XP Inc.

XPNASDAQFinancial Services● Active

$15.26

$-0.08(-0.52%)

Market Cap$8.0B

P/E Ratio—

52W High$23.13

52W Low$15.085

Avg Volume5.7M

Open$15.32

Beta1.12

Free Cash Flow Financials Revenue

XP Inc. (XP) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

XP · free cash flow · updated Jun 9, 2026

Core FCF metrics

XP · FCF · TTM · margin & CAGR

Free cash flow was $11.84B for FY2025 (fiscal year ending 2025-12-31), up 9.1% year-over-year The FCF margin was 64.9%. Five-year CAGR stands at +57.5%.

FY2025 Free Cash Flow$11.84B▲ +9.1% YoY

Trailing 12M (TTM)$15.05Btrailing 4 quarters sum

FCF Margin64.9%$11.84B ÷ revenue

3-Year CAGR+91.8%FY2022 → FY2025

5-Year CAGR+57.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

XP · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$12.04B(209M)$11.84B▲ +9.1%64.9%

FY2024$11.18B(330M)$10.85B▲ +36.8%54.6%

FY2023$8.13B(196M)$7.93B▲ +373.0%53.5%

FY2022$1.80B(127M)$1.68B▲ +138.3%11.8%

FY2021−$4.02B(353M)−$4.37B▼ 458.7%-33.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

XP · P/FCF · FCF yield · FCF per share

XP Inc. (XP) trades at a FCF yield of 36.31% and a price-to-free-cash-flow ratio of 0.5x. FCF per share stands at $28.54, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

36.31%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$28.54

TTM FCF ÷ Shares Outstanding

Price / FCF

x0.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x8.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

XP · cash flow statement · operating / investing / financing

For FY2025, XP Inc. generated $12.04B in operating cash flow and spent 209M in capital expenditures, yielding $11.84B in free cash flow.

Operating Activities

+$12.04B

Cash from core business operations

2025-12-31

Investing Activities

−$716.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.93B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($12.04B) − |CapEx| (209M) = FCF ($11.84B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

XP vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

XP Inc.YOU

$11.84B+9.1%64.9%

12%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

XP Inc. (XP) reported free cash flow of $11.84B for FY2025 (fiscal year ending 2025-12-31), up 9.1% year-over-year. The FCF margin was 64.9%.

Based on available data, XP Inc. has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $11.84B in FY2025. The 5-year CAGR stands at +57.5%.

XP Inc.'s FCF yield is 36.31% and price-to-FCF ratio is 0.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

XP free cash flow · 8 questions

XP Inc. free cash flow was $11.84B for FY2025, up 9.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $15.05B.

XP free cash flowXP FCFXP FCF 2025XP free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · XP Inc. · XP Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026