DLocal Q3 2025 Preview: Testing the Strength of the Rebound

DLocal DLO reports third-quarter 2025 results on November 12, 2025, after the market closes. Analysts expect $0.16 a share on about $262 million in revenue. The stock is up 25% this year and more than 30% in the past three months, as investors return to Latin-American fintechs after a difficult 2024.

In the second quarter, DLocal reported $256 million in revenue, up 50% YoY, on $9.2 billion in total payment volume. Gross profit rose 42% to $99 million, while adjusted EBITDA reached $70 million. Net income slipped 7% to $43 million, but free cash flow of $48 million pointed to tighter cost control. The company noted that TPV growth outpaced revenue growth, driven by higher pay-involume and expansion in Brazil and Argentina.

For this quarter, the market will be watching take-rate trends, revenue mix, and margin leverage as DLocal expands beyond its core Latin-American base. Currency swings and spending discipline stay key issues, especially given volatility in Argentina and Brazil. Updates on growth in Asia-Pacific or Africa would add colour to the long-term story.

After such a solid year, valuation looks more balanced but leaves little room for disappointment. DLocal trades around 16 forward earnings and 4 forward sales, pricing in continued margin recovery and revenue growth.