MERCADOLIBRE (MELI) Company Report

MercadoLibre reported a 39% year-on-year revenue growth in Q3 2025, marking its 27th consecutive quarter of growth above 30%, with operating income increasing by 30% year-on-year to $724 million.
The company continues to make strategic investments in areas such as free shipping, logistics, 1P, and credit cards, which are driving strong top-line growth and market share gains, particularly in Brazil where the reduced free shipping threshold accelerated items sold growth from 26% to 42%.
Mercado Pago had a stellar quarter, with accelerated monthly active user growth, record-high NPS in Brazil, and strong growth in assets under management and its credit portfolio, with older credit card cohorts in Brazil reaching profitability.
MercadoLibre's total unique buyers reached 75 million in Q3 2025, with approximately 4 million new buyers added during the quarter.
While Argentina remains a profitable market, Q3 2025 saw a slowdown in GMV, buyers, and TPV growth due to macro instability and increased funding costs, though revenues still grew 39% year-on-year in USD.

Oct 29, 2025, 9:00 PM

Transcript

MercadoLibre Reports Strong Q3 2025 Financial and Operational Growth

MELI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

MercadoLibre reported Net Revenues and Financial Income of US$7.4 billion in Q3 2025, marking a 39% YoY increase, or 49% YoY on an FX-Neutral basis.
The company achieved Income from Operations of US$724 million with a 9.8% margin, and Net Income of US$421 million with a 5.7% margin for Q3 2025.
Key operational metrics showed robust growth, with Gross Merchandise Volume (GMV) reaching US$16.5 billion (+35% FXN YoY) and Total Payment Volume (TPV) reaching US$71.2 billion (+54% FXN YoY) in Q3 2025.
The credit portfolio expanded to US$11.0 billion, an 83% YoY increase, while Assets Under Management reached US$15.070 billion in Q3 2025.
Unique Active Buyers grew to 76.8 million, an increase of 26% YoY in Q3 2025.

Oct 29, 2025, 9:00 PM

Presentation

Mercado Libre Reports Strong Q3 2025 Growth Driven by Strategic Investments

MELI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Mercado Libre (MELI) reported strong Q3 2025 results with revenues growing by 39% year on year, marking its 27th consecutive quarter of over 30% growth, and operating income increasing by 30% year on year to $724 million.
Strategic investments, such as the reduction in the free shipping threshold in Brazil, led to significant acceleration in GMV and items sold, with items sold growing 42% this quarter. This also contributed to a sequential reduction of 8% in unit shipping costs in Brazil (in local currency).
The company's credit card business is maturing, with cohorts older than two years being profitable, and the overall Brazil credit card portfolio approaching profitability. A new credit card was launched in Argentina towards the end of Q3 2025.
Mercado Libre continues to gain market share in e-commerce in Brazil, having tripled its share since 2014 and doubled it since the pandemic, driven by its focus on user experience and competitive positioning.

Oct 29, 2025, 9:00 PM

Transcript

MercadoLibre Reports Strong Q3 2025 Financial and Operational Growth

MELI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

MercadoLibre (MELI) reported robust Q3 2025 results, with revenues growing by 39% year-on-year, marking the 27th consecutive quarter of growth above 30%. Operating income reached $724 million, representing a 30% year-on-year increase.
Strategic investments in areas such as free shipping, logistics, 1P, and credit cards continued to drive growth, particularly in Brazil, where a reduced free shipping threshold led to accelerated GMV and items sold, with unit shipping costs decreasing by 8% quarter-over-quarter.
Mercado Pago experienced a stellar quarter, characterized by accelerated monthly active user growth and record-high NPS in Brazil, largely due to the rapid expansion of its credit card product.
Despite macro challenges in Argentina, the company saw resilient performance, with revenues growing 39% year-on-year in US dollars and 97% in local currency, items sold increasing by 34%, and the credit book growing by 100% year-on-year.

Oct 29, 2025, 9:00 PM

Transcript

MercadoLibre Reports Strong Q3 2025 Financial Results

MELI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

MercadoLibre reported net revenues and financial income of $7,409 million for Q3 2025, representing a 39% year-over-year increase (49% FX-neutral).
The company achieved income from operations of $724 million with a 9.8% margin, and net income of $421 million with a 5.7% margin in Q3 2025.
Key operational metrics showed robust growth, with Total Payment Volume (TPV) increasing 41% year-over-year to $71.2 billion and Gross Merchandise Volume (GMV) rising 28% year-over-year to $16.5 billion.
Strategic investments, such as lowering the free shipping threshold in Brazil, contributed to a 29% year-over-year growth in unique buyers in Brazil and a 29% year-over-year increase in Fintech monthly active users to 72 million.

Oct 29, 2025, 8:00 PM

8-K

MercadoLibre, Inc. Amends Revolving Credit Agreement to Increase Commitments

MELI

Debt Issuance

MercadoLibre, Inc. entered into Amendment No. 1 to its Amended and Restated Revolving Credit Agreement on September 12, 2025, with lenders and Citibank, N.A. as administrative agent.
This amendment permits the company to request up to $400,000,000 of additional commitments, increasing the aggregate principal amount of credit commitments to up to $800,000,000.
As a result of the amendment, the total commitments from the listed lenders now amount to $770,000,000.

Sep 16, 2025, 8:46 PM

8-K

Mercado Libre Reports Strong Q2 2025 Results

MELI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

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.

Aug 5, 2025, 2:07 PM

CNBC Television

Mercado Libre Achieves Full Investment Grade Ratings

MELI

Debt Issuance

New Projects/Investments

Revenue Acceleration/Inflection

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'.

Jul 11, 2025, 12:53 PM

Morningstar

MercadoLibre announces 2025 AGM outcomes and CEO transition

MELI

CEO Change

Proxy Vote Outcomes

Revenue Acceleration/Inflection

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.

Jun 17, 2025, 4:11 PM

MercadoLibre Announces Leadership Transition

MELI

CEO Change

Board Change

Management Change

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.

May 21, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for MERCADOLIBRE.

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