MercadoLibre, Inc. (MELI) Q4 2025 Financial Results Summary

MercadoLibre, Inc. (NASDAQ: MELI), Latin America’s leading e-commerce and fintech company, released its financial results for the fourth quarter ended December 31, 2025, on February 24, 2026.

Key Financial Metrics

• Net Revenues & Financial Income:
  • Q4 2025: $8,759 million
  • Growth: Up 45% YoY and 47% FX-neutral.
• Income from Operations:
  • Q4 2025: $889 million
  • Margin: 10.1%
  • Growth: Up 22% YoY in 2025.
• Net Income:
  • Q4 2025: $559 million
  • Margin: 6.4%
  • Decrease: Down 13% YoY due to normalization of tax rates.
• Total Payment Volume (TPV):
  • Q4 2025: $83.7 billion
  • Growth: Up 42.1% YoY and 52.6% FX-neutral.
• Gross Merchandise Volume (GMV):
  • Q4 2025: $19.9 billion
  • Growth: Up 36.8% YoY and 36.5% FX-neutral.

Regional Performance Highlights

• Brazil:
  • FX-neutral GMV grew 35% YoY, with sold items up 45% YoY and unique buyers growing 26%.
• Mexico:
  • FX-neutral GMV growth of 35% YoY, with sold items up 45% YoY.
• Argentina:
  • FX-neutral GMV increased by 42% YoY, sold items up 36% YoY.
• Chile:
  • FX-neutral GMV growth reached 41% YoY.
• Colombia:
  • GMV grew by 33% YoY.
• Peru:
  • GMV reached 57% YoY growth.

Operational Efficiency

• Logistics Network:
  • Over 75% of fast shipments delivered within 48 hours.
  • Unit shipping costs decreased by 11% YoY in Brazil.

Fintech Segment

• Monthly Active Users: Increased to 78 million, up 28% YoY.
• Assets Under Management (AUM):
  • Grew from $2 billion to almost $19 billion over three years, with a 78% YoY increase in Q4 2025.
• Credit Portfolio:
  • Total credit portfolio grew 90% YoY to $12.5 billion.
  • Credit card metrics show consistent improvement, with NPL reduced to 4.4%.

Key Strategic Initiatives

• MELI+ Program:
  • Subscriber growth accelerated, driven by enhancements in free shipping and an expanded content package.
• AI Initiatives:
  • Introduced AI-enhanced search in Argentina, facilitating better product discovery.
• Advertising Revenue:
  • Grew 67% YoY in Q4 2025, driven by strong search ad performance.

Dividends and Share Buyback

• Quarterly Dividend: No quarterly dividend was declared for this period.
• Share Repurchase: There were minimal share repurchases reported.

Summary

MercadoLibre’s overall impressive growth in Q4 of 2025 reflects the company’s ongoing investments in logistics, fulfillment, and fintech operations, leading to expanded customer engagement and retention across its platforms. With a strategic focus on enhancing user experience and operational efficiency, MercadoLibre aims to further capture growth opportunities in the expanding Latin American market.

For further details, refer to MercadoLibre Investor Relations.

MercadoLibre, Inc. Consolidated Statements of Income

(In millions of U.S. dollars, except for share data)

Note: All amounts are in thousands.

Year Ended December 31	2025	2024	Three Months Ended December 31	2025	2024
Net service revenues and financial income	25,286	18,638	Net service revenues and financial income	7,526	5,331
Net product revenues	3,607	2,139	Net product revenues	1,233	728
Net revenues and financial income	28,893	20,777	Net revenues and financial income	8,759	6,059
Cost of net revenues and financial expenses	(16,035)	(11,200)	Cost of net revenues and financial expenses	(4,975)	(3,310)
Gross profit	12,858	9,577	Gross profit	3,784	2,749
Operating expenses:			Operating expenses:
– Product and technology development	(2,269)	(1,934)	– Product and technology development	(584)	(512)
– Sales and marketing	(3,219)	(2,191)	– Sales and marketing	(1,036)	(636)
– Provision for doubtful accounts	(3,091)	(1,858)	– Provision for doubtful accounts	(983)	(527)
– General and administrative	(1,078)	(963)	– General and administrative	(292)	(254)
Total operating expenses	(9,657)	(6,946)	Total operating expenses	(2,895)	(1,929)
Income from operations	3,201	2,631	Income from operations	889	820
Other income (expenses):			Other income (expenses):
– Interest income and other financial gains, net	138	148	– Interest income and other financial gains, net	8	41
– Interest expense and other financial losses	(160)	(165)	– Interest expense and other financial losses	(50)	(48)
– Foreign currency losses, net	(337)	(182)	– Foreign currency losses, net	(63)	(50)
Net income before income tax expense	2,842	2,432	Net income before income tax expense	784	763
Income tax expense	(845)	(521)	Income tax expense	(225)	(124)
Net income	1,997	1,911	Net income	559	639
Basic earnings per share			Basic earnings per share
– Basic net income available to shareholders per common share	39.40	37.69	– Basic net income available to shareholders per common share	11.03	12.61
– Weighted average of outstanding common shares	50,697,299	50,697,428	– Weighted average of outstanding common shares	50,697,182	50,697,384
Diluted earnings per share			Diluted earnings per share