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Edge3 Jan 2025
Mercado Libre: The Digital Backbone of Latin America
From shopping to logistics and fintech, Mercado Libre is shaping the digital transformation of Latin America.
MercadoLibre
MercadoLibre (MELI) investor relations material
MercadoLibre Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 net revenues grew 45% year-over-year, driven by commerce acceleration and fintech expansion, both supported by AI investments.
Achieved record GMV of $19.9B, up 37% YoY, and items sold reached 751.8M, up 43% YoY.
Net revenues and financial income totaled $8.8B, a 42% YoY increase; net income was $559M.
Unique active buyers surpassed 80M for the first time, growing 24% YoY.
Fintech monthly active users grew 27% YoY to 77.9M, maintaining strong engagement.
Financial highlights
Full-year 2025 revenues grew 39%; income from operations up 22% year-over-year.
Income from operations was $889M, up 45% YoY, with a 10.1% margin.
Adjusted free cash flow reached $763M for the quarter and $1.48B for the year.
Gross profit margin was 43.2%, down 220bps YoY; operating margin was 10.1%, down 340bps.
Net income margin was 6.4%, down 410bps YoY, reflecting increased investment in growth.
Outlook and guidance
Entering 2026 with all business units growing rapidly; investments are expected to continue unlocking long-term value.
Continued focus on long-term growth investments, particularly in fintech and logistics.
Management expects robust growth in acquiring TPV and credit portfolios, especially in Mexico and Argentina.
Management remains confident in long-term margin trajectory despite short-term margin pressure from ongoing investments.
Quantify Q4'25 strategic investment margin impact
Credit portfolio NPL and NIMAL trends
AI integration across ecosystem
Agentic commerce impact on ad monetization?
Investment cycle peak intensity for margins?
Credit card portfolio profitability trajectory?
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Next MercadoLibre earnings date
Q1 20266 May, 2026
MercadoLibre
Next MercadoLibre earnings date
Q1 20266 May, 2026
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Frequently asked questions
The largest ecommerce marketplace in Latin America
MercadoLibre is the leading ecommerce player and one of the leading fintech businesses in Latin America. The company offers a suite of technology solutions across the complete value chains of ecommerce and fintech, including services such as an ecommerce marketplace, logistics, digital payments, digital advertising, and credits for both businesses and consumers.
Since the company's earliest days, it has been heavily concentrated on both ecommerce and fintech. MercadoLibre can therefore be considered the lovechild of Amazon, Alibaba, and Adyen.
Further reading: MercadoLibre and Marcos Galperin: From Inception to Triumph
Six different businesses
Today, MercadoLibre operates across roughly 20 countries and maintains a market leading position in each of the major countries in Latin America. The business can be broken down into six main segments:
MercadoLibre
The MercadoLibre marketplace is a fully automated commerce platform which enables MercadoLibre, third party merchants, and individuals to list merchandise and conduct sales online. The marketplace has been the core of the ecosystem since the company was founded, and still is today. Since MercadoLibre initially started off as an eBay replica, it had more similarities to eBay and Alibaba rather than Amazon; since the business model at first was focused towards providing a marketplace rather than first party sales and supply chain management.Mercado Pago
To complement the MercadoLibre Marketplace and enhance the user experience for both buyers and sellers, MercadoLibre developed Mercado Pago, an integrated digital payments solution. Mercado Pago is a full ecosystem of financial technology solutions, with presence both in the digital and physical world. It was launched in 2003, just four years after the mother company was founded. Under this business segment, MercadoLibre operates several different fintech solutions such as Point of Sale systems, credit solutions for both merchants and consumers, prepaid cards, digital wallets, and investment accounts.Mercado Envios
The Mercado Envios logistics solution enables sellers on the platform to utilize third-party carriers and other logistics service providers, while also providing them with fulfillment and warehousing services. The logistics services they offer are an integral part of the overall value proposition as they reduce friction between buyers and sellers, and allow MercadoLibre to have greater control over the full user experience.Mercado Ads
MercadoLibre’s advertising platform enables businesses to promote their products and services on the platform. Brands and merchants can display ads both on the ecommerce marketplace and through Mercado Pago.Mercado Shops
This business segment is similar to what Shopify does. The ‘Shops’ division enables users to set up their own online stores, with the benefit of having access to all the benefits MercadoLibre offers to help merchants. When opening an online store through Mercado Shops, all the payment solutions, logistics, shipping, fulfillment, and sales management provided by MercadoLibre become available.
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