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DLocal (DLO) Q3 2026 Earnings Report

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DLO Q3 2026 EPS Results

Actual EPS
$0.23
Consensus EPS
$0.21
Beat/Miss
Beat by +$0.02
One Year Ago EPS
$0.20

DLO Q3 2026 Revenue Results

Actual Revenue
$398.05M
Expected Revenue
$408.48M
Beat/Miss
Missed by -$10.43M
YoY Revenue Growth
+40.91%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/12/2026
Time
After Close
Conference Call
Thursday, November 12, 2026
DLO Upcoming Earnings

DLocal's next earnings date is estimated for March 23, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DLO Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 12, 2026|% Change Since:-0.07%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. DLocal reported 77% TPV growth, record net income and EPS, expanding operating leverage, strong cash generation, high merchant retention and continued product, regulatory and geographic expansion. The main concerns were moderating growth against tough comparisons, FX headwinds, regional processing-cost and take-rate pressures, seasonal uncertainty and the early stage of the Asia and Agentic commerce opportunities. Management nevertheless reiterated its TPV guidance and described multiple long-term growth vectors.

Company Guidance

DLocal reiterated its guidance ranges, with strong volume momentum supporting TPV growth “towards the upper end of our 60% to 70% range”; previously unanticipated FX headwinds in Brazil, Mexico and Argentina during Q4 are estimated as of today as having “six percentage points of swing” on year-on-year gross profit growth for the quarter, while full-year gross profit growth is expected “around the midpoint of our 25% to 30% range” and the current operating profit view has moderated “towards the lower end of our 27.5% to 32.5% year-over-year range”; fourth quarter results are “highly sensitive to seasonal performance during the peak shopping period of the year” and could change these expectations “in either direction.”

  • Strong TPV GrowthThird-quarter TPV reached $18.3 billion, up 77% year-over-year, marking the eighth consecutive quarter with growth above 50% and the fourth quarter at or above 70%. The CFO reported TPV of $18 billion, also up 77% year-over-year and 4% sequentially.
  • Record Profitability and Net IncomeGross profit increased 28% year-over-year to $132 million. Operating profit rose 37% year-over-year to $76 million and increased 19% sequentially. Net income reached a record $68 million, up 31% year-over-year and 24% sequentially.
  • Operating Leverage and Cost DisciplineOperating profit reached 58% of gross profit, compared with 50% in the prior quarter and 54% a year ago, the highest level since the fourth quarter of 2023. Total operating expenses declined 11% sequentially, supported by lower third-party spending, lower headcount and automation.
  • Improved ProductivityHeadcount peaked in the second quarter and declined 3% in the third quarter. Gross profit per employee surpassed $100,000 for the first time, which management said is consistent with best-in-class productivity.
  • Strong Merchant Retention and ExpansionNet revenue retention was 140%, while TPV retention was 173%, reflecting continued expansion of existing merchant relationships through additional countries, business verticals, payment methods and products.
  • Improved Merchant SatisfactionMerchant-level NPS reached 51, up 5 percentage points versus the second half of 2025, reflecting increasing trust in DLocal's payment performance and operational reliability.
  • Broad-Based Geographic and Vertical GrowthThe largest year-over-year TPV contributions came from Brazil, Mexico, Argentina, Colombia and South Africa. Ride-hailing grew sequentially in every region, while financial services grew strongly in Turkey, Morocco and smaller markets across Latin America, Africa and Asia Pacific.
  • Growth in Local and Payout FlowsLocal-to-local flows represented 62% of TPV, and payouts represented 25% of TPV. Remittance growth was concentrated in Latin America, while other Latin American growth came from remittances, on-demand delivery and ride-hailing.
  • Payment Product ExpansionDLocal added 11 new local payment method integrations during the quarter and continued developing conversion tools, including a card-on-file-like experience for digital wallets and real-time payment networks.
  • Expanded Regulatory CoverageDuring the quarter, DLocal secured two additional U.S. money transmitter licenses, an AML registration in Canada and a remittance authorization in Tanzania. The company now holds 42 licenses and registrations plus 10 regulatory authorizations across 26 markets, with 20 additional active applications.
  • Strong Cash Generation and Capital ReturnsAdjusted free cash flow reached $99 million in the quarter and $182 million year-to-date, representing 111% conversion to year-to-date net income and 146% conversion in the third quarter. DLocal repurchased approximately $34 million of shares during the quarter and approximately $120 million year-to-date, with the repurchased shares already canceled.
  • Record EPS and Conservative Balance SheetDiluted EPS reached a company-record $0.23, up approximately 35% year-over-year, helped by the share repurchase program. Management said leverage is around 0.5 turns of EBITDA and the company has a very strong net cash position.
  • AI and Automation Investments Showing ReturnsManagement said investments made during 2024 and 2025 in technology, infrastructure, licensing, organizational capabilities and AI are translating into greater productivity. The company plans to continue investing in product innovation, payment performance, local-market expertise and licensing.
  • Healthy Merchant PipelineManagement described the pipeline as very strong, with growth in travel, crypto and Banking-as-a-Service. The company also said it continues to see substantial potential from merchants with which it has already won initial business.
  • Multiple Long-Term Growth VectorsManagement identified continued share-of-wallet expansion with existing merchants, new merchants, geographic expansion and new products as the main growth vectors. Physical payments in Mexico, buy now, pay later, Banking-as-a-Service and financial infrastructure are all being developed or expanded.
  • Asia Expansion OpportunityManagement described Asia as the largest emerging-market region for financial infrastructure by total addressable market and said DLocal has begun building local partnerships, infrastructure and a local team. The company expects Asia to become a growing part of the business.
  • Crypto and Stablecoin MomentumThe company reported a growing crypto business, positive late-stage pipeline opportunities and increased stablecoin adoption in remittance and repatriation flows. Some merchants are also accepting stablecoins at checkout and testing the effect on user experience.
  • Reiterated Full-Year TPV GuidanceDLocal reiterated its full-year TPV growth guidance range of 60% to 70% and said strong volume momentum continues to support performance toward the upper end of that range.

DLO Earnings History

DLO earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 23, 20272026 (Q4)0.26-0.2――
Nov 12, 20262026 (Q3)0.210.230.217.95% (+0.04)
Aug 13, 20262026 (Q2)0.180.180.174.65% (+0.01)
May 14, 20262026 (Q1)0.170.170.17-2.86% (-0.01)
Mar 18, 20262025 (Q4)0.180.200.1105.00% (+0.10)
Nov 12, 20252025 (Q3)0.170.200.09116.67% (+0.10)
Aug 13, 20252025 (Q2)0.130.170.1514.67% (+0.02)
May 14, 20252025 (Q1)0.120.170.06191.67% (+0.12)
Feb 27, 20252024 (Q4)0.150.100.10.00% (+0.00)
Nov 13, 20242024 (Q3)0.110.090.13-30.77% (-0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed