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Side-by-side financial comparison of Bandwidth Inc. (BAND) and dLocal Ltd (DLO). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $208.8M, roughly 1.6× Bandwidth Inc.). dLocal Ltd runs the higher net margin — 16.5% vs 1.9%, a 14.6% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 20.1%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-1.0M).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
BAND vs DLO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $337.9M |
| Net Profit | $4.0M | $55.6M |
| Gross Margin | 37.3% | 34.3% |
| Operating Margin | 60.5% | 18.6% |
| Net Margin | 1.9% | 16.5% |
| Revenue YoY | 20.1% | 65.2% |
| Net Profit YoY | 200.0% | 87.3% |
| EPS (diluted) | $-0.08 | $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.
| Q1 26 | $208.8M | — | ||
| Q4 25 | $207.7M | $337.9M | ||
| Q3 25 | $191.9M | $282.5M | ||
| Q2 25 | $180.0M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $210.0M | $204.5M | ||
| Q3 24 | $193.9M | $185.8M | ||
| Q2 24 | $173.6M | — |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $55.6M | ||
| Q3 25 | $-1.2M | $141.3M | ||
| Q2 25 | $-4.9M | — | ||
| Q1 25 | $-3.7M | — | ||
| Q4 24 | — | $29.7M | ||
| Q3 24 | $413.0K | $90.8M | ||
| Q2 24 | $4.1M | — |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 34.3% | ||
| Q3 25 | 38.5% | 36.5% | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | 40.9% | ||
| Q3 24 | 37.7% | 42.1% | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | 18.6% | ||
| Q3 25 | -1.0% | 19.7% | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | -1.3% | 20.7% | ||
| Q3 24 | -0.5% | 22.1% | ||
| Q2 24 | -3.5% | — |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | 16.5% | ||
| Q3 25 | -0.6% | 50.0% | ||
| Q2 25 | -2.7% | — | ||
| Q1 25 | -2.1% | — | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 0.2% | 48.9% | ||
| Q2 24 | 2.3% | — |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $0.18 | ||
| Q3 25 | $-0.04 | $0.17 | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.13 | — | ||
| Q4 24 | $0.27 | $0.09 | ||
| Q3 24 | $0.01 | $0.09 | ||
| Q2 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $719.9M |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $405.7M | $569.4M |
| Total Assets | $984.2M | $1.5B |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $719.9M | ||
| Q3 25 | $80.4M | $604.5M | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $83.8M | $425.2M | ||
| Q3 24 | $79.9M | $560.5M | ||
| Q2 24 | $76.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $63.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $39.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $569.4M | ||
| Q3 25 | $392.7M | $504.7M | ||
| Q2 25 | $384.5M | — | ||
| Q1 25 | $345.4M | — | ||
| Q4 24 | $312.5M | $489.0M | ||
| Q3 24 | $336.6M | $457.0M | ||
| Q2 24 | $307.4M | — |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $964.4M | — | ||
| Q4 24 | $989.2M | $1.2B | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $100.4M |
| Free Cash FlowOCF − Capex | $-1.0M | $99.8M |
| FCF MarginFCF / Revenue | -0.5% | 29.5% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $100.4M | ||
| Q3 25 | $22.2M | $315.0M | ||
| Q2 25 | $31.7M | — | ||
| Q1 25 | $-3.1M | — | ||
| Q4 24 | $36.5M | $-141.1M | ||
| Q3 24 | $20.5M | $108.3M | ||
| Q2 24 | $24.4M | — |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $99.8M | ||
| Q3 25 | — | $313.4M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-141.6M | ||
| Q3 24 | — | $107.1M | ||
| Q2 24 | — | — |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 110.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -69.2% | ||
| Q3 24 | — | 57.6% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.75× | ||
| Q3 24 | 49.55× | 1.19× | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
