MercadoLibre (MELI) Q3 2025 earnings summary

Executive summary

• Revenue grew 39% year-over-year, marking the 27th consecutive quarter of growth above 30%, with net revenues and financial income reaching $20.1 billion for the nine months ended September 30, 2025.

• Achieved record GMV of $16.5B (+35% FXN YoY), with 635.2M items sold (+39% YoY), and net revenues of $7.4B (+49% FXN YoY).

• Operating income reached $724 million, up 30% year-over-year, and net income increased to $1.44 billion for the nine-month period.

• Unique active buyers grew 26% YoY, with Brazil seeing the highest quarterly addition due to a lower free shipping threshold.

• Record-high NPS and brand preference scores across the region, driven by marketing and improved value proposition.

Financial highlights

• Commerce revenues rose 31.5% to $11.3 billion, while fintech revenues surged 44.2% to $8.8 billion for the nine months.

• Adjusted EBITDA reached $2.89 billion, up from $2.28 billion year-over-year.

• Adjusted free cash flow was $206M after $357M in capex and $1.73B invested in credit portfolio growth.

• Available cash, investments, and digital assets stood at $5.27B at quarter-end.

• Provision for doubtful accounts increased 58.4% to $2.1 billion, reflecting higher credit originations.

Outlook and guidance

• Management continues to focus on long-term growth, investing in technology, logistics, and expanding the fintech ecosystem.

• Growth in GMV, TPV, and user metrics expected to continue, with strong momentum in Brazil, Mexico, and Chile.

• Margin pressure anticipated in the short term due to strategic investments, but long-term margin profile expected to improve as scale increases.

• No specific earnings guidance provided; company emphasizes long-term value creation over short-term results.