dLocal (DLO) Gross Margin (2020 - 2026)
dLocal (DLO) posted quarterly Gross Margin of 34.27% for Q4 2025, down 666.0% year-over-year from 6.06% in Q4 2024, and down 6.18% quarter-over-quarter from 36.53% in Q3 2025.
dLocal (DLO) Gross Margin (2020 - 2026) Analysis & Trends
dLocal (DLO) has reported Gross Margin for 6 consecutive years, with 34.27% the latest figure, recorded in Q4 2025.
- In Q4 2025, Gross Margin fell 666.0% year-over-year to 34.27%; the TTM figure through Dec 2025 stood at 36.83% (down 267.0% YoY), while the FY2025 annual figure was 36.83%, down 267.0% from the prior year.
- Gross Margin fell to 34.27% in Q4 2025 per DLO's latest filing, from 36.53% in the prior quarter.
- Across five years, Gross Margin topped out at 57.8% in Q1 2021 and bottomed at 34.14% in Q1 2024.
- Historically, Gross Margin has averaged 44.39% across 5 years, with a median of 44.48% in 2023.
- Annual changes were most pronounced in 2024 — Gross Margin slumped 1090 bps — and 2025, when it jumped 501 bps.
- dLocal's Gross Margin stood at 51.07% in 2021, then decreased by 9 bps to 46.53% in 2022, then slipped by 20 bps to 37.08% in 2023, then advanced by 10 bps to 40.94% in 2024, then declined by 16 bps to 34.27% in 2025.
- Business Quant data shows DLO's Gross Margin at 34.27% in Q4 2025, 36.53% in Q3 2025, and 38.56% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,576.39 Bn | 3,443.64 Bn | 60.48 Bn | 67.20% |
| 2 | Palantir Technologies | 412.58 Bn | 403.17 Bn | 1.64 Bn | 84.66% |
| 3 | Oracle | 407.66 Bn | 375.77 Bn | - | - |
| 4 | Palo Alto Networks | 299.27 Bn | 296.16 Bn | 2.03 Bn | 67.55% |
| 5 | Fortinet | 115.83 Bn | 111.76 Bn | 1.64 Bn | 80.24% |
| 6 | Cloudflare | 106.65 Bn | 102.48 Bn | 499.52 Mn | 71.76% |
| 7 | Synopsys | 76.61 Bn | 74.41 Bn | 1.77 Bn | 73.54% |
| 8 | CoreWeave | 51.53 Bn | 45.99 Bn | 1.70 Bn | 65.86% |
| 9 | Block | 47.55 Bn | 41.12 Bn | 3.17 Bn | 47.84% |
| 10 | dLocal | 3.92 Bn | 3.05 Bn | 127.15 Mn | 31.81% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 31.81% |
| Dec 31, 2025 | 34.27% |
| Sep 30, 2025 | 36.53% |
| Jun 30, 2025 | 38.56% |
| Mar 31, 2025 | 39.16% |
| Dec 31, 2024 | 40.94% |
| Sep 30, 2024 | 42.08% |
| Jun 30, 2024 | 40.76% |
| Mar 31, 2024 | 34.14% |
| Dec 31, 2023 | 37.08% |
| Sep 30, 2023 | 45.47% |
| Jun 30, 2023 | 43.91% |
| Mar 31, 2023 | 45.04% |
| Dec 31, 2022 | 46.53% |
| Sep 30, 2022 | 48.16% |
| Jun 30, 2022 | 49.06% |
| Mar 31, 2022 | 49.80% |
| Dec 31, 2021 | 51.07% |
| Sep 30, 2021 | 50.18% |
| Jun 30, 2021 | 57.31% |