MERCADOLIBRE INC MELI
MercadoLibre, Inc. (together with its subsidiaries "us," "we," "our," "MercadoLibre," or the "Company") is the leading online commerce and fintech ecosystem in Latin America. Our e-commerce platform is the leader in the region based on gross merchandise volume ("GMV"), and our fintech platform is the leader in monthly active users ("MAUs") among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil. Mercado Libre's e-commerce platform is present in 18 countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay, Venezuela (deconsolidated since December 2017), Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and El Salvador) and our fintech platform, Mercado Pago, is present in 8 countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay and Ecuador). Our ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online, and the processing of payments online and offline, as well as offering a wide array of simple day-to-day financial services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.34B | $15.14B | $10.49B | $7.45B | $5.71B | $3.97B | $2.30B | $1.44B | $1.22B | $844.4M |
| Cost of revenue | $16.04B | $11.20B | $7.52B | $5.58B | $4.06B | $2.27B | $1.19B | $742.6M | $496.9M | $307.5M |
| Gross profit | $12.86B | $9.58B | $7.59B | $5.20B | $3.00B | $1.71B | $1.10B | $697.0M | $719.6M | $536.9M |
| R&D | $2.27B | $1.93B | $1.83B | $1.10B | $590.0M | $353.0M | $223.8M | $146.3M | $127.2M | $98.5M |
| SG&A | $1.08B | $963.0M | $766.0M | $661.0M | $465.0M | $327.0M | $197.5M | $137.8M | $122.2M | $87.3M |
| Total operating expenses | $9.66B | $6.95B | $5.38B | $4.13B | $2.56B | $1.58B | $1.26B | $766.5M | $663.3M | $355.8M |
| Operating income | $3.20B | $2.63B | $2.21B | $1.07B | $441.0M | $128.0M | -$153.2M | -$69.5M | $56.3M | $181.1M |
| Pre-tax income | $2.84B | $2.43B | $1.55B | $780.0M | $241.0M | $81.0M | -$107.2M | -$65.5M | $54.1M | $185.3M |
| Income tax | $845.0M | $521.0M | $569.0M | $298.0M | $149.0M | $82.0M | $64.8M | $28.9M | $40.3M | $49.0M |
| Net income | $2.00B | $1.91B | $987.0M | $482.0M | $83.0M | -$1.0M | -$172.0M | -$36.6M | $13.8M | $136.4M |
| EPS, basic | 39.40 | 37.69 | 19.64 | 9.57 | 1.67 | -0.08 | -3.71 | -0.82 | 0.31 | 3.09 |
| EPS, diluted | 39.40 | 37.69 | 19.46 | 9.53 | 1.67 | -0.08 | -3.71 | -0.82 | 0.31 | 3.09 |
| Shares, diluted (wtd. avg.) | $50.7M | $50.7M | $51.0M | $51.3M | $49.8M | $49.7M | $48.7M | $44.5M | $44.2M | $44.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.67B | $2.63B | $3.85B | $3.36B | $3.65B | $2.51B | $1.45B | $464.7M | $388.3M | $234.1M |
| Short-term investments | $2.63B | $4.49B | $3.48B | $2.34B | $810.0M | $1.24B | $1.60B | $461.5M | $209.4M | $253.3M |
| Receivables | $369.0M | $255.0M | $156.0M | $130.0M | $98.0M | $49.7M | $35.4M | $35.2M | $28.2M | $25.4M |
| Inventory | $570.0M | $296.0M | $238.0M | $152.0M | $253.0M | $118.1M | $8.6M | $4.6M | $2.5M | $1.1M |
| Total current assets | $33.57B | $20.14B | $14.26B | $10.95B | $8.18B | $5.35B | $3.79B | $1.51B | $1.29B | $869.5M |
| Property, plant and equipment | $2.30B | $1.38B | $1.25B | $993.0M | $807.0M | $391.7M | $244.3M | $165.6M | $114.8M | $124.3M |
| Goodwill | $163.0M | $149.0M | $163.0M | $153.0M | $148.0M | $85.0M | $87.6M | $88.9M | $92.3M | $91.8M |
| Other intangibles | $33.0M | $12.0M | $11.0M | $25.0M | $45.0M | $14.2M | $14.3M | $18.6M | $23.2M | $26.3M |
| Total assets | $42.67B | $25.20B | $17.61B | $13.74B | $10.10B | $6.53B | $4.78B | $2.24B | $1.67B | $1.37B |
| Accounts payable | $4.50B | $3.20B | $2.12B | $1.39B | $1.04B | $767.3M | $372.3M | $266.8M | $221.1M | $105.1M |
| Total current liabilities | $28.63B | $16.60B | $11.26B | $8.56B | $5.84B | $3.64B | $1.75B | $1.17B | $968.0M | $576.6M |
| Long-term debt | $9.19B | $5.71B | $4.50B | $4.76B | $3.52B | — | — | — | — | — |
| Total liabilities | $35.92B | $20.84B | $14.54B | $11.91B | $8.57B | $4.87B | $2.70B | $1.90B | $1.35B | $938.6M |
| Retained earnings | $5.81B | $3.81B | $1.90B | $913.0M | $397.0M | $314.1M | $322.6M | $503.4M | $537.9M | $550.6M |
| Total equity | $6.75B | $4.35B | $3.07B | $1.83B | $1.53B | $1.65B | $1.98B | $336.7M | $325.8M | $428.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12.12B | $7.92B | $5.14B | $2.94B | $965.0M | $1.18B | $451.1M | $230.9M | $269.0M | $190.3M |
| Stock-based compensation | — | — | — | — | — | — | — | $27.5M | $35.7M | $23.0M |
| Capital expenditure | $1.34B | $860.0M | $509.0M | $455.0M | $573.0M | $247.0M | $136.8M | $93.1M | $55.2M | $68.5M |
| Investing cash flow | -$6.18B | -$8.29B | -$3.45B | -$3.87B | -$1.60B | -$252.0M | -$1.45B | -$672.5M | -$22.6M | -$84.2M |
| Financing cash flow | $2.90B | $1.96B | -$267.0M | $916.0M | $1.93B | $242.0M | $2.02B | $608.9M | -$50.9M | -$19.7M |
| Dividends paid | — | — | — | — | — | — | — | $6.6M | $26.5M | $24.4M |
| Buybacks | $1.0M | $1.0M | $356.0M | $148.0M | $486.0M | $54.0M | $720.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001099590-26-000010.
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