Mercadolibre
MELI · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
Mercadolibre reported revenue of $20.3B in the fiscal year ended Dec 2025, up 34.3% from the year before. Operating income was $3.2B, an operating margin of 15.7%, and net income was $2B. Operating cash flow of $12.1B less capital expenditure of $1.3B left free cash flow of $10.8B. Net debt was $5.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7B | $7.5B | $10.5B | $15.1B | $20.3B |
| Cost of revenue | $4.1B | $5.6B | $7.5B | $11.2B | $16B |
| Gross profit | $3B | $5.2B | $7.6B | $9.6B | $12.9B |
| Research & development | $590M | $1.1B | $1.8B | $1.9B | $2.3B |
| Operating income | $441M | $1.1B | $2.2B | $2.6B | $3.2B |
| Pre-tax income | $241M | $780M | $1.6B | $2.4B | $2.8B |
| Income tax | $149M | $298M | $569M | $521M | $845M |
| Net income | $83M | $482M | $987M | $1.9B | $2B |
| Diluted EPS | 1.67 | 9.53 | 19.46 | 37.69 | 39.40 |
| Diluted shares | 50M | 51M | 51M | 51M | 51M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.6B | $1.9B | $2.6B | $2.6B | $3.7B |
| Receivables | $98M | $130M | $156M | $255M | $369M |
| Inventory | $253M | $152M | $238M | $296M | $570M |
| Current assets | $8.2B | $11B | $14.3B | $20.1B | $33.6B |
| Net PP&E | $807M | $993M | $1.3B | $1.4B | $2.3B |
| Goodwill | $148M | $153M | $163M | $149M | $163M |
| Total assets | $10.1B | $13.7B | $17.6B | $25.2B | $42.7B |
| Deferred revenue | – | $44M | $51M | $77M | $133M |
| Current liabilities | $5.8B | $8.6B | $11.3B | $16.6B | $28.6B |
| Long-term debt | $3.5B | $4.8B | $4.5B | $5.7B | $9.2B |
| Total liabilities | $8.6B | $11.9B | $14.5B | $20.8B | $35.9B |
| Shareholders' equity | $1.5B | $1.8B | $3.1B | $4.4B | $6.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $965M | $2.9B | $5.1B | $7.9B | $12.1B |
| Capital expenditure | $573M | $454M | $509M | $860M | $1.3B |
| Free cash flow | $392M | $2.5B | $4.6B | $7.1B | $10.8B |
| Depreciation & amortisation | $204M | $403M | $524M | $617M | $818M |
| Acquisitions | $51M | $0 | $0 | $6M | $0 |
| Share buybacks | $486M | $148M | $356M | $1M | $1M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.5% | 40.8% | 44.3% | 34.3% |
| Operating income growth (YoY) | – | 142.4% | 106.5% | 19.2% | 21.7% |
| EPS growth (YoY) | – | 470.7% | 104.2% | 93.7% | 4.5% |
| Gross margin | 52.6% | 69.8% | 72.4% | 63.3% | 63.2% |
| Operating margin | 7.7% | 14.3% | 21.0% | 17.4% | 15.7% |
| Net margin | 1.5% | 6.5% | 9.4% | 12.6% | 9.8% |
| Return on equityBlank when equity is negative | 5.4% | 26.4% | 32.1% | 43.9% | 29.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.3% | 20.7% | 34.8% | 30.6% | 22.8% |
| Free cash flow margin | 6.9% | 33.4% | 44.2% | 46.6% | 53.0% |
| Cash conversion (CFO ÷ net income) | 11.6x | 6.10x | 5.21x | 4.14x | 6.07x |
| Receivable days | 6 | 6 | 5 | 6 | 7 |
| Inventory days | 23 | 10 | 12 | 10 | 13 |
| Debt ÷ equity | 2.30x | 2.60x | 1.46x | 1.31x | 1.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $933M | $2.8B | $1.9B | $3.1B | $5.5B |
| Current ratio | 1.40x | 1.28x | 1.27x | 1.21x | 1.17x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.