Xp (XP) Operating Expenses (2018 - 2026)
Xp (XP) posted Operating Expenses of -$336.6 million for Q2 2026, down 7.94% on a QoQ basis from -$311.8 million in Q1 2026, and down 21.17% year-over-year from -$427.0 million in Q2 2025.
Analysis
Xp (XP) Operating Expenses (2018 - 2026) Analysis & Trends
Xp has reported Operating Expenses for 9 years, with the latest figure at -$336.6 million in Q2 2026.
- On a quarterly basis, Operating Expenses fell 21.17% year-over-year to -$336.6 million in Q2 2026; TTM through Jun 2026 was -$1.3 billion, a 78.19% decrease from a year earlier, with the FY2025 full-year figure at -$978.7 million, down 3.59% from the prior year.
- Operating Expenses was -$336.6 million for Q2 2026 at Xp, down from -$311.8 million in the prior quarter.
- The five-year high for Operating Expenses was $1.4 billion in Q4 2023, with the low at -$336.6 million in Q2 2026.
- Average Operating Expenses over 5 years is -$33.7 million, with a median of -$258.9 million recorded in 2022.
- The sharpest annual moves came in 2024 and 2025: Operating Expenses soared 299.56% in 2024, then slumped 979.34% in 2025.
- Over 5 years, Operating Expenses stood at $1.4 billion in 2022, then advanced by 3.57% to $1.4 billion in 2023, then slumped by 97.42% to $36.1 million in 2024, then sank by 979.34% to -$317.5 million in 2025, then retreated by 5.99% to -$336.6 million in 2026.
- The last three Operating Expenses figures came in at -$336.6 million (Q2 2026), -$311.8 million (Q1 2026), and -$317.5 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 101.20 Bn | 83.88 Bn | 1.20 Bn | 734.00 Mn |
| 2 | Interactive Brokers | 41.17 Bn | -6.79 Bn | - | 440.00 Mn |
| 3 | LPL Financial Holdings | 27.86 Bn | 25.16 Bn | - | 4.67 Bn |
| 4 | Futu Holdings | 15.80 Bn | -3.84 Bn | 792.50 Mn | -223.32 Mn |
| 5 | UP Fintech Holding | 12.81 Bn | 12.81 Bn | - | -103.94 Mn |
| 6 | Xp | 10.32 Bn | 5.47 Bn | 105.39 Mn | -336.56 Mn |
| 7 | Webull | 4.83 Bn | 2.90 Bn | 85.87 Mn | 153.38 Mn |
| 8 | eToro | 2.53 Bn | 1.57 Bn | 63.50 Mn | 93.85 Mn |
| 9 | Solowin Holdings | 402.47 Mn | 383.36 Mn | - | - |
| 10 | TOP Financial | 127.44 Mn | 82.47 Mn | - | 1.46 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -336.56 Mn |
| Mar 31, 2026 | -311.80 Mn |
| Dec 31, 2025 | -317.55 Mn |
| Sep 30, 2025 | -309.26 Mn |
| Jun 30, 2025 | -277.75 Mn |
| Mar 31, 2025 | -191.75 Mn |
| Dec 31, 2024 | 36.11 Mn |
| Sep 30, 2024 | -282.22 Mn |
| Jun 30, 2024 | -280.02 Mn |
| Mar 31, 2024 | 346.44 Mn |
| Dec 31, 2023 | 1.40 Bn |
| Sep 30, 2023 | -316.40 Mn |
| Jun 30, 2023 | -257.64 Mn |
| Mar 31, 2023 | -173.60 Mn |
| Dec 31, 2022 | 1.35 Bn |
| Sep 30, 2022 | -214.92 Mn |
| Jun 30, 2022 | -260.09 Mn |
| Mar 31, 2022 | -213.80 Mn |
| Dec 31, 2021 | 1.02 Bn |
| Sep 30, 2021 | -213.43 Mn |