DLO

MKT CAP:$4B

DLocal Limited

Market Cap

$4B

Technology·Software - Infrastructure· Uruguay·NASDAQ

Technology·Software Infra·NASDAQ

Stock Price

$13.19-$0.88 (-6.23%)

Apr 23, 2026

Company Details

DLocal Limited operates a payments platform in the United States, Europe, China, and internationally. Its payments platform enables merchants to get paid and to make payments online. The company serves commerce, streaming, ride-hailing, fin...

CEO

Pedro Arnt

IPO Date

Jun 3, 2021

Website

www.dlocal.com

Key Metrics TTM

Revenue

$893M

— YoY

Net Income

$185M

EPS (Diluted)

$0.61

Free Cash Flow

$425M

Revenue / Share

$3.03

Gross Margin

38.5%

Operating Margin

22.7%

Net Margin

20.7%

FCF Margin

47.6%

P/S

4.4x

P/E

21.4x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 18, 2026

$1.1BEPS $0.67

Q4 2025

Mar 18, 2026

$338MEPS $0.19

Q3 2025

Nov 12, 2025

$282MEPS $0.17

Q2 2023

Jun 30, 2023

$161MEPS $0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$21M	$12M	$8M
Q3 20	$31M	$17M	$9M
Q3 21	$69M	$34M	$22M
Q3 22	$112M	$54M	$37M
Q2 23	$161M	$71M	$48M
Q3 25	$282M	$103M	$56M
Q4 25	$338M	$116M	$63M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q3 21	—	—
Q3 22	27.2x	92.6x
Q2 23	9.6x	34.0x
Q3 25	7.1x	29.9x
Q4 25	4.9x	23.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$20M	$20M
Q3 20	$31M	$30M
Q3 21	$29M	$29M
Q3 22	$86M	$86M
Q2 23	$140M	$139M
Q3 25	$95M	$95M
Q4 25	$106M	$105M

Capital Expenditures

Quarter	CapEx
Q2 20	$25.0K
Q3 20	$179.0K
Q3 21	$419.0K
Q3 22	$285.0K
Q2 23	$608.0K
Q3 25	$220.0K
Q4 25	$624.1K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+680.5%	+784.4%
Q3 25	+815.7%	+954.8%
Q4 25	+392.2%	+484.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$30.0K	0.1%
Q3 20	$106.0K	0.3%
Q3 21	$3M	3.9%
Q3 22	$2M	1.4%
Q2 23	$1M	0.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	$381.0K	$3M	$625.0K	—
Q3 20	$528.0K	$3M	$739.0K	—
Q3 21	$1M	$12M	$157.0K	—
Q3 22	$2M	$11M	$3M	—
Q2 23	$3M	$17M	$3M	—
Q3 25	$9M	$28M	$8M	—
Q4 25	$8M	—	—	$46M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 20	—	38.4%	—
Q3 20	—	33.5%	—
Q3 21	—	34.8%	—
Q3 22	—	41.1%	—
Q2 23	680.5%	42.1%	722.6
Q3 25	815.7%	24.1%	839.7
Q4 25	392.2%	21.1%	413.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$252M	$1M	$253M
Q2 22	$270M	$1M	$271M
Q3 22	$320M	$1M	$321M
Q4 22	$512M	$1M	$513M
Q1 23	$558M	$339.0K	$558M
Q2 23	$594M	$52M	$645M
Q3 23	$523M	$104M	$627M
Q4 23	$223M	$103M	$325M
Q1 24	$572M	$108M	$680M
Q2 24	$532M	$120M	$652M
Q3 24	$561M	$112M	$673M
Q4 24	$189M	$141M	$330M
Q1 25	$512M	$125M	$637M
Q2 25	$477M	$126M	$602M
Q3 25	$604M	$95M	$699M
Q4 25	$725M	$99M	$824M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	293M	—	—
Q3 20	293M	0.0%	—
Q3 21	313M	+6.9%	—
Q3 22	313M	-0.0%	—
Q2 23	289M	-7.6%	-1.3%
Q3 25	305M	+5.4%	+4.1%
Q4 25	295M	-3.3%	-5.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q3 21	—	—
Q3 22	$209.1K	535
Q2 23	$222.0K	726
Q3 25	$258.0K	1K
Q4 25	$910.7K	371

Revenue / Employee