Even in choppy conditions, XP is investing for the long term
Em meio à turbulência dos mercados globais no início de 2026, a XP Inc. demonstrou que plataformas financeiras bem estruturadas podem crescer não apenas sobrevivendo à volatilidade, mas aprofundando laços com quem já confia nelas. Com R$1,32 bilhão em lucro ajustado e R$2,14 trilhões em ativos de clientes, a empresa brasileira revela uma transição silenciosa: da conquista de novos clientes para o adensamento de relações com os existentes. É o retrato de uma instituição que aposta no longo prazo sem abrir mão do presente.
- A volatilidade do mercado no primeiro trimestre de 2026 pressionou instituições financeiras globalmente, mas a XP sustentou crescimento de 7% no lucro ajustado, chegando a R$1,32 bilhão.
- Os ativos de clientes dispararam 21% ao ano, atingindo R$2,14 trilhões, impulsionados por R$38 bilhões em captação líquida no varejo — sinal de confiança crescente dos investidores na plataforma.
- As despesas operacionais subiram 14%, acima do crescimento da receita, gerando tensão entre eficiência de curto prazo e investimentos estruturais em IA, tecnologia e expansão digital.
- A empresa respondeu com um novo programa de recompra de R$1 bilhão e distribuição de R$500 milhões em dividendos, reafirmando disciplina de capital mesmo em ambiente incerto.
- Cartões de crédito, seguros e banco de atacado emergem como vetores de diversificação, reduzindo a dependência da corretagem tradicional e ampliando as bases de receita recorrente.
A XP Inc. encerrou o primeiro trimestre de 2026 com lucro líquido ajustado de R$1,32 bilhão, alta de 7% em relação ao mesmo período do ano anterior — um resultado que ganhou peso por ter sido alcançado em meio à instabilidade dos mercados financeiros. O lucro por ação cresceu 9%, ritmo superior ao do lucro total, beneficiado pelo programa de recompra de ações que reduziu o número de papéis em circulação.
O dado mais expressivo do trimestre, porém, foi o crescimento dos ativos sob custódia, gestão e assessoria, que somaram R$2,14 trilhões — avanço de 21% na comparação anual. Esse salto foi alimentado por R$38 bilhões em captação líquida no varejo, com R$18,7 bilhões provenientes de aportes recorrentes de clientes. A base de 4,8 milhões de clientes ativos cresceu apenas 2% ao ano, indicando que o motor do crescimento foi o aprofundamento das relações com quem já estava na plataforma, não a aquisição em massa de novos usuários.
A receita total chegou a R$4,73 bilhões, alta de 8%, enquanto as despesas operacionais subiram 14% — diferença que a gestão justificou como investimento deliberado em tecnologia, inteligência artificial, infraestrutura e equipes comerciais. O braço de varejo gerou R$3,77 bilhões em receita, diversificando fontes além da renda variável: renda fixa, fundos, previdência, crédito, cartões e seguros compõem um portfólio cada vez mais amplo. O atacado contribuiu com R$1,15 bilhão, crescimento de 26% ao ano.
Cartões e seguros ganharam destaque como centros de lucro emergentes: o volume de transações com cartões chegou a R$13,3 bilhões, alta de 10%, e os prêmios de seguros subiram 16%, para R$405 milhões. O retorno sobre patrimônio ficou em 21,7% e o índice de Basileia em 20,7%. A empresa anunciou novo programa de recompra de R$1 bilhão e dividendos de R$500 milhões com pagamento previsto para junho. O CEO Thiago Maffra sinalizou que a estratégia é crescer com consistência, investindo no futuro sem sacrificar a rentabilidade do presente.
XP Inc. closed out the first quarter of 2026 with adjusted net profit of R$1.32 billion, a modest 7% climb from the same period a year earlier. The result arrived in a quarter when market turbulence tested most financial firms, yet the Brazilian brokerage and investment platform managed to hold its ground and push forward.
