Wild cashew Anacardium occidentale L., used locally for food and medicinals, occurs in coastal restinga vegetation in northeastern Brazil. Leaf and bark hydroethanolic extracts from four populations in Piauí state were studied for secondary metabolites, estimation of total phenolics and flavonoids (UV‐Vis spectrophotometry), identification of the selected phenolic compound gallic acid (HPLC), antioxidant (DPPH) assays and estimates of antibacterial activity (agar diffusion, MIC, MBC). Results varied between populations and between leaf and bark. Alkaloids, flavonoids, organic acids, phenolics, reducing sugars, saponins and triterpenoids were observed. Total phenolics and flavonoids levels exceeded those of domesticated cashew (phenolics mg GAE g‐1: leaves 235.6–521.6, bark 430.5–546.3; flavonoids mg QE g‐1: leaves 22.1–30.8, bark 22.3–27.1). Presence of gallic acid was confirmed. Antioxidant IC50 values (DPPH inhibition) ranged from 45.81 to 88.53 µg/mL. Gram‐positive bacterial growth was inhibited (MIC 62.5–250 [‐500] µg/mL in Staphylococcus aureus [sensitive and MRSA strains], S. epidermidis, S. saprophyticus; MIC 500–2000 µg/mL in Streptococcus mutans). Bactericidal activity was observed in two populations (MBC 500–1000 µg/mL). The results corroborate studies of cerrado forms indicating that wild populations are richer in bioactive compounds than domesticated forms and highlight the need to conserve their habitats.