dLocal's Q2: More Merchants, More Markets, More Volume

dLocal had a busy second quarter. Payment volumes climbed to a new high, revenue and gross profit set records, and the company continued to get more business from merchants already using its platform.

Plenty was happening away from the headline numbers, too. dLocal is putting more AI into its day-to-day operations, adding new ways for customers to pay and investing further in markets it sees as important to its next stage of growth.

So, what stood out in Q2 2026?

Q2 By The Numbers

The big number was $17.7 billion. That’s how much dLocal processed during the quarter, with Total Payment Volume (TPV) rising 92% YoY and 26% from Q1 2026.

To put that into perspective, dLocal processed more in these three months than it did in the whole of 2023. It was also the company’s seventh consecutive quarter with TPV growth above 50% YoY.

Here are the key Q2 figures:

• Revenue: $400 million, up 56% YoY and 19% QoQ
• Gross profit: $127 million, up 29% YoY and 7% QoQ
• Operating profit: $64 million, up 15% YoY and 22% QoQ
• Net income: $55 million, up 28% YoY and 31% QoQ
• TPV: $17.7 billion, up 92% YoY and 26% QoQ
• Diluted EPS: $0.18, compared with $0.14 in Q1 2026

TPV, revenue, and gross profit all reached record levels during the quarter.

More Business From Existing Merchants

One of the more interesting parts of dLocal’s quarter is where that business is coming from.

Revenue from existing merchants reached $391.7 million, a 58% increase from a year ago. Net revenue retention stood at 153%, marking the fifth quarter in a row that it has remained above 140%.

In other words, merchants already working with dLocal are doing more with it. They’re adding countries, payment methods and products, rather than simply maintaining the same relationship.

dLocal now works with more than 760 global merchants. During Q2, several of its Tier 0 merchants also ramped up activity in Brazil, Mexico and Argentina, while others continued expanding into new markets.

LatAm Keeps Leading The Charge

Latin America remains dLocal’s biggest region by some distance.

LatAm revenue reached $326.6 million, up 61% YoY and accounting for 82% of total revenue. Gross profit from the region increased 39% to $102.2 million.
Brazil and Argentina were among the notable contributors, with activity across areas including ride-hailing, travel, e-commerce, and on-demand delivery.

The picture was a little different in Africa and Asia. Revenue increased 36% YoY to $73 million, but gross profit slipped 1% YoY and 27% QoQ to $25 million. dLocal attributed some of that pressure to lower contributions from Mozambique and Vietnam, as well as a one-off cost increase in Nigeria.

Automation Behind the Scenes

Technology is playing a bigger role in how dLocal operates.

Its proprietary coding agent, dCoder, now writes around 60% of code autonomously. Alongside other AI tools used by its engineering teams, dLocal says this is helping it nearly double monthly deployments compared with last year and cut lead times in half. Engineers still review and approve every line of code.

And AI isn’t limited to coding. Since January 2025, dLocal says its automation initiatives have generated monthly time savings equivalent to roughly 10% of internal headcount, covering high-volume work in areas such as compliance, fraud monitoring, and treasury.

Raising the Bar For 2026

After Q2, dLocal is expecting more from the rest of the year.

The company raised its 2026 TPV growth guidance to 60%–70% YoY, while gross profit growth is now expected to land between 25% and 30%. Operating profit guidance remains unchanged at 27.5%–32.5% growth.

Q2 gives dLocal a strong base for those targets. The company is processing considerably more volume, its existing merchants are expanding their use of the platform, and it’s finding ways to handle that scale more efficiently.

Missed dLocal’s Q1 2026 results? I’ve got you covered. Read my full breakdown here.

Source:

dLocal Reports Second Quarter 2026 Financial Results