XP Inc. (NASDAQ:XP) has released its Q2 2026 earnings results, delivering adjusted earnings per share of $2.67 that exceeded Wall Street's estimate of $2.59. The Brazilian financial services platform reported revenue of R$5.1 billion, slightly ahead of the forecasted R$5.0 billion.
The company's adjusted earnings before taxes reached R$1.6 billion, up 15% year-over-year, while adjusted net income grew 5% to R$1.4 billion. XP's client asset base expanded to R$2.2 trillion by quarter-end, representing a 17% year-over-year increase.
Revenue Growth
XP's retail operations generated R$3.9 billion in revenue, accounting for 77% of total gross revenue and posting 8% year-over-year growth. Wholesale banking contributed R$1.2 billion, surging 32% annually.
The company's expansion strategy targets both individual and business clients through a suite of financial solutions, including pension and insurance, banking, and credit products. CEO Thiago Maffra emphasized the company's focus on building long-term relationships and providing personalized advice to clients.
Operational Discipline
Despite revenue headwinds, XP demonstrated operating leverage through expense discipline, with sales, general and administrative expenses increasing just 5% year-over-year to R$1.6 billion. The company's efficiency ratio held steady at approximately 34%, while the compensation ratio remained around 23% of revenue.