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DLO

DLocal Limited

DLO

DLocal Limited • NASDAQ
$13.44 ▲ 2.99% (+0.39)
Market Cap $3.88 B
52w High $16.78
52w Low $7.61
Dividend Yield 0.53%
P/E 24
Volume 973.82K
Outstanding Shares 288.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $282.483M ▲ $47.6M ▲ $51.825M ▲ 18.346% ▲ $0.18 ▲ $67.962M ▼
Q2-2025 $256.458M ▲ $43.12M ▲ $42.81M ▼ 16.693% ▼ $0.15 ▼ $71.431M ▲
Q1-2025 $216.759M ▲ $39.034M ▼ $46.63M ▲ 21.512% ▲ $0.16 ▲ $62.475M ▲
Q4-2024 $204.491M ▲ $41.443M ▲ $29.682M ▲ 14.515% ▲ $0.11 ▲ $10.96M ▼
Q3-2024 $185.774M $37.044M $26.782M 14.416% $0.09 $50.55M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $699.493M ▲ $1.409B ▲ $904.089M ▲ $504.531M ▲
Q2-2025 $602.465M ▼ $1.221B ▼ $773.132M ▲ $447.96M ▼
Q1-2025 $636.993M ▲ $1.242B ▲ $696.447M ▲ $545.081M ▲
Q4-2024 $566.11M ▼ $1.171B ▲ $682.342M ▼ $488.887M ▲
Q3-2024 $672.779M $1.171B $714.153M $456.879M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $51.825M ▲ $95.174M ▼ $30.227M ▲ $3.718M ▲ $127.528M ▲ $94.954M ▼
Q2-2025 $50.996M ▼ $124.459M ▲ $-10.493M ▼ $-150.52M ▼ $-34.567M ▼ $116.025M ▲
Q1-2025 $51.929M ▲ $95.411M ▲ $-6.364M ▲ $-926K ▼ $86.334M ▲ $87.899M ▲
Q4-2024 $40.791M ▲ $-141.131M ▼ $-24.057M ▼ $31.561M ▲ $-135.36M ▼ $-147.257M ▼
Q3-2024 $29.097M $39.571M $2.02M $-6.895M $28.912M $34.14M

Five-Year Company Overview

Income Statement

Income Statement DLocal’s income statement shows a young fintech that scaled revenue very quickly from a small base and reached solid profitability early. Over the past few years, sales have grown strongly each year. However, the most recent year breaks the earlier pattern of steadily rising profits. Operating income and net income both slipped, and earnings per share moved down from the prior year. This suggests margin pressure: costs are rising faster than revenues, or pricing is getting more competitive. The company is still profitable, but the trend has shifted from “fast growth with expanding profits” to “continued growth, but with squeezed profitability.”

Balance Sheet

Balance Sheet The balance sheet looks generally healthy and conservative. Total assets and shareholder equity have been building up over time, which points to a business that has been retaining earnings and reinvesting for growth. DLocal carries very little financial debt, and it holds a sizable cash balance, although cash levels have moved around quite a bit year to year. This combination of low leverage and solid cash provides a financial cushion, giving the company room to navigate volatility in emerging markets and to fund further expansion without relying heavily on borrowing.

Cash Flow

Cash Flow Historically, DLocal has converted its profits into solid positive operating cash flow and free cash flow, which is a good sign of underlying business quality. The latest year, though, shows a clear warning flag: operating cash flow and free cash flow turned modestly negative despite the company remaining profitable. That kind of divergence often reflects swings in working capital, changes in how quickly the company collects from customers or pays partners, or timing effects around client funds. It doesn’t automatically signal structural problems, but it does mean cash generation has become less predictable and deserves close attention going forward.

Competitive Edge

Competitive Edge DLocal occupies a distinct niche in the global payments ecosystem: enabling cross‑border payments in complex emerging markets through a single, simplified platform. Its “One DLocal” approach (one API, one platform, one contract) and support for a very wide range of local payment methods make it particularly valuable for large global merchants that want access to hard‑to-serve regions. The company benefits from meaningful switching costs once merchants are integrated, and it enjoys network effects as more merchants and local methods join the platform. Its deep local regulatory and operational know‑how in multiple emerging markets is difficult for new entrants to replicate. That said, it still operates alongside powerful global competitors and local fintechs, and its core markets can be politically and regulatorily volatile, which keeps its moat real but not risk‑free.

Innovation and R&D

Innovation and R&D Innovation is clearly a core part of DLocal’s strategy rather than an afterthought. The company has built a modular platform that goes beyond basic pay‑in/pay‑out, adding offerings for marketplaces, invoicing, and a “buy now, pay later” aggregation tool tailored to emerging markets. On the technology side, it uses AI‑driven “smart routing” to optimize payment approval and costs, and it is leaning into partnerships, including with major cloud providers, to embed more advanced analytics and automation. Its move into crypto‑to‑fiat on‑ and off‑ramps shows a willingness to experiment at the frontier of payments. The upside is continued differentiation and new revenue streams; the trade‑off is higher execution and regulatory risk as it pushes into newer, less-tested areas.

Summary

Overall, DLocal’s story is one of rapid growth and early, sustained profitability built on a focused niche: simplifying payments in emerging markets for global companies. The company’s financial structure is relatively strong, with low debt and a solid equity base, though recent volatility in cash flow and cash balances stands out. The main shift in the latest year is qualitative: revenues continued to grow, but profit margins narrowed and earnings fell from their prior peak, while cash generation weakened. This suggests a business moving from an early “easy growth” phase into a more competitive, complex stage where efficiency, pricing power, and working capital management matter more. Strategically, DLocal appears well positioned with a differentiated platform, meaningful switching costs, and ongoing product innovation in areas like AI, BNPL, and crypto rails. At the same time, its exposure to emerging-market regulation, competition from both global and local players, and the recent deterioration in margin and cash trends are key uncertainties that could influence its future trajectory.

NEWS

October 8, 2025 · 9:00 AM UTC

dLocal to Report Third Quarter 2025 Financial Results

Read more

September 9, 2025 · 10:05 AM UTC

dLocal and Western Union Team Up to Power Digital Payments in Latin América

Read more