DLO on Nasdaq

dLocal

Logo: dlocal.com4

Uruguayan financial technology company

dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$1.1BRevenue, fiscal 20255
$196.9MNet income, fiscal 20255

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  • TickerDLO on Nasdaq1
  • Industryfintech1
  • HeadquartersE91
  • Websitewww.dlocal.com
  • Incorporated inCayman Islands6
  • Business addressDr. Luis Bonavita, 1294, Montevideo, X3 113006
  • Filer categoryLarge accelerated filer6

dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

36.8%Gross margin5
20.1%Operating margin5
18.0%Net margin5
46.6%Revenue growth, 20255
34.6%Return on equity5
$413.2MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

Other Countries brought in 30% of the revenue dLocal broke down this way in fiscal 2025.

  1. Other Countries$322.8M530%up 84% from 2024
  2. BRMember$207.2M519%up 36% from 2024
  3. Mexico$183.0M517%up 23% from 2024
  4. AR$161.1M515%up 89% from 2024
  5. Non Latin American Segment Other Countries$159.7M515%up 78% from 2024
  6. EG$59.7M55%down 36% from 2024
Regions by year
Regions202320242025
Other Countries$141.7M$175.5M$322.8M
BRMember$159.0M$152.0M$207.2M
Mexico$116.8M$149.2M$183.0M
AR$75.1M$85.5M$161.1M
Non Latin American Segment Other Countries$121.0M$89.8M$159.7M
EG$36.7M$94.0M$59.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue63¢$690.8M
  • Research and development3¢$30.7M
  • Other costs11¢$115.5M
  • Interest3¢$27.9M
  • Income tax3¢$31.8M
  • Profit18¢$196.9M

Out of $1.1B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$2.3M
  • Dividends paid36¢$150.0M
  • Kept or used elsewhere63¢$263.2M

Out of $415.5M of cash from operations.5

Financial statements

Revenue8910115$1.1B in 2025+1878% since 2019
0$500.0M$1.0B$1.5B2019: $55.3M$55.3M20192020: $104.1M$104.1M2020+88%2021: $244.1M$244.1M2021+134%2022: $418.9M$418.9M2022+72%2023: $650.4M$650.4M2023+55%2024: $746.0M$746.0M2024+15%2025: $1.1B$1.1B2025+47%
Gross profit8910115$402.8M in 2025+1023% since 2019
0$200.0M$400.0M$600.0M2019: $35.9M$35.9M20192020: $60.1M$60.1M2020+67%2021: $130.4M$130.4M2021+117%2022: $202.2M$202.2M2022+55%2023: $276.9M$276.9M2023+37%2024: $294.7M$294.7M2024+6%2025: $402.8M$402.8M2025+37%
Operating income8910115$219.9M in 2025+1152% since 2019
0$100.0M$200.0M$300.0M2019: $17.6M$17.6M20192020: $30.9M$30.9M2020+76%2021: $83.8M$83.8M2021+171%2022: $127.9M$127.9M2022+53%2023: $179.7M$179.7M2023+40%2024: $140.5M$140.5M2024−22%2025: $219.9M$219.9M2025+57%
Net income8910115$196.9M in 2025+1162% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $15.6M$15.6M20192020: $28.2M$28.2M2020+81%2021: $77.9M$77.9M2021+176%2022: $108.7M$108.7M2022+40%2023: $149.1M$149.1M2023+37%2024: $120.5M$120.5M2024−19%2025: $196.9M$196.9M2025+63%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$1.1B$746.0M$650.4M
Cost of sales-$690.8M-$451.3M-$373.5M
Gross profit$402.8M$294.7M$276.9M
Research and development expense-$30.7M-$25.6M-$12.7M
Sales and marketing expense-$26.5M-$21.6M-$17.1M
General and administrative expense-$118.8M-$101.2M-$70.6M
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9-$2.2M-$440.0K$3.1M
Other gains (losses)-$4.7M-$5.3M$0
Profit (loss) from operating activities$219.9M$140.5M$179.7M
Finance income$40.8M$66.9M$128.2M
Finance costs-$27.9M-$49.7M-$116.8M
Gains (losses) on net monetary position-$4.2M-$6.7M-$12.5M
Other results$8.7M$10.5M-$1.1M
Profit (loss) before tax$228.7M$151.0M$178.5M
Tax income (expense)-$31.8M-$30.6M-$29.4M
Profit (loss)$196.9M$120.5M$149.1M
Profit (loss), attributable to owners of parent$196.8M$120.4M$149.0M
Profit (loss), attributable to non-controlling interests$101.0K$53.0K$122.0K
Basic earnings (loss) per share$0.68$0.42$0.51
Diluted earnings (loss) per share$0.65$0.39$0.49
Exchange difference on translation on foreign operations$5.0M-$11.2M-$7.7M
Total other comprehensive income$5.0M-$11.2M-$7.7M
Total Comprehensive Income for the year$201.9M$109.3M$141.4M

