Revenue growth reached 54.9% in 2026Q1, though operating margins remain constrained at 15.9% due to rising costs associated with scaling global payment infrastructure.
| Sales/Revenue | 1.21B | 1.09B | 745.97M | 650.35M | 418.93M | 244.12M | 104.14M | 55.29M |
| Revenue Growth % | 55.81% | 46.6% | 14.7% | 55.24% | 71.61% | 134.41% | 88.36% | - |
| Cost of Goods Sold | 776.13M | 690.83M | 451.3M | 373.49M | 216.76M | 113.68M | 44.06M | 19.41M |
| COGS % of Revenue | - | 63.17% | 60.5% | 57.43% | 51.74% | 46.57% | 42.31% | 35.11% |
| Gross Profit | 436.56M | 402.76M | 294.67M | 276.86M | 202.17M | 130.44M | 60.08M | 35.88M |
| Gross Margin % | 36% | 36.83% | 39.5% | 42.57% | 48.26% | 53.43% | 57.69% | 64.89% |
| Gross Profit Growth % | - | 36.68% | 6.43% | 36.95% | 54.98% | 117.12% | 67.46% | - |
| Operating Expenses | 207.14M | 180.65M | 154.17M | 97.2M | 74.26M | 46.6M | 29.13M | 18.31M |
| OpEx % of Revenue | - | 16.52% | 20.67% | 14.95% | 17.73% | 19.09% | 27.97% | 33.12% |
| Selling, General & Admin | 136.08M | 114.96M | 99.16M | 84.17M | 50.46M | 44.15M | 24.7M | 15.92M |
| SG&A % of Revenue | - | 10.51% | 13.29% | 12.94% | 12.05% | 18.09% | 23.72% | 28.8% |
| Research & Development | 36.06M | 30.71M | 25.63M | 12.65M | 6.35M | 3.39M | 2M | 1.35M |
| R&D % of Revenue | - | 2.81% | 3.44% | 1.95% | 1.52% | 1.39% | 1.93% | 2.44% |
| Other Operating Expenses | 3.43M | 34.98M | 29.39M | 379K | 17.45M | -931K | 2.42M | 1.04M |
| Operating Income | 229.43M | 222.1M | 140.5M | 179.66M | 127.91M | 83.84M | 30.95M | 17.56M |
| Operating Margin % | 18.92% | 20.31% | 18.83% | 27.62% | 30.53% | 34.34% | 29.71% | 31.77% |
| Operating Income Growth % | - | 58.08% | -21.8% | 40.46% | 52.57% | 170.93% | 76.18% | - |
| EBITDA | 258.11M | 248.36M | 157.9M | 191.88M | 136.06M | 88.58M | 31.94M | 17.97M |
| EBITDA Margin % | 21.28% | 22.71% | 21.17% | 29.5% | 32.48% | 36.29% | 30.67% | 32.51% |
| EBITDA Growth % | 43.85% | 57.3% | -17.71% | 41.03% | 53.59% | 177.37% | 77.69% | - |
| D&A (Non-Cash Add-back) | 28.69M | 26.26M | 17.39M | 12.22M | 8.15M | 4.75M | 992K | 409K |
| EBIT | 233.86M | 228.91M | 151.52M | 179.09M | 120.46M | 85.64M | 31.44M | 17.85M |
| Net Interest Income | 11.13M | 5.32M | -21.43M | -39.23M | 17.94M | 2.01M | 376K | 187K |
| Interest Income | 39.33M | 26.25M | 28.27M | 49.59M | 18.11M | 2.56M | 443K | 217K |
| Interest Expense | 28.19M | 20.93M | 49.7M | 88.82M | 177K | 544K | 67K | 30K |
| Other Income/Expense | 3.85M | 6.55M | 10.52M | -1.14M | -7.63M | 1.66M | 473K | 259K |
| Pretax Income | 233.27M | 228.65M | 151.02M | 178.51M | 120.28M | 85.5M | 31.42M | 17.82M |
| Pretax Margin % | 19.24% | 20.91% | 20.24% | 27.45% | 28.71% | 35.02% | 30.17% | 32.24% |
| Income Tax | 41.1M | 31.75M | 30.55M | 29.43M | 11.59M | 7.65M | 3.23M | 2.22M |
| Effective Tax Rate % | 17.62% | 13.89% | 20.23% | 16.48% | 9.63% | 8.94% | 10.28% | 12.46% |
| Net Income | 192.15M | 196.8M | 120.42M | 148.96M | 108.68M | 77.88M | 28.18M | 15.6M |
| Net Margin % | 15.84% | 18% | 16.14% | 22.91% | 25.94% | 31.9% | 27.06% | 28.22% |
| Net Income Growth % | 28.67% | 63.43% | -19.16% | 37.06% | 39.56% | 176.31% | 80.64% | - |
| Net Income (Continuing) | 192.17M | 196.9M | 120.47M | 149.09M | 108.7M | 77.85M | 28.19M | 15.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 209K | 168K | 100K | 109K | -9K | -18K | -4K | 166K |
| EPS (Diluted) | 0.64 | 0.67 | 0.39 | 0.49 | 0.37 | 0.26 | 0.10 | 0.05 |
| EPS Growth % | 30.51% | 71.79% | -20.41% | 32.43% | 42.31% | 170.27% | 80.49% | - |
| EPS (Basic) | - | 0.67 | 0.39 | 0.51 | 0.37 | 0.26 | 0.10 | 0.05 |
| Diluted Shares Outstanding | 299.82M | 294.93M | 305.14M | 302.96M | 296.03M | 295.03M | 292.92M | 292.92M |
