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Sep 30
dLocal Q3 2025 Earnings Report
DLocal posted a record quarter with strong growth in TPV and revenue, surpassing $10 billion in TPV and $100 million in gross profit for the first time.
Key Takeaways
The company delivered a strong Q3 2025 performance, driven by substantial growth in total payment volume and revenue, while maintaining solid profitability and cash generation.
TPV reached a record $10.39 billion, up 59% YoY
Revenue hit $282.5 million, a 52% increase YoY
Net income grew to $51.8 million, up 93% YoY
Adjusted EBITDA margin stood at 25%, reflecting continued margin discipline
dLocal
dLocal
Forward Guidance
Management remains optimistic about continued growth and market diversification, highlighting strong fundamentals, although macroeconomic and regulatory uncertainties may pose challenges.
Positive Outlook
- Strong revenue growth expected to continue with increased TPV
- Diversification across markets including Nigeria, Colombia, and Bolivia
- Higher corporate cash balance indicates improved liquidity
- Improved financial income due to reduced exposure to Argentine peso risk
- Operating leverage visible in adjusted EBITDA and net income growth
Challenges Ahead
- Margin pressure from APM mix shift in Mexico
- Challenges in Egypt due to share-of-wallet losses
- Lower spreads and higher costs in Argentina
- Decreasing gross profit margins compared to last year
- Slowdown in TPV growth from tariff impacts on imports