dLocal Ltd. · Q1 2026 earnings

Briefing

dLocal Q1 2026: TPV tops $14B (+73% y/y) as revenue reaches $336M and gross profit hits a record

dLocal reported Q1 2026 total payment volume of $14.1 billion, up 73% year over year and 7% sequentially, marking six straight quarters of 50%+ TPV growth. Revenue was $335.9 million (+55% y/y, flat q/q) with record gross profit of $118.7 million (+40% y/y) at a 35% gross margin. Operating profit was $52.8 million as reported, or $57.2 million excluding a $9.7 million one-off prior-period tax adjustment tied to installment products in certain markets. Net income was $41.9 million ($0.14 diluted EPS), or $51.6 million ($0.17 adjusted EPS) excluding the tax item; adjusted free cash flow was $14.7 million on temporary working-capital timing. CEO Pedro Arnt said the cross-border payments thesis remains intact with strong momentum across emerging markets and an expanding product roadmap.

• TPV reached $14.1B (+73% y/y), the first quarter above $14B, with revenue of $335.9M (+55% y/y).
• Gross profit hit a record $118.7M at 35% margin; operating profit was $57.2M excluding a $9.7M prior-period tax adjustment.
• Reported net income was $41.9M ($0.14 EPS); adjusted net income was $51.6M ($0.17 EPS) excluding the tax item.
• Adjusted free cash flow was $14.7M, down on temporary receivable and tax-credit timing expected to normalize.
• Corporate cash and cash equivalents totaled $451.8M; total cash was $815.6M at March 31.

Headline financials

Revenue & EPS history

Management said full-year guidance is unchanged and expects operating leverage to improve in the second half of 2026 as elevated OPEX from late-2025 investments moderates.