Jun 2026 (Q2 FY26) — Aug 13, 2026
dLocal Q2 FY26 — Record TPV Growth and Operating Leverage Improvement
Read the full calldLocal (DLO) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
dLocal earnings: last reported Thu, 13 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
6 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Buy Now Pay Later Fuse - country coverage | live in 6 countries with 2 more to follow shortly | Sep 2025 | our buy now, pay later offering continues to expand and improve and is now live in eight markets | Achieved |
| Full-year 2026 gross profit growth | 22.5% to 27.5% year-over-year | Dec 2025 | we are also raising our gross profit growth guidance to 25% to 30% year-over-year | Revised Up |
| 2026 headcount - no significant additions | no significant head count additions in 2026 | Dec 2025 | Headcount remained broadly stable sequentially, while gross profit per employee increased. From here, we don't expect material increases in headcount this year. | On Track |
1 of dLocal Ltd's 19 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
- TPV reached $17.7 billion, accelerating to 92% year-over-year, the highest growth rate since Q1 2022.
- Net revenue retention was 153%, the fifth straight quarter above 140%.
- Gross profit hit $127 million, up 29% year-on-year.
- Operating profit as a percentage of gross profit increased 6 percentage points quarter-over-quarter to 50%.
- Adjusted free cash flow conversion was 86% of net income in the first half of the year.
Qualified
- Mexico gross profit was modestly lower sequentially due to mix shift and large merchant ramp-ups reaching final pricing tiers.
- Africa and Asia gross profit was down sequentially due to a lower share of higher spread markets.
- Annual operating profit guidance maintained due to a non-recurring prior year tax item and FX headwinds not expected in the original forecast.
- Potential upward pressure on the effective tax rate starting in 2027 due to OECD's Pillar 2 framework.
Price
$15.1 +2.79% · +$0.41
Performance −3.7% 1Y
1Y: $15.68 on 14 Oct 2025 → $15.1. High $15.83 (15 Oct 2025), low $11.01 (15 May 2026).
- Previous close
- $14.69
- 52-week range
- $11.01 – $15.83
- One year
- −4.61%
Overview
- Symbol
- DLO
- Sector
- Industrials
- Industry
- Services-Business Services, NEC
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 7 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Buy Now Pay Later Fuse - country coverage | live in 6 countries with 2 more to follow shortly | Sep 2025 | our buy now, pay later offering continues to expand and improve and is now live in eight markets | Achieved |
| Full-year 2026 gross profit growth | 22.5% to 27.5% year-over-year | Dec 2025 | we are also raising our gross profit growth guidance to 25% to 30% year-over-year | Revised Up |
| 2026 headcount - no significant additions | no significant head count additions in 2026 | Dec 2025 | Headcount remained broadly stable sequentially, while gross profit per employee increased. From here, we don't expect material increases in headcount this year. | On Track |
Claimed
- TPV reached $17.7 billion, accelerating to 92% year-over-year, the highest growth rate since Q1 2022.
- Net revenue retention was 153%, the fifth straight quarter above 140%.
- Gross profit hit $127 million, up 29% year-on-year.
- Operating profit as a percentage of gross profit increased 6 percentage points quarter-over-quarter to 50%.
- Adjusted free cash flow conversion was 86% of net income in the first half of the year.
Qualified
- Mexico gross profit was modestly lower sequentially due to mix shift and large merchant ramp-ups reaching final pricing tiers.
- Africa and Asia gross profit was down sequentially due to a lower share of higher spread markets.
- Annual operating profit guidance maintained due to a non-recurring prior year tax item and FX headwinds not expected in the original forecast.
- Potential upward pressure on the effective tax rate starting in 2027 due to OECD's Pillar 2 framework.
The full ledger
Open dLocal Ltd’s full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 14, 2026
DLocal Q1 FY26 — Strong TPV Growth and Strategic Vertical Expansion
Read the full callDec 2025 (Q4 FY25) — Mar 18, 2026
DLocal Q4 FY25 — Record TPV and Revenue, Strong Cash Generation, and New Share Buyback Program
Read the full callEvery analysed call
dLocal earnings calls (DLO)
Financials
What the filings say
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Total liabilities | — | 155 | 303 | 427 | 629 | 682 | 972 |
| Fixed assets | 0 | 1 | 2 | 3 | 3 | 3 | 4 |
| Total assets | — | 200 | 583 | 826 | 1,084 | 1,171 | 1,541 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 31 | 88 | 108 | 154 | 293 | -33 | 415 |
| Cash from investing | 0 | 4 | -38 | 4 | -85 | -18 | 5 |
| Cash from financing | -19 | -15 | 154 | -27 | -134 | -69 | -121 |
| Net cash flow | — | — | — | — | -7 | 8 | -5 |
| Capital expenditure | -0 | -1 | -2 | -1 | -1 | -2 | -2 |
| Free cash flow | 31 | 88 | 107 | 153 | 292 | -34 | 413 |
DLO operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Payments volume | $13B+TPV surpassed $13 billion for the quarter, growing 70% year-on-year and 26% quarter-on-quarter.Source: earnings call transcript | $14.1BTPV reached $14.1 billion in Q1, up 73% year-on-year and 7% quarter-on-quarter, our sixth consecutive quarter above 50% growth, and that's a number we're very proud of.Source: earnings call transcript | $17.7BTPV reached $17.7 billion, accelerating to 92% year-over-year, the highest growth rate since the first quarter of 2022.Source: earnings call transcript | +25.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
13 filings between Apr 1, 2026 and Aug 5, 2026.
Open market
decisions to buy or sellPurchases
$237.0K
1 purchase by 1 insider
Sales
$16.23M
4 sales by 1 insider
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 2
- Award — granted as compensation
Also filed: 4 conversions, 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kanovich Sebastian | — | $16.23M | Aug 5, 2026 |
| Pruett William Rodney | $237.0K | — | May 29, 2026 |
Latest filings (13)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 5, 2026 | Kanovich Sebastian Director | Conversion 10b5-1 plan | 72,753 | — |
| Aug 5, 2026 | Kanovich Sebastian Director | Sale 10b5-1 plan | 72,753 | $1.13M |
| Aug 4, 2026 | Kanovich Sebastian Director | Conversion 10b5-1 plan | 4,700 | — |
| Aug 4, 2026 | Kanovich Sebastian Director | Sale 10b5-1 plan | 4,700 | $72.8K |
| Jul 7, 2026 | Kanovich Sebastian Director | Conversion 10b5-1 plan | 25,700 | — |
| Jul 7, 2026 | Kanovich Sebastian Director | Sale 10b5-1 plan | 25,700 | $398.4K |
| Jul 1, 2026 | Kanovich Sebastian Director | Sale 10b5-1 plan | 1,000,000 | $14.63M |
| Jul 1, 2026 | Kanovich Sebastian Director | Conversion 10b5-1 plan | 1,000,000 | — |
| May 29, 2026 | Pruett William Rodney Director | Purchase | 20,000 | $237.0K |
| May 27, 2026 | Bielsky Hyman K Director | Gift | 884,249 | $0 |
| May 27, 2026 | Bielsky Hyman K Director | Gift | 884,249 | $0 |
| Apr 1, 2026 | Vieira Santos e Santos Gabriela Chief Legal Officer | Award | 40,329 | $0 |
| Apr 1, 2026 | Almeida Rodriguez Alberto Emmanuel Chief Technology Officer | Award | 40,329 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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