Xp (XP) Operating Margin (2018 - 2026)
Xp (XP) posted Operating Margin of 113.62% for Q2 2026, up 3.01% on a QoQ basis from 110.3% in Q1 2026, and down 48.0% year-over-year from 218.5% in Q2 2025.
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Analysis
Xp (XP) Operating Margin (2018 - 2026) Analysis & Trends
Xp has reported Operating Margin for 9 years, with the latest figure at 113.62% in Q2 2026.
- On a quarterly basis, Operating Margin fell 48.0% year-over-year to 113.62% in Q2 2026; TTM through Jun 2026 was 111.92%, a 11051.0% decrease from a year earlier, with the FY2025 full-year figure at 128.09%, up 2951.0% from the prior year.
- Operating Margin was 113.62% for Q2 2026 at Xp, up from 110.3% in the prior quarter.
- The five-year high for Operating Margin was 448.54% in Q4 2024, with the low at 105.5% in Q1 2024.
- Average Operating Margin over 5 years is 103.79%, with a median of 97.35% recorded in 2025.
- The sharpest annual moves came in 2024 and 2025: Operating Margin surged 42670 bps in 2024, then tumbled 33859 bps in 2025.
- Over 5 years, Operating Margin stood at 56.61% in 2022, then sank by 61 bps to 21.84% in 2023, then surged by 1953 bps to 448.54% in 2024, then tumbled by 75 bps to 109.95% in 2025, then rose by 3 bps to 113.62% in 2026.
- The last three Operating Margin figures came in at 113.62% (Q2 2026), 110.3% (Q1 2026), and 109.95% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 101.20 Bn | 83.88 Bn | 1.20 Bn | 35.93% |
| 2 | Interactive Brokers | 41.17 Bn | -6.79 Bn | - | - |
| 3 | LPL Financial Holdings | 27.86 Bn | 25.16 Bn | - | - |
| 4 | Futu Holdings | 15.80 Bn | -3.84 Bn | 792.50 Mn | 61.99% |
| 5 | UP Fintech Holding | 12.81 Bn | 12.81 Bn | - | 31.17% |
| 6 | Xp | 10.32 Bn | 5.47 Bn | 105.39 Mn | 113.62% |
| 7 | Webull | 4.83 Bn | 2.90 Bn | 85.87 Mn | 31.48% |
| 8 | eToro | 2.53 Bn | 1.57 Bn | 63.50 Mn | -1.90% |
| 9 | Solowin Holdings | 402.47 Mn | 383.36 Mn | - | - |
| 10 | TOP Financial | 127.44 Mn | 82.47 Mn | - | -35.94% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 113.62% |
| Mar 31, 2026 | 110.30% |
| Dec 31, 2025 | 109.95% |
| Sep 30, 2025 | 114.07% |
| Jun 30, 2025 | 114.10% |
| Mar 31, 2025 | 68.10% |
| Dec 31, 2024 | 448.54% |
| Sep 30, 2024 | 232.16% |
| Jun 30, 2024 | 111.27% |
| Mar 31, 2024 | -105.50% |
| Dec 31, 2023 | 21.84% |
| Sep 30, 2023 | 84.74% |
| Jun 30, 2023 | 112.39% |
| Mar 31, 2023 | 71.32% |
| Dec 31, 2022 | 56.61% |
| Sep 30, 2022 | 71.17% |
| Jun 30, 2022 | 60.85% |
| Mar 31, 2022 | 72.65% |
| Dec 31, 2021 | 32.78% |
| Sep 30, 2021 | 59.98% |