Dlocal (DLO) financial statements
Dlocal reported revenue of $1.1B in fiscal 2025, up 64.5% a year over 6 years.
Net income was $197M and the operating margin 20.1%, against 31.8% in 2019.
Free cash flow was $379M, and the company returned $150M in dividends.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dlocal's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $55M | $104M | $244M | $419M | $650M | $746M | $1.1B |
| Cost of revenue | $19M | $44M | $114M | $217M | $373M | $451M | $691M |
| Gross profit | $36M | $60M | $130M | $202M | $277M | $295M | $403M |
| Research and development | $1M | $2M | $3M | $6M | $13M | $26M | $31M |
| Selling, general and admin | $14M | $22M | $41M | $48M | $71M | $101M | $119M |
| Operating income | $18M | $31M | $84M | $128M | $180M | $140M | $220M |
| Interest expense | $30,000 | $67,000 | $544,000 | $25M | $117M | $50M | $28M |
| Pre-tax income | $18M | $31M | $86M | $120M | $179M | $151M | $229M |
| Income tax | $2M | $3M | $8M | $12M | $29M | $31M | $32M |
| Net income | $16M | $28M | $78M | $109M | $149M | $120M | $197M |
| EPS (diluted) | $0.05 | $0.10 | $0.25 | $0.35 | $0.49 | $0.39 | $0.65 |
| Diluted shares | 275M | 285M | 309M | 313M | 303M | 305M | 302M |
| 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% |
Balance sheet
Fiscal years, from Dlocal's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $35M | $112M | $336M | $468M | $536M | $425M | $720M |
| Receivables | — | $73M | $191M | $240M | $363M | $497M | $572M |
| Total current assets | — | $195M | $530M | $768M | $1.0B | $1.1B | $1.4B |
| Property, plant and equipment | $192,000 | $913,000 | $2M | $3M | $3M | $3M | $4M |
| Total assets | — | $200M | $583M | $826M | $1.1B | $1.2B | $1.5B |
| Total current liabilities | — | $155M | $298M | $422M | $625M | $678M | $966M |
| Total liabilities | — | $155M | $303M | $427M | $629M | $682M | $972M |
| Shareholders' equity | $25M | $45M | $280M | $400M | $455M | $489M | $569M |
| Net debt | -$35M | -$112M | -$331M | -$468M | -$536M | -$425M | -$720M |
Cash flow
Fiscal years, from Dlocal's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $31M | $88M | $108M | $154M | $293M | -$33M | $415M |
| Capital spending | $2M | $4M | $48M | $12M | $18M | $23M | $37M |
| Free cash flow | $29M | $85M | $60M | $142M | $275M | -$55M | $379M |
| Stock-based compensation | $5M | $7M | $8M | $9M | $12M | $24M | $24M |
| Dividends paid | $10M | $15M | — | — | $0 | $0 | $150M |
| Share buybacks (net) | — | — | — | -$2M | -$98M | -$101M | — |
| Net borrowing | -$9M | — | $5M | -$5M | — | — | — |
| Free cash flow margin | 52.5% | 81.2% | 24.8% | 33.9% | 42.3% | -7.4% | 34.6% |
| Dividends per share | $0.04 | $0.05 | — | — | — | — | $0.50 |
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Open DLO in InvestinglyQuestions
What was Dlocal's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Dlocal generate?
$379M in fiscal 2025 (operating cash flow minus capital spending).
From Dlocal's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.