Compare dLocal with another company

Corporate structure

dLocal sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of dLocal

  • GENERAL ATLANTIC, L.P. Filed SCHEDULE 13D/A on dLocal, latest Aug 19, 2026 (6 filings since Feb 11, 2022)
  • Alberto Eduardo Azar Filed SCHEDULE 13G/A on dLocal, latest May 4, 2026 (3 filings since Feb 11, 2022)
  • Balague Emiliano Sebastian Fernandez Filed SCHEDULE 13G/A on dLocal, latest Feb 14, 2025 (3 filings since Sep 7, 2022)
  • Kaplan Sergio Enrique Fogel Filed SCHEDULE 13G/A on dLocal, latest Feb 14, 2025 (3 filings since Feb 11, 2022)
  • FMR LLC Filed SC 13G/A on dLocal, latest Nov 12, 2024 (4 filings since Feb 9, 2022)
  • Bay Andres Bzurovski Filed SC 13G/A on dLocal, latest Feb 8, 2024 (2 filings since Feb 11, 2022)
  • Sebastian Kanovich Filed SC 13G/A on dLocal, latest Feb 21, 2023 (2 filings since Feb 14, 2022)
  • dLocal E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What dLocal reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$4.0M5 Dec 31, 2025$3.4M5 Dec 31, 2024+18.0%
Operating-lease assets (leased space)$3.0M5 Dec 31, 2025$3.6M5 Dec 31, 2024−17.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$719.9M5 Dec 31, 2025$425.2M5 Dec 31, 2024+69.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$74.0M5 Dec 31, 2025$63.3M5 Dec 31, 2024+16.8%

The story

Established in 2016 as a startup, soon it became the first Uruguayan unicorn. The company has offices in Montevideo, São Paulo, San Francisco, London, Tel Aviv and Shenzhen.

As of 3 June 2021, dLocal went public, reaching a stock market valuation of US$9.5 billion. It is listed at Nasdaq, being the second Uruguayan company in history to reach Wall Street after Starmedia in the 1990s.

In 2021, dLocal acquired payments provider PrimeiroPay for $40 million.

In June 2025, dLocal announced plans to acquire AZA Finance, an African payments provider, for a reported $150 million.

In January 2025, dLocal secured an Authorised Payment Institution license from the United Kingdom's Financial Conduct Authority, enabling the company to onboard UK merchants through its local entity, dLocal Opco UK.

In January 2026, dLocal announced Asia as a strategic priority for expansion, with plans to hire dozens of employees and secure additional regulatory licenses in key markets including Vietnam and Thailand.

Their founders, Andrés Bzurovski and Sergio Fogel, are among the 2,000 richest people in the world, according to Forbes.

