MercadoLibre, Inc. (MELI) is the largest online commerce ecosystem in Latin America, operating in 18 countries. The company facilitates digital and offline commercial transactions through its integrated e-commerce and financial technology platforms. MELI offers a wide range of products and services, including an online marketplace, payment solutions, logistics services, advertising tools, and credit offerings.
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Commerce - Operates an online marketplace where merchants and individuals can list and sell products across various categories, including electronics, apparel, and home goods. Includes revenue from marketplace fees, first-party sales, shipping, advertising, and classifieds.
- Commerce Services - Generates fees from intermediation services, shipping, storage, advertising, and classifieds.
- Commerce Products Sales - Includes revenue from inventory sales and related shipping fees.
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Fintech - Provides financial technology solutions through Mercado Pago, enabling secure payment processing, peer-to-peer transfers, and credit services. Includes revenue from payment commissions, installment fees, and sales of mobile point-of-sale devices.
- Fintech Services - Offers payment processing, insurtech fees, and installment payment options.
- Credit Revenues - Earns interest on loans and advances provided to buyers and sellers.
- Fintech Products Sales - Sells mobile point-of-sale devices to merchants.
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Mercado Envios - Provides logistics and shipping solutions, including fulfillment services and partnerships with third-party carriers, to support e-commerce transactions.
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Mercado Ads - Offers advertising solutions with performance-based and display ad formats, enabling sellers and brands to promote their products and services.
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Mercado Libre Classifieds - Hosts listings for vehicles, real estate, and services, with optional paid features for increased visibility.
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Mercado Shops - Allows merchants to create and manage their own branded e-commerce stores, integrating seamlessly with MELI's ecosystem.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Marcos Galperin ExecutiveBoard | President and CEO | Board Member at Onapsis, Satellogic, Endeavor; Member of JP Morgan International Council; Special Advisor at MELI Kaszek Pioneer Corporation (NASDAQ: MEKA) | Co-founder of MELI in 1999, instrumental in its growth into Latin America's largest e-commerce and fintech ecosystem. | View Report → |
Ariel Szarfsztejn Executive | Commerce President | None | Joined MELI in 2017; previously VP of Strategy and Corporate Development, VP and SVP of Mercado Envios; became Commerce President in 2024. | |
Daniel Rabinovich Executive | Executive Vice President and COO | Special Advisor at MELI Kaszek Pioneer Corporation (NASDAQ: MEKA) | Joined MELI in 2000; previously CTO and COO of Product & Technology; promoted to EVP and COO in 2020. | |
Juan Mart\u00edn de la Serna Executive | Executive Vice President - Corporate Affairs | None | Joined MELI in 1999; previously Country Manager for multiple countries and SVP of Mercado Env\u00edos; became EVP - Corporate Affairs in 2020. | |
Marcelo Melamud Executive | Senior Vice President and Chief Accounting Officer | None | Joined MELI in 2008; promoted to Chief Accounting Officer in August 2008. | |
Mart\u00edn de los Santos Executive | Executive Vice President and CFO | None | Joined MELI in 2013; previously VP of Strategy and Corporate Development and SVP of Mercado Cr\u00e9dito; promoted to CFO in 2024. | |
Osvaldo Gim\u00e9nez Executive | Fintech President | Special Advisor at MELI Kaszek Pioneer Corporation (NASDAQ: MEKA) | Joined MELI in 2000; previously Country Manager for Argentina and Chile, and head of MercadoPago; became Fintech President in 2020. | |
Andrea Mayumi Petroni Merhy Board | Class III Director | Board Member at Globant S.A. | Head of Business Advisory and Execution at JP Morgan Chase & Co.; extensive experience in finance and risk governance. | |
Emiliano Calemzuk Board | Class III Director | CEO of Reshet Media Group; Advisor to Sony Music, Sony Pictures Entertainment, and Israeli cyber startups | Joined MELI's board in 2007; extensive experience in media and technology, including as CEO of 890 Fifth Avenue Partners and President of Fox Television Studios. | |
Henrique Dubugras Board | Class II Director | Co-CEO of Brex Inc.; Board Member at Expedia Group | Co-founder of Brex Inc.; previously co-founded Pagar.me and other ventures; expertise in fintech and entrepreneurship. | |
Nicol\u00e1s Aguzin Board | Class II Director | None | Former CEO of Hong Kong Stock Exchange and J.P. Morgan International Private Bank; extensive experience in finance and emerging markets. | |
Richard Sanders Board | Class II Director | Partner at Permira; Director of Allegro.eu | Partner at Permira; expertise in private equity, e-commerce, and technology investments. | |
Stelleo Tolda Board | Class I Director | Director at Diagn\u00f3sticos da Am\u00e9rica S.A. (DASA) | Former COO and Commerce President of MELI; extensive experience in e-commerce and corporate governance. | |
Susan Segal Board | Class III Director | Board Member at Scotiabank, Scotiabank USA, Vista Oil and Gas; Director of Tinker Foundation and Bretton Woods Committee | President and CEO of Americas Society and Council of the Americas; extensive experience in finance and Latin American markets. |
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Are you experiencing any margin pressure from the recent changes to your loyalty program, and how much are you investing in it?
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Can you separate out the margin compression related to one-time costs of setting up new fulfillment facilities versus the ongoing costs of operating them?
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With ad penetration rates remaining flat quarter-over-quarter, what are your expectations for ad penetration growth in the upcoming quarters and next year?
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What drove the significant acceleration in your credit card portfolio growth in the third quarter, and can you discuss in which geographies or customer cohorts you've been focusing?
