• XP average pre-tax profit margin for 2023 was 26.1%, a 8.32% increase from 2022.
• XP average pre-tax profit margin for 2022 was 28.47%, a 6.53% decline from 2021.
• XP average pre-tax profit margin for 2021 was 30.46%, a 2.25% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.