dLocal (DLO) Cost of Revenue (2020 - 2026)
dLocal's Cost of Revenue came in at $272.51 million for Q2 2026, up 72.9% from $157.57 million a year earlier and up 25.5% from the prior quarter.
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Analysis
dLocal (DLO) Cost of Revenue (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, dLocal reported Cost of Revenue of $891.07 million, up 72.1% year-over-year; for FY2025, it was $690.83 million, up 53.1% from FY2024.
- Cost of Revenue has increased in each of the last six years, with a five-year compound annual growth rate of 73.4% (FY2020 to FY2025).
- Going back by year, Cost of Revenue was $451.3 million in FY2024 (+20.8%), $373.49 million in FY2023 (+72.3%), $216.76 million in FY2022 (+90.7%) and $113.68 million in FY2021 (+158.0%).
- The Q2 2026 figure represents the highest quarterly Cost of Revenue in data going back to Q2 2020.
- Year-over-year, Cost of Revenue has increased for 21 consecutive quarters, with growth averaging 46.8% over the last eight quarters.
- The year-over-year growth in Cost of Revenue has ranged between 2.1% (Q4 2024) and 166.9% (Q4 2021) over the last five years.
- Business Quant data shows DLO's Cost of Revenue at $217.18 million (Q1 2026), $222.08 million (Q4 2025) and $179.29 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 50.59 Bn | 7.40 Bn | - | - |
| 2 | PayPal Holdings | 46.79 Bn | 5.01 Bn | - | - |
| 3 | Block | 44.05 Bn | 15.31 Bn | 3.17 Bn | 3.45 Bn |
| 4 | Iren | 31.74 Bn | 19.34 Bn | 103.89 Mn | 33.34 Mn |
| 5 | Corpay | 26.01 Bn | 16.21 Bn | - | - |
| 6 | Fiserv | 24.47 Bn | 21.17 Bn | 2.90 Bn | 2.40 Bn |
| 7 | Global Payments | 22.51 Bn | 952.73 Mn | 2.03 Bn | 1.29 Bn |
| 8 | Bitmine Immersion Technologies | 15.56 Bn | 12.94 Bn | 40.81 Mn | 5.73 Mn |
| 9 | Guidewire Software | 11.90 Bn | 8.47 Bn | 269.68 Mn | 141.41 Mn |
| 10 | dLocal | 4.08 Bn | 769.99 Mn | 127.15 Mn | 272.51 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 272.51 Mn |
| Mar 31, 2026 | 217.18 Mn |
| Dec 31, 2025 | 222.08 Mn |
| Sep 30, 2025 | 179.29 Mn |
| Jun 30, 2025 | 157.57 Mn |
| Mar 31, 2025 | 131.88 Mn |
| Dec 31, 2024 | 120.78 Mn |
| Sep 30, 2024 | 107.59 Mn |
| Jun 30, 2024 | 101.47 Mn |
| Mar 31, 2024 | 121.46 Mn |
| Dec 31, 2023 | 118.29 Mn |
| Sep 30, 2023 | 89.38 Mn |
| Jun 30, 2023 | 90.38 Mn |
| Mar 31, 2023 | 75.45 Mn |
| Dec 31, 2022 | 63.33 Mn |
| Sep 30, 2022 | 57.99 Mn |
| Jun 30, 2022 | 51.54 Mn |
| Mar 31, 2022 | 43.90 Mn |
| Dec 31, 2021 | 37.32 Mn |
| Sep 30, 2021 | 34.20 Mn |
API Access
dLocal Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=DLO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "DLO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=DLO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();