XP Inc.

What they do

XP Inc. is a Cayman Islands holding company that conducts operations in Brazil and abroad through subsidiaries including XP Investimentos S.A., Banco XP S.A., XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., XP Vida e Previdência S.A. and XP Gestão de Recursos Ltda. It provides securities brokerage and distribution, banking products, insurance and pension, asset management and financial advisory services. The 20-F for fiscal year 2025 was filed on 2026-04-29.

Revenue drivers

• Securities brokerage and distribution — Revenue from brokerage and distribution of investment products, the core activity of XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.
• Banking operations — Banco XP S.A. conducts lending and other banking activities; a separate reporting entity in the filing.
• Asset management — XP Gestão de Recursos Ltda. and XP Vista Asset Management Ltda. generate asset management fees.
• Insurance and pension — XP Vida e Previdência S.A. and XP Corretora de Seguros Ltda. generate insurance and pension revenue; also listed as separate reporting entities.

Recent performance

The provided source material is the 20-F data-tag header and entity tables; it does not include income statement or revenue figures for FY2025. The filing covers the fiscal years 2023, 2024 and 2025, and balance sheet/equity data for 2022 through 2025 is tagged. No dollar or real amounts for revenues, net income, client assets or margins are included in the excerpts provided. Consequently, no specific performance results can be stated here.

Strategy

The filing tags show XP operates through a multi-entity structure spanning brokerage, banking, asset management, insurance and international subsidiaries, with specific attention to tax balances for entities in Brazil, the US, UK and Cayman Islands. Detailed strategic commentary is not included in the excerpts provided.

Risks

• Regulatory risk in Brazil — XP's brokerage, banking and insurance subsidiaries are subject to Brazilian regulatory oversight, and the source material references financial institutions and insurance companies as a category of regulation.
• Foreign issuer reporting — XP files as a foreign private issuer using IFRS, which may result in less frequent and less detailed disclosure than U.S. domestic issuers.
• Complex multi-entity structure — The company operates through numerous subsidiaries across Brazil, the US, the UK and Cayman Islands, adding operational and compliance complexity.
• Currency exposure — The filing presents figures in both Brazilian reais (BRL) and U.S. dollars (USD), exposing reported results to foreign exchange translation effects.

Outlook

The excerpts provided do not contain management's outlook or forward-looking guidance. No statement about future expectations can be included based solely on this source material.