The company's shift toward a banking-centric model is evidenced by total assets surging to $409.2 billion while the debt-to-equity ratio remains elevated at 3.66 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 42.27B | 46.28B | 158.06B | 119.51B | 76.12B | 62.54B | 34.62B | 13.52B | 8.73B | 2B | 14.91M | 27.6M | 6.61M | 2K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | -1K | 46.59B | 32.19B | 7.6B | 8.89B | 6.63B | 9.49B | 6.57B | 934.98M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 366.95B | 350.04B | 189.39B | 129.53B | 115.92B | 76.8B | 61.41B | 30.11B | 8.99B | 5.14B | 4.22B | 3.44B | 2.48B | 260.38M |
| Property, Plant & Equipment | 804.96M | 804.13M | 763.1M | 655.17M | 569.38M | 598.47M | 387.17M | 369.94M | 99.13M | 47.07M | 28.66M | 18.92M | 14.26M | 0 |
| Fixed Asset Turnover | 25.66x | 22.68x | 26.04x | 22.62x | 24.90x | 21.68x | 22.20x | 13.97x | 31.85x | 42.43x | 41.02x | 34.95x | 29.38x | - |
| Goodwill | 0 | 1.92B | 1.92B | 1.83B | 595.22M | 542.75M | 474.37M | 382.5M | 382.5M | 372.7M | 91M | 0 | 0 | 0 |
| Intangible Assets | 2.87B | 841.9M | 713.1M | 668.64M | 248.96M | 278.23M | 239.2M | 170.95M | 122.42M | 110.51M | 32.27M | 127.23M | 11.41M | 0 |
| Long-Term Investments | 1.03T | 318.9B | 157.65B | 113.98B | 102.57B | 62.89B | 52.19B | 24.73B | 6.51B | 3.81B | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 409.23B | 396.53B | 347.46B | 249.04B | 192.03B | 139.34B | 96.03B | 43.62B | 17.72B | 7.14B | 4.24B | 3.47B | 2.49B | 260.38M |
| Asset Turnover | 0.05x | 0.05x | 0.06x | 0.06x | 0.07x | 0.09x | 0.09x | 0.12x | 0.18x | 0.28x | 0.28x | 0.19x | 0.17x | 0.12x |
| Asset Growth % | 83.13% | 14.12% | 39.52% | 29.69% | 37.82% | 45.1% | 120.14% | 146.12% | 148.37% | 68.32% | 22.15% | 39.4% | 856.21% | - |
| Total Current Liabilities | 86.38B | 81.94B | 196.14B | 124.1B | 105.4B | 75.25B | 60.25B | 25.48B | 12.31B | 3.9B | 133.93M | 108.47M | 41.64M | 0 |
| Accounts Payable | 0 | 0 | 763.47M | 948.22M | 617.39M | 867.53M | 859.55M | 266.81M | 134.58M | 71.58M | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 86.38B | 81.94B | 81.84B | 40.83B | 33.66B | 27.94B | 31.86B | 15.75B | 6.76B | 644.36M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -1.68B | 68.33B | 63.97B | 27.08B | 21.46B | 21.55B | 9.11B | 5.31B | 3.12B | 0 | 0 | 0 | 0 |
| Current Ratio | 0.49x | 0.56x | 0.81x | 0.96x | 0.72x | 0.83x | 0.57x | 0.53x | 0.71x | 0.51x | 0.11x | 0.25x | 0.16x | - |
| Quick Ratio | 0.49x | 0.56x | 0.81x | 0.96x | 0.72x | 0.83x | 0.57x | 0.53x | 0.71x | 0.51x | 0.11x | 0.25x | 0.16x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 298.43B | 290.79B | 131.27B | 105.49B | 69.59B | 49.67B | 24.88B | 10.99B | 3.33B | 2.09B | 0 | 0 | 0 | 0 |
| Long-Term Debt | 2.84B | 3.12B | 33.29B | 27.73B | 1.87B | 267.71M | 266.45M | 1.36B | 761.66M | 736.68M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 384.81B | 372.98B | 327.41B | 229.59B | 174.99B | 124.92B | 85.13B | 36.47B | 15.63B | 5.98B | 133.93M | 108.47M | 41.64M | 0 |
| Total Debt | 89.5B | 85.3B | 115.13B | 68.56B | 35.52B | 28.21B | 32.12B | 17.11B | 7.52B | 1.38B | 0 | 0 | 0 | 0 |
| Net Debt | 80.81B | 74.94B | 109.52B | 64.62B | 31.97B | 25.72B | 30.17B | 17B | 7.45B | 1.23B | -14.91M | -27.6M | -6.61M | -2K |
| Debt / Equity | 3.66x | 3.62x | 5.74x | 3.52x | 2.08x | 1.96x | 2.95x | 2.39x | 3.59x | 1.20x | - | - | - | - |
| Debt / EBITDA | 14.33x | 13.73x | 16.69x | 14.30x | 8.33x | 6.42x | 11.74x | 10.09x | 8.71x | 1.94x | - | - | - | - |
| Net Debt / EBITDA | 12.94x | 12.07x | 15.87x | 13.48x | 7.50x | 5.85x | 11.03x | 10.03x | 8.64x | 1.72x | -0.04x | - | - | - |
| Interest Coverage | 11.06x | 9.71x | 7.40x | 7.37x | 9.56x | 29.11x | 46.97x | 19.30x | 9.86x | 10.42x | - | - | - | - |
| Total Equity | 24.42B | 23.55B | 20.05B | 19.45B | 17.04B | 14.42B | 10.9B | 7.16B | 2.09B | 1.15B | 1.09B | 616.38M | 487.17M | 260.38M |
| Equity Growth % | 55.88% | 17.46% | 3.07% | 14.13% | 18.19% | 32.32% | 52.29% | 242.11% | 81.62% | 5.2% | 77.62% | 26.52% | 87.1% | - |
