MercadoLibre Inc.
MELIFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$8.9B
Q4 2025 · +45% YoY
Financial Snapshot
ticker: MELI step: 04 generated: 2026-05-12 source: quick-research
MercadoLibre, Inc. (MELI) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $10.5B | $14.5B | $20.8B | $28.9B | +39% |
| GMV ($M) | $34,452 | $45,250 | $51,467 | $65,037 | +26% |
| TPV ($M) | $124,489 | $182,790 | $196,660 | $277,823 | +41% |
| Operating Margin | 11.0% | 11.0% | 14.0% | 10.5% | -350bps |
| Net Income | $483M | $987M | $1.91B | $2.48B | +30% |
| Diluted EPS | $9.55 | $19.46 | $37.69 | $48.50 | +29% |
FY25 revenue +39%, Brazil +48%, Mexico +56%, Argentina +23%. Q4 operating margin compressed 5-6pp due to free shipping investments + credit ramp + 1P sales mix shift.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$4.5B |
| Adj Free Cash Flow | $1.48B |
| Capex | $1.33B |
| Cash & Equivalents | ~$4.2B |
| Total Debt | ~$3.5B |
| Credit Portfolio (Mercado Credito) | $12.5B |
| AUM (Mercado Fondo) | $19B |
Key Ratios (approximate)
- P/E: ~50x | EV/EBITDA: ~35x | FCF Yield: ~1.2%
- Revenue Growth (TTM): ~40% | Op Margin: ~10.5% (compressed)
- No dividend | Reinvesting all cash into growth
Growth Profile
Multi-decade LatAm offline-to-online + cash-to-digital tailwinds. E-commerce penetration in LatAm still ~12-13% vs ~25% US/China = years of compounding. Mercado Pago captures unbanked + underbanked populations. Credit portfolio doubled YoY; advertising +67%; logistics expanding. Margin compression deliberate trade for market share vs Amazon + Shein.
Forward Estimates
- FY 2026: Consensus revenue ~$38B; EPS $55-60; operating margin stays compressed 10-11%
- FY 2027: Margin recovery thesis = 13-15% op margin if investment cycle ends
- Q1 2026: revenue +49% YoY; operating income -20% YoY (margin compression)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MELI.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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