DL

DLocal Limited Class A Common Shares Earnings Recaps

DLO Industrials 3 recaps
Next earnings: November 18, 2026 (estimated) · full calendar
Q2 2026 Aug 15, 2026

Shares declined 0.8% following the quarter as investors likely digested the cautious outlook and the expectation of decelerating growth given the company’s comments about increasingly difficult comparisons ahead and front-loaded investments weighing on cost structure improvements.

Key takeaways
  • Total Payment Volume (TPV) grew 92% year-over-year to $17.7 billion, marking the highest growth rate since early 2022.
  • Net revenue retention remained elevated at 153%, continuing a strong trend of merchant relationship depth.
  • Gross profit increased 29% year-over-year to $127 million, achieving an annualized run rate exceeding $500 million.
  • Operating profit margin improved by 6 percentage points quarter-over-quarter to 50%, with further operating leverage expected in H2 as AI and automation investments begin delivering cost benefits.
  • Management highlighted challenges ahead due to tougher comps and ongoing investments, underscoring a cautious outlook on near-term growth dynamics.
Full recap
Q1 2026 May 15, 2026

dLocal’s shares rose 4.0% following the earnings release, reflecting investor approval of sustained TPV growth and strong market positioning, despite some early quarter caution around margin progression.

Key takeaways
  • Processed total payment volume (TPV) surpassed $47 billion on a trailing 12-month basis, marking nearly a decade of consistent compounding growth (~90% CAGR).
  • Expanded geographic footprint to more than 60 countries with 38 active licenses and 16 additional license applications pending.
  • Maintained broad vertical diversification, with all verticals growing year-over-year, including high-growth areas such as remittances and ride-hailing.
  • Strong local payment method adoption continues to drive conversion rates, including up to 20 percentage points uplift versus international card processing.
  • Deepened merchant relationships with key clients expanding usage across multiple countries and product lines, underpinning long-term, scalable growth.
Full recap
Q3 2025 Nov 14, 2025

dLocal reported a record Q3 2025 with Total Payment Volume (TPV) exceeding $10 billion and gross profit surpassing $100 million, reflecting robust growth and strategic diversification across emerging markets.

Key takeaways
  • TPV grew nearly 60% YoY, marking the fourth consecutive quarter of growth above 50%, driven by strong performance in Brazil and Colombia.
  • Gross profit increased by 32% YoY, reaching $103 million, supported by solid volume growth despite challenges in Argentina and Mexico.
  • Adjusted EBITDA stood at $72 million, representing a healthy 70% of gross profit, with net income benefiting from lower finance costs linked to reduced exposure to Argentine peso bonds.
  • Net Revenue Retention (NRR) surged to 149%, indicating strong customer loyalty and ongoing upsell opportunities within the existing merchant base.
  • Continued investment in emerging payment solutions, including Buy Now, Pay Later and crypto corridors, positions dLocal as a leader in simplifying financial infrastructure for merchants across over 40 markets.
Full recap

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