XP Inc. generated R$28 billion of total net inflows during the second quarter of 2026, an increase of 188% from R$10 billion a year earlier and 94% from R$14 billion in the first quarter, even as its number of active clients increased only 1% year over year to approximately 4.77 million.
The divergence between inflow growth and customer growth points to substantially stronger asset gathering from XP’s existing customer base. Active clients were 4.772 million at quarter-end compared with 4.720 million a year earlier and actually edged down from 4.790 million in Q1. Total client assets nevertheless increased 12% year over year to R$1.535 trillion.
XP’s advisor network showed a similarly modest increase in headcount relative to the acceleration in inflows. Total advisors reached approximately 18,400, up about 1% from the prior year, while retail daily average trades increased 3% to 2.4 million.
The asset-gathering performance extended beyond traditional investment products. Retirement plan client assets increased 18% to R$101 billion, including R$97 billion associated with XP’s proprietary insurer, up 34%. Card transaction volume increased 8% to R$13.5 billion, while the expanded loan portfolio rose 16% to R$77.9 billion.
Revenue also grew across a broader mix of businesses. Retail gross revenue increased 8% to R$3.88 billion, while Wholesale Bank revenue increased 32% to R$1.18 billion. Within wholesale, Corporate revenue more than doubled to R$606 million from R$279 million, supported by credit, derivatives, foreign exchange and trading activity.
Retail performance was mixed by category. Equities revenue increased 11% to R$1.14 billion, Funds Platform revenue rose 23% to R$418 million, Credit increased 27% to R$105 million and Insurance rose 23% to R$80 million. Fixed Income revenue moved in the opposite direction, declining 16% to R$833 million.
Overall net revenue increased 9% to R$4.88 billion and gross profit rose 9% to R$3.35 billion. Earnings before taxes increased 15% to R$1.57 billion, while the EBT margin expanded 172 basis points to 32%. Adjusted net income increased 5% to approximately R$1.4 billion and adjusted diluted EPS increased 9% to R$2.67.
XP is also returning excess capital while maintaining a sizeable regulatory buffer. The company repurchased approximately R$1 billion of shares during the first half, completed its previous buyback authorization and still has another R$1 billion program open. Management said it is comfortable moving its BIS ratio from 20.3% toward a 16% to 19% target range by year-end through capital distributions while maintaining a capital buffer.
