Xp (XP) Net Margin (2018 - 2026)
Xp's Net Margin was 70.69% in Q2 2026, down 2.81 percentage points from 73.50% a year earlier but up 2.47 percentage points from the prior quarter.
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Analysis
Xp (XP) Net Margin (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Xp's Net Margin was 63.32% through Jun 30, 2026, down 4.08 percentage points year-over-year; for FY2025, it was 69.21%, up 8.01 percentage points from FY2024.
- Net Margin shows a five-year change of +60.56 percentage points (FY2020 to FY2025).
- In earlier years, Net Margin was 61.20% in FY2024 (+1.51 pp), 59.69% in FY2023 (-0.56 pp), 60.25% in FY2022 (+49.97 pp) and 10.28% in FY2021 (+1.63 pp).
- Quarterly Net Margin has moved between 50.03% (Q4 2022) and 74.88% (Q1 2025) over five years.
- Compared with a year earlier, Net Margin has declined for three straight quarters, with an average year-over-year change of +2.44 percentage points over the last eight quarters.
- The best year-over-year quarter for Net Margin over five years was Q4 2021 (a gain of 24.33 percentage points); the worst was Q4 2022 (a drop of 13.82 percentage points).
- Per Business Quant data, XP's Net Margin in the three quarters before Q2 2026 was 68.22% (Q1 2026), 52.71% (Q4 2025) and 63.64% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 101.35 Bn | 82.45 Bn | - | 42.89% |
| 2 | Bank of New York Mellon | 98.65 Bn | 38.02 Bn | - | 29.93% |
| 3 | Cme | 94.54 Bn | 94.54 Bn | - | 61.06% |
| 4 | Intercontinental Exchange | 84.23 Bn | 78.04 Bn | - | 26.53% |
| 5 | Nasdaq | 50.77 Bn | 48.20 Bn | 1.50 Bn | 20.02% |
| 6 | State Street | 48.31 Bn | 48.31 Bn | - | 25.35% |
| 7 | Interactive Brokers | 39.79 Bn | 33.24 Bn | - | 16.46% |
| 8 | Northern Trust | 31.37 Bn | 31.37 Bn | - | 58.35% |
| 9 | Cboe Global Markets | 28.34 Bn | 20.00 Bn | 731.60 Mn | 24.38% |
| 10 | Xp | 11.18 Bn | -146.56 Bn | 105.39 Mn | 70.69% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 70.69% |
| Mar 31, 2026 | 68.22% |
| Dec 31, 2025 | 52.71% |
| Sep 30, 2025 | 63.64% |
| Jun 30, 2025 | 73.50% |
| Mar 31, 2025 | 74.88% |
| Dec 31, 2024 | 61.77% |
| Sep 30, 2024 | 61.17% |
| Jun 30, 2024 | 57.34% |
| Mar 31, 2024 | 63.43% |
| Dec 31, 2023 | 55.29% |
| Sep 30, 2023 | 59.66% |
| Jun 30, 2023 | 65.78% |
| Mar 31, 2023 | 59.14% |
| Dec 31, 2022 | 50.03% |
| Sep 30, 2022 | 66.15% |
| Jun 30, 2022 | 58.79% |
| Mar 31, 2022 | 67.52% |
| Dec 31, 2021 | 63.85% |
| Sep 30, 2021 | 58.89% |
API Access
Xp Net Margin 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=net-margin&ticker=XP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "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=net-margin&ticker=XP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();