Revenue growth accelerated to 49.0% in 2026Q1, though operating margins faced pressure, declining to 6.9% as SG&A expenses outpaced gross profit expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 31.8B | 28.89B | 20.78B | 15.11B | 10.78B | 7.07B | 3.97B | 2.3B | 1.44B | 1.22B | 844.4M | 651.79M | 556.54M | 472.6M | 373.6M | 298.93M | 216.72M | 172.84M | 137.02M | 85.13M | 52.06M | 28.25M | 5.6M | 1.7M |
| Revenue Growth % | 42.11% | 39.06% | 37.53% | 40.14% | 52.5% | 77.88% | 73.06% | 59.5% | 18.34% | 44.07% | 29.55% | 17.12% | 17.76% | 26.5% | 24.98% | 37.94% | 25.38% | 26.14% | 60.96% | 63.52% | 84.28% | 404.46% | 229.41% | - |
| Cost of Goods Sold | 17.85B | 16.04B | 11.2B | 7.52B | 5.58B | 4.06B | 2.27B | 1.19B | 742.64M | 496.94M | 307.54M | 214.99M | 158.98M | 130.08M | 98.09M | 72.06M | 46.55M | 35.96M | 27.54M | 18.27M | 12.09M | 6.14M | 1.1M | 700K |
| COGS % of Revenue | - | 55.5% | 53.91% | 49.76% | 51.78% | 57.49% | 57% | 52% | 51.59% | 40.85% | 36.42% | 32.99% | 28.57% | 27.52% | 26.25% | 24.1% | 21.48% | 20.8% | 20.1% | 21.47% | 23.22% | 21.73% | 19.64% | 41.18% |
| Gross Profit | 13.95B | 12.86B | 9.58B | 7.59B | 5.2B | 3B | 1.71B | 1.1B | 697.01M | 719.6M | 536.86M | 436.8M | 397.56M | 342.52M | 275.52M | 226.88M | 170.17M | 136.89M | 109.49M | 66.85M | 39.97M | 22.11M | 4.5M | 1M |
| Gross Margin % | 43.86% | 44.5% | 46.09% | 50.24% | 48.22% | 42.51% | 43% | 48% | 48.41% | 59.15% | 63.58% | 67.01% | 71.43% | 72.48% | 73.75% | 75.9% | 78.52% | 79.2% | 79.9% | 78.53% | 76.78% | 78.27% | 80.36% | 58.82% |
| Gross Profit Growth % | - | 34.26% | 26.18% | 46.02% | 72.98% | 75.83% | 55.06% | 58.12% | -3.14% | 34.04% | 22.91% | 9.87% | 16.07% | 24.32% | 21.44% | 33.33% | 24.31% | 25.03% | 63.77% | 67.25% | 80.78% | 391.35% | 350% | - |
| Operating Expenses | 10.9B | 9.66B | 6.95B | 5.38B | 4.13B | 2.56B | 1.58B | 1.26B | 766.49M | 663.33M | 355.8M | 297.6M | 277.09M | 188.98M | 145.86M | 127.1M | 95.57M | 80.85M | 71.96M | 45.19M | 34.58M | 21.3M | 8M | 3.9M |
| OpEx % of Revenue | - | 33.42% | 33.43% | 35.63% | 38.3% | 36.27% | 39.78% | 54.67% | 53.24% | 54.53% | 42.14% | 45.66% | 49.79% | 39.99% | 39.04% | 42.52% | 44.1% | 46.78% | 52.52% | 53.09% | 66.42% | 75.4% | 142.86% | 229.41% |
| Selling, General & Admin | 2.1B | 7.39B | 3.15B | 2.5B | 1.96B | 1.54B | 1.09B | 1.03B | 620.22M | 447.57M | 243.61M | 204.95M | 173.99M | 148.09M | 117.23M | 103.75M | 79.71M | 68.71M | 64.66M | 40.82M | 31.51M | 19.11M | 4.9M | 3.3M |
| SG&A % of Revenue | - | 25.57% | 15.18% | 16.56% | 18.15% | 21.77% | 27.55% | 44.92% | 43.08% | 36.79% | 28.85% | 31.44% | 31.26% | 31.34% | 31.38% | 34.71% | 36.78% | 39.75% | 47.19% | 47.95% | 60.53% | 67.66% | 87.5% | 194.12% |
| Research & Development | 2.42B | 2.27B | 1.93B | 1.83B | 1.1B | 590M | 353M | 223.81M | 146.27M | 127.16M | 98.48M | 76.42M | 53.6M | 40.89M | 28.63M | 23.35M | 15.86M | 12.14M | 7.31M | 4.37M | 3.07M | 2.19M | 1M | 700K |
| R&D % of Revenue | - | 7.85% | 9.31% | 12.12% | 10.19% | 8.35% | 8.88% | 9.75% | 10.16% | 10.45% | 11.66% | 11.73% | 9.63% | 8.65% | 7.66% | 7.81% | 7.32% | 7.02% | 5.33% | 5.13% | 5.89% | 7.74% | 17.86% | 41.18% |
| Other Operating Expenses | 3M | 0 | 1.86B | 1.05B | 1.07B | 435M | 133M | 0 | 0 | 88.6M | 13.72M | 16.23M | 49.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1M | -100K |
