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Stocks · Industrials · Services-Business Services, NEC

dLocal Ltd

DLO Clue Score82
Uruguay Fiscal year ends December CIK 0001846832
$15.23 +1.53% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $15.23 −69.85% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 3 Jun 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue55.3Operating income17.6Net income15.6EPS, diluted0.05Fiscal year 2020Revenue104.1 +88.4%Operating income30.9Net income28.2 +80.6%EPS, diluted0.10 +100.0%Fiscal year 2021Revenue244.1 +134.4%Operating income83.8Net income77.9 +176.3%EPS, diluted0.25 +150.0%Fiscal year 2022Revenue418.9 +71.6%Operating income127.9Net income108.7 +39.6%EPS, diluted0.35 +40.0%Fiscal year 2023Revenue650.4 +55.2%Operating income179.7Net income149.0 +37.1%EPS, diluted0.49 +40.0%Fiscal year 2024Revenue746.0 +14.7%Operating income140.5Net income120.4 −19.2%EPS, diluted0.39 −20.4%Fiscal year 2025Revenue1,093.6 +46.6%Operating income219.9Net income196.8 +63.4%EPS, diluted0.65 +66.7%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 55.3 104.1 244.1 418.9 650.4 746.0 1,093.6
Growth +88.4% +134.4% +71.6% +55.2% +14.7% +46.6%
Operating income 17.6 30.9 83.8 127.9 179.7 140.5 219.9
Net income 15.6 28.2 77.9 108.7 149.0 120.4 196.8
Growth +80.6% +176.3% +39.6% +37.1% −19.2% +63.4%
EPS, diluted 0.05 0.10 0.25 0.35 0.49 0.39 0.65
Growth +100.0% +150.0% +40.0% +40.0% −20.4% +66.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin64.9%Operating margin31.8%Net margin28.2%Free cash flow margin55.3%Fiscal year 2020Gross margin57.7%Operating margin29.7%Net margin27.1%Free cash flow margin84.1%Fiscal year 2021Gross margin53.4%Operating margin34.3%Net margin31.9%Free cash flow margin43.6%Fiscal year 2022Gross margin48.3%Operating margin30.5%Net margin25.9%Free cash flow margin36.6%Fiscal year 2023Gross margin42.6%Operating margin27.6%Net margin22.9%Free cash flow margin45.0%Fiscal year 2024Gross margin39.5%Operating margin18.8%Net margin16.1%Free cash flow margin−4.6%Fiscal year 2025Gross margin36.8%Operating margin20.1%Net margin18.0%Free cash flow margin37.8%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 64.9% 57.7% 53.4% 48.3% 42.6% 39.5% 36.8%
Operating margin 31.8% 29.7% 34.3% 30.5% 27.6% 18.8% 20.1%
Net margin 28.2% 27.1% 31.9% 25.9% 22.9% 16.1% 18.0%
Free cash flow margin 55.3% 84.1% 43.6% 36.6% 45.0% −4.6% 37.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow30.7Capital expenditure−0.2Free cash flow30.6Dividends paid−10.0Fiscal year 2020Operating cash flow88.5Capital expenditure−0.9Free cash flow87.6 +186.6%Dividends paid−15.0Fiscal year 2021Operating cash flow108.5Capital expenditure−1.9Free cash flow106.5 +21.6%Fiscal year 2022Operating cash flow154.5Capital expenditure−1.0Free cash flow153.5 +44.0%Buybacks−2.0Fiscal year 2023Operating cash flow293.5Capital expenditure−1.0Free cash flow292.5 +90.6%Buybacks−97.9Dividends paid0.0Fiscal year 2024Operating cash flow−32.8Capital expenditure−1.7Free cash flow−34.5 −111.8%Buybacks−101.1Dividends paid0.0Fiscal year 2025Operating cash flow415.5Capital expenditure−2.3Free cash flow413.2Dividends paid−150.0
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 30.7 88.5 108.5 154.5 293.5 −32.8 415.5
Capital expenditure −0.2 −0.9 −1.9 −1.0 −1.0 −1.7 −2.3
Free cash flow 30.6 87.6 106.5 153.5 292.5 −34.5 413.2
Growth +186.6% +21.6% +44.0% +90.6% −111.8%
Buybacks n/a n/a n/a −2.0 −97.9 −101.1 n/a
Dividends paid −10.0 −15.0 n/a n/a 0.0 0.0 −150.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash34.8Shareholders’ equity24.5Fiscal year 2020Cash111.7Shareholders’ equity45.1Fiscal year 2021Cash336.2Shareholders’ equity280.3Fiscal year 2022Cash468.1Shareholders’ equity399.6Fiscal year 2023Cash536.2Shareholders’ equity455.0Fiscal year 2024Cash425.2Shareholders’ equity488.9Fiscal year 2025Cash719.9Shareholders’ equity569.3
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 34.8 111.7 336.2 468.1 536.2 425.2 719.9
Shareholders’ equity 24.5 45.1 280.3 399.6 455.0 488.9 569.3

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
55.3 104.1 244.1 418.9 650.4 746.0 1,093.6
Growth +88.4% +134.4% +71.6% +55.2% +14.7% +46.6%
19.4 44.1 113.7 216.8 373.5 451.3 690.8
35.9 60.1 130.4 202.2 276.9 294.7 402.8
Growth +67.5% +117.1% +55.0% +36.9% +6.4% +36.7%
1.3 2.0 3.4 6.3 12.7 25.6 30.7
14.1 22.2 40.6 48.3 70.6 101.2 118.8
17.6 30.9 83.8 127.9 179.7 140.5 219.9
Growth +76.2% +170.9% +52.6% +40.5% −21.8% +56.5%
17.8 31.4 85.5 120.3 178.5 151.0 228.7
2.2 3.2 7.6 11.6 29.4 30.6 31.8
15.6 28.2 77.9 108.7 149.0 120.4 196.8
Growth +80.6% +176.3% +39.6% +37.1% −19.2% +63.4%
Per share
0.06 0.10 0.27 0.37 0.51 0.42 0.68
0.05 0.10 0.25 0.35 0.49 0.39 0.65
Growth +100.0% +150.0% +40.0% +40.0% −20.4% +66.7%
266.4 268.6 287.1 295.6 292.0 290.0 291.0
275.4 284.8 308.9 313.1 303.0 305.1 301.7
Growth +3.4% +8.5% +1.4% −3.3% +0.7% −1.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 60.0% a year over five years, and earnings per share grew 45.4% a year.
  • The diluted share count rose 5.9% in five years, which is dilution.
  • Operating margin is down 9.6 points on five years ago, at 20.1%.
  • Profitable in every one of the 7 years on file.