XP Nasdaq Russell 1000 Earnings call
XP Inc. (XP) · Q2 2026 results and valuation
Share price: $15.38 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 17 Aug 2026 and 18 May 2026
Net income up 6.3% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+6.3%
Net income vs Q1 2026
Outlook given
Net income 1.39B vs 1.31B
Revenue +1.9%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
XP announced a capital ratio of 20.7% and declared BRL 500 million in dividends to be paid in June.
Valuation
Is XP Inc. undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2024-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 6.2% growth a year (3-year revenue growth), the model's fair value is $31.74 a share — the stock trades 52% below it. Today's price assumes −3.9% growth a year.
Current price
$15.38
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-3.9% for 10 yrs
Fair value / share
$31.74
Buy below
$23.81
Price vs fair value
Undervalued 52%
Price vs buy-below price
Undervalued 35%
Read between the lines
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Key theme
Net income growth reflects capital management, while EPS grew 9% year over year amid geopolitical tensions and market volatility.
Source quote
“Stronger than our net income growth thanks to our capital management and Also, our EPS grew 9% year over year. The second quarter of 26 was again marked by ongoing global geopolitical tensions and residual market volatility.”
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Guidance
Typical second-half effects are expected to lift both revenues and expenses.
Source quote
“As we move into the second half of the year, we expect the typical effects that lift both revenues and expenses.”
-
Fading
XP announced a capital ratio of 20.7% and declared BRL 500 million in dividends to be paid in June.
Source quote
“I would also like to highlight that today we are announcing a Our capital ratio remained at a comfortable 20.7% More importantly, these results reflect our ability to grow our business while maintaining disciplined capital and risk management. Additionally, we are also declaring BRL 500 million in dividends to be paid in June.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Remember that there is a seasonality historically on our revenues, the second half of the year is usually stronger than the first half, meaning that if we keep the same...”
“The market deterioration that began in March and prevailed through April, combined with the lower risk appetite from investors, led to a sharp decrease in the number of new fixed...”
“I am thrilled to be part of this journey and I am looking forward to contributing to our next chapter of growth.”
Full figures
BRL · ROIC.AI fundamentals (NASDAQ:XP, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.97B | 1.93B | +1.9% | 1.79B | +9.7% |
| Gross profit | 459.7M | 373.3M | +23.2% | 368.9M | +24.6% |
| Operating income | -1.31B | -1.32B | Loss narrowed | -1.20B | Loss widened |
| Net income | 1.39B | 1.31B | +6.3% | 1.32B | +5.5% |
| EPS | 2.71 | 2.53 | +7.3% | 2.50 | +8.5% |
| P/E | — | — | — | — | — |
Topics
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