MercadoLibre (MELI) Q4 FY2025 earnings: revenue $8.8 billion, up 44.6% on the year

MercadoLibre, Inc. (MELI) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 44.6% on the same quarter a year earlier. Net income was $559 million, down 12.5% on the year, and diluted earnings per share $11.03. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$8.8 billion

+44.6% on the year · +18.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

10.1%

13.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$559 million

-12.5% on the year · +32.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$11.03

-12.5% on the year · +32.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue grew 45% year over year: Net revenues and financial income were $8,759 million, up 45% YoY and 47% FX-neutral. Full-year 2025 revenue grew 39% YoY, according to the letter.
Operating income includes one-off tax credits: Income from operations was $889 million, including $99 million of one-off Brazil tax credits. Excluding the credits, income from operations fell 4% YoY and the margin was 9.0%.
Credit card delinquency fell to 4.4%: Credit card 15-90 day NPL fell by more than 300bps over three years to 4.4% in Q4 2025, which the letter calls a historic low. Management linked this to higher marketplace-buyer penetration and better underwriting.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	8,759	7,409	6,059	+18.2%	+44.6%
Cost of revenue	4,975	4,200	3,310	+18.5%	+50.3%
Gross profit	3,784	3,209	2,749	+17.9%	+37.7%
Gross margin	43.2%	43.3%	45.4%
Research and development	584	567	512	+3.0%	+14.1%
Operating income	889	724	820	+22.8%	+8.4%
Operating margin	10.1%	9.8%	13.5%
Pre-tax income	784	636	763	+23.3%	+2.8%
Income tax	225	215	124	+4.7%	+81.5%
Effective tax rate	28.7%	33.8%	16.3%
Net income	559	421	639	+32.8%	-12.5%
Net margin	6.4%	5.7%	10.5%
Diluted EPS	$11.03	$8.32	$12.60	+32.6%	-12.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	5,209	2,959	2,924	+76.0%	+78.1%
Capital expenditure	427	357	309	+19.6%	+38.2%
Free cash flow	4,782	2,602	2,615	+83.8%	+82.9%
Free cash flow margin	54.6%	35.1%	43.2%
Cash from investing	-2,001	-1,111	-2,128
Cash from financing	1,382	444	757	+211.3%	+82.6%
Depreciation and amortisation	238	209	152	+13.9%	+56.6%
Buybacks	n/a	1.0	0.0
Diluted shares, weighted	51m	51m	51m	+0.0%	-0.0%
Shares outstanding at period end	51m	51m	51m	0.0%	-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	6,748	6,218	4,351	+8.5%	+55.1%
Trading liabilities	n/a	41.0	0.0
Debt	9,193	7,840	5,715	+17.3%	+60.9%
Operating lease liabilities	1,769	1,636	894	+8.1%	+97.9%
Finance lease liabilities	82.0	70.0	81.0	+17.1%	+1.2%
Other liabilities	24,875	20,886	14,155	+19.1%	+75.7%
Total liabilities and equity	42,667	36,691	25,196	+16.3%	+69.3%
Fixed assets	2,303	n/a	1,380		+66.9%
Goodwill	163	161	149	+1.2%	+9.4%
Intangible assets	33.0	38.0	12.0	-13.2%	+175.0%
Investments	4,393	5,051	5,688	-13.0%	-22.8%
Cash and equivalents	3,670	2,582	2,635	+42.1%	+39.3%
Receivables	369	298	255	+23.8%	+44.7%
Inventory	570	532	296	+7.1%	+92.6%
Other assets	31,166	28,029	14,781	+11.2%	+110.9%
Total assets	42,667	36,691	25,196	+16.3%	+69.3%

Questions

What was MercadoLibre's revenue in Q4 FY2025?

MercadoLibre (MELI) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 44.6% on the same quarter a year earlier.

How much did MercadoLibre earn in Q4 FY2025?

Net income for Q4 FY2025 was $559 million, down 12.5% on the year, and diluted earnings per share $11.03.

When did MercadoLibre report Q4 FY2025 results?

MercadoLibre filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,130	2,248	2,597	2,690	3,002	3,186	3,585	3,927	4,409	4,333	5,073	5,312	6,059	5,935	6,790	7,409	8,759	8,845	10,169	10,750
Cost of revenue	1,278	1,175	1,313	1,342	1,544	1,572	1,754	1,832	2,359	2,309	2,708	2,873	3,310	3,164	3,696	4,200	4,975	4,983	6,010	6,366
Gross profit	853	1,073	1,284	1,348	1,458	1,614	1,831	2,095	2,050	2,024	2,365	2,439	2,749	2,771	3,094	3,209	3,784	3,862	4,159	4,384
Gross margin	40%	48%	49%	50%	49%	51%	51%	53%	46%	47%	47%	46%	45%	47%	46%	43%	43%	44%	41%	41%
R&D	179	234	262	278	325	381	368	396	686	458	460	504	512	551	567	567	584	699	729	745
Operating income	24.0	139	250	296	349	418	669	785	335	528	726	557	820	763	825	724	889	611	683	676
Operating margin	1%	6%	10%	11%	12%	13%	19%	20%	8%	12%	14%	10%	14%	13%	12%	10%	10%	7%	7%	6%
Pre-tax income	-33.1	111	163	198	308	320	472	531	230	481	668	520	763	706	716	636	784	579	606	601
Tax rate	n/a	41%	24%	35%	47%	38%	44%	32%	28%	28%	21%	24%	16%	30%	27%	34%	29%	28%	23%	25%
Net income	-46.0	65.0	123	129	165	201	262	359	165	344	531	397	639	494	523	421	559	417	466	448
Net margin	-2%	3%	5%	5%	5%	6%	7%	9%	4%	8%	10%	7%	11%	8%	8%	6%	6%	5%	5%	4%
Diluted EPS	-$0.92	$1.30	$2.43	$2.56	$3.25	$3.97	$5.16	$7.16	$3.25	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19	$8.83
Operating cash flow	701	-233	907	724	1,542	859	1,412	941	1,928	1,512	1,882	1,600	2,924	1,031	2,917	2,959	5,209	2,075	3,662	2,950
Capital expenditure	148	137	99.0	106	112	89.0	114	126	180	146	183	222	309	272	287	357	427	271	441	503
Free cash flow	552	-370	808	618	1,430	770	1,298	815	1,748	1,366	1,699	1,378	2,615	759	2,630	2,602	4,782	1,804	3,221	2,447
Buybacks	45.9	39.0	35.0	41.0	33.0	61.0	146	149	0.0	0.0	1.0	0.0	0.0	n/a	n/a	1.0	n/a	n/a	n/a	0.0
Shares outstanding	50m	50m	50m	50m	50m	50m	50m	50m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m
Filing	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.