Dlocal Ltd cash flow statement

In fiscal 2025, Dlocal Ltd's operations generated $415m of cash; it spent $2.3m on capital projects, leaving free cash flow of $413m. It returned $150m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Dlocal Ltd: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	31	88	108	154	293	−33	415
Depreciation and amortisation	0	1	5	8	12	17	26
Stock-based pay	5	7	8	9	12	24	24
Capital spending	0	1	2	1	1	2	2
Free cash flow	31	88	107	153	292	−34	413
Free cash flow after stock pay	26	80	99	145	281	−58	389
Dividends paid	10	15	—	—	0	0	150
Share buybacks	—	—	—	2	98	101	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Dlocal Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dlocal Ltd.