Dlocal Ltd Financials

DLO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Dlocal Ltd (DLO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DLO FY2025 2026-04-22

DLocal’s cash engine is shaped less by accounting earnings than by working-capital timing in a debt-light payments model.

Most recently, cash conversion snapped back: operating cash flow reached $415.5M while net income was $196.9M. Because the prior year showed positive earnings but negative operating cash flow, the business appears to be governed as much by working-capital timing as by reported profit.

This is a capital-light model: capital spending was only $2.3M and free cash flow still came in at $413.2M, so cash is not being absorbed by heavy reinvestment. Revenue reached $1.09B, yet net margin stayed below the earlier high-water mark, pointing to scale plus cash normalization rather than a full reset in underlying profitability.

The balance sheet is debt-light but short-cycle funded: cash of $719.9M sits against just $2.3M of long-term debt. Current assets covered current liabilities by 1.5x, so liquidity discipline matters more than borrowing capacity; the company can look cash-rich and still depend on rapid turnover of current obligations.

Financial Health Signals

Financial Profile 63/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Dlocal Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Dlocal Ltd's revenue surged 46.6% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 83/100.

Leverage

100

Dlocal Ltd carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Dlocal Ltd's current ratio of 1.47 is below the typical benchmark, resulting in a score of 25/100. However, the company holds substantial cash reserves (75% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

Dlocal Ltd converts 37.8% of revenue into free cash flow ($413.2M). This strong cash generation earns a score of 91/100.

Returns

Dlocal Ltd earns a strong 34.6% return on equity (ROE), meaning it generates $35 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 81/100. This is up from 24.6% the prior year.

Piotroski F-Score Neutral

6/9

Dlocal Ltd passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.11x

For every $1 of reported earnings, Dlocal Ltd generates $2.11 in operating cash flow ($415.5M OCF vs $196.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.1B

YoY+46.6%

5Y CAGR+60.0%

Dlocal Ltd generated $1.1B in revenue in fiscal year 2025. This represents an increase of 46.6% from the prior year.

EBITDA

N/A

Net Income

$196.9M

YoY+63.4%

5Y CAGR+47.5%

Dlocal Ltd reported $196.9M in net income in fiscal year 2025. This represents an increase of 63.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$413.2M

YoY+1298.0%

5Y CAGR+36.4%

Dlocal Ltd generated $413.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1298.0% from the prior year.

Cash & Debt

$719.9M

YoY+69.3%

5Y CAGR+45.2%

Dlocal Ltd held $719.9M in cash against $2.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

295M

YoY+3.3%

Dlocal Ltd had 295M shares outstanding in fiscal year 2025. This represents an increase of 3.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

18.0%

YoY+1.9pp

5Y CAGR-9.1pp

Dlocal Ltd's net profit margin was 18.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

34.6%

YoY+9.9pp

5Y CAGR-28.0pp

Dlocal Ltd's ROE was 34.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.3M

YoY+33.8%

5Y CAGR+21.1%

Dlocal Ltd invested $2.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.8% from the prior year.

DLO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.1B+46.6%	$746.0M+14.7%	$650.4M+55.2%	$418.9M+71.6%	$244.1M+134.4%	$104.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$254K-49.3%	$501K-13.3%	$578K+226.6%	$177K+24.6%	$142K+610.0%	$20K
Income Tax	$31.8M+3.9%	$30.6M+3.8%	$29.4M+154.0%	$11.6M+51.5%	$7.6M+136.7%	$3.2M
Net Income	$196.9M+63.4%	$120.5M-19.2%	$149.1M+37.2%	$108.7M+39.6%	$77.9M+176.2%	$28.2M
EPS (Diluted)	N/A	$0.39-20.4%	$0.49+40.0%	$0.35+40.0%	$0.25+150.0%	$0.10

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20
Revenue	N/A	$282.5M	N/A	$185.8M	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$9.4M	N/A	$2.3M	N/A	N/A	N/A	N/A
Net Income	N/A	$51.8M	N/A	$26.8M	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	$0.17	N/A	$0.09	N/A	N/A	N/A	N/A

