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Side-by-side financial comparison of Axos Financial, Inc. (AX) and dLocal Ltd (DLO). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($385.1M vs $337.9M, roughly 1.1× dLocal Ltd). Axos Financial, Inc. runs the higher net margin — 33.3% vs 16.5%, a 16.9% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 25.1%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $85.4M).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
AX vs DLO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $385.1M | $337.9M |
| Net Profit | $128.4M | $55.6M |
| Gross Margin | — | 34.3% |
| Operating Margin | 45.6% | 18.6% |
| Net Margin | 33.3% | 16.5% |
| Revenue YoY | 25.1% | 65.2% |
| Net Profit YoY | 22.6% | 87.3% |
| EPS (diluted) | $2.22 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $385.1M | $337.9M | ||
| Q3 25 | $323.4M | $282.5M | ||
| Q2 25 | $321.4M | — | ||
| Q1 25 | $308.8M | — | ||
| Q4 24 | $307.9M | $204.5M | ||
| Q3 24 | $320.7M | $185.8M | ||
| Q2 24 | $290.9M | — | ||
| Q1 24 | $294.8M | — |
| Q4 25 | $128.4M | $55.6M | ||
| Q3 25 | $112.4M | $141.3M | ||
| Q2 25 | $110.7M | — | ||
| Q1 25 | $105.2M | — | ||
| Q4 24 | $104.7M | $29.7M | ||
| Q3 24 | $112.3M | $90.8M | ||
| Q2 24 | $104.9M | — | ||
| Q1 24 | $110.7M | — |
| Q4 25 | — | 34.3% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 45.6% | 18.6% | ||
| Q3 25 | 46.3% | 19.7% | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 47.9% | — | ||
| Q4 24 | 48.8% | 20.7% | ||
| Q3 24 | 49.6% | 22.1% | ||
| Q2 24 | 49.6% | — | ||
| Q1 24 | 52.8% | — |
| Q4 25 | 33.3% | 16.5% | ||
| Q3 25 | 34.7% | 50.0% | ||
| Q2 25 | 34.4% | — | ||
| Q1 25 | 34.1% | — | ||
| Q4 24 | 34.0% | 14.5% | ||
| Q3 24 | 35.0% | 48.9% | ||
| Q2 24 | 36.0% | — | ||
| Q1 24 | 37.6% | — |
| Q4 25 | $2.22 | $0.18 | ||
| Q3 25 | $1.94 | $0.17 | ||
| Q2 25 | $1.89 | — | ||
| Q1 25 | $1.81 | — | ||
| Q4 24 | $1.80 | $0.09 | ||
| Q3 24 | $1.93 | $0.09 | ||
| Q2 24 | $1.75 | — | ||
| Q1 24 | $1.91 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $719.9M |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $2.9B | $569.4M |
| Total Assets | $28.2B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $719.9M | ||
| Q3 25 | $2.6B | $604.5M | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.4B | $425.2M | ||
| Q3 24 | $2.6B | $560.5M | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $63.1M | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | $39.8M | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — | ||
| Q1 24 | $330.4M | — |
| Q4 25 | $2.9B | $569.4M | ||
| Q3 25 | $2.8B | $504.7M | ||
| Q2 25 | $2.7B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.5B | $489.0M | ||
| Q3 24 | $2.4B | $457.0M | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.2B | — |
| Q4 25 | $28.2B | $1.5B | ||
| Q3 25 | $27.4B | $1.4B | ||
| Q2 25 | $24.8B | — | ||
| Q1 25 | $24.0B | — | ||
| Q4 24 | $23.7B | $1.2B | ||
| Q3 24 | $23.6B | — | ||
| Q2 24 | $22.9B | — | ||
| Q1 24 | $22.6B | — |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | 0.08× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — | ||
| Q1 24 | 0.15× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $104.1M | $100.4M |
| Free Cash FlowOCF − Capex | $85.4M | $99.8M |
| FCF MarginFCF / Revenue | 22.2% | 29.5% |
| Capex IntensityCapex / Revenue | 4.9% | 0.2% |
| Cash ConversionOCF / Net Profit | 0.81× | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $695.9M | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $100.4M | ||
| Q3 25 | $118.4M | $315.0M | ||
| Q2 25 | $490.3M | — | ||
| Q1 25 | $73.7M | — | ||
| Q4 24 | $162.5M | $-141.1M | ||
| Q3 24 | $70.8M | $108.3M | ||
| Q2 24 | $305.5M | — | ||
| Q1 24 | $115.8M | — |
| Q4 25 | $85.4M | $99.8M | ||
| Q3 25 | $109.3M | $313.4M | ||
| Q2 25 | $436.1M | — | ||
| Q1 25 | $65.1M | — | ||
| Q4 24 | $156.4M | $-141.6M | ||
| Q3 24 | $53.0M | $107.1M | ||
| Q2 24 | $269.5M | — | ||
| Q1 24 | $107.3M | — |
| Q4 25 | 22.2% | 29.5% | ||
| Q3 25 | 33.8% | 110.9% | ||
| Q2 25 | 135.7% | — | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 50.8% | -69.2% | ||
| Q3 24 | 16.5% | 57.6% | ||
| Q2 24 | 92.6% | — | ||
| Q1 24 | 36.4% | — |
| Q4 25 | 4.9% | 0.2% | ||
| Q3 25 | 2.8% | 0.6% | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 2.0% | 0.2% | ||
| Q3 24 | 5.5% | 0.7% | ||
| Q2 24 | 12.4% | — | ||
| Q1 24 | 2.9% | — |
| Q4 25 | 0.81× | 1.80× | ||
| Q3 25 | 1.05× | 2.23× | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | -4.75× | ||
| Q3 24 | 0.63× | 1.19× | ||
| Q2 24 | 2.91× | — | ||
| Q1 24 | 1.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
