By Brazil Stock Guide – B3 S.A. (B3SA3) reported adjusted recurring net income of R$1.5 billion in 4Q25, up 25.3% year-on-year, even as headline net income fell 23% to R$907.8 million due to a non-cash tax effect related to deferred taxes. B3 4Q25 earnings show the exchange balancing accounting pressure with operating strength and capital returns.
Recurring net income would have reached R$1.5 billion after excluding extraordinary items and the deferred tax update. Recurring earnings per share rose 27.1% year-on-year to R$0.29, highlighting the underlying profitability trend in B3 4Q25 earnings despite accounting volatility.
Broad Revenue Growth
Total revenue reached R$3.0 billion in 4Q25, up 10.6% from 4Q24 and 6.7% sequentially, with growth across virtually all segments. Recurring revenues climbed 23.2%, reinforcing the predictability embedded in B3’s diversified model.
In equities, average daily trading volume (ADTV) in the cash market rose 2.3% year-on-year to R$26.2 billion. ETFs (+14.3%), BDRs (+30.9%) and listed funds (+4.6%) led the expansion, increasing product diversification and softening traditional cash equity cyclicality.
Fixed income and credit stood out. Corporate debt outstanding increased 18.9% year-on-year, while Treasury Direct balances surged 39.9%. Elevated interest rates continued to support issuance and investor participation in private and sovereign instruments.
Total derivatives ADV declined 6.8% year-on-year to 10.7 million contracts, reflecting weaker crypto and FX volumes. Still, interest-rate and equity index contracts advanced, partially offsetting the drag from digital asset derivatives.
Reported net income fell 23% primarily due to a R$1.0 billion negative non-cash accounting adjustment from the deferred tax update following the CSLL rate increase. Excluding this effect, profitability trends in B3 4Q25 earnings remained clearly positive.
Margins Near 70%
Recurring EBITDA totaled R$1.83 billion, up 14.5%, with a recurring margin of 69.0%. Cost discipline persisted, with adjusted expenses rising broadly in line with inflation despite continued investment in technology and product development.
B3 returned R$3.6 billion to shareholders in 4Q25 — R$1.7 billion in buybacks and R$1.9 billion in interest on capital. For full-year 2025, total returns reached R$6.3 billion, equivalent to a 137% payout ratio, exceeding prior guidance mainly because of the accounting impact on earnings.
Recurring Revenue Strength
Financial income improved to R$95.2 million versus a loss in 4Q24, supported by a higher average CDI and a larger cash position. With leverage at 2.1x recurring EBITDA and an expanding footprint in data, analytics and post-trade solutions, B3 4Q25 earnings confirm the structural shift toward more recurring, less volume-sensitive revenue streams.
Overall, B3 4Q25 earnings signal operational resilience, strong capital generation and sustained shareholder remuneration, even amid tax-related accounting headwinds.