XP Inc. (XP) Stock Price & How to Invest

XP Inc. runs Brazil's largest independent investment platform. It was founded in 2001 as a small independent financial advisor partnership, listed on Nasdaq in December 2019, and files with the SEC as a foreign private issuer on Forms 20-F and 6-K. The group is wider than the brokerage most people picture: XP Investimentos alongside the Rico and Clear retail brands, XP Asset Management, Banco XP as a multipurpose bank, XP Vida e Previdencia for retirement plans and insurance, and the Infomoney financial media property. Distribution is the part that made it work. About ~18.3 thousand advisors were connected to the platform in the first quarter of 2026, most of them independent financial agents rather than salaried staff, which let XP pull assets away from Itau, Bradesco and Banco do Brasil without opening branches.

The picture in August 2026 is a low multiple on a business whose revenue mix is being rearranged by Brazil's rate cycle. Trailing revenue is near ~$3.5 billion and trailing net income near ~$1.0 billion, so at roughly ~$16 a share the market cap of ~$8.3 billion works out to about ~8.5 times earnings and ~1.8 times book. Adjusted return on equity was 21.7% in the first quarter and return on tangible equity 26.2%, both lower than a year earlier because the company has been sitting on a BIS ratio of 20.7% against its own 16% to 19% target. Management is closing that gap by paying it out. A R$500 million dividend went out on June 18, 2026, a new R$1 billion buyback was authorized alongside it, and roughly R$2.5 billion (~$490 million) of 2026 distributions has been committed.

Currency sits underneath everything, because XP earns and reports in reais while the stock is priced in dollars, so the same Brazilian profit translates into a different result depending on the exchange rate. Growth is narrow at the top of the funnel: active clients rose only 2% year over year and the retail take rate fell 7 basis points, leaving revenue leaning on market levels and product mix rather than new customers. First-quarter net inflow of ~R$14 billion came in 39% below the prior year, and credit-spread widening during March and April produced mark-to-market losses that management described as largely unrealized. Distribution carries reputational exposure of its own, since XP's NPS dropped to 61 on credit events in products sold through the platform, and a short-seller report in March 2025 alleging improper treatment of retail derivatives knocked the shares 5.48% in a single session, though the annual report filed in April 2026 discloses no related securities class action. Voting control also rests with the founder group, as Class B shares carry ten votes each and hold roughly ~71% of the vote on about ~20% of the economics.

13 analysts publish price targets on XP, averaging $23.08 against a $16.24 price as of August 2026, or +42.1%. The published targets run from $19.36 to $26.35, a moderate spread, and the ratings split 11 buy, 2 hold, 0 sell. Over the last six months there has been 1 raise and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full XP forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on XP Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The Selic cutting cycle and the rotation out of fixed income. Brazil's policy rate peaked at 15.00% in June 2025 and the central bank has been easing since March 2026, stepping down to 14.75%, then 14.50%, 14.25% and 14.00% on August 6, 2026. The most optimistic published target, $26.35, assumes this works close to its best case.

The case against. Currency sits underneath everything, because XP earns and reports in reais while the stock is priced in dollars, so the same Brazilian profit translates into a different result depending on the exchange rate. The most pessimistic target, $19.36, is roughly what XP is worth if this bites instead.

Read the full bull and bear case on XP, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see XP Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$3.5 billion (~R$18.7 billion), up ~10% year over year
• Net income (TTM): ~$1.0 billion, diluted EPS ~$1.90
• Q1 2026 (reported May 18, 2026): gross revenue ~R$4,919 million (up 8%), adjusted net income ~R$1,318 million (up 7%), adjusted diluted EPS ~R$2.49
• Market cap and multiples: ~$8.3 billion at ~$16 per share, about ~8.5x trailing earnings, ~7.4x forward, ~1.8x book
• Returns and capital: adjusted ROAE ~21.7%, ROTE ~26.2%, BIS ratio ~20.7%, CET1 ~17.5%
• Shareholder returns: dividend yield ~1.2% (~$0.20 per share, payout ~20%), buyback yield ~2.9%, total shareholder yield ~4.1%

XP reports in Brazilian reais, and the dollar figures above convert at roughly ~R$5.10 per US dollar, the rate in early August 2026, so a move in the exchange rate changes the reported dollar result without anything changing in Brazil. The trailing multiple looks low beside US brokers such as Charles Schwab or Interactive Brokers, and a good part of that discount is the country rather than the company. Second quarter 2026 results are scheduled for August 17, 2026, the first print covering both the April and June Selic cuts.

Other names that sit close to XP: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get XP exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so XP sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where XP fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

XP in August 2026 is a profitable, capital-returning platform at a single-digit earnings multiple, where Brazil's rate cycle and the real, rather than client growth, do most of the work on the outcome.

Whether XP is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is XP a buy or a sell?, and where the stock could go from here in the XP stock forecast.

For income investors, whether XP pays a dividend and how the payout looks is covered in does XP pay a dividend? And to weigh XP against a peer, read the full side-by-side comparisons: XP vs ITUB and XP vs BBD.