# MercadoLibre Inc. (MELI) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MELI/thesis · /stocks/MELI/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MELI/fundamental

## Navigation

- Overview: /stocks/MELI
- Financials (this page): /stocks/MELI/financials
- Thesis: /stocks/MELI/thesis
- Investment Memo: /stocks/MELI/memo
- Coverage universe: /stocks