Cash flow generation remains highly unpredictable, with OCF/NI ratios swinging from negative 3.18 to positive 9.53, largely driven by volatile working capital changes of up to $10.9 billion.
| 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 |
|---|
| Cash from Operations | 15.42B | 12.04B | 11.18B | 8.13B | 1.8B | -4.02B | 1.51B | -3.81B | -456.75M | 262.37M | 4.78M | 191.45M | 77.46M | -47K |
| Operating CF Growth % | 107.41% | 7.75% | 37.55% | 350.54% | 144.87% | -366.12% | 139.61% | -735.03% | -274.09% | 5393.45% | -97.51% | 147.15% | 164917.02% | - |
| Net Income | 5.17B | 5.17B | 4.99B | 3.94B | 3.44B | 3.82B | 2.42B | 1.54B | 640.73M | 575.51M | 373.92M | 75.8M | 23.59M | 31.89M |
| Depreciation & Amortization | 332.07M | 304.14M | 265.32M | 252.41M | 205.88M | 231.73M | 143.26M | 90.71M | 52.79M | 27.4M | 23.07M | 6.42M | 4.68M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -511.87M | -644.67M | 1.33B | -21.53M | -265.27M | -100.9M | -403.54M | -324.62M | -186.03M | -169.84M | -60.95M | -146.61M | -2.81M | -31.89M |
| Working Capital Changes | 10.12B | 6.82B | 4.18B | 3.59B | -2.17B | -8.53B | -883.2M | -5.13B | -964.23M | -170.7M | -331.27M | 255.83M | 52.01M | -49K |
| Cash from Investing | 2.99B | -715.97M | -1.67B | 538.81M | -371.28M | -1.15B | -582.01M | -161.45M | -147.08M | -455.63M | -31.64M | -126.9M | -11.72M | 48K |
| Purchase of Investments | -3.92B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 3.86B | 0 | 0 | 29.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -63.78M | 0 | 0 | 29.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -170.61M | 0 | -1.39B | 705.44M | -244.31M | -797.71M | -290.48M | 0 | -10.41M | -404.63M | 0 | -117.62M | 0 | 0 |
| Other Investing | 3.64B | -506.68M | -128.59M | -130.22M | -82.41M | -217.57M | -146.37M | -88.95M | -53.52M | -20.63M | -19.18M | 1.67M | -8.13M | 48K |
| Cash from Financing | -5.05B | -4.93B | -5.78B | -4.39B | -200.3M | 6.64B | 788.71M | 4.23B | 380.09M | 584.52M | 82.08M | -9.3M | -1.08M | 0 |
| Dividends Paid | -494.52M | -494.52M | -2.04B | -3.54B | 0 | 0 | 0 | -500M | -325M | -190M | -174.37M | -81.95M | -33.04M | 0 |
| Share Repurchases | -1.6B | -1.9B | -1.35B | -915.86M | -1.81B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 1.13B | 1.41B | 4.48B | 673.29M | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.6B | -1.9B | -1.35B | -915.86M | -1.81B | 1.13B | 1.41B | 4.48B | 673.29M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Other Financing | -34.67M | -800K | -996K | -6M | 1.74M | -3.26M | -4.99M | -13M | -3.94M | -51.49M | 256.45M | 72.65M | 31.96M | 0 |
| Net Change in Cash | 7.92B | 6.31B | 3.7B | 4.24B | 1.22B | 1.09B | 1.77B | 260.93M | -208.63M | 395.37M | 48.05M | 54.9M | 337.17M | 1K |
| Exchange Rate Effect | -5.44B | -90.59M | -28.28M | -28.28M | -16.68M | -376.73M | 55.16M | 2.52M | 15.11M | 4.11M | -7.17M | -355K | -208K | 0 |
| Cash at Beginning | 9.75B | 12.91B | 9.21B | 4.97B | 3.75B | 2.66B | 887.8M | 626.86M | 835.49M | 440.13M | 392.07M | 337.17M | 2K | 1K |
| Cash at End | 8.68B | 19.22B | 12.91B | 9.21B | 4.97B | 3.75B | 2.66B | 887.8M | 626.86M | 835.49M | 440.13M | 392.07M | 337.17M | 2K |
| Interest Paid | 148.12M | 367.33M | 349.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 15.05B | 11.84B | 10.85B | 7.93B | 1.68B | -4.37B | 1.22B | -3.98B | -593.41M | 211.37M | -26.86M | 180.51M | 73.88M | -47K |
| FCF Growth % | 29.21% | 9.1% | 36.79% | 372.96% | 138.34% | -458.71% | 130.67% | -569.93% | -380.74% | 886.97% | -114.88% | 144.34% | 157285.11% | - |
Volatile Working Capital Swings
According to the provided financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a negative 3.18 in 2024Q1 to a positive 9.53 in 2025Q3, suggesting that reported earnings are not currently predictive of cash generation.
The extreme variance in the OCF/NI ratio indicates that XP's cash flow is heavily influenced by non-operating items or timing differences rather than core operational performance. Investors should monitor whether these fluctuations represent temporary accounting adjustments or a fundamental disconnect between accrual-based profitability and actual cash inflows.
As reported in recent financial statements, XP's free cash flow trajectory has been characterized by extreme instability, oscillating between a negative $3.4 billion in 2024Q1 and a positive $12.1 billion in 2025Q3, which complicates any assessment of the company's long-term ability to self-fund its operations.
The lack of a consistent FCF trend suggests that the company's cash generation is highly sensitive to external market cycles rather than internal operational efficiency. This volatility makes it difficult to rely on FCF as a stable metric for valuing the firm's ongoing capital allocation potential.
Based on the reported figures, working capital changes are the primary driver of cash flow volatility, with quarterly swings reaching as high as $10.9 billion in 2025Q3, indicating that the company's cash position is highly susceptible to the timing of client settlements and financial product liquidity.
These massive shifts in working capital suggest that XP's cash flow statement is heavily impacted by the nature of its financial services business, where large inflows and outflows are common. Analysts should investigate whether these movements are indicative of structural liquidity risks or merely the standard operational rhythm of a large-scale brokerage platform.
As evidenced by the financial data, XP has maintained a consistent pattern of share repurchases, including $852.3 million in 2025Q4, even during periods of negative free cash flow, which suggests a management preference for returning capital to shareholders despite the underlying volatility in cash generation.
The decision to prioritize buybacks while operating cash flow remains inconsistent warrants further investigation into the sustainability of this capital allocation strategy. Investors should consider whether this reflects management's confidence in long-term cash generation or a potential over-extension of the balance sheet during cyclical downturns.
Quick answers to the most common questions about buying XP stock.
XP Inc. (XP) generated $12.04B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XP Inc. (XP) generated $11.84B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
XP Inc. (XP) spent $209.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, XP Inc. (XP) returned $494.5M to shareholders via cash dividends and spent $1.90B on share repurchases. This shows the company's commitment to returning capital to its equity investors.