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Side-by-side financial comparison of Braze, Inc. (BRZE) 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 $190.8M, roughly 1.8× Braze, Inc.). dLocal Ltd runs the higher net margin — 16.5% vs -18.9%, a 35.3% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 25.5%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $19.0M).
Braze, Inc. is an American cloud-based software company based in New York City. It is a customer engagement platform used by businesses for multichannel marketing.
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
BRZE vs DLO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $190.8M | $337.9M |
| Net Profit | $-36.0M | $55.6M |
| Gross Margin | 67.2% | 34.3% |
| Operating Margin | -19.7% | 18.6% |
| Net Margin | -18.9% | 16.5% |
| Revenue YoY | 25.5% | 65.2% |
| Net Profit YoY | -29.0% | 87.3% |
| EPS (diluted) | $-0.33 | $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 | $190.8M | $337.9M | ||
| Q3 25 | $180.1M | $282.5M | ||
| Q2 25 | $162.1M | — | ||
| Q1 25 | $160.4M | — | ||
| Q4 24 | $152.1M | $204.5M | ||
| Q3 24 | $145.5M | $185.8M | ||
| Q2 24 | $135.5M | — | ||
| Q1 24 | $131.0M | — |
| Q4 25 | $-36.0M | $55.6M | ||
| Q3 25 | $-27.9M | $141.3M | ||
| Q2 25 | $-35.8M | — | ||
| Q1 25 | $-17.2M | — | ||
| Q4 24 | $-27.9M | $29.7M | ||
| Q3 24 | $-23.0M | $90.8M | ||
| Q2 24 | $-35.6M | — | ||
| Q1 24 | $-28.3M | — |
| Q4 25 | 67.2% | 34.3% | ||
| Q3 25 | 67.7% | 36.5% | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | 69.8% | 40.9% | ||
| Q3 24 | 70.2% | 42.1% | ||
| Q2 24 | 67.1% | — | ||
| Q1 24 | 67.2% | — |
| Q4 25 | -19.7% | 18.6% | ||
| Q3 25 | -21.5% | 19.7% | ||
| Q2 25 | -24.8% | — | ||
| Q1 25 | -13.4% | — | ||
| Q4 24 | -21.4% | 20.7% | ||
| Q3 24 | -19.2% | 22.1% | ||
| Q2 24 | -29.6% | — | ||
| Q1 24 | -24.7% | — |
| Q4 25 | -18.9% | 16.5% | ||
| Q3 25 | -15.5% | 50.0% | ||
| Q2 25 | -22.1% | — | ||
| Q1 25 | -10.7% | — | ||
| Q4 24 | -18.4% | 14.5% | ||
| Q3 24 | -15.8% | 48.9% | ||
| Q2 24 | -26.3% | — | ||
| Q1 24 | -21.6% | — |
| Q4 25 | $-0.33 | $0.18 | ||
| Q3 25 | $-0.26 | $0.17 | ||
| Q2 25 | $-0.34 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.27 | $0.09 | ||
| Q3 24 | $-0.23 | $0.09 | ||
| Q2 24 | $-0.35 | — | ||
| Q1 24 | $-0.28 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $97.8M | $719.9M |
| Total DebtLower is stronger | — | $86.7M |
| Stockholders' EquityBook value | $602.0M | $569.4M |
| Total Assets | $1.0B | $1.5B |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $97.8M | $719.9M | ||
| Q3 25 | $81.0M | $604.5M | ||
| Q2 25 | $231.5M | — | ||
| Q1 25 | $83.1M | — | ||
| Q4 24 | $61.3M | $425.2M | ||
| Q3 24 | $79.1M | $560.5M | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $68.2M | — |
| Q4 25 | — | $86.7M | ||
| Q3 25 | — | $63.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $39.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $602.0M | $569.4M | ||
| Q3 25 | $598.9M | $504.7M | ||
| Q2 25 | $474.4M | — | ||
| Q1 25 | $474.9M | — | ||
| Q4 24 | $458.1M | $489.0M | ||
| Q3 24 | $453.7M | $457.0M | ||
| Q2 24 | $436.1M | — | ||
| Q1 24 | $444.2M | — |
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $889.1M | — | ||
| Q1 25 | $871.0M | — | ||
| Q4 24 | $842.0M | $1.2B | ||
| Q3 24 | $825.6M | — | ||
| Q2 24 | $816.1M | — | ||
| Q1 24 | $810.9M | — |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $21.0M | $100.4M |
| Free Cash FlowOCF − Capex | $19.0M | $99.8M |
| FCF MarginFCF / Revenue | 10.0% | 29.5% |
| Capex IntensityCapex / Revenue | 1.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.80× |
| TTM Free Cash FlowTrailing 4 quarters | $63.3M | $378.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.0M | $100.4M | ||
| Q3 25 | $7.0M | $315.0M | ||
| Q2 25 | $24.1M | — | ||
| Q1 25 | $17.1M | — | ||
| Q4 24 | $-11.4M | $-141.1M | ||
| Q3 24 | $11.6M | $108.3M | ||
| Q2 24 | $19.4M | — | ||
| Q1 24 | $3.8M | — |
| Q4 25 | $19.0M | $99.8M | ||
| Q3 25 | $4.3M | $313.4M | ||
| Q2 25 | $23.9M | — | ||
| Q1 25 | $16.0M | — | ||
| Q4 24 | $-13.3M | $-141.6M | ||
| Q3 24 | $8.3M | $107.1M | ||
| Q2 24 | $12.5M | — | ||
| Q1 24 | $-2.5M | — |
| Q4 25 | 10.0% | 29.5% | ||
| Q3 25 | 2.4% | 110.9% | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | -8.8% | -69.2% | ||
| Q3 24 | 5.7% | 57.6% | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | -1.9% | — |
| Q4 25 | 1.0% | 0.2% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | 0.2% | ||
| Q3 24 | 2.3% | 0.7% | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | 4.8% | — |
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRZE
| Subscription Revenue | $181.7M | 95% |
| Professional Services Revenue | $9.2M | 5% |
DLO
Segment breakdown not available.
