dLocal (DLO) Operating Expenses (2020 - 2025)

dLocal's (DLO) quarterly Operating Expenses came in at -$45.6 million in Q4 2025, down 39.0% year-on-year from -$74.7 million in Q4 2024, and down 25.3% on a QoQ basis from -$36.4 million in Q3 2025.

dLocal (DLO) Operating Expenses (2020 - 2025) Analysis & Trends

dLocal (DLO) has 6 years of Operating Expenses data on file, last reported at -$45.6 million in Q4 2025.

  • On a quarterly basis, Operating Expenses fell 39.0% year-over-year to -$45.6 million in Q4 2025; TTM through Dec 2025 was -$145.2 million, a 18.22% decrease from a year earlier, with the FY2025 full-year figure at -$145.2 million, down 18.22% from the prior year.
  • Operating Expenses for Q4 2025 stood at -$45.6 million, down from -$36.4 million in the prior quarter.
  • Over the last five years, Operating Expenses for DLO reached as high as -$6.8 million in Q1 2021 and fell as low as -$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.
  • Across the five-year window, Operating Expenses slumped 319.58% in 2021 and rose 17.3% in 2022, its largest moves.
  • Year by year, Operating Expenses stood at -$13.0 million in 2021, then sank by 63.71% to -$21.4 million in 2022, then retreated by 18.67% to -$25.4 million in 2023, then retreated by 29.31% to -$32.8 million in 2024, then plunged by 39.0% to -$45.6 million in 2025.
  • Per Business Quant data, the three most recent Operating Expenses figures were -$45.6 million in Q4 2025, -$36.4 million in Q3 2025, and -$31.8 million in Q2 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Microsoft 2,921.46 Bn 2,797.02 Bn 56.06 Bn 8.75 Bn
2 PagSeguro Digital 2,686.70 Bn 2,686.70 Bn 358.92 Mn -363.49 Mn
3 Oracle 344.13 Bn 312.24 Bn - 13.05 Bn
4 Repay Holdings 342.29 Bn 342.15 Bn - -
5 Palantir Technologies 294.57 Bn 286.54 Bn 1.42 Bn 662.79 Mn
6 Palo Alto Networks 224.46 Bn 219.93 Bn 1.91 Bn 1.51 Bn
7 CrowdStrike Holdings 182.52 Bn 179.42 Bn 993.68 Mn 979.89 Mn
8 Fortinet 111.29 Bn 107.99 Bn 1.49 Bn 905.10 Mn
9 Cloudflare 93.63 Bn 92.68 Bn 455.60 Mn 517.59 Mn
10 dLocal 4.32 Bn 3.50 Bn 115.80 Mn -45.56 Mn

Historic Data

Download Data
DateValue
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 -14.78 Mn
Mar 31, 2021 -6.80 Mn