DLocal (DLO) Cash Flow: Operating & Free Cash Flow

DLocal Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for DLocal Limited (DLO) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	196.80	151.02	167.04	108.68	111.42	75.68	28.18	17.82
Depreciation & Amortization	26.26	17.40	12.23	8.15	8.15	4.75	0.34	0.41
Deferred Income Tax	0.00	0.00	0.00	0.00	-	-12.69	0.00	-1.07
Stock Based Compensation	0.00	23.78	11.92	0.00	8.68	7.59	7.30	5.05
Change in Working Capital	163.11	-167.22	104.30	20.78	20.78	25.15	49.31	8.70
Change in Accounts Receivable	-90.15	-162.65	-123.25	-49.44	-49.44	-115.36	-45.93	-10.97
Change in Inventory	0.00	0.00	123.25	0.00	-	115.36	0.00	-1.11
Change in Accounts Payable	256.65	-6.96	194.62	130.71	126.47	134.30	89.89	20.28
Change in Other Working Capital	-3.39	2.38	43.90	-60.50	3.56	0.90	-0.52	0.50
Other Operating Activities	37.99	-57.76	-2.04	30.64	3.56	-4.68	3.52	-0.19
Net Cash from Operating Activities	424.16	-32.78	293.45	168.25	154.45	108.49	88.49	30.72
Investing Activities
Capital Expenditures	-2.28	-22.65	-0.97	-0.99	-12.35	-1.95	-0.88	-1.71
Acquisitions	0.00	0.00	17.26	0.00	-0.67	0.00	0.00	0.00
Purchases of Investments	-296.04	-131.47	-117.52	-0.33	-0.33	7.52	7.09	0.00
Sales/Maturities of Investments	311.88	108.10	1.49	0.00	-0.33	-46.07	-3.01	1.60
Other Investing Activities	0.00	7.32	49.59	-0.67	17.65	10.08	0.44	0.22
Net Cash from Investing Activities	-20.94	-17.75	-84.67	-13.34	4.31	-37.94	3.65	0.12
Financing Activities
Debt Repayment	51.80	49.88	-1.10	-5.19	-20.35	-0.43	-0.13	-9.33
Common Stock Issued	4.37	0.00	0.15	3.94	3.94	150.35	0.00	0.01
Common Stock Repurchased	0.00	-101.07	-97.93	-2.02	-2.02	0.00	0.00	0.00
Dividends Paid	-149.98	0.00	0.00	0.00	-	0.00	-15.00	-10.00
Other Financing Activities	-9.70	-17.40	-34.99	-20.21	-21.90	-1.17	-0.07	-0.03
Net Cash from Financing Activities	-103.52	-68.59	-133.87	-23.48	-27.33	153.75	-15.20	-19.34
Summary
Effect of Forex Changes on Cash	-6.86	8.14	-6.85	44.07	0.47	0.17	0.03	-0.04
Net Change in Cash	292.84	-110.99	68.07	175.50	131.43	224.46	76.97	11.46
Cash at Beginning of Period	432.14	536.16	468.09	336.41	336.20	111.73	34.77	23.31
Cash at End of Period	724.98	425.17	536.16	511.91	468.09	336.20	111.73	34.77
Free Cash Flow	421.87	-55.43	292.49	167.26	142.10	106.54	87.61	29.02
Supplemental Disclosures
Interest Paid	-	2.78	0.58	-	1.78	0.14	0.02	-
Income Taxes Paid	-	28.70	11.48	-	8.87	9.82	2.15	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About DLocal Cash Flow

What is DLocal's free cash flow?

DLocal generated free cash flow of $421.87M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $424.15M minus $2.28M of capital expenditures. Free cash flow equaled 38.6% of revenue.

How much does DLocal spend on capital expenditures?

DLocal spent $2.28M on capital expenditures in fiscal 2025, compared with $22.65M a year earlier. That equals 0.5% of operating cash flow.

Does DLocal pay dividends or buy back shares?

Yes. In fiscal 2025 DLocal returned $149.98M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition