XP Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data XP Inc. files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024
Revenue	1,284	2,055	3,596	5,016	6,196	5,940	6,532	7,425
Selling and marketing	32.9	96.1	155	135	227	139	169	149
General and administrative	650	1,177	1,891	3,014	4,693	5,641	5,461	6,001
Pre-tax income	576	641	1,544	2,421	3,815	3,445	3,936	4,986
Income tax	152	175	455	340	223	-136	37	471
Net income to minority interests	9.67	3.89	9	5.06	3.04	1.16	0.69	1.43
Net income	414	461	1,080	2,076	3,589	3,579	3,899	4,513
EPS, basic	0.85	0.94	2.11	3.76	6.42	6.44	7.22	8.33
EPS, diluted	0.85	0.94	2.11	3.71	6.26	6.25	7.16	8.23

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024
Cash and equivalents	835	627	888	2,660	3,752	4,967	9,210	12,910
Receivables		219	462
Property, plant and equipment	47.1	99.1	142	204	314	311	373	450
Lease right-of-use assets		134	227	183	285	258	282	313
Intangible assets		505	553
Total assets		17,724	43,623	96,029	139,340	192,035	249,041	347,457
Lease liabilities			203	174	247	216	181	271
Total liabilities		15,633	36,467	85,132	124,921	174,992	229,590	327,410
Total debt		470	382	284	1,929	1,866	2,199	1,666
Shareholders' equity		2,085	7,153	10,895	14,417	17,036	19,449	20,044
Minority interests		6.94	2.56	3.01	2.79	6.48	1.49	3.68
Total equity	1,152	2,092	7,156	10,898	14,420	17,042	19,451	20,047
Total liabilities and equity		17,724	43,623	96,029	139,340	192,035	249,041	347,457

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024
Net income	424	465	1,089	2,081	3,592	3,580	3,899	4,515
Cash from operations	262	-457	-3,814	1,511	-4,020	1,804	8,127	11,179
Capital expenditures	-30.4	-83.1	-72.5	-145	-135	-44.6	-66	-145
Cash from investing	-456	-147	-161	-582	-1,151	-371	539	-1,667
Debt issued	826	325	0	0	1,571	0	2,253	0
Debt repaid		-690	-123	-153	-76.4	-102	-1,967	-2,381
Stock issued			0	0	1,135	0	0
Dividends paid	-190	-325	-500	0	0	0	-3,542	-2,037
Cash from financing	585	380	4,234	789	6,639	-200	-4,395	-5,784
Exchange rate effect	4.11	15.1	2.52	55.2	-377	-16.7	-28.3	-28.3
Free cash flow	232	-540	-3,886	1,366	-4,156	1,759	8,061	11,034
Interest paid		54.2	28.4	71.2	81.4	198	141	349
Income taxes paid	219	202	403	519	784	371	403	542

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	67.2%	Pre-tax income / revenue.
Net margin	60.8%	Net income / revenue.
FCF margin	148.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	150.6%	Cash from operations / revenue.
Effective tax rate	9.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Capex / revenue	2.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	33.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	31.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	36.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	39.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	35.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	51.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.5%	Total debt / total assets.
Liabilities / assets	94.2%	Total liabilities / total assets.
Net debt	-R$11.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	R$20.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.02x	Revenue / average total assets.
Fixed asset turnover	18.0x	Revenue / average property, plant and equipment.
FCF conversion	244.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$8.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	R$8.33	Net income per basic share, as reported (split-adjusted).
Payout ratio	45.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.5%	Dividends paid / free cash flow, when free cash flow is positive.

What was XP Inc.'s revenue in fiscal 2024?

XP Inc. reported revenue of R$7.42B for fiscal 2024, 13.7% higher than the year before.

Was XP Inc. profitable in fiscal 2024?

Yes. Net income was R$4.51B, a net margin of 60.8%.

How much free cash flow did XP Inc. generate in fiscal 2024?

Cash from operations of R$11.18B minus capital expenditures of R$144.8M left free cash flow of R$11.03B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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