The real story, though, lives in the assets. Client holdings across all categories—managed accounts, advisory accounts, and custody accounts combined—reached R$2.14 trillion, a jump of 21% year-over-year. That surge was fed by R$38 billion in net new money flowing into the retail business during the quarter alone, with roughly R$18.7 billion of that coming from recurring client deposits. The company's 4.8 million active clients grew by just 2% annually and 1% from the previous quarter, suggesting the growth came more from deepening relationships with existing customers than from raw customer acquisition.
Earnings per share, adjusted for dilution, rose 9%—a faster clip than overall profit growth, thanks to an aggressive share buyback program that reduced the share count. The company announced a fresh R$1 billion buyback authorization and committed to distributing R$500 million in dividends, with payments due in June. These moves signal confidence in the business and a deliberate strategy to return capital to shareholders while maintaining operational momentum.
Operating expenses climbed 14% year-over-year, a steeper rise than revenue growth, but management framed this as intentional investment in the future. The company poured money into sales staff, technology infrastructure, artificial intelligence capabilities, and digital transformation—the kind of structural spending that doesn't show immediate returns but shapes competitive position over years. Total revenue reached R$4.73 billion, up 8%, while gross revenue came in at R$4.9 billion, also up 8%.
The retail division, which has become the company's growth engine, generated R$3.77 billion in revenue and showed signs of broadening its income streams. Beyond traditional stock trading, the business now pulls revenue from fixed income, mutual funds, retirement accounts, credit cards, lending, and insurance products. The variable income segment—essentially equities trading—performed better than expected after a quieter stretch in prior quarters. The wholesale banking arm, meanwhile, posted R$1.15 billion in revenue, up 26% annually, proving itself a meaningful complement to the retail operation.
Credit cards and insurance emerged as emerging profit centers. The company processed R$13.3 billion in card transaction volume during the quarter, up 10% year-over-year, across 1.5 million active cards split between credit and debit products. Insurance premiums collected jumped 16% to R$405 million. These businesses remain small relative to the core brokerage operation but are growing faster and diversifying the revenue base away from pure trading and advisory fees.
Return on equity hit 21.7%, and the Basel capital ratio stood at 20.7%, both metrics reflecting what management called operational efficiency and disciplined capital allocation. The company's Net Promoter Score, a standard measure of customer satisfaction, registered at 61 for the quarter. CEO Thiago Maffra acknowledged the volatile market backdrop but emphasized that the company had delivered consistent growth while maintaining high profitability and solid fundamentals. The message was clear: even in choppy conditions, XP is investing for the long term without sacrificing near-term performance.
Notable Quotes
Even in a quarter marked by greater volatility, we delivered consistent growth, maintaining high profitability and solid fundamentals while staying focused on investing in what matters for the long term: service quality, efficiency, and strengthening our ecosystem.— Thiago Maffra, CEO of XP Inc.
The Hearth Conversation Another angle on the story
A 7% profit increase sounds modest. Why should anyone care about this quarter?
Because it happened during market volatility. Most financial firms struggle in turbulent quarters. XP grew anyway, and more importantly, client assets jumped 21%. That's the real signal—customers are trusting the platform with more money.
But only 2% more customers. So existing clients are getting richer, or the company is capturing more of their wealth?
Both, probably. The company added R$38 billion in net new deposits from retail clients. Some of that is market appreciation—stocks and bonds went up. But R$18.7 billion was recurring deposits, meaning clients are actively feeding money into the platform month after month.
They're spending 14% more on operations while revenue grows 8%. That's a squeeze, isn't it?
On the surface, yes. But they're being deliberate about it. They're hiring salespeople, building AI systems, upgrading technology. That's not waste—it's an investment in staying competitive. The question is whether it pays off in future quarters.
What about the credit card and insurance businesses? Those seem small.
They are small now, but they're growing much faster than the core business. Insurance premiums up 16%, card volume up 10%. These are lower-margin businesses than trading, but they're stickier. Once a customer has a credit card and insurance with you, they're harder to leave.
The company just approved a R$1 billion buyback and R$500 million in dividends. Isn't that aggressive given the market uncertainty?
It signals confidence. Management believes the business is strong enough to return capital while still investing in growth. It's a bet that they don't need to hoard cash for a downturn.