MELI

MKT CAP:$93B

MercadoLibre, Inc.

Market Cap

$93B

Consumer Cyclical·Specialty Retail· Uruguay·NASDAQ

Consumer Cyc.·Specialty Retail·NASDAQ

Stock Price

$1,838.97-$134.73 (-6.83%)

Apr 24, 2026

Company Details

MercadoLibre, Inc. operates online commerce platforms in Latin America. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales a...

CEO

Ariel Szarfsztejn

IPO Date

Aug 10, 2007

Website

www.mercadolibre.com

Key Metrics TTM

Revenue

$28.9B

+39.1% YoY

Net Income

$2.0B

EPS (Diluted)

$39.39

Free Cash Flow

$10.1B

Revenue / Share

$569.91

Gross Margin

44.5%

Operating Margin

11.1%

Net Margin

6.9%

FCF Margin

35.0%

P/S

3.2x

P/E

46.7x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$28.9B+39.1%EPS $39.39

Q4 2025

Feb 25, 2026

$8.8B+44.6%EPS $11.03

Q3 2025

Oct 30, 2025

$7.4B+39.5%EPS $8.30

Q2 2025

Aug 5, 2025

$6.8B+33.8%EPS $10.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.2B	$1.1B	$139M
Q2 22	$2.6B	$1.3B	$250M
Q3 22	$2.7B	$1.3B	$296M
Q4 22	$3.0B	$1.5B	$349M
Q1 23	$3.2B	$1.6B	$418M
Q2 23	$3.6B	$1.8B	$669M
Q3 23	$3.9B	$2.1B	$785M
Q4 23	$4.3B	$2.0B	$240M
Q1 24	$4.3B	$2.0B	$528M
Q2 24	$5.1B	$2.4B	$726M
Q3 24	$5.3B	$2.4B	$557M
Q4 24	$6.1B	$2.7B	$820M
Q1 25	$5.9B	$2.8B	$763M
Q2 25	$6.8B	$3.1B	$825M
Q3 25	$7.4B	$3.2B	$724M
Q4 25	$8.8B	$3.8B	$889M

Valuation

Quarter	P/S	P/E
Q1 22	7.8x	339.5x
Q2 22	4.1x	152.5x
Q3 22	4.6x	163.8x
Q4 22	4.3x	93.5x
Q1 23	5.7x	106.6x
Q2 23	4.8x	78.9x
Q3 23	4.7x	64.6x
Q4 23	5.3x	80.9x
Q1 24	4.8x	68.6x
Q2 24	4.6x	57.9x
Q3 24	5.5x	72.4x
Q4 24	4.2x	45.7x
Q1 25	4.4x	48.0x
Q2 25	5.5x	64.5x
Q3 25	4.8x	61.1x
Q4 25	3.5x	51.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$233M	-$370M
Q2 22	$907M	$807M
Q3 22	$724M	$618M
Q4 22	$1.5B	$1.4B
Q1 23	$859M	$770M
Q2 23	$1.4B	$1.3B
Q3 23	$941M	$815M
Q4 23	$1.9B	$1.7B
Q1 24	$1.2B	$1.1B
Q2 24	$1.9B	$1.7B
Q3 24	$1.6B	$1.4B
Q4 24	$2.9B	$2.6B
Q1 25	$944M	$672M
Q2 25	$2.4B	$2.2B
Q3 25	$2.7B	$2.5B
Q4 25	$5.2B	$4.8B

Capital Expenditures

Quarter	CapEx
Q1 22	$137M
Q2 22	$100M
Q3 22	$106M
Q4 22	$112M
Q1 23	$89M
Q2 23	$114M
Q3 23	$126M
Q4 23	$180M
Q1 24	$146M
Q2 24	$184M
Q3 24	$223M
Q4 24	$305M
Q1 25	$272M
Q2 25	$264M
Q3 25	$277M
Q4 25	$427M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+63.1%	+63.9%
Q2 22	+52.5%	+52.7%
Q3 22	+44.8%	+41.0%
Q4 22	+40.9%	+25.9%
Q1 23	+41.7%	+31.2%
Q2 23	+38.0%	+24.2%
Q3 23	+46.0%	+31.2%
Q4 23	+41.9%	+51.6%
Q1 24	+36.0%	+37.5%
Q2 24	+41.5%	+49.1%
Q3 24	+35.3%	+51.3%
Q4 24	+42.2%	+30.3%
Q1 25	+37.0%	+35.9%
Q2 25	+33.8%	+37.2%
Q3 25	+39.5%	+40.6%
Q4 25	+44.6%	+50.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$30M	1.3%
Q2 22	$5M	0.2%
Q3 22	$24M	0.9%
Q4 22	$25M	0.8%
Q1 23	$47M	1.5%
Q2 23	$36M	1.0%
Q3 23	-$83M	-2.1%
Q4 23	$167M	3.9%
Q1 24	$68M	1.6%
Q2 24	$59M	1.2%
Q3 24	$83M	1.6%
Q4 24	$51M	0.8%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$160M	2.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$234M	$159M	$286M
Q2 22	$262M	$173M	$296M
Q3 22	$278M	$153M	$333M
Q4 22	$325M	$176M	$380M
Q1 23	$381M	$180M	$383M
Q2 23	$368M	$189M	$383M
Q3 23	$396M	$196M	$441M
Q4 23	$686M	$201M	$529M
Q1 24	$458M	$186M	$478M
Q2 24	$460M	$218M	$511M
Q3 24	$504M	$305M	$566M
Q4 24	$512M	$254M	$636M
Q1 25	$551M	$255M	$599M
Q2 25	$567M	$261M	$751M
Q3 25	$567M	$270M	—
Q4 25	$584M	$292M	$2.0B