From Wikipedia’s article on DLocal, shared under CC BY-SA 4.0.7

Leadership

Who has led dLocal, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Pedro Arnt2026–now

Chief financial officer

  1. Perez Guillermo Lopez2026–now

Chief operating officer

  1. Carlos Javier Menendez2026–now
Board members and other officers (12)

Timeline

  1. Mar 18, 2026New chief executive Pedro Arnt becomes CEO12

Calendar

Coming up

  1. Nov 12, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.17 a share, on Nov 12, 2025.26

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

131 filings to the SEC since October 2021: 5 annual reports, 23 insider forms, 23 large holders, 80 other. The latest 20:

  1. Aug 19, 2026SCHEDULE 13D/A EDGAR
  2. Aug 17, 2026144 EDGAR
  3. Aug 13, 20266-K EDGAR
  4. Aug 11, 20264 EDGAR
  5. Aug 10, 20263/A EDGAR
  6. Aug 5, 2026144 EDGAR
  7. Aug 4, 2026144 EDGAR
  8. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  9. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  10. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 7, 2026144 EDGAR
  12. Jul 2, 20264 EDGAR
  13. Jul 1, 2026144 EDGAR
  14. Jun 2, 20264 EDGAR
  15. May 29, 20264 EDGAR
  16. May 14, 20266-K EDGAR
  17. May 4, 2026SCHEDULE 13G/A EDGAR
  18. May 1, 2026144 EDGAR
  19. Apr 20, 20266-K EDGAR
  20. Mar 20, 20263/A EDGAR

The 131 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 1 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 5, 2026Kanovich SebastianDirectorSale72,753$15.54$1.1MForm 4
Aug 4, 2026Kanovich SebastianDirectorSale4,700$15.50$72.8KForm 4
Jul 7, 2026Kanovich SebastianDirectorSale25,700$15.50$398.4KForm 4
Jul 1, 2026Kanovich SebastianDirectorSale1,000,000$14.63$14.6MForm 4
May 29, 2026Pruett William RodneyDirectorBuy20,000$11.85$237.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • GENERAL ATLANTIC, L.P.SCHEDULE 13D/A, 6 filings Feb 11, 2022 to Aug 19, 202627
  • Alberto Eduardo AzarSCHEDULE 13G/A, 3 filings Feb 11, 2022 to May 4, 202628
  • Balague Emiliano Sebastian FernandezSCHEDULE 13G/A, 3 filings Sep 7, 2022 to Feb 14, 202529
  • Kaplan Sergio Enrique FogelSCHEDULE 13G/A, 3 filings Feb 11, 2022 to Feb 14, 202530
  • FMR LLCSC 13G/A, 4 filings Feb 9, 2022 to Nov 12, 202431
  • Bay Andres BzurovskiSC 13G/A, 2 filings Feb 11, 2022 to Feb 8, 202432
  • Sebastian KanovichSC 13G/A, 2 filings Feb 14, 2022 to Feb 21, 202333

SEC filer profile

How dLocal is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARdLocal Ltd2
  • CIK0001846832
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company34
  • Incorporated inCayman Islands34
  • Fiscal year endsDecember 312
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business addressDr. Luis Bonavita, 1294, Montevideo, X3 113002
  • Phone598-9921-21462
  • Shares outstanding294,931,956 shares as of Dec 31, 202534
  • AuditorPrice Waterhouse & Co. S.R.L., Buenos Aires, Argentina PCAOB ID 1349; it also attests to the company’s internal control over financial reporting34
  • On EDGAR sinceMar 2, 20212
  • Filings155 in all: 6-K (54), 3 (14), 144 (11), CORRESP (10), SC 13G/A (9), 4 (7), SC 13G (7), UPLOAD (7)2
    All 27 form types

    20-F (5), DRSLTR (3), SCHEDULE 13G/A (3), 3/A (2), 424B1 (2), 424B3 (2), DRS (2), EFFECT (2), F-1 (2), F-1/A (2), S-8 (2), SCHEDULE 13D/A (2), 8-A12B (1), CERT (1), DRS/A (1), F-1MEF (1), F-3ASR (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (20-F) Mar 18, 2026

Securities registered for trading

ClassSymbolExchange
Class A common shares, par value US$0.002 per shareDLONasdaq Global Select Market

From the cover page of the 20-F filed Mar 18, 2026 (Section 12(b) of the Exchange Act).34

Sources

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