XP Inc. (XP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 746.14M | -2.38B | 12.31B | 4.76B | -2.63B | 3.82B | 4.69B | 6.02B | -3.35B | 4.13B | -1.22B | 1.79B | 3.43B | 1.52B | -199.69M | -615.2M | 1.1B | 992.81M | -4.01B | -1.36B |
| Operating CF Margin % | 16.17% | -47.1% | 267.99% | 108.54% | -60.98% | 80.38% | 107.7% | 129.04% | -80.01% | 101.14% | -28.36% | 50.65% | 109.9% | 43.22% | -5.33% | -16.68% | 38.98% | 28.03% | -121.02% | -46.12% |
| Operating CF Growth % | 128.33% | -162.43% | 162.45% | -20.94% | 21.29% | -7.48% | 484.67% | 236.2% | -197.61% | 172.4% | -510.48% | 390.86% | 210.78% | 52.67% | 95.02% | 54.78% | 205.94% | 41.03% | -1067.85% | -356.02% |
| Net Income | 1.29B | 1.3B | 1.33B | 1.32B | 1.24B | 1.3B | 1.21B | 1.38B | 1.09B | 995.13M | 1.16B | 967.69M | 816.15M | 738.05M | 982.92M | 867.25M | 856.44M | 1.12B | 907.94M | 1B |
| Depreciation & Amortization | 81.81M | 97.98M | 75.71M | 76.57M | 74.13M | 59.5M | 72M | 65.76M | 68.06M | 82.48M | 71.25M | 50.84M | 47.84M | 45.62M | 43.66M | 55.71M | 60.9M | 52.37M | 51.38M | 58.47M |
| Stock-Based Compensation | 0 | -5.54M | 132.84M | 128.45M | 167M | 60.41M | 141.82M | 69.92M | 145.1M | 87.49M | 125.6M | 114.47M | 38.16M | 123.55M | 142.4M | 164.12M | 154.7M | 170.96M | 124.37M | 125.57M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -189.65M | 215.66M | -121.26M | -416.61M | -404.84M | 862.81M | -422.62M | 728.91M | 158.03M | -87.09M | 364.84M | -146.84M | -152.44M | 104.81M | 250.07M | 394.54M | -1.01B | -142.27M | 335.34M | -79.48M |
| Working Capital Changes | -431.23M | -3.99B | 10.89B | 3.65B | -3.71B | 1.54B | 3.69B | 3.77B | -4.81B | 3.05B | -2.94B | 803.25M | 2.68B | 503.71M | -1.62B | -2.1B | 1.05B | -208.84M | -5.43B | -2.47B |
| Change in Receivables | 197.27M | -204.06M | -1.13B | -3.36B | -160.73M | -5.91B | -1.53B | 3.11B | -1.01B | -6.61B | -1.53B | -1.08B | -919.73M | 97.42M | -3.96B | -2.26B | -1.52B | -4.68B | -2.54B | -2.95B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 78.32M | 0 | 14.14M | -151.44M | 0 | -42.18M | 182.44M | -330.22M | 5.21M | 344.43M | -26.33M | 40.25M | -32M | 37.31M | 68.24M | 12.58M | -426.96M | -98.74M | -360.92M | 382.46M |
| Cash from Investing | 3.55B | -149.53M | -309.89M | -102.67M | -153.87M | -101.16M | -300.56M | -548.34M | -717.2M | -11.89M | 570.79M | -29.15M | 9.06M | -77.39M | -61.25M | -107.07M | -125.57M | -527.82M | -315.72M | -145.11M |
| Capital Expenditures | -227.55M | -56.74M | -89.22M | -43.2M | -20.13M | -27.19M | -54.09M | -30.56M | -32.97M | 973K | -59.24M | -5.8M | -1.93M | -11.04M | -12.93M | -12.2M | -8.4M | -27.87M | -55.82M | -28.06M |
