• XP average operating margin for 2023 was 31.68%, a 0.83% increase from 2022.
• XP average operating margin for 2022 was 31.42%, a 1.9% increase from 2021.
• XP average operating margin for 2021 was 32.03%, a 3.12% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.