| Basic Shares Outstanding | 299.82M | 294.93M | 308.76M | 291.98M | 296.03M | 295.03M | 292.92M | 292.92M |
| Dividend Payout Ratio | - | 76.21% | - | - | - | - | 53.22% | 64.09% |
Emerging Market Regulatory Volatility
As reported in recent financial statements, DLO achieved a 54.9% year-over-year revenue growth in 2026Q1, signaling robust demand for its cross-border payment infrastructure despite the inherent volatility of its core emerging market jurisdictions and the ongoing shift toward larger, lower-margin global merchant accounts within the client base.
The acceleration in top-line growth suggests that the company is successfully capturing volume from Tier-1 global merchants, though this strategy appears to be driving a shift in the revenue mix. Investors should monitor whether this volume-led growth can be sustained without further diluting the take rate, as the reliance on high-volume, price-sensitive clients may limit future pricing power.
Based on the provided income statement data, gross margins have trended downward from 42.1% in 2024Q3 to 35.3% in 2026Q1, reflecting the increased cost of services and the competitive pricing environment associated with scaling operations across fragmented emerging market payment rails and diverse local payment methods.
The contraction in gross margins suggests that the company is sacrificing unit profitability to secure market share among larger global merchants. This trend warrants further investigation into whether the current margin level represents a new structural floor or if continued competitive intensity will necessitate further concessions on processing fees.
According to the quarterly income statement figures, operating margins have fluctuated significantly, reaching 15.9% in 2026Q1, which indicates that the company has yet to achieve consistent operating leverage as SG&A and R&D expenses scale alongside the rapid expansion of its global payment infrastructure and regulatory compliance footprint.
While revenue growth remains strong, the lack of clear operating margin expansion suggests that the business model requires significant ongoing investment in local regulatory licensing and operational support. This implies that the company's profitability is highly sensitive to the efficiency of its cost-to-serve, which may remain elevated as it enters new, complex jurisdictions.
Analysis of the reported net income reveals significant quarterly variability, with EPS dropping from $0.19 in 2025Q4 to $0.14 in 2026Q1, a trend influenced by fluctuating stock-based compensation expenses and the impact of non-operating items inherent in cross-border financial services across volatile emerging market currencies.
The inconsistency in bottom-line performance suggests that investors should look past headline EPS to understand the underlying cash-generating capability of the business. The presence of periodic stock-based compensation charges may indicate a reliance on equity-based incentives to retain talent, which could continue to create noise in reported net income figures.
Quick answers to the most common questions about buying DLO stock.
For fiscal year 2025, DLocal Limited (DLO) reported total revenue of $1.09B. This represents a 1877.9% increase compared to $55.3M in 2019.
DLocal Limited (DLO) is profitable, generating $196.8M in net income for the fiscal year ending 2025 with a net profit margin of 18.0%.
DLocal Limited (DLO) reported an operating income of $222.1M, resulting in an operating profit margin of 20.3%. This margin reflects the operational efficiency of the business before interest and taxes.
DLocal Limited (DLO) generated $402.8M in gross profit for the year, representing a gross profit margin of 36.8%. This demonstrates the company's core pricing power and production efficiency.