dLocal (DLO) Operating Expenses (2020 - 2026)
dLocal (DLO) posted quarterly Operating Expenses of -$45.6 million for Q4 2025, down 39.0% year-over-year from -$74.7 million in Q4 2024, and down 25.3% quarter-over-quarter from -$36.4 million in Q3 2025.
dLocal (DLO) Operating Expenses (2020 - 2026) Analysis & Trends
dLocal (DLO) has reported Operating Expenses for 6 consecutive years, with -$45.6 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Expenses fell 39.0% year-over-year to -$45.6 million; the TTM figure through Dec 2025 stood at -$145.2 million (down 18.22% YoY), while the FY2025 annual figure was -$145.2 million, down 18.22% from the prior year.
- Operating Expenses declined to -$45.6 million in Q4 2025 per DLO's latest filing, from -$36.4 million in the prior quarter.
- Across five years, Operating Expenses topped out at -$6.8 million in Q1 2021 and bottomed at -$45.6 million in Q4 2025.
- Historically, Operating Expenses has averaged -$23.2 million across 5 years, with a median of -$21.6 million in 2022.
- Annual changes were most pronounced in 2021 — Operating Expenses sank 317.51% — and 2022, when it rose 16.04%.
- dLocal's Operating Expenses stood at -$13.0 million in 2021, then sank by 63.71% to -$21.4 million in 2022, then declined by 18.67% to -$25.4 million in 2023, then declined by 29.31% to -$32.8 million in 2024, then plunged by 39.0% to -$45.6 million in 2025.
- Business Quant data shows DLO's Operating Expenses at -$45.6 million in Q4 2025, -$36.4 million in Q3 2025, and -$31.8 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,576.39 Bn | 3,443.64 Bn | 60.48 Bn | 12.28 Bn |
| 2 | Palantir Technologies | 412.58 Bn | 403.17 Bn | 1.64 Bn | 726.59 Mn |
| 3 | Oracle | 407.66 Bn | 375.77 Bn | - | 13.05 Bn |
| 4 | Palo Alto Networks | 299.27 Bn | 296.16 Bn | 2.03 Bn | 2.21 Bn |
| 5 | Fortinet | 115.83 Bn | 111.76 Bn | 1.64 Bn | 953.90 Mn |
| 6 | Cloudflare | 106.65 Bn | 102.48 Bn | 499.52 Mn | 705.21 Mn |
| 7 | Synopsys | 76.61 Bn | 74.41 Bn | 1.77 Bn | 1.57 Bn |
| 8 | CoreWeave | 51.53 Bn | 45.99 Bn | 1.70 Bn | 2.62 Bn |
| 9 | Block | 47.55 Bn | 41.12 Bn | 3.17 Bn | 2.72 Bn |
| 10 | dLocal | 3.92 Bn | 3.05 Bn | 127.15 Mn | 49.76 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 49.76 Mn |
| Dec 31, 2025 | -45.56 Mn |
| Sep 30, 2025 | -36.36 Mn |
| Jun 30, 2025 | -31.85 Mn |
| Mar 31, 2025 | -31.46 Mn |
| Dec 31, 2024 | -32.78 Mn |
| Sep 30, 2024 | -29.53 Mn |
| Jun 30, 2024 | -31.58 Mn |
| Mar 31, 2024 | -28.96 Mn |
| Dec 31, 2023 | -25.35 Mn |
| Sep 30, 2023 | -21.83 Mn |
| Jun 30, 2023 | -20.37 Mn |
| Mar 31, 2023 | -20.14 Mn |
| Dec 31, 2022 | -21.36 Mn |
| Sep 30, 2022 | -14.96 Mn |
| Jun 30, 2022 | -12.22 Mn |
| Mar 31, 2022 | -13.14 Mn |
| Dec 31, 2021 | -13.05 Mn |
| Sep 30, 2021 | -11.94 Mn |
| Jun 30, 2021 | -14.56 Mn |