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Given that you're offering larger, longer-duration loans to lower-risk users, how does this impact your growth trajectory, and why not expand into slightly higher-risk segments where you could start with smaller loans and scale as confidence grows?
Research analysts who have asked questions during MERCADOLIBRE earnings calls.
Andrew Ruben
Morgan Stanley
4 questions for MELI
Irma Sgarz
Goldman Sachs
4 questions for MELI
Neha Agarwala
HSBC
4 questions for MELI
Deepak Mathivanan
Cantor Fitzgerald
3 questions for MELI
Geoffrey Elliott
Autonomous
3 questions for MELI
João Pedro Soares
Citigroup Inc.
3 questions for MELI
Josh Beck
Raymond James
3 questions for MELI
Marcelo Santos
JPMorgan Chase & Co.
3 questions for MELI
Robert Ford
Bank of America Merrill Lynch
3 questions for MELI
Craig Maurer
FT Partners
2 questions for MELI
James Friedman
Susquehanna Financial Group, LLLP
2 questions for MELI
Kaio Prato
UBS Group AG
2 questions for MELI
Marvin Fong
BTIG, LLC
2 questions for MELI
Danny Elgar
XP Inc.
1 question for MELI
Jamie Friedman
Susquehanna International Group
1 question for MELI
Joao Soares
Citigroup Inc.
1 question for MELI
Kaio Penso Da Prato
UBS
1 question for MELI
Marcelo Peev Santos
JPMorgan Chase & Co.
1 question for MELI
Robert Ford Aguilar
Bank of America Merrill Lynch
1 question for MELI
Trevor Young
Barclays
1 question for MELI
Zachary Gunn
Financial Technology Partners
1 question for MELI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kangú Participaçõs S.A. | 2021 | MercadoLibre acquired 100% of the equity interest of Kangú Participaçõs S.A. through its subsidiary Ebazar.com.br on November 3, 2021, integrating a logistics technology platform that connects various stakeholders such as sellers, e-commerce companies, transporters, and third-party providers across Brazil, Mexico, and Colombia. The deal’s purchase price allocation was still under analysis, and no specific deal value or further notable conditions were provided. |
Recent press releases and 8-K filings for MELI.
- Mercado Libre reported Q2 results, with revenue growth of 34% year over year on an FX neutral basis, which beat estimates, despite earnings missing estimates.
- The company achieved a 16.3% income from operations margin, marking its highest in the last 10 years, and generated $454 million in free cash flow during the quarter.
- Key user metrics showed strong growth, including a 16% year-over-year increase in active users, 13% in items sold, and 10% in items per buyer.
- Mercado Libre has achieved a full investment grade credit rating, with an upgrade by S&P Global Ratings to 'BBB-' with a stable outlook, complementing Fitch Ratings' similar upgrade in October 2024.
- This milestone reflects the company's strong operational performance, improving profitability, and a conservative financial profile, with expected debt-to-EBITDA remaining below 2.0x and debt-to-tangible equity below 1.0x.
- The upgrade positions Mercado Libre favorably in global capital markets, potentially lowering borrowing costs and enhancing investor confidence.
- The company has experienced continued growth in its user base, with monthly active users reaching 64 million in Q1 2025, representing more than 30% year-on-year growth.
- Financial analysts have set an average one-year price target of $2,828.42 for MercadoLibre's stock, implying a 17.75% upside from the current price, with a consensus brokerage recommendation of 'Outperform'.
- CEO transition: Marcos Galperin will become Executive Chairman and Ariel Sharfstein will assume the CEO role on 01/01/2026.
- Strong financial performance: Net revenues and financial income grew 38% year-over-year amid currency headwinds.
- Operational milestones: Sold 1.9 billion items with 95% handled by its logistics network and 75% delivered within 48 hours; Fitch upgraded its credit rating to investment grade; generated over $1 billion in adjusted free cash flow.
- User growth: Achieved 105 million unique active buyers and 64 million monthly active fintech users in Q1 2025.
- Governance outcomes: Elected Stelio Pasos Tolga as Class I director; re-elected Emiliano Kalimzuk, Martin Lawson, and Marcos Galperin as Class III directors; approved executive compensation and ratified Ernst & Young as auditor.
- Marcos Galperin will transition from CEO to Executive Chairman effective January 1, 2026, as approved by the board on May 16, 2025.
- Ariel Szarfsztejn will assume the role of President and CEO on the same effective date, following a series of leadership roles at the company since 2017.
- The 8-K filing, issued on May 21, 2025, outlines these key management changes and notes that compensation details for both executives will be disclosed later.
- Strong financial performance: Net revenues of US$5.9bn (up 37% YoY ), operating income of US$763mm (12.9% margin) , and net income of US$494mm (8.3% margin) .
- Robust marketplace metrics: Gross Merchandise Volume of US$13.3bn (up 17% YoY ), 492.2MM items sold (up 28% YoY ), and Total Payment Volume of US$58.3bn (up 43% YoY ).
- Resilient commerce & fintech growth: Continued investments driving strong net revenue performance and operational improvements in key Latin American markets .
- Significant fintech expansion: Driven by a 75% YoY increase in the credit portfolio and over 30% growth in user engagement , complemented by 64.3MM monthly active users and US$11,227M in Assets Under Management .
- Outstanding Argentina performance: U.S. dollar revenues more than doubled YoY with notable margin boosts from operational efficiencies .
- Strategic digital banking initiatives in Brazil: Competitive deposit offers at 120% CDI and tightened credit risk measures to support sustainable growth .