XP Inc reported second-quarter 2026 results with client assets reaching $2.2 trillion, up 17% year-over-year. The Brazilian financial services firm posted gross revenues of $5.1 billion, an 8% increase from the prior year. Earnings before tax rose 15% to $1.6 billion, whilst net income grew 5% to $1.4 billion. The company's return on equity increased to 22.5%, up 80 basis points sequentially. Chief executive Thiago Maffra noted that ongoing geopolitical tensions and market volatility, particularly credit spread widening and reduced primary offerings, impacted results. He stated that without these headwinds, the company would have achieved double-digit revenue growth. XP ended the quarter with 18,400 advisers and 4.8 million active clients, both up 1% year-over-year. The company maintained a capital ratio of 20.3%.

XP Inc. reported managerial net revenue of R$4.884 billion, up 9% and slightly above consensus estimates. Adjusted net income increased 5% to R$1.384 billion, whilst adjusted diluted EPS rose 9% to R$2.67. Despite beating estimates, shares slipped about 1% after hours. CEO Thiago Maffra revealed XP is considering a US banking operation, either through a new charter or acquiring an existing institution. The company already serves international clients through US broker-dealer and advisory entities. The domestic platform showed mixed results. Client assets reached R$1.535 trillion, up 12% year-over-year, with net inflows of R$28 billion. However, active clients decreased 0.4% to 4.772 million. XP's loan portfolio grew 16% to R$77.9 billion, whilst card payment volume increased 8%. The company ended the quarter with a 20.3% BIS ratio and 27.2% adjusted annualised return on tangible equity.

Brazilian neobank Pinbank has raised R$100 million ($19.6 million) through a Receivables Investment Fund (FIDC). The operation was structured and distributed by XP. The funds will expand financing capacity for Pinbank's acquiring operation, which captures, processes, and settles card payments for merchants. The company currently processes approximately R$4 billion ($784.4 million) in annual transactions. Pinbank projects 2026 revenue of R$150 million ($29.4 million), representing 50% growth year-on-year. Chief executive Felipe Negri said the FIDC strengthens the company's ability to sustain growth with more predictable financing. The fundraising comes as Pinbank undergoes strategic repositioning, corporate reorganisation, and technology strengthening. The company specialises in payment solutions and financial services for Brazilian businesses.