DLocal Limited announced its financial results for the second quarter ended June 30, 2025, reporting record-high Total Payment Volume (TPV) of $9.2 billion. This marks the third consecutive quarter of over 50% year-over-year growth, demonstrating significant acceleration across key financial metrics. Revenue and gross profit also reached all-time highs of $256 million and $99 million, respectively.
The company achieved consistent operational leverage, with its Adjusted EBITDA over Gross Profit ratio increasing for the fifth straight quarter to 71% in Q2 2025. DLocal generated strong free cash flow of $48 million, reinforcing its cash-generating business model. Net income for the quarter totaled $43 million, which would have been $53 million excluding the impact of the Argentine peso devaluation on its bond portfolio.
Based on this strong performance, DLocal raised its full-year 2025 guidance across all key metrics. The updated projections include TPV growth of 40%-50% year-over-year (up from 35%-45%), revenue growth of 30%-40% year-over-year (up from 25%-35%), gross profit growth of 27.5%-37.5% year-over-year (up from 20%-25%), and Adjusted EBITDA growth of 40%-50% year-over-year (up from 20%-30%).
The robust growth was broad-based, with core markets like Brazil and Mexico rebounding to deliver solid performance, while other geographies grew even faster, underscoring increased business diversification. Remittances and commerce were particularly strong TPV drivers during the quarter. DLocal also efficiently expatriated funds, reducing its Argentine bond exposure by over 80% to mitigate future volatility.
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