DLocal Limited (DLO) Financials

DLO

FY2025 annual

Revenue $1.1B +46.6% YoY

Net Income $196.9M +63.4% YoY

Free Cash Flow $413.2M +1298.0% YoY

Operating Cash Flow $415.5M +1367.3% YoY

Market Cap $4.5B as of Oct 13, 2026

Price / Sales 4.1x on $1.1B revenue, FY2025

Price / Earnings 22.7x on $196.9M net income, FY2025

Price / Book 7.8x on $569.4M equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 18, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DLO SEC filings page.

DLocal Limited (DLO) reported $1.1B in revenue for fiscal year 2025, up 46.6% from the prior fiscal year. This page shows its 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 2026-10-04

DLocal’s growth is paired with a working-capital funding model: profits convert to cash unevenly while debt remains nearly absent.

The cash-conversion reversal was stark: FY2024 net income was $120.5M alongside operating cash flow of -$32.8M, but cash generation recovered in FY2025. That reversal, alongside receivables rising from $496.7M to $572.0M, suggests working-capital timing drove much of the volatility rather than profit and cash moving in lockstep.

Revenue expanded from $746.0M in FY2024 to $1.1B in FY2025, indicating that business scale remained central to the model despite the prior year’s cash shortfall. Net margin recovered to 18.0% from 16.2%, but the company remains less profitable per revenue dollar than before.

Long-term debt was only $2.3M in FY2025, making the balance sheet’s liabilities look more like operating funding than conventional borrowing. Current liabilities were $965.9M against $971.5M of total liabilities, while the current ratio fell to 1.5x from 1.8x; the trade-off is low financial leverage but a thinner short-term cushion.

Financial Health Signals

Financial Health Score 52/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of DLocal Limited'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.

Profitability

Not available for DLocal Limited, and counted as zero in the overall score.

Growth

DLocal Limited's revenue surged 46.6% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage

DLocal Limited 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 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

DLocal Limited's current ratio of 1.47 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

DLocal Limited converts 37.8% of revenue into free cash flow ($413.2M). This strong cash generation earns a score of 92/100.

Returns

Not available for DLocal Limited, and counted as zero in the overall score.

Piotroski F-Score Partial

6/8

DLocal Limited passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 Limited 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

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Free Cash Flow

$99.8M

YoY+170.5%

DLocal Limited generated $99.8M in free cash flow in Q4 2025, representing cash available after capex. This represents an increase of 170.5% from the same quarter a year earlier.

Cash & Debt

$719.9M

YoY+69.3%

QoQ+19.1%

DLocal Limited held $719.9M in cash against $2.3M in long-term debt as of Q4 2025, with $965.9M of liabilities due within a year.

Shares Outstanding

295M

YoY+3.3%

QoQ0.0%

DLocal Limited had 295M shares outstanding in Q4 2025. This represents an increase of 3.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

Capital Expenditures

$602K

YoY+41.0%

DLocal Limited invested $602K in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 41.0% from the same quarter a year earlier.

R&D Spending

Not reported for Q4 2025.

Share Buybacks

Not reported for Q4 2025.

DLO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DLO quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Revenue	$1.1B+46.6%	$746.0M+14.7%	$650.4M+55.2%	$418.9M+71.6%	$244.1M+134.4%	$104.1M+88.4%	$55.3M
Interest Expense	$27.9M-44.0%	$49.7M-57.5%	$116.8M+373.6%	$24.7M+4434.6%	$544K+711.9%	$67K+123.3%	$30K
Income Tax	$31.8M+3.9%	$30.6M+3.8%	$29.4M+154.0%	$11.6M+51.5%	$7.6M+136.7%	$3.2M+45.5%	$2.2M
Net Income	$196.9M+63.4%	$120.5M-19.2%	$149.1M+37.2%	$108.7M+39.6%	$77.9M+176.2%	$28.2M+80.7%	$15.6M
EPS (Basic)	N/A	$0.42-17.6%	$0.51+37.8%	$0.37+37.0%	$0.27+170.0%	$0.10+66.7%	$0.06
EPS (Diluted)	N/A	$0.39-20.4%	$0.49+40.0%	$0.35+40.0%	$0.25+150.0%	$0.10+100.0%	$0.05
Diluted Shares (Avg)	302M-1.1%	305M+0.7%	303M-3.3%	313M+1.4%	309M+8.5%	285M+3.4%	275M

Metric	Q4'2520-F	Q3'256-K	Q4'2420-F	Q3'246-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K
Revenue	N/A	$282.5M+52.1%	N/A	$185.8M	N/A	N/A	N/A	N/A
Interest Expense	N/A	$4.0M-76.8%	N/A	$17.4M	N/A	N/A	N/A	N/A
Income Tax	N/A	$9.4M+310.7%	N/A	$2.3M	N/A	N/A	N/A	N/A
Net Income	N/A	$51.8M+93.5%	N/A	$26.8M	N/A	N/A	N/A	N/A
EPS (Basic)	N/A	$0.18+100.0%	$0.11	$0.09	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	$0.17+88.9%	$0.09	$0.09	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	302M+2.0%	N/A	296M	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.

DLO Balance Sheet

DLO quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$1.5B+31.6%	$1.2B+8.0%	$1.1B+31.2%	$826.3M+41.7%	$583.0M+190.8%	$200.5M	N/A
Current Assets	$1.4B+32.4%	$1.1B+5.6%	$1.0B+32.3%	$767.8M+45.0%	$529.5M+171.7%	$194.9M	N/A
Cash & Equivalents	$719.9M+69.3%	$425.2M-20.7%	$536.2M+14.5%	$468.1M+39.2%	$336.2M+200.9%	$111.7M+221.4%	$34.8M
Accounts Receivable	$572.0M+15.2%	$496.7M+36.7%	$363.4M+51.1%	$240.4M+25.9%	$191.0M+162.4%	$72.8M	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	N/A
Current Liabilities	$965.9M+42.5%	$677.6M+8.4%	$625.2M+48.1%	$422.3M+41.5%	$298.4M+92.3%	$155.1M	N/A
Non-Current Liabilities	$5.6M+19.1%	$4.7M+15.6%	$4.1M-7.4%	$4.4M+2.3%	$4.3M+1461.2%	$276K	N/A
Long-Term Debt	$2.3M-19.4%	$2.9M-14.0%	$3.3M-1.8%	$3.4M-1.0%	$3.4M+20052.9%	$17K	N/A
Total Equity	$569.4M+16.5%	$489.0M+7.4%	$455.1M+13.9%	$399.6M+42.6%	$280.3M+522.2%	$45.0M+83.7%	$24.5M
Retained Earnings	$534.8M+9.1%	$490.0M+32.6%	$369.6M+68.0%	$220.0M+100.2%	$109.9M+246.0%	$31.7M+72.0%	$18.5M

Metric	Q4'2520-F	Q3'256-K	Q4'2420-F	Q3'246-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K
Total Assets	$1.5B+31.6%	$1.4B	$1.2B+8.0%	N/A	$1.1B+31.2%	$826.3M+41.7%	$583.0M+190.8%	$200.5M
Current Assets	$1.4B+32.4%	$1.3B	$1.1B+5.6%	N/A	$1.0B+32.3%	$767.8M+45.0%	$529.5M+171.7%	$194.9M
Cash & Equivalents	$719.9M+69.3%	$604.5M+7.8%	$425.2M-20.7%	$560.5M	$536.2M+14.5%	$468.1M+39.2%	$336.2M+200.9%	$111.7M
Accounts Receivable	$572.0M+15.2%	$576.4M	$496.7M+36.7%	N/A	$363.4M+51.1%	$240.4M+25.9%	$191.0M+162.4%	$72.8M
Total Liabilities	$971.5M+42.4%	$904.1M	$682.3M+8.4%	N/A	$629.3M+47.5%	$426.7M+41.0%	$302.7M+94.8%	$155.4M
Current Liabilities	$965.9M+42.5%	$897.8M	$677.6M+8.4%	N/A	$625.2M+48.1%	$422.3M+41.5%	$298.4M+92.3%	$155.1M
Non-Current Liabilities	$5.6M+19.1%	$6.3M	$4.7M+15.6%	N/A	$4.1M-7.4%	$4.4M+2.3%	$4.3M+1461.2%	$276K
Long-Term Debt	$2.3M-19.4%	$2.6M	$2.9M-14.0%	N/A	$3.3M-1.8%	$3.4M-1.0%	$3.4M+20052.9%	$17K
Total Equity	$569.4M+16.5%	$504.7M+10.4%	$489.0M+7.4%	$457.0M	$455.1M+13.9%	$399.6M+42.6%	$280.3M+522.2%	$45.0M
Retained Earnings	$534.8M+9.1%	$479.3M	$490.0M+32.6%	N/A	$369.6M+68.0%	$220.0M+100.2%	$109.9M+246.0%	$31.7M

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.

