MercadoLibre (MELI) FY2022 results: revenue $10.8 billion, up 52.5% on the year

MercadoLibre, Inc. (MELI) reported revenue of $10.8 billion for fiscal 2022, the year ended 31 December 2022, up 52.5% on the year before. Net income was $482 million, up 480.7%, and diluted earnings per share $9.53. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$10.8 billion

+52.5% on the year

FY2016FY2022

Operating margin

9.9%

6.2% a year earlier

FY2016FY2022

Net income

$482 million

+480.7% on the year

FY2016FY2022

Diluted EPS

$9.53

+470.7% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,780	7,069	3,973	+52.5%
Cost of revenue	5,582	4,064	2,264	+37.3%
Gross profit	5,198	3,005	1,709	+73.0%
Gross margin	48.2%	42.5%	43.0%
Research and development	1,099	590	352	+86.2%
Operating income	1,069	441	128	+142.6%
Operating margin	9.9%	6.2%	3.2%
Pre-tax income	780	241	81.0	+224.2%
Income tax	298	149	82.0	+100.3%
Effective tax rate	38.2%	61.8%	101.3%
Net income	482	83.0	-1.0	+480.7%
Net margin	4.5%	1.2%	-0.0%
Diluted EPS	$9.53	$1.67	-$0.08	+470.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	2,940	965	1,183	+204.6%
Capital expenditure	454	573	247	-20.8%
Free cash flow	2,486	392	936	+534.0%
Free cash flow margin	23.1%	5.5%	23.5%
Cash from investing	-3,871	-1,597	-252
Cash from financing	916	1,925	242	-52.4%
Depreciation and amortisation	403	204	105	+97.6%
Buybacks	148	486	54.1	-69.5%
Diluted shares, weighted	51m	50m	50m	+3.1%
Shares outstanding at period end	50m	50m	50m	-0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,827	1,532	1,652	+19.3%
Debt	4,758	3,518	1,409	+35.2%
Operating lease liabilities	514	372	244	+38.3%
Finance lease liabilities	37.0	36.0	16.3	+2.8%
Other liabilities	6,600	4,644	3,206	+42.1%
Total liabilities and equity	13,736	10,101	6,526	+36.0%
Fixed assets	993	807	392	+23.0%
Goodwill	153	148	85.0	+3.2%
Intangible assets	25.0	45.0	14.2	-44.4%
Investments	2,661	899	1,407	+196.2%
Loans	1,736	1,260	402	+37.8%
Cash and equivalents	1,910	2,585	1,856	-26.1%
Receivables	130	98.2	49.7	+32.4%
Inventory	152	253	118	-39.9%
Other assets	5,976	4,006	2,202	+49.2%
Total assets	13,736	10,101	6,526	+36.0%

10-K for the year ended 31 December 2022, filed 23 February 2024: the filing.