dLocal Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data dLocal Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	55.3	104	244	419	650	746	1,094
Cost of revenue	19.4	44.1	114	217	373	451	691
Gross profit	35.9	60.1	130	202	277	295	403
Research and development	1.35	2.01	3.39	6.35	12.7	25.6	30.7
Operating income	17.6	30.9	83.8	128	180	141	220
Interest expense	0.03	0.07	0.54	24.7	117	49.7	27.9
Interest income	0.28	0.5	2.54	18.1	128	66.9	40.8
Pre-tax income	17.8	31.4	85.5	120	179	151	229
Income tax	2.22	3.23	7.65	11.6	29.4	30.6	31.8
Income from continuing operations	15.6	28.2	77.9	109	149	120	197
Net income to minority interests		0	-0.02	0.01	0.12	0.05	0.1
Net income	15.6	28.2	77.9	109	149	120	197
EBITDA	18	31.9	88.6	136	192	158	246
EPS, basic	0.06	0.10	0.27	0.37	0.51	0.42	0.68
EPS, diluted	0.05	0.10	0.25	0.35	0.49	0.39	0.65

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	34.8	112	336	468	536	425	720
Receivables		72.8	191	240	363	497	572
Total current assets		195	530	768	1,016	1,073	1,421
Property, plant and equipment	0.19	0.91	2.49	2.73	2.92	3.38	3.99
Lease right-of-use assets		0.19	3.92	3.93	3.69	3.65	3
Intangible assets		4.15	47	51.4	57.9	63.3	74
Total assets		200	583	826	1,084	1,171	1,541
Accounts payable		143	277	408	602	598	854
Short-term debt			5.01
Total current liabilities		155	298	422	625	678	966
Lease liabilities		0.02	3.43	3.39	3.33	2.86	2.31
Total liabilities		155	303	427	629	682	972
Total debt			5		0	39.8	86.7
Paid-in capital			157	164	173	187	7.1
Retained earnings	18.5	31.7	110	220	370	490	535
Shareholders' equity		45.1	280	400	455	489	569
Minority interests		-0	-0.02	-0.01	0.11	0.1	0.17
Total equity	24.5	45	280	400	455	489	569
Total liabilities and equity		200	583	826	1,084	1,171	1,541

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	15.6	28.2	77.9	109	149	120	197
Depreciation and amortization	0.41	0.99	4.75	8.15	12.2	17.2	26.3
Cash from operations	30.7	88.5	108	154	293	-32.8	415
Capital expenditures	-0.15	-0.88	-1.95	-0.99	-0.97	-1.71	-2.28
Cash from investing	0.12	3.65	-37.9	4.31	-84.7	-17.8	5.31
Debt issued			5	14.8
Debt repaid	-9.17			-20
Stock issued	0.01		63.2		0	50.4	51.8
Share buybacks				-2.02	-97.9	-101
Dividends paid	-10	-15			0	0	-150
Cash from financing	-19.3	-15.2	154	-27.3	-134	-68.6	-121
Exchange rate effect	-0.04	0.03	0.17	0.47	-6.85	8.14
Net change in cash					-6.85	8.14	-4.97
Free cash flow	30.6	87.6	107	153	292	-34.5	413
Income taxes paid					11.5	28.7	27

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.8%	Gross profit / revenue.
Operating margin	20.1%	Operating income / revenue.
EBITDA margin	22.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.9%	Pre-tax income / revenue.
Net margin	18.0%	Net income / revenue.
FCF margin	37.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.0%	Cash from operations / revenue.
Effective tax rate	13.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	37.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.5%	Net income / average total assets.
Return on invested capital (ROIC)	957.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.8%	Research and development expense / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	46.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	37.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	60.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	36.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	46.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	56.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	48.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	56.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	50.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	63.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	21.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	47.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	66.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	45.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	39.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	36.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	39.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	36.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	66.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	50.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.47x	Current assets / current liabilities.
Quick ratio	1.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.6%	Total debt / total assets.
Liabilities / assets	63.0%	Total liabilities / total assets.
Net debt	-$633.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.89x	Operating income / interest expense.
Working capital	$454.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$495.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	297x	Revenue / average property, plant and equipment.
Receivables turnover	2.05x	Revenue / average receivables.
Days sales outstanding	178 days	365 x average receivables / revenue.
Days payables	384 days	365 x average accounts payable / cost of revenue.
FCF conversion	209.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.65	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.68	Net income per basic share, as reported (split-adjusted).
Payout ratio	76.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	36.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.15B	Share price x shares outstanding.
Enterprise value	$3.52B	Market cap + total debt - cash - short-term investments.
P/E	21.1x	Market cap / net income. Only when net income is positive.
P/S	3.80x	Market cap / revenue.
P/B	7.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.38x	Market cap / tangible book value, when positive.
P/FCF	10.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.00x	Market cap / cash from operations, when positive.
EV/Sales	3.22x	Enterprise value / revenue.
EV/EBIT	16.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.52x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.9%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.6%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.92x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was dLocal Ltd's revenue in fiscal 2025?

dLocal Ltd reported revenue of $1.09B for fiscal 2025, 46.6% higher than the year before.

Was dLocal Ltd profitable in fiscal 2025?

Yes. Net income was $196.8M, a net margin of 18%.

How much free cash flow did dLocal Ltd generate in fiscal 2025?

Cash from operations of $415.5M minus capital expenditures of $2.3M left free cash flow of $413.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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