dLocal (DLO) Cost of Revenue (2020 - 2026)
dLocal (DLO) posted quarterly Cost of Revenue of $222.1 million for Q4 2025, up 83.87% year-over-year from $120.8 million in Q4 2024, and up 23.87% quarter-over-quarter from $179.3 million in Q3 2025.
dLocal (DLO) Cost of Revenue (2020 - 2026) Analysis & Trends
dLocal (DLO) has reported Cost of Revenue for 6 consecutive years, with $222.1 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Cost of Revenue rose 83.87% year-over-year to $222.1 million; the TTM figure through Dec 2025 stood at $690.8 million (up 53.08% YoY), while the FY2025 annual figure was $690.8 million, up 53.08% from the prior year.
- Cost of Revenue grew to $222.1 million in Q4 2025 per DLO's latest filing, from $179.3 million in the prior quarter.
- Across five years, Cost of Revenue topped out at $222.1 million in Q4 2025 and bottomed at $17.0 million in Q1 2021.
- Historically, Cost of Revenue has averaged $92.3 million across 5 years, with a median of $89.9 million in 2023.
- Annual changes were most pronounced in 2021 — Cost of Revenue surged 175.93% — and 2024, when it gained 2.11%.
- dLocal's Cost of Revenue stood at $37.3 million in 2021, then surged by 69.7% to $63.3 million in 2022, then jumped by 86.79% to $118.3 million in 2023, then gained by 2.11% to $120.8 million in 2024, then jumped by 83.87% to $222.1 million in 2025.
- Business Quant data shows DLO's Cost of Revenue at $222.1 million in Q4 2025, $179.3 million in Q3 2025, and $157.6 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,576.39 Bn | 3,443.64 Bn | 60.48 Bn | 29.53 Bn |
| 2 | Palantir Technologies | 412.58 Bn | 403.17 Bn | 1.64 Bn | 296.87 Mn |
| 3 | Oracle | 407.66 Bn | 375.77 Bn | - | - |
| 4 | Palo Alto Networks | 299.27 Bn | 296.16 Bn | 2.03 Bn | 974.00 Mn |
| 5 | Fortinet | 115.83 Bn | 111.76 Bn | 1.64 Bn | 404.70 Mn |
| 6 | Cloudflare | 106.65 Bn | 102.48 Bn | 499.52 Mn | 196.54 Mn |
| 7 | Synopsys | 76.61 Bn | 74.41 Bn | 1.77 Bn | 637.38 Mn |
| 8 | CoreWeave | 51.53 Bn | 45.99 Bn | 1.70 Bn | 879.00 Mn |
| 9 | Block | 47.55 Bn | 41.12 Bn | 3.17 Bn | 3.45 Bn |
| 10 | dLocal | 3.92 Bn | 3.05 Bn | 127.15 Mn | 272.51 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 272.51 Mn |
| Jun 30, 2026 | 272.51 Mn |
| Dec 31, 2025 | 222.08 Mn |
| Dec 31, 2025 | 222.08 Mn |
| Sep 30, 2025 | 179.29 Mn |
| Sep 30, 2025 | 179.29 Mn |
| Jun 30, 2025 | 157.57 Mn |
| Jun 30, 2025 | 157.57 Mn |
| Mar 31, 2025 | 131.88 Mn |
| Mar 31, 2025 | 131.88 Mn |
| Dec 31, 2024 | 120.78 Mn |
| Dec 31, 2024 | 120.78 Mn |
| Sep 30, 2024 | 107.59 Mn |
| Sep 30, 2024 | 107.59 Mn |
| Jun 30, 2024 | 101.47 Mn |
| Jun 30, 2024 | 101.47 Mn |
| Mar 31, 2024 | 121.46 Mn |
| Mar 31, 2024 | 121.46 Mn |
| Dec 31, 2023 | 118.29 Mn |
| Dec 31, 2023 | 118.29 Mn |