dLocal Reports 73% TPV Growth to $14.1B, Profit Excluding Tax Hits $57.2M
DLO•dLocal’s total payment volume reached US$14.1 billion in Q1, a 73% year-over-year increase, while gross profit hit a record US$118.7 million, up 40%. Operating profit excluding one-off tax adjustments rose 25% to US$57.2 million and net income excluding adjustments climbed 11% to US$51.6 million; guidance holds.
1. Payment Volume and Revenue Growth
dLocal processed US$14.1 billion in total payment volume during the first quarter, up 73% from US$8.1 billion a year earlier and up 7% sequentially. Revenue climbed 55% to US$335.9 million, with constant currency growth of 52%, as strong volume in Argentina, Africa, and Asia offset a less favorable payment method mix.
2. Profitability and Margins
Record gross profit of US$118.7 million marked a 40% year-over-year increase, driving a 35% gross margin. Operating profit excluding a US$9.7 million prior-period tax adjustment reached US$57.2 million (+25% YoY), while net income excluding the adjustment rose 11% to US$51.6 million, reflecting stable effective tax rates.
3. Cash Flow and Outlook
Adjusted free cash flow fell 63% year-over-year to US$14.7 million due to temporary working capital effects expected to reverse. Operating expenses on a normalized basis increased 16% sequentially from carry-over investment costs. Management maintains full-year guidance and anticipates improved operating leverage in the second half of 2026.