Revenue Segments

Quarter	Commerce	Fintech	Product	Service
Q1 22	$1.3B	$971M	—	—
Q2 22	—	—	$265M	$2.3B
Q3 22	—	—	$253M	$2.4B
Q1 23	—	—	$274M	$2.8B
Q2 23	—	—	$364M	$3.1B
Q3 23	—	—	$341M	$3.4B
Q4 23	—	—	$511M	$3.8B
Q1 24	—	—	$378M	$4.0B
Q2 24	—	—	$481M	$4.6B
Q3 24	—	—	$552M	$4.8B
Q4 24	—	—	$728M	$5.3B
Q1 25	—	—	$615M	$5.3B
Q2 25	—	—	$826M	$6.0B
Q3 25	—	—	$933M	$6.5B
Q4 25	—	—	$1.2B	$7.5B

Revenue by Geography

Quarter	Argentina Segment	Brazil Segment	Mexico Segment	Other Countries Segment
Q1 22	$518M	$1.3B	$364M	$114M
Q1 23	$721M	$1.6B	$591M	$146M
Q2 23	$771M	$1.8B	$703M	$161M
Q3 23	$825M	$2.0B	$772M	$157M
Q4 23	$923M	$2.2B	$919M	$189M
Q1 24	$615M	$2.6B	$971M	$176M
Q3 24	$1.0B	$2.9B	$1.1B	$221M
Q1 25	$1.4B	$3.1B	$1.2B	$249M
Q2 25	$1.5B	$3.5B	$1.5B	$284M
Q3 25	$1.4B	$4.0B	$1.7B	$308M
Q4 25	$1.6B	$4.6B	$2.1B	$414M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.6B	$471M	$2.0B
Q2 22	$1.3B	$897M	$2.2B
Q3 22	$1.5B	$930M	$2.4B
Q4 22	$1.9B	$1.1B	$3.0B
Q1 23	$2.1B	$1.1B	$3.2B
Q2 23	$1.9B	$1.4B	$3.3B
Q3 23	$2.2B	$1.6B	$3.7B
Q4 23	$2.6B	$1.2B	$3.8B
Q1 24	$2.6B	$1.2B	$3.8B
Q2 24	$2.8B	$995M	$3.8B
Q3 24	$2.2B	$1.1B	$3.3B
Q4 24	$2.6B	$1.1B	$3.8B
Q1 25	$3.0B	$741M	$3.7B
Q2 25	$3.0B	$960M	$4.0B
Q3 25	$2.6B	$1.5B	$4.1B
Q4 25	$3.7B	$2.6B	$6.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	50M	+1.2%	+1.1%
Q2 22	50M	-0.1%	+1.1%
Q3 22	51M	+1.9%	+3.5%
Q4 22	51M	-0.1%	+3.0%
Q1 23	51M	-0.1%	+1.6%
Q2 23	51M	-0.2%	+1.6%
Q3 23	50M	-1.8%	-2.2%
Q4 23	51M	+1.0%	-1.1%
Q1 24	51M	-0.0%	-1.0%
Q2 24	51M	+0.0%	-0.9%
Q3 24	51M	-0.0%	+1.0%
Q4 24	51M	+0.0%	-0.0%
Q1 25	51M	0.0%	-0.0%
Q2 25	51M	+0.0%	+0.0%
Q3 25	51M	0.0%	+0.0%
Q4 25	51M	-0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$237.4K	9K
Q2 22	$274.2K	9K
Q3 22	$284.0K	9K
Q4 22	$216.7K	14K
Q1 23	$229.9K	14K
Q2 23	$258.7K	14K
Q3 23	$283.4K	14K
Q4 23	$272.5K	16K
Q1 24	$277.1K	16K
Q2 24	$324.4K	16K
Q3 24	$339.7K	16K
Q4 24	$331.4K	18K
Q1 25	$324.6K	18K
Q2 25	$371.4K	18K
Q3 25	$405.3K	18K
Q4 25	$430.5K	20K

Revenue / Employee