EarningsQ2 2026 Earnings Report
MX:XPN Q2 2026 EPS Results
Actual EPS$9.31
Consensus EPS$9.04
Beat/MissBeat by +$0.26
One Year Ago EPS$8.57
MX:XPN Q2 2026 Revenue Results
Actual Revenue$17.55B
Expected Revenue$16.90B
Beat/MissBeat by +$647.13M
YoY Revenue Growth+20.82%
Earnings Announcement Details
QuarterQ2 2026
Date08/17/2026
TimeAfter Close
Conference CallMonday, August 17, 2026
MX:XPN Upcoming Earnings
XP's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:XPN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented solid business momentum: strong client asset growth (+17% YoY), robust net new money ($28bn), meaningful top-line and EBT expansion (+8% and +15% YoY respectively), exceptional corporate segment performance (+117% YoY), plus disciplined capital returns (buybacks, dividends, share cancellation) and a healthy capital ratio (20.3%). Offsetting these positives were material mark-to-market losses (~BRL 420m H1), a weak primary debt market and a shift toward lower-fee daily liquidity fixed income products that compressed fee margins, alongside rising RWAs and near-term seasonal cost headwinds. On balance the positives – growth, profitability expansion, strong corporate and retail underlying momentum, and active capital management – outweigh the challenges, though management highlighted risks tied to market volatility and mix shifts.Company Guidance
Client Assets and Growth
Total client assets (AUM + AUA) reached $2.2 trillion, up 17% year-over-year, reflecting strong asset gathering and platform scale.
Net New Money and Client Metrics
Net new money totaled $28 billion in Q2 (met retail soft target of $20 billion and $8 billion from corporate/institutional). Active client base 4.8 million (+1% YoY) and 18.4k advisors (+1% YoY).
Revenue and Profitability Expansion
Gross revenues BRL 5.1 billion, up 8% YoY (+3% QoQ). Adjusted EBT BRL 1.6 billion, up 15% YoY (+10% QoQ) with adjusted EBT margin ~32%.
EPS, Net Income and Returns
Adjusted net income BRL 1.4 billion (+5% YoY), adjusted diluted EPS up ~9% YoY, return on equity improved to 22.5% (up 80 bps sequentially).
Retail and Product Momentum
Retail revenue BRL 3.9 billion (+8% YoY, +3% QoQ); excluding mark-to-market impacts retail revenue growth would be ~15% in H1. Equities revenue +11% YoY (~BRL 1.1 billion); funds platform +22% YoY (+7% QoQ).
Wholesale / Corporate Segment Strength
Wholesale (incl. corporate) revenue grew 32% YoY and 3% QoQ; corporate segment delivered very strong growth with revenues up 117% YoY and 22% sequentially driven by cross-sell (derivatives, FX, credit).
Capital Position and Shareholder Returns
Basel ratio 20.3% and CET1 17.1% (comfortable buffer). Executed BRL 1.0 billion buyback (another BRL 1.0 billion open), BRL 500 million dividends; ~BRL 2.5 billion capital distribution announced and cancellation of ~11.8 million shares (~2.3% outstanding).
MX:XPN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed