dLocal: Strong Metrics
dLocal reported 60%+ growth and a striking 158% TPV retention rate, and the company says it remains cash‑generative despite margin pressure from large‑client deals — news that pushed a +10% move in sentiment on March 19 (x.com). The update was highlighted by investors on social as evidence the cross‑border payments player is maintaining growth leverage (x.com).
dLocal said annual TPV reached about $41 billion and annual revenue exceeded $1 billion for the first time, figures released with its Q4/2025 results. (d3r2gobaqkqkis.cloudfront.net) Adjusted EBITDA for the year rose into the high‑hundreds of millions (reported adjusted EBITDA was $278 million) while net income also expanded materially versus the prior year. (marketchameleon.com) The company reported free cash flow of roughly $191 million and a cash‑conversion ratio near 97%, and it finished the quarter with about $720 million in cash and equivalents. (marketchameleon.com) Management acknowledged “natural margin pressure” as large merchants scale and benefit from volume‑based pricing, with gross‑profit margin down several percentage points year‑over‑year. (marketbeat.com) dLocal unveiled a $300 million share‑repurchase program and flagged an expected dividend near $57 million for the period, actions investors pointed to as supporting sentiment and driving an intraday rally after the print. (newsbreak.com) For 2026 the company guided TPV growth in a mid‑to‑high double‑digit range (management gave a TPV growth target window of roughly 50%–60%) and forecast gross‑profit expansion of about 22.5%–27.5% as it continues to scale across new countries and payment methods. (marketbeat.com)