| Book Value per Share | 46.49 | 44.27 | 36.56 | 35.74 | 29.74 | 25.14 | 19.49 | 13.98 | 3.79 | 2.09 | 1.98 | 2.51 | 2.04 | 1.08 |
| Total Shareholders' Equity | 24.41B | 23.55B | 20.04B | 19.45B | 17.04B | 14.42B | 10.89B | 7.15B | 2.08B | 1.14B | 1.05B | 395.64M | 302.75M | 260.38M |
| Common Stock | 27.66K | 28K | 26K | 26K | 24K | 23K | 23K | 23K | 21K | 254.62M | 254.62M | 85.81M | 21.92M | 21.82M |
| Retained Earnings | 1.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.37M | 7.25M | 13.4M | 22.66M |
| Treasury Stock | -318.63M | -125.1M | -222.18M | -117.12M | -1.99B | -171.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 19.18B | 3.98B | 14.61B | 13.15B | 12.04B | 14.59B | 4.07B | 1.74B | 2.08B | 685.73M | 739.17M | 302.57M | 267.42M | 215.9M |
| Minority Interest | 8.31M | 1.01M | 3.68M | 1.49M | 6.47M | 2.79M | 3M | 2.56M | 6.93M | 7.92M | 49.65M | 220.75M | 184.42M | 0 |
Banking Pivot Capital Intensity
As reported in recent financial statements, XP's total assets have surged from $249.0 billion in 2023Q4 to $409.2 billion by 2026Q1, while equity growth has remained relatively stagnant, suggesting a shift toward a more leveraged balance sheet structure that warrants close monitoring by institutional investors.
The rapid expansion of the asset base relative to equity indicates that XP is increasingly utilizing its balance sheet to support its banking and credit initiatives. This trajectory suggests a fundamental transition from a capital-light brokerage model to a more capital-intensive financial institution, which may introduce new risks regarding capital adequacy.
Based on the provided financial data, XP's debt-to-equity ratio has exhibited significant volatility, peaking at 5.74 in 2024Q4 before moderating to 3.66 in 2026Q1, which highlights the company's reliance on debt financing to manage its evolving liquidity and credit portfolio requirements.
The fluctuation in leverage levels appears to be driven by the company's need to manage its credit book and liquidity requirements in a high-interest-rate environment. Investors should interpret these swings as a sign of management's active, albeit potentially risky, approach to balancing growth in lending operations with the maintenance of regulatory capital ratios.
According to the latest quarterly filings, XP's current ratio has compressed from 1.03 in 2024Q1 to 0.49 in 2026Q1, indicating a tightening of short-term liquidity that may limit the company's flexibility to navigate sudden market shocks or unexpected demands for capital within its banking segment.
The decline in the current ratio suggests that the company's short-term liabilities are growing faster than its liquid assets, a common trend in firms pivoting toward banking services. This trend warrants further investigation into the maturity profile of the company's debt and the liquidity of its underlying asset base.
As evidenced by the balance sheet data, the significant increase in total assets alongside a relatively low net PPE of $805 million suggests that the company's value is increasingly tied to financial assets and credit exposures rather than tangible infrastructure, creating potential sensitivity to credit quality deterioration.
The reliance on financial assets rather than physical capital means that the company's balance sheet is highly sensitive to the credit cycle and the performance of its loan book. Investors should be wary that headline asset growth may mask underlying credit risks that are not immediately apparent in the aggregate figures.
Quick answers to the most common questions about buying XP stock.
As of 2025, XP Inc. (XP) had total assets of $396.53B including $46.28B in current assets.
XP Inc. (XP) carries total debt of $85.30B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
XP Inc. (XP) has total shareholders' equity (book value) of $23.55B ($44.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
XP Inc. (XP) reported a current ratio of 0.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.