AI as a powerful tool to augment its 18,000-strong network of investment advisors.

"Artificial intelligence occupies a clearly defined role in this strategy: empowering the investment advisor," Maffra stated in the earnings release. "This vision reinforces our belief that AI will not replace the investment advisor or human relationships, but quite the opposite: it will be a multiplier of quality, consistency, and scale."

This approach aims to give advisors sophisticated analytical tools, help them prioritize client opportunities more effectively, and enable deeper personalization at scale. It represents the latest step in the evolution of the advisory role that XP itself pioneered in Brazil—a journey from simple stockbroker to comprehensive financial planner. This tech-empowerment is coupled with what the company calls a "truly agnostic" service model, which allows clients to choose their preferred relationship format, whether transactional, fee-based, or a Registered Investment Advisor (RIA) model. This flexibility stands in stark contrast to the one-size-fits-all approach of many traditional financial institutions.

An Expanding Ecosystem Beyond Investments

While investments remain its core business, XP's recent growth has been significantly fueled by its successful expansion into a broader financial ecosystem. The company is strategically moving to capture a larger share of its clients' financial lives, a strategy that is bearing fruit.

Key metrics from 2025 underscore this success. The total payment volume (TPV) on its credit and debit cards grew 9% to R$52.2 billion. Assets in its retirement plans increased 17% to R$95 billion, and gross written premiums for insurance products leaped an impressive 33%. The company's expanded loan portfolio also saw substantial growth, expanding 27% year-over-year to R$78 billion.

This diversification not only creates multiple revenue streams but also deepens client engagement and builds a competitive moat. By offering integrated services for banking, credit, insurance, and retirement alongside its leading investment platform, XP is positioning itself as an indispensable financial partner for its 4.8 million active clients. Maffra highlighted the "integration between wholesale and retail" as a core competitive advantage that became increasingly evident throughout the year.

Disciplined Capital and A Vision for the Future

Underpinning XP's growth is a disciplined approach to capital management that balances aggressive investment with robust shareholder returns and a strong balance sheet. In 2025, the company returned nearly R$2.4 billion to shareholders through R$1.9 billion in share repurchases and R$500 million in dividends.

Simultaneously, it maintained a strong capital buffer, ending the year with a Basel III ratio of 20.4%, comfortably above its target range. This strong capital position provides flexibility for future investments and insulates the company against market volatility. The integrity of its financial reporting was further validated by an unqualified audit opinion from PricewaterhouseCoopers, which provided comfort on the company's technology controls and management models.

As the company marks a quarter-century in business, its leadership is looking ahead with renewed ambition. "When I reflect on these 25 years and look to our future, it still feels as if we are only getting started," Maffra concluded in his letter. He reaffirmed the company's goal to become Brazil's leading investment platform by 2033, driven by a culture of innovation and a non-negotiable focus on the client. This purpose, he noted, will be the engine for transforming the financial industry and improving people's lives.