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| Date | Value |
|---|---|
| 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 |