| CapEx % of Revenue | 4.93% | 1.12% | 1.94% | 0.99% | 0.47% | 0.57% | 1.24% | 0.66% | 0.79% | 0.02% | 1.38% | 0.16% | 0.06% | 0.31% | 0.35% | 0.33% | 0.3% | 0.79% | 1.68% | 0.95% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 329.92B | 318.9B | 264.36B | 248.48B | 235.52B | 226.95B | 207.03B | 191.49B | 167.7B | 164.45B | 157.77B | 152.99B | 131.89B | 140.32B | 129.92B | 118.64B | 110.15B | 96.63B | 86.58B | 75.93B |
| Other Investing | 3.86B | -92.79M | -62.53M | -63.19M | -133.74M | -38.97M | -56.65M | -19.21M | -13.78M | 52.58M | -140.85M | -33.6M | -8.35M | -66.79M | -137K | -10.3M | -5.18M | -10.96M | -12.32M | -79.99M |
| Cash from Financing | 27.73M | -2.74B | -1.6B | -742.47M | 149.66M | -2.15B | -1.09B | -2.48B | -63.89M | -1.58B | -217.57M | -1.79B | -808.92M | -1.33B | 1.58B | -424.29M | -24.99M | -114.45M | 4.9B | 1.88B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -193.79M | -852.29M | -133.57M | -417.05M | -497.77M | -105.06M | 0 | -1.24B | -10.34M | 0 | 0 | 0 | -915.86M | -1.31B | -262.79M | -246.33M | 0 | 0 | 1.13B | 0 |
| Dividends Paid | 0 | -494.52M | 0 | 0 | 0 | -2.04B | 0 | 0 | 0 | -1.96B | -1.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -193.79M | -852.29M | -133.57M | -417.05M | -497.77M | -105.06M | 0 | -1.24B | -10.34M | 0 | 0 | 0 | -915.86M | -1.31B | -262.79M | -246.33M | 0 | 0 | 0 | 0 |
| Other Financing | -34.05M | -299K | -143K | -177K | -181K | 0 | -398K | -487K | -111K | -4.98M | -416K | -412K | -187K | 3.61M | -538K | -969K | -365K | -1.53M | 2.91M | -2.1M |
| Net Change in Cash | -1.07B | -5.35B | 10.4B | 3.94B | -2.68B | 1.47B | 3.34B | 3.01B | -4.12B | 2.52B | -859.3M | -32.86M | 2.61B | 65.45M | 1.37B | -1.13B | 915.47M | 134.94M | 399.69M | 377.04M |
| Free Cash Flow | 694.21M | -2.44B | 12.15B | 4.65B | -2.65B | 3.79B | 4.57B | 5.94B | -3.39B | 4.18B | -1.42B | 1.75B | 3.42B | 1.44B | -212.76M | -637.7M | 1.09B | 953.99M | -4.08B | -1.47B |
| FCF Margin % | 15.04% | -48.23% | 264.49% | 106.12% | -61.45% | 79.8% | 104.92% | 127.39% | -81.12% | 102.45% | -33.01% | 49.53% | 109.57% | 41% | -5.68% | -17.29% | 38.5% | 26.93% | -123.08% | -49.79% |
| FCF Growth % | 126.16% | -164.37% | 165.86% | -21.71% | 21.78% | -9.32% | 421.92% | 239.38% | -199.27% | 190.87% | -567.03% | 374.42% | 213.71% | 50.72% | 94.79% | 56.57% | 389.55% | 79.46% | -1195.63% | -396.64% |
| FCF per Share | 1.32 | -4.69 | 22.71 | 8.68 | -4.92 | 7.02 | 8.37 | 10.77 | -6.19 | 7.56 | -2.56 | 3.29 | 6.37 | 2.55 | -0.37 | -1.14 | 1.95 | 1.70 | -7.14 | -2.57 |
| FCF Conversion (FCF/Net Income) | 0.58x | -1.81x | 9.53x | 3.73x | -2.17x | 3.05x | 4.04x | 5.02x | -3.18x | 4.00x | -1.09x | 1.88x | 4.39x | 1.90x | -0.19x | -0.63x | 1.43x | 1.00x | -4.13x | -1.54x |
| Interest Paid | 0 | 148.12M | 0 | 0 | 0 | 155.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |