MercadoLibre (MELI) Q4 2025 earnings summary

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.