Xp (XP) Cost of Revenue (2018 - 2026)
Xp's Cost of Revenue was $283.59 million in Q2 2026, up 21.7% from $233.06 million a year earlier and up 3.5% from the prior quarter.
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Analysis
Xp (XP) Cost of Revenue (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Xp's Cost of Revenue was $1.09 billion through Jun 30, 2026, up 19.1% year-over-year; for FY2025, it came in at $978.72 million, up 3.6% from FY2024.
- Cost of Revenue has now increased for nine consecutive years, with a five-year compound annual growth rate of 14.8% (FY2020 to FY2025).
- In earlier years, Cost of Revenue was $944.84 million in FY2024 (+6.3%), $888.57 million in FY2023 (+20.8%), $735.85 million in FY2022 (+19.7%) and $614.96 million in FY2021 (+25.5%).
- The Q2 2026 figure marks the highest quarterly Cost of Revenue in data going back to Q4 2018.
- Compared with a year earlier, Cost of Revenue has increased for four straight quarters, with growth averaging 9.8% over the last seven quarters.
- The best year-over-year quarter for Cost of Revenue over five years was Q3 2021 (growth of 31.5%); the worst was Q4 2023 (a decline of 100.0%).
- Per Business Quant data, XP's Cost of Revenue in the three quarters before Q2 2026 was $273.99 million (Q1 2026), $272.66 million (Q4 2025) and $255.3 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 102.58 Bn | 83.68 Bn | - | - |
| 2 | Bank of New York Mellon | 97.58 Bn | 36.95 Bn | - | - |
| 3 | Cme | 97.02 Bn | 97.02 Bn | - | - |
| 4 | Intercontinental Exchange | 85.35 Bn | 79.16 Bn | - | - |
| 5 | Nasdaq | 51.81 Bn | 49.24 Bn | 1.50 Bn | 1.03 Bn |
| 6 | State Street | 48.44 Bn | 48.44 Bn | - | - |
| 7 | Interactive Brokers | 40.12 Bn | 33.58 Bn | - | - |
| 8 | Northern Trust | 31.23 Bn | 31.23 Bn | - | - |
| 9 | Cboe Global Markets | 29.16 Bn | 20.81 Bn | 731.60 Mn | 711.20 Mn |
| 10 | Xp | 14.63 Bn | -143.10 Bn | 105.39 Mn | 283.59 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 283.59 Mn |
| Mar 31, 2026 | 273.99 Mn |
| Dec 31, 2025 | 272.66 Mn |
| Sep 30, 2025 | 255.30 Mn |
| Jun 30, 2025 | 233.06 Mn |
| Mar 31, 2025 | 218.94 Mn |
| Dec 31, 2024 | 219.56 Mn |
| Sep 30, 2024 | 240.18 Mn |
| Jun 30, 2024 | 237.79 Mn |
| Mar 31, 2024 | 246.48 Mn |
| Dec 31, 2023 | 0.89 |
| Sep 30, 2023 | 229.92 Mn |
| Jun 30, 2023 | 220.53 Mn |
| Mar 31, 2023 | 195.85 Mn |
| Dec 31, 2022 | 203.58 Mn |
| Sep 30, 2022 | 186.47 Mn |
| Jun 30, 2022 | 195.52 Mn |
| Mar 31, 2022 | 165.37 Mn |
| Dec 31, 2021 | 155.26 Mn |
| Sep 30, 2021 | 170.42 Mn |
API Access
Xp Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=XP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "XP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=XP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();