Brazilian firm XP Inc. closed the third quarter of 2025 with an increase in the adoption of the fee-based model in the retail segment, which now represents 21% of client assets. This marks significant progress in the company’s strategy of being “inflexible regarding the compensation model.”
This growth comes in the context of record adjusted net income of 1.33 billion reais (USD 250.9 million) for the period and gross revenue of 4.9 billion reais (USD 925.0 million), a 9% increase compared to the same quarter of 2024. The information was published on Monday the 17th.
The company emphasized that the expansion of the fee-based model reinforces investor freedom to choose how they want to be served.
“We are the only investment firm that is inflexible when it comes to the service model, where the client chooses the format and compensation that best suit their profile,” said CEO Thiago Maffra. According to the executive, the evolution of the model “is already generating tangible impacts on net inflows.”
Record Earnings and Retail Growth
The firm’s adjusted net income rose 12% year-over-year, with an adjusted net margin of 28.5%. Retail revenue reached 3.7 billion reais (USD 698.4 million), a 6% increase from the previous year. Notable performance came from cross-selling sectors: insurance (+21%), pension plans (+24%), and credit (+11%).
Assets under management and administration (AuM and AuA) totaled 1.9 trillion reais (USD 358.6 billion), a 16% increase over 12 months. The number of active clients reached 4.8 million, and the investment professional network grew to 18,200 individuals.
According to XP, CRM usage has enhanced advisors’ ability to personalize recommendations. “We are evolving how we serve our clients to, once again, revolutionize the way Brazilians invest, with a value proposition focused on quality,” said Maffra.
Wholesale Banking Growth: 32%
Wholesale Banking generated revenue of 729 million reais (USD 137.6 million) in the quarter, a 32% increase compared to Q3 2024, driven by improvements in Corporate and Issuer Services. XP maintained its leadership in equity brokerage services, with a 17% market share, and ranked fourth in fixed income distribution.
The Basel ratio closed the period at 21.2%. “This quarter’s results reinforce the consistency of our model and our discipline in capital management,” said CFO Victor Mansur. He added that the company maintains “investment capacity to support the pace of growth.”
Looking ahead to the coming quarters, the Brazilian firm projects continued growth fueled by digitalization, intensive CRM use, and greater operational efficiency. The company is also expected to continue diversifying its revenue sources, supported by a strong capital base.
