dLocal Limited reported fourth‑quarter 2025 results that surpassed consensus expectations, with revenue reaching $337.9 million—an increase of 65% from the $204.5 million reported in Q4 2024. Earnings per share were $0.18, matching the $0.18 consensus estimate and representing a $0.08 increase over the $0.10 EPS recorded in the prior year’s quarter.
Total payment volume (TPV) hit a record $13.1 billion, up 70% from the $7.8 billion reported in Q4 2024. The growth reflects continued expansion of dLocal’s merchant network across emerging markets, reinforcing the company’s position as a leading cross‑border payment platform.
Gross profit margin contracted to 34% from 41% in the same quarter last year, a compression attributed to volume‑based pricing pressure as the company scales with larger merchants. The margin decline is offset by strong revenue growth, but it signals the need for continued pricing discipline as the business expands.
Management guided for 2026 TPV growth of 50%–60% and gross profit growth of 22.5%–27.5%, indicating confidence in sustained demand and operational leverage. The guidance follows a record TPV and revenue performance, and it signals that the company expects to maintain its growth trajectory while managing margin pressures.
dLocal declared a cash dividend of $57.2 million, or $0.1939 per share, and announced a new share‑repurchase program of up to $300 million to be executed through March 2027, underscoring management’s commitment to returning value to shareholders.
"Our flywheel is accelerating: high growth in a massive and expanding TAM, strong customer loyalty and retention, a growing capacity to innovate, and an asset‑light, high‑cash‑conversion financial model," said CEO Pedro Arnt. Investors responded favorably to the revenue beat and the optimistic 2026 outlook, citing the company’s ability to capture market share in emerging‑market payment infrastructure and its disciplined capital allocation strategy.
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