DLO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.5B+31.6%	$1.2B+8.0%	$1.1B+31.2%	$826.3M+41.7%	$583.0M+190.8%	$200.5M
Current Assets	$1.4B+32.4%	$1.1B+5.6%	$1.0B+32.3%	$767.8M+45.0%	$529.5M+171.7%	$194.9M
Cash & Equivalents	$719.9M+69.3%	$425.2M-20.7%	$536.2M+14.5%	$468.1M+39.2%	$336.2M+200.9%	$111.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$572.0M+15.2%	$496.7M+36.7%	$363.4M+51.1%	$240.4M+25.9%	$191.0M+162.4%	$72.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$971.5M+42.4%	$682.3M+8.4%	$629.3M+47.5%	$426.7M+41.0%	$302.7M+94.8%	$155.4M
Current Liabilities	$965.9M+42.5%	$677.6M+8.4%	$625.2M+48.1%	$422.3M+41.5%	$298.4M+92.3%	$155.1M
Long-Term Debt	$2.3M-19.4%	$2.9M-14.0%	$3.3M-1.8%	$3.4M-1.0%	$3.4M+20052.9%	$17K
Total Equity	$569.4M+16.5%	$489.0M+7.4%	$455.1M+13.9%	$399.6M+42.6%	$280.3M+522.2%	$45.0M
Retained Earnings	$534.8M+9.1%	$490.0M+32.6%	$369.6M+68.0%	$220.0M+100.2%	$109.9M+246.0%	$31.7M

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20
Total Assets	$1.5B+9.4%	$1.4B+20.3%	$1.2B	N/A	$1.1B+31.2%	$826.3M+41.7%	$583.0M+190.8%	$200.5M
Current Assets	$1.4B+8.7%	$1.3B+21.8%	$1.1B	N/A	$1.0B+32.3%	$767.8M+45.0%	$529.5M+171.7%	$194.9M
Cash & Equivalents	$719.9M+19.1%	$604.5M+42.2%	$425.2M-24.1%	$560.5M+4.5%	$536.2M+14.5%	$468.1M+39.2%	$336.2M+200.9%	$111.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$572.0M-0.8%	$576.4M+16.0%	$496.7M	N/A	$363.4M+51.1%	$240.4M+25.9%	$191.0M+162.4%	$72.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$971.5M+7.5%	$904.1M+32.5%	$682.3M	N/A	$629.3M+47.5%	$426.7M+41.0%	$302.7M+94.8%	$155.4M
Current Liabilities	$965.9M+7.6%	$897.8M+32.5%	$677.6M	N/A	$625.2M+48.1%	$422.3M+41.5%	$298.4M+92.3%	$155.1M
Long-Term Debt	$2.3M-10.0%	$2.6M-10.4%	$2.9M	N/A	$3.3M-1.8%	$3.4M-1.0%	$3.4M+20052.9%	$17K
Total Equity	$569.4M+12.8%	$504.7M+3.2%	$489.0M+7.0%	$457.0M+0.4%	$455.1M+13.9%	$399.6M+42.6%	$280.3M+522.2%	$45.0M
Retained Earnings	$534.8M+11.6%	$479.3M-2.2%	$490.0M	N/A	$369.6M+68.0%	$220.0M+100.2%	$109.9M+246.0%	$31.7M

DLO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$415.5M+1367.3%	-$32.8M-111.2%	$293.5M+90.0%	$154.5M+42.4%	$108.5M+22.6%	$88.5M
Capital Expenditures	$2.3M+33.8%	$1.7M+76.7%	$965K-2.2%	$987K-49.4%	$1.9M+122.5%	$876K
Free Cash Flow	$413.2M+1298.0%	-$34.5M-111.8%	$292.5M+90.6%	$153.5M+44.0%	$106.5M+21.6%	$87.6M
Investing Cash Flow	$5.3M+129.9%	-$17.8M+79.0%	-$84.7M-2066.7%	$4.3M+111.3%	-$37.9M-1139.5%	$3.6M
Financing Cash Flow	-$121.1M-76.5%	-$68.6M+48.8%	-$133.9M-389.9%	-$27.3M-117.8%	$153.7M+1111.6%	-$15.2M
Dividends Paid	$150.0M	$0	$0	N/A	N/A	$15.0M
Share Buybacks	N/A	$23K+64.3%	$14K	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20
Operating Cash Flow	$100.4M	N/A	-$141.1M	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	$602K	N/A	$427K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$99.8M	N/A	-$141.6M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.1M	N/A	-$24.1M	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$26.7M	N/A	$31.6M	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0	N/A	N/A	N/A	N/A	N/A

