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Credit services · Financial Services · Fiscal year ends Dec 31
dLocal reported revenue of $1.1B in the fiscal year ended Dec 2025, up 46.6% from the year before. Operating income was $220M, an operating margin of 20.1%, and net income was $197M. Operating cash flow of $415M less capital expenditure of $2M left free cash flow of $413M. It held more cash than debt (net cash $633M).
Ranks among the 35 credit services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 244 | 419 | 650 | 746 | 1,094 |
| Cost of revenue | 114 | 217 | 373 | 451 | 691 |
| Gross profit | 130 | 202 | 277 | 295 | 403 |
| Research & development | 3.4 | 6.3 | 12.7 | 25.6 | 30.7 |
| Operating income | 83.8 | 128 | 180 | 141 | 220 |
| Interest expense | 0.5 | 24.7 | 117 | 49.7 | 27.9 |
| Pre-tax income | 85.5 | 120 | 179 | 151 | 229 |
| Income tax | 7.6 | 11.6 | 29.4 | 30.6 | 31.8 |
| Net income | 77.9 | 109 | 149 | 120 | 197 |
| Diluted EPS | 0.25 | 0.35 | 0.49 | 0.39 | 0.65 |
| Diluted shares | 309 | 313 | 303 | 305 | 302 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 336 | 468 | 536 | 425 | 720 |
| Receivables | 191 | 240 | 363 | 497 | 572 |
| Current assets | 530 | 768 | 1,016 | 1,073 | 1,421 |
| Net PP&E | 2.5 | 2.7 | 2.9 | 3.4 | 4.0 |
| Total assets | 583 | 826 | 1,084 | 1,171 | 1,541 |
| Payables | 277 | 408 | 602 | 598 | 854 |
| Current liabilities | 298 | 422 | 625 | 678 | 966 |
| Short-term debt | 5.0 | – | – | – | – |
| Long-term debt | −0.0 | – | 0.0 | 39.8 | 86.7 |
| Total liabilities | 303 | 427 | 629 | 682 | 972 |
| Shareholders' equity | 280 | 400 | 455 | 489 | 569 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 108 | 154 | 293 | −32.8 | 415 |
| Capital expenditure | 1.9 | 1.0 | 1.0 | 1.7 | 2.3 |
| Free cash flow | 107 | 153 | 292 | −34.5 | 413 |
| Depreciation & amortisation | 4.7 | 8.1 | 12.2 | 17.2 | 26.3 |
| Stock-based compensation | 7.6 | 8.7 | 11.9 | 23.8 | 24.1 |
| Share buybacks | – | 2.0 | 97.9 | 101 | – |
| Dividends paid | – | – | 0.0 | 0.0 | 150 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 71.6% | 55.2% | 14.7% | 46.6% |
| Operating income growth (YoY) | – | 52.6% | 40.5% | −21.8% | 56.5% |
| EPS growth (YoY) | – | 40.0% | 40.0% | −20.4% | 66.7% |
| Gross margin | 53.4% | 48.3% | 42.6% | 39.5% | 36.8% |
| Operating margin | 34.3% | 30.5% | 27.6% | 18.8% | 20.1% |
| Net margin | 31.9% | 25.9% | 22.9% | 16.1% | 18.0% |
| Return on equityBlank when equity is negative | 27.8% | 27.2% | 32.8% | 24.6% | 34.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 29.5% | 31.7% | 39.1% | 28.5% | 38.2% |
| Free cash flow margin | 43.6% | 36.6% | 45.0% | −4.6% | 37.8% |
| Cash conversion (CFO ÷ net income) | 1.39x | 1.42x | 1.97x | −0.27x | 2.11x |
| Receivable days | 286 | 209 | 204 | 243 | 191 |
| Payable days | 890 | 687 | 589 | 483 | 451 |
| Interest cover | 154x | 5.19x | 1.54x | 2.83x | 7.89x |
| Debt ÷ equity | 0.02x | – | 0.00x | 0.08x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −331 | – | −536 | −385 | −633 |
| Current ratio | 1.77x | 1.82x | 1.63x | 1.58x | 1.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.