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Side-by-side financial comparison of dLocal Ltd (DLO) and IREN Ltd (IREN). Click either name above to swap in a different company.
dLocal Ltd is the larger business by last-quarter revenue ($337.9M vs $184.7M, roughly 1.8× IREN Ltd). dLocal Ltd runs the higher net margin — 16.5% vs -84.1%, a 100.6% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 59.0%). dLocal Ltd produced more free cash flow last quarter ($99.8M vs $-468.0M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
DLO vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $184.7M |
| Net Profit | $55.6M | $-155.4M |
| Gross Margin | 34.3% | 64.4% |
| Operating Margin | 18.6% | -63.0% |
| Net Margin | 16.5% | -84.1% |
| Revenue YoY | 65.2% | 59.0% |
| Net Profit YoY | 87.3% | -610.0% |
| EPS (diluted) | $0.18 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $282.5M | $240.3M | ||
| Q4 24 | $204.5M | $116.1M | ||
| Q3 24 | $185.8M | $52.8M | ||
| Q1 24 | — | $54.3M | ||
| Q4 23 | — | $42.6M |
| Q4 25 | $55.6M | $-155.4M | ||
| Q3 25 | $141.3M | $384.6M | ||
| Q4 24 | $29.7M | $-21.9M | ||
| Q3 24 | $90.8M | $-51.7M | ||
| Q1 24 | — | $8.6M | ||
| Q4 23 | — | $-5.2M |
| Q4 25 | 34.3% | 64.4% | ||
| Q3 25 | 36.5% | 66.4% | ||
| Q4 24 | 40.9% | 72.2% | ||
| Q3 24 | 42.1% | 39.6% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 18.6% | -63.0% | ||
| Q3 25 | 19.7% | -31.8% | ||
| Q4 24 | 20.7% | 14.9% | ||
| Q3 24 | 22.1% | -89.2% | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | -5.2% |
| Q4 25 | 16.5% | -84.1% | ||
| Q3 25 | 50.0% | 160.1% | ||
| Q4 24 | 14.5% | -18.8% | ||
| Q3 24 | 48.9% | -98.0% | ||
| Q1 24 | — | 15.9% | ||
| Q4 23 | — | -12.3% |
| Q4 25 | $0.18 | $-0.52 | ||
| Q3 25 | $0.17 | $1.08 | ||
| Q4 24 | $0.09 | $-0.10 | ||
| Q3 24 | $0.09 | $-0.27 | ||
| Q1 24 | — | $0.00 | ||
| Q4 23 | — | $-0.00 |
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 | $3.3B |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $2.5B |
| Total Assets | $1.5B | $7.0B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $3.3B | ||
| Q3 25 | $604.5M | $1.0B | ||
| Q4 24 | $425.2M | $427.3M | ||
| Q3 24 | $560.5M | $98.6M | ||
| Q1 24 | — | $259.7M | ||
| Q4 23 | — | $90.3M |
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $569.4M | $2.5B | ||
| Q3 25 | $504.7M | $2.9B | ||
| Q4 24 | $489.0M | $1.2B | ||
| Q3 24 | $457.0M | $1.1B | ||
| Q1 24 | — | $677.2M | ||
| Q4 23 | — | $381.8M |
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.4B | $4.3B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q1 24 | — | $723.6M | ||
| Q4 23 | — | $417.2M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $71.7M |
| Free Cash FlowOCF − Capex | $99.8M | $-468.0M |
| FCF MarginFCF / Revenue | 29.5% | -253.4% |
| Capex IntensityCapex / Revenue | 0.2% | 292.2% |
| Cash ConversionOCF / Net Profit | 1.80× | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $71.7M | ||
| Q3 25 | $315.0M | $142.4M | ||
| Q4 24 | $-141.1M | $53.6M | ||
| Q3 24 | $108.3M | $-3.9M | ||
| Q1 24 | — | $-27.1M | ||
| Q4 23 | — | $17.4M |
| Q4 25 | $99.8M | $-468.0M | ||
| Q3 25 | $313.4M | $-38.0M | ||
| Q4 24 | $-141.6M | $-85.5M | ||
| Q3 24 | $107.1M | $-109.7M | ||
| Q1 24 | — | $-108.3M | ||
| Q4 23 | — | — |
| Q4 25 | 29.5% | -253.4% | ||
| Q3 25 | 110.9% | -15.8% | ||
| Q4 24 | -69.2% | -73.6% | ||
| Q3 24 | 57.6% | -208.0% | ||
| Q1 24 | — | -199.4% | ||
| Q4 23 | — | — |
| Q4 25 | 0.2% | 292.2% | ||
| Q3 25 | 0.6% | 75.0% | ||
| Q4 24 | 0.2% | 119.7% | ||
| Q3 24 | 0.7% | 200.6% | ||
| Q1 24 | — | 149.5% | ||
| Q4 23 | — | — |
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | 0.37× | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q1 24 | — | -3.13× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
