DLocal (DLO) Q2 2026 Earnings Report

The call conveyed strong operational and financial momentum: very high TPV growth (92% YoY), record gross profit, improving operating leverage, raised TPV and gross profit guidance, solid cash generation and active share repurchases. The principal negatives were mix-driven take-rate pressure, region-specific gross profit volatility (Mexico, Africa/Asia), elevated year-over-year operating expenses driven by prior investments and marketing, and tax/FX one-offs and uncertainty. Overall, the positive execution, guidance raises, and clear path to further operating leverage outweigh the identified challenges and one-time headwinds.

dLocal updated its 2026 outlook, raising TPV growth to 60–70% year‑over‑year and gross profit growth to 25–30% year‑over‑year while maintaining operating profit growth guidance of 27.5–32.5% (unchanged due to a $4.4M prior‑year tax item and FX headwinds); this follows Q2 results of $17.7B TPV (up 92% y/y), $127M gross profit (up 29% y/y; annualized >$500M), operating profit equal to 50% of gross profit (up 6 pp q/q), net revenue retention of 153% and TPV retention of 188%, and reflects management’s expectation of further operating‑leverage tailwinds over the next two quarters as AI/automation deployments roll out and front‑loaded first‑semester spending normalizes.