dLocal (DLO) Cost of Revenue (2020 - 2025)

dLocal has disclosed Cost of Revenue across 6 years of filings, most recently posting $222.1 million for 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 rose to $222.1 million in Q4 2025, from $179.3 million in the prior quarter.
• Over the last five years, Cost of Revenue for DLO reached as high as $222.1 million in Q4 2025 and fell as low as $17.0 million in Q1 2021.
• The 5-year median for Cost of Revenue is $89.9 million (2023), against an average of $92.3 million.
• Annual changes were most pronounced in 2021 — Cost of Revenue surged 175.93% — and 2024, when it gained 2.11%.
• A 5-year view of Cost of Revenue shows it stood at $37.3 million in 2021, then jumped by 69.7% to $63.3 million in 2022, then soared by 86.79% to $118.3 million in 2023, then rose by 2.11% to $120.8 million in 2024, then soared by 83.87% to $222.1 million in 2025.
• According to Business Quant data, Cost of Revenue over the past three periods registered $222.1 million, $179.3 million, and $157.6 million for Q4 2025, Q3 2025, and Q2 2025 respectively.