dLocal (DLO) Gross Margin (2020 - 2026)
dLocal (DLO) posted Gross Margin of 31.81% for Q2 2026, down 6.74 percentage points from 38.56% a year earlier and down 3.52 percentage points from the prior quarter.
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Analysis
dLocal (DLO) Gross Margin (2020 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Gross Margin at dLocal was 34.28%, down 5.75 percentage points year-over-year; for FY2025, it was 36.83%, down 2.67 percentage points from FY2024.
- Annual Gross Margin has declined for six consecutive years, with a five-year change of -20.86 percentage points (FY2020 to FY2025).
- In prior years, dLocal's Gross Margin was 39.50% in FY2024 (-3.07 pp), 42.57% in FY2023 (-5.69 pp), 48.26% in FY2022 (-5.18 pp) and 53.43% in FY2021 (-4.25 pp).
- The Q2 2026 figure stands as the lowest quarterly Gross Margin in data going back to Q2 2020.
- On a year-over-year basis, Gross Margin has declined in each of the last five quarters, with an average year-over-year change of -2.44 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Gross Margin in the past five years was Q1 2025, with a gain of 5.01 percentage points; the weakest was Q1 2024, with a drop of 10.90 percentage points.
- According to Business Quant data, Gross Margin for the three prior quarters was 35.34% (Q1 2026), 34.27% (Q4 2025) and 36.53% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (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 | 47.84% |
| 4 | Iren | 31.74 Bn | 19.34 Bn | 103.89 Mn | 75.71% |
| 5 | Corpay | 26.01 Bn | 16.21 Bn | - | - |
| 6 | Fiserv | 24.47 Bn | 21.17 Bn | 2.90 Bn | 54.74% |
| 7 | Global Payments | 22.51 Bn | 952.73 Mn | 2.03 Bn | 61.04% |
| 8 | Bitmine Immersion Technologies | 15.56 Bn | 12.94 Bn | 40.81 Mn | 87.70% |
| 9 | Guidewire Software | 11.90 Bn | 8.47 Bn | 269.68 Mn | 65.60% |
| 10 | dLocal | 4.08 Bn | 769.99 Mn | 127.15 Mn | 31.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 31.81% |
| Mar 31, 2026 | 35.34% |
| 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% |
API Access
dLocal Gross Margin 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=gross-margin&ticker=DLO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "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=gross-margin&ticker=DLO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();