dLocal Ltd. · Q2 2025 earnings

Briefing

dLocal Q2 2025: TPV hits $9.2B as revenue surges 50% to $256M

dLocal reported Q2 2025 results with total payment volume reaching a record $9.2 billion, up 53% year-over-year (65% in constant currency). Revenue grew 50% to $256.5 million from $171.3 million, with gross profit up 42% to $98.9 million. Adjusted EBITDA rose 64% to $70.1 million with a 27% margin, and the Adjusted EBITDA-to-gross-profit ratio reached 71% for the fifth consecutive quarter of improvement. Net income was $42.8 million, or $0.15 per basic share, compared to $46.2 million and $0.16 in Q2 2024 (prior year benefited from FX gains on Argentine bonds). Free cash flow was $48 million. dLocal raised full-year 2025 guidance for TPV (40–50% YoY), revenue (30–40%), gross profit (27.5–37.5%), and Adjusted EBITDA (40–50%).

• Record Q2 TPV of $9.2B (+53% YoY; +65% constant currency)
• Revenue $256.5M (+50% YoY); gross profit $98.9M (+42% YoY)
• Adjusted EBITDA $70.1M (+64% YoY) at 27% margin; FCF $48M
• Net income $42.8M; basic EPS $0.15
• Raised FY2025 guidance across TPV, revenue, gross profit, and Adjusted EBITDA

Headline financials

Revenue & EPS history

dLocal raised FY2025 guidance: TPV +40–50%, revenue +30–40%, gross profit +27.5–37.5%, and Adjusted EBITDA +40–50% year-over-year.