DLO Cash Flow Statement

DLO quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K
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+188.0%	$30.7M
Capital Expenditures	$2.3M+33.8%	$1.7M+76.7%	$965K-2.2%	$987K-49.4%	$1.9M+122.5%	$876K+476.3%	$152K
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+186.6%	$30.6M
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+2993.2%	$118K
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+21.4%	-$19.3M
Dividends Paid	$150.0M	$0	$0	N/A	N/A	$15.0M+50.0%	$10.0M
Share Buybacks	N/A	$23K+64.3%	$14K	N/A	N/A	N/A	N/A

Metric	Q4'2520-F	Q3'256-K	Q4'2420-F	Q3'246-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K
Operating Cash Flow	$100.4M+171.1%	N/A	-$141.1M	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	$602K+41.0%	N/A	$427K	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$99.8M+170.5%	N/A	-$141.6M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.1M+66.5%	N/A	-$24.1M	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$26.7M-15.5%	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

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation.

DLO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

DLO quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Net Margin	18.0%+1.9pp	16.2%-6.8pp	22.9%-3.0pp	25.9%-5.9pp	31.9%+4.8pp	27.1%-1.2pp	28.2%
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%-1.0pp	63.6%
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%	N/A
Current Ratio	1.47-0.1x	1.580.0x	1.63-0.2x	1.820.0x	1.77+0.5x	1.26	N/A
Debt-to-Equity	0.000.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.00	N/A
Asset Turnover	0.71+0.1x	0.640.0x	0.60+0.1x	0.51+0.1x	0.42-0.1x	0.52	N/A
FCF Margin	37.8%+42.4pp	-4.6%-49.6pp	45.0%+8.3pp	36.6%-7.0pp	43.6%-40.5pp	84.1%+28.8pp	55.3%

Metric	Q4'2520-F	Q3'256-K	Q4'2420-F	Q3'246-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K
Net Margin	N/A	18.4%+3.9pp	N/A	14.4%	N/A	N/A	N/A	N/A
Return on Equity	N/A	10.3%+4.4pp	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	1.47-0.1x	1.46	1.580.0x	N/A	1.63-0.2x	1.820.0x	1.77+0.5x	1.26
Debt-to-Equity	0.000.0x	0.01	0.010.0x	N/A	0.010.0x	0.010.0x	0.010.0x	0.00
Asset Turnover	N/A	0.20	N/A	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
DLocal Limited DLO	FY2025	$1.1B	$196.9M	18.0%	$4.5B	52/100
CALIX, INC. CALX	FY2025	$1.0B	$17.9M	1.8%	$2.3B	51/100
Paymentus Holdings, Inc. PAY	FY2025	$1.2B	$66.9M	5.6%	$4.0B	72/100
Remitly Global, Inc. RELY	FY2025	$1.6B	$67.9M	4.2%	$5.0B	68/100
Tenable Holdings, Inc. TENB	FY2025	$999.4M	-$36.1M	-3.6%	$4.5B	43/100

Where DLocal Limited Ranks

Frequently Asked Questions

What is DLocal Limited's annual revenue?

DLocal Limited (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 Limited's revenue growing?

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

Is DLocal Limited profitable?

Yes, DLocal Limited (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 Limited have?

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

What is DLocal Limited's net profit margin?

DLocal Limited (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 Limited's return on equity (ROE)?

DLocal Limited (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 Limited's free cash flow?

DLocal Limited (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 Limited's operating cash flow?

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

What are DLocal Limited's total assets?

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

What are DLocal Limited's capital expenditures?

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

How many shares does DLocal Limited have outstanding?

DLocal Limited (DLO) had 295M shares outstanding as of fiscal year 2025.

What is DLocal Limited's current ratio?

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

What is DLocal Limited's debt-to-equity ratio?

DLocal Limited (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 Limited's return on assets (ROA)?

DLocal Limited (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 Limited's P/E ratio?

DLocal Limited (DLO) trades at 22.7x earnings, its market capitalization divided by net income of $196.9M net income, FY2025. The market capitalization is $4.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is DLocal Limited's price-to-sales ratio?

DLocal Limited (DLO) trades at 4.1x sales, its market capitalization divided by revenue of $1.1B revenue, FY2025. The market capitalization is $4.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is DLocal Limited's Piotroski F-Score?

DLocal Limited (DLO) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Limited's earnings high quality?

DLocal Limited (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 Limited?

DLocal Limited (DLO) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.