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Side-by-side financial comparison of dLocal Ltd (DLO) and Krispy Kreme, Inc. (DNUT). Click either name above to swap in a different company.
Krispy Kreme, Inc. is the larger business by last-quarter revenue ($392.4M vs $337.9M, roughly 1.2× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -7.1%, a 23.5% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs -2.9%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $27.9M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
DLO vs DNUT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $392.4M |
| Net Profit | $55.6M | $-27.8M |
| Gross Margin | 34.3% | — |
| Operating Margin | 18.6% | -1.9% |
| Net Margin | 16.5% | -7.1% |
| Revenue YoY | 65.2% | -2.9% |
| Net Profit YoY | 87.3% | -23.8% |
| EPS (diluted) | $0.18 | $-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 | $337.9M | $392.4M | ||
| Q3 25 | $282.5M | $375.3M | ||
| Q2 25 | — | $379.8M | ||
| Q1 25 | — | $375.2M | ||
| Q4 24 | $204.5M | $404.0M | ||
| Q3 24 | $185.8M | $379.9M | ||
| Q2 24 | — | $438.8M | ||
| Q1 24 | — | $442.7M |
| Q4 25 | $55.6M | $-27.8M | ||
| Q3 25 | $141.3M | $-19.4M | ||
| Q2 25 | — | $-435.3M | ||
| Q1 25 | — | $-33.3M | ||
| Q4 24 | $29.7M | $-22.4M | ||
| Q3 24 | $90.8M | $39.6M | ||
| Q2 24 | — | $-5.5M | ||
| Q1 24 | — | $-8.5M |
| 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 | 18.6% | -1.9% | ||
| Q3 25 | 19.7% | -1.9% | ||
| Q2 25 | — | -114.4% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | 20.7% | -2.8% | ||
| Q3 24 | 22.1% | -4.2% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 16.5% | -7.1% | ||
| Q3 25 | 50.0% | -5.2% | ||
| Q2 25 | — | -114.6% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | 14.5% | -5.6% | ||
| Q3 24 | 48.9% | 10.4% | ||
| Q2 24 | — | -1.3% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | $0.18 | $-0.18 | ||
| Q3 25 | $0.17 | $-0.11 | ||
| Q2 25 | — | $-2.55 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | $0.09 | $-0.13 | ||
| Q3 24 | $0.09 | $0.23 | ||
| Q2 24 | — | $-0.03 | ||
| Q1 24 | — | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $719.9M | $42.4M |
| Total DebtLower is stronger | $86.7M | $911.9M |
| Stockholders' EquityBook value | $569.4M | $650.1M |
| Total Assets | $1.5B | $2.6B |
| Debt / EquityLower = less leverage | 0.15× | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $42.4M | ||
| Q3 25 | $604.5M | $30.7M | ||
| Q2 25 | — | $21.3M | ||
| Q1 25 | — | $18.7M | ||
| Q4 24 | $425.2M | $29.0M | ||
| Q3 24 | $560.5M | $25.4M | ||
| Q2 24 | — | $28.6M | ||
| Q1 24 | — | $33.1M |
| Q4 25 | $86.7M | $911.9M | ||
| Q3 25 | $63.1M | $906.2M | ||
| Q2 25 | — | $889.4M | ||
| Q1 25 | — | $935.0M | ||
| Q4 24 | $39.8M | $844.5M | ||
| Q3 24 | — | $804.6M | ||
| Q2 24 | — | $895.0M | ||
| Q1 24 | — | $881.8M |
| Q4 25 | $569.4M | $650.1M | ||
| Q3 25 | $504.7M | $670.3M | ||
| Q2 25 | — | $693.6M | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $489.0M | $1.1B | ||
| Q3 24 | $457.0M | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $1.2B | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | 0.15× | 1.40× | ||
| Q3 25 | 0.12× | 1.35× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | 0.08× | 0.74× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.76× |
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 | $45.0M |
| Free Cash FlowOCF − Capex | $99.8M | $27.9M |
| FCF MarginFCF / Revenue | 29.5% | 7.1% |
| Capex IntensityCapex / Revenue | 0.2% | 4.4% |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $-64.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $45.0M | ||
| Q3 25 | $315.0M | $42.3M | ||
| Q2 25 | — | $-32.5M | ||
| Q1 25 | — | $-20.8M | ||
| Q4 24 | $-141.1M | $27.0M | ||
| Q3 24 | $108.3M | $3.3M | ||
| Q2 24 | — | $33.2M | ||
| Q1 24 | — | $-17.7M |
| Q4 25 | $99.8M | $27.9M | ||
| Q3 25 | $313.4M | $15.5M | ||
| Q2 25 | — | $-60.8M | ||
| Q1 25 | — | $-46.7M | ||
| Q4 24 | $-141.6M | $-6.9M | ||
| Q3 24 | $107.1M | $-22.9M | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $-46.8M |
| Q4 25 | 29.5% | 7.1% | ||
| Q3 25 | 110.9% | 4.1% | ||
| Q2 25 | — | -16.0% | ||
| Q1 25 | — | -12.5% | ||
| Q4 24 | -69.2% | -1.7% | ||
| Q3 24 | 57.6% | -6.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -10.6% |
| Q4 25 | 0.2% | 4.4% | ||
| Q3 25 | 0.6% | 7.1% | ||
| Q2 25 | — | 7.4% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | 0.2% | 8.4% | ||
| Q3 24 | 0.7% | 6.9% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | 0.08× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
