dLocal Accelerates Growth and Innovation in Record-Breaking Q4 2025
dLocal, the leading financial infrastructure platform for emerging markets, has announced its fourth quarter 2025 results, showcasing exceptional execution and a record-breaking performance. In a year that saw the company continue to build on its strengths, dLocal demonstrated its ability to ride the secular waves of emerging market growth.
The company's top-performing business flywheel, which consists of high-growth in a massive and expanding TAM, strong customer loyalty and retention, a growing capacity to innovate, and an asset-light, high cash conversion financial model, has proven to be highly effective. As a result, dLocal's total payment volume (TPV) reached $41 billion, representing a 60% year-over-year increase and accelerating throughout the year.
Revenue also crossed the important milestone of $1 billion for the first time, while TPV retention reached an impressive 158%, with net revenue retention standing at 145%. These strong testaments to the value of dLocal's service demonstrate the company's ability to retain its customers and ride the growth waves alongside them.
dLocal has also continued to advance its innovation engine. The launch of Buy Now, Pay Later (BNPL) Fuse products is now live across six countries, with solid merchant adoption reported. Additionally, the company has completed the launch of its full-service stablecoin suite, enabling merchants to seamlessly on and off-ramp fiat to stablecoins, settle, and collect at checkout in stablecoins.
Furthermore, dLocal's continued growth has led to strong cash generation, with adjusted free cash flow reaching $191 million, a 110% increase year-over-year. The company's financial model has demonstrated operating leverage, underscoring its asset-light nature. As a result, net income reached $197 million, up 63% year-over-year.
Looking back at dLocal's history, the company has consistently maintained high levels of TPV growth, with an 82% compound annual growth rate from 2020 to 2025. In Q4 2025 alone, dLocal added more TPV quarter-over-quarter than in the prior three quarters combined. This scale is worth reflecting on, as the company processed around 3.5 billion pay-in transactions over the year, equivalent to approximately 6,700 payments every minute, every hour of every day.
In conclusion, dLocal's Q4 2025 results demonstrate its commitment to building a world-leading financial infrastructure platform for emerging markets. The company's exceptional execution and record-breaking performance are testaments to its ability to innovate and grow, making it a significant player in the fintech industry.