DLO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	18.0%+1.9pp	16.2%-6.8pp	22.9%-3.0pp	25.9%-5.9pp	31.9%+4.8pp	27.1%
Return on Equity	34.6%+9.9pp	24.6%-8.1pp	32.8%+5.6pp	27.2%-0.6pp	27.8%-34.8pp	62.6%
Return on Assets	12.8%+2.5pp	10.3%-3.5pp	13.8%+0.6pp	13.2%-0.2pp	13.4%-0.7pp	14.1%
Current Ratio	1.47-0.1	1.58-0.0	1.63-0.2	1.82+0.0	1.77+0.5	1.26
Debt-to-Equity	0.000.0	0.010.0	0.010.0	0.010.0	0.01+0.0	0.00
FCF Margin	37.8%+42.4pp	-4.6%-49.6pp	45.0%+8.3pp	36.6%-7.0pp	43.6%-40.5pp	84.1%

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q4'22	Q4'21	Q4'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	18.4%	N/A	14.4%	N/A	N/A	N/A	N/A
Return on Equity	N/A	10.3%	N/A	5.9%	N/A	N/A	N/A	N/A
Return on Assets	N/A	3.7%	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.47+0.0	1.46-0.1	1.58	N/A	1.63-0.2	1.82+0.0	1.77+0.5	1.26
Debt-to-Equity	0.000.0	0.010.0	0.01	N/A	0.010.0	0.010.0	0.01+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Dlocal Ltd's annual revenue?

Dlocal Ltd (DLO) reported $1.1B in total revenue for fiscal year 2025. This represents a 46.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Dlocal Ltd's revenue growing?

Dlocal Ltd (DLO) revenue grew by 46.6% year-over-year, from $746.0M to $1.1B in fiscal year 2025.

Is Dlocal Ltd profitable?

Yes, Dlocal Ltd (DLO) reported a net income of $196.9M in fiscal year 2025, with a net profit margin of 18.0%.

How much debt does Dlocal Ltd have?

As of fiscal year 2025, Dlocal Ltd (DLO) had $719.9M in cash and equivalents against $2.3M in long-term debt.

What is Dlocal Ltd's net profit margin?

Dlocal Ltd (DLO) had a net profit margin of 18.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Dlocal Ltd's return on equity (ROE)?

Dlocal Ltd (DLO) has a return on equity of 34.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Dlocal Ltd's free cash flow?

Dlocal Ltd (DLO) generated $413.2M in free cash flow during fiscal year 2025. This represents a 1298.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Dlocal Ltd's operating cash flow?

Dlocal Ltd (DLO) generated $415.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Dlocal Ltd's total assets?

Dlocal Ltd (DLO) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Dlocal Ltd's capital expenditures?

Dlocal Ltd (DLO) invested $2.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Dlocal Ltd have outstanding?

Dlocal Ltd (DLO) had 295M shares outstanding as of fiscal year 2025.

What is Dlocal Ltd's current ratio?

Dlocal Ltd (DLO) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.

What is Dlocal Ltd's debt-to-equity ratio?

Dlocal Ltd (DLO) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Dlocal Ltd's return on assets (ROA)?

Dlocal Ltd (DLO) had a return on assets of 12.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Dlocal Ltd's Piotroski F-Score?

Dlocal Ltd (DLO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Dlocal Ltd's earnings high quality?

Dlocal Ltd (DLO) has an earnings quality ratio of 2.11x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Dlocal Ltd?

Dlocal Ltd (DLO) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.