Xp (XP) Operating Expenses (2018 - 2026)

Xp (XP) posted quarterly Operating Expenses of -$311.8 million for Q1 2026, down 26.12% year-over-year from -$422.0 million in Q1 2025, and down 98180994.88% on a QoQ basis from -$317.55 in Q4 2025.

Xp (XP) Operating Expenses (2018 - 2026) Analysis & Trends

Xp (XP) has reported Operating Expenses for 9 consecutive years, with -$311.8 million the latest figure, recorded in Q1 2026.

  • In Q1 2026, Operating Expenses fell 26.12% year-over-year to -$311.8 million; the TTM figure through Mar 2026 stood at -$311.8 million (down 245.76% YoY), while the FY2025 annual figure was $1.0 billion, up 16.31% from the prior year.
  • Operating Expenses came in at -$311.8 million for Q1 2026 at Xp, down from -$317.55 in the prior quarter.
  • The five-year high for Operating Expenses was $1.6 billion in Q4 2023, with the low at -$316.4 million in Q3 2023.
  • Average Operating Expenses over 5 years is $72.1 million, with a median of -$168.5 million recorded in 2023.
  • Across the five-year window, Operating Expenses soared 100.0% in 2024 and sank 100.0% in 2025, its largest moves.
  • Year by year, Operating Expenses stood at $1.5 billion in 2022, then gained by 4.72% to $1.6 billion in 2023, then plunged by 70.58% to $461.1 million in 2024, then tumbled by 100.0% to -$317.55 in 2025, then slumped by 98180994.88% to -$311.8 million in 2026.
  • According to Business Quant data, Operating Expenses over the past three periods registered -$311.8 million, -$317.55, and -$309.26 for Q1 2026, Q4 2025, and Q3 2025 respectively.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Morgan Stanley 330.70 Bn 197.17 Bn - 13.47 Bn
2 Goldman Sachs 309.79 Bn -627.76 Bn - 10.43 Bn
3 Schwab Charles 167.21 Bn 122.24 Bn - 3.29 Bn
4 Futu Holdings 111.36 Bn 109.19 Bn 733.58 Mn -200.78 Mn
5 Robinhood Markets 97.69 Bn 93.05 Bn 960.00 Mn 656.00 Mn
6 LPL Financial Holdings 23.49 Bn 22.47 Bn - 4.45 Bn
7 Tradeweb Markets 21.59 Bn 20.34 Bn - 330.51 Mn
8 Circle Internet 15.14 Bn 13.62 Bn 35.01 Mn 242.35 Mn
9 Iren 14.46 Bn 12.24 Bn 144.76 Mn 81.75 Mn
10 Xp - - -274.03 Mn -311.80

Historic Data

Download Data
DateValue
Mar 31, 2026 -311.80
Dec 31, 2025 -317.55
Sep 30, 2025 -309.26
Jun 30, 2025 -277.68
Mar 31, 2025 -247.11
Dec 31, 2024 461.09 Mn
Sep 30, 2024 -282.23
Jun 30, 2024 -280.03
Mar 31, 2024 -293.57 Mn
Dec 31, 2023 1.57 Bn
Sep 30, 2023 -316.44 Mn
Jun 30, 2023 -257.64 Mn
Mar 31, 2023 -168.49 Mn
Dec 31, 2022 1.50 Bn
Sep 30, 2022 45.91 Mn
Jun 30, 2022 46.71 Mn
Mar 31, 2022 -207.36 Mn
Dec 31, 2021 1.11 Bn
Sep 30, 2021 -210.27 Mn
Jun 30, 2021 -184.54 Mn