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Side-by-side financial comparison of dLocal Ltd (DLO) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $337.9M, roughly 4.8× dLocal Ltd). dLocal Ltd runs the higher net margin — 16.5% vs 6.2%, a 10.3% gap on every dollar of revenue. On growth, dLocal Ltd posted the faster year-over-year revenue change (65.2% vs 22.0%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $99.8M).
dLocal Limited is a Uruguayan financial technology company. It provides cross-border payments connecting global merchants to emerging markets.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
DLO vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $337.9M | $1.6B |
| Net Profit | $55.6M | $101.0M |
| Gross Margin | 34.3% | 25.9% |
| Operating Margin | 18.6% | 5.2% |
| Net Margin | 16.5% | 6.2% |
| Revenue YoY | 65.2% | 22.0% |
| Net Profit YoY | 87.3% | 215.6% |
| 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 | $1.6B | ||
| Q3 25 | $282.5M | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $204.5M | $1.3B | ||
| Q3 24 | $185.8M | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $55.6M | $101.0M | ||
| Q3 25 | $141.3M | $105.0M | ||
| Q2 25 | — | $80.0M | ||
| Q1 25 | — | $56.0M | ||
| Q4 24 | $29.7M | $32.0M | ||
| Q3 24 | $90.8M | $56.0M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $-83.0M |
| Q4 25 | 34.3% | 25.9% | ||
| Q3 25 | 36.5% | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | 40.9% | 24.9% | ||
| Q3 24 | 42.1% | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 18.6% | 5.2% | ||
| Q3 25 | 19.7% | 5.1% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | 20.7% | 2.5% | ||
| Q3 24 | 22.1% | 2.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -5.2% |
| Q4 25 | 16.5% | 6.2% | ||
| Q3 25 | 50.0% | 6.4% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | 14.5% | 2.4% | ||
| Q3 24 | 48.9% | 4.3% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | -7.7% |
| Q4 25 | $0.18 | $0.18 | ||
| Q3 25 | $0.17 | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | $0.09 | $0.09 | ||
| Q3 24 | $0.09 | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | $86.7M | — |
| Stockholders' EquityBook value | $569.4M | $2.1B |
| Total Assets | $1.5B | $3.1B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $719.9M | $1.4B | ||
| Q3 25 | $604.5M | $1.4B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $425.2M | $903.0M | ||
| Q3 24 | $560.5M | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $569.4M | $2.1B | ||
| Q3 25 | $504.7M | $2.0B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $489.0M | $1.5B | ||
| Q3 24 | $457.0M | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| 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 | $100.4M | $194.0M |
| Free Cash FlowOCF − Capex | $99.8M | $178.0M |
| FCF MarginFCF / Revenue | 29.5% | 10.9% |
| Capex IntensityCapex / Revenue | 0.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.80× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $378.7M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.4M | $194.0M | ||
| Q3 25 | $315.0M | $165.0M | ||
| Q2 25 | — | $223.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | $-141.1M | $147.0M | ||
| Q3 24 | $108.3M | $109.0M | ||
| Q2 24 | — | $124.0M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | $99.8M | $178.0M | ||
| Q3 25 | $313.4M | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | $-141.6M | $134.0M | ||
| Q3 24 | $107.1M | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | 29.5% | 10.9% | ||
| Q3 25 | 110.9% | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | -69.2% | 10.0% | ||
| Q3 24 | 57.6% | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 0.2% | 1.0% | ||
| Q3 24 | 0.7% | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | 1.80× | 1.92× | ||
| Q3 25 | 2.23× | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | -4.75× | 4.59× | ||
| Q3 24 | 1.19× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLO
Segment breakdown not available.
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
