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XPBullishEarningsShort Term

High materiality8/10

XP Inc. Reports Second Quarter 2026 Results

StockNews.AIAug 17, 4:05 PM EDT2 sources

Trading thesisImportance 8/10

Bullish on XP over the next 1–3 quarters as AUM growth and buybacks support earnings and multiple expansion.

AI summary

What happened and why it matters

XP reported 2Q26 results with Client Assets of about R$1.5 trillion, up 12% YoY. Net inflows reached R$28 billion (Retail R$20B), while Active Clients rose to 4.8 million and Advisors to 18.4k. Revenue and profitability improved, with Net Revenue of R$4,884 million and Net Income of R$1,384 million; BIS ratio at 20.3% and CET1 at 17.1%, as XP continues a R$1B buyback program alongside guidance to reach a BIS target range by year-end.

AUM growth to R$1.5T implies higher recurring revenue and cross-sell potential.
Open buyback of up to R$1B supports capital returns and per-share value.
Wholesale/Insurance strength offsets fixed-income MTM drag; could lift margins.

Sentiment rationale

The report confirms durable AUM growth, steady inflows, and meaningful buybacks, all of which improve profitability and reduce equity risk. Similar past outcomes in financial platforms show that elevated assets and buybacks often compress multiples and lift cash-flow-based valuations.

Key facts

01
Client Assets reach R$1.5T in 2Q26, up 12% YoY.
02
Net Inflows of R$28B; Retail Net Inflow R$20B, +28% YoY.
03
Active Clients 4.8M; Advisors 18.4k; Retail DAT 2.4M.
04
EBT margin 32.0%; Adjusted ROAE 22.5%;EPS 2.67–2.71; BIS 20.3%.
05
Buybacks: ~R$1B completed; open program of R$1B; end-year BIS target 16–19%.

Earnings

Earnings; XP’s Q2 results fit the earnings category with detailed non-GAAP and managerial metrics, including Adjusted ROAE/ROTE, BIS ratio, and buybacks, underscoring a capital-light growth trajectory supported by expanding client assets and advisory reach.