| Operating Income | 3.05B | 3.2B | 2.63B | 2.21B | 1.07B | 441M | 128M | -153.16M | -69.48M | 56.27M | 181.06M | 139.2M | 120.47M | 153.54M | 129.66M | 99.77M | 74.6M | 56.03M | 37.52M | 21.66M | 5.4M | 811.86K | -3.5M | -2.9M |
| Operating Margin % | 9.59% | 11.08% | 12.66% | 14.61% | 9.92% | 6.24% | 3.22% | -6.67% | -4.83% | 4.63% | 21.44% | 21.36% | 21.65% | 32.49% | 34.7% | 33.38% | 34.42% | 32.42% | 27.39% | 25.45% | 10.37% | 2.87% | -62.5% | -170.59% |
| Operating Income Growth % | - | 21.66% | 19.21% | 106.45% | 142.4% | 244.53% | 183.57% | -120.43% | -223.47% | -68.92% | 30.07% | 15.54% | -21.54% | 18.42% | 29.95% | 33.75% | 33.13% | 49.33% | 73.23% | 301.3% | 564.88% | 123.2% | -20.69% | - |
| EBITDA | 3.94B | 3.77B | 3.25B | 2.73B | 1.47B | 645M | 233M | -79.84M | -23.69M | 97.19M | 210.08M | 162.41M | 137.42M | 165.42M | 138.62M | 107.04M | 79.52M | 59.93M | 40.86M | 23.97M | 7.41M | 2.38M | -2.7M | -2.3M |
| EBITDA Margin % | 12.39% | 13.06% | 15.63% | 18.08% | 13.65% | 9.12% | 5.86% | -3.48% | -1.65% | 7.99% | 24.88% | 24.92% | 24.69% | 35% | 37.1% | 35.81% | 36.69% | 34.67% | 29.82% | 28.16% | 14.24% | 8.44% | -48.21% | -135.29% |
| EBITDA Growth % | 12.57% | 16.13% | 18.93% | 85.53% | 128.22% | 176.82% | 391.83% | -237.02% | -124.37% | -53.73% | 29.35% | 18.18% | -16.93% | 19.33% | 29.5% | 34.61% | 32.69% | 46.67% | 70.47% | 223.26% | 210.98% | 188.31% | -17.39% | - |
| D&A (Non-Cash Add-back) | 892M | 571M | 617M | 524M | 403M | 204M | 105M | 73.32M | 45.79M | 40.92M | 29.02M | 23.21M | 16.95M | 11.88M | 8.96M | 7.27M | 4.92M | 3.89M | 3.34M | 2.31M | 2.02M | 1.57M | 800K | 600K |
| EBIT | 2.46B | 2.99B | 2.6B | 1.73B | 915M | 470M | 188M | -41.37M | -9.2M | 80.54M | 210.93M | 170.88M | 133.46M | 165.47M | 141.36M | 112.1M | 79.47M | 56.07M | 37.89M | 17.16M | 5.4M | 811.86K | -3.5M | -3M |
| Net Interest Income | -46M | -10M | -5M | -41M | -7M | -90.74M | -3.92M | 47.65M | -14.21M | 19.43M | -24.58M | 748K | 3.64M | 7.17M | 10.74M | 6.26M | -2.67M | -10.66M | -6.62M | -400.38K | -1.22M | -104.65K | 0 | 0 |
| Interest Income | 128M | 138M | 148M | 135M | 265M | 137.96M | 102.77M | 113.52M | 42.04M | 45.9M | 0 | 20.56M | 15.3M | 9.52M | 11.88M | 9.91M | 4.93M | 2.7M | 1.82M | 1.61M | 520.51K | 351.78K | 0 | 0 |
| Interest Expense | 174M | 148M | 153M | 176M | 272M | 228.7M | 106.69M | 65.88M | 56.25M | 26.47M | 24.58M | 19.81M | 11.66M | 2.36M | 1.14M | 3.65M | 7.6M | 13.36M | 8.44M | 2.01M | 1.74M | 456.43K | 0 | 0 |
| Other Income/Expense | -729M | -359M | -199M | -651M | -289M | -209M | -47M | 45.91M | 4.03M | -2.2M | 4.27M | 11.29M | 1.32M | 9.57M | 10.56M | 8.68M | -2.73M | -13.32M | -8.08M | -7.24M | -3.08M | -146.39K | 300K | 200K |
| Pretax Income | 2.32B | 2.84B | 2.43B | 1.56B | 780M | 232M | 81M | -107.25M | -65.45M | 54.07M | 185.33M | 150.49M | 121.8M | 163.11M | 140.22M | 108.46M | 71.87M | 42.71M | 29.45M | 14.42M | 2.31M | 665.47K | -3.2M | -2.7M |
| Pretax Margin % | 7.29% | 9.84% | 11.71% | 10.3% | 7.24% | 3.28% | 2.04% | -4.67% | -4.55% | 4.44% | 21.95% | 23.09% | 21.88% | 34.51% | 37.53% | 36.28% | 33.16% | 24.71% | 21.49% | 16.94% | 4.45% | 2.36% | -57.14% | -158.82% |
| Income Tax | 365M | 845M | 521M | 569M | 298M | 149M | 82M | 64.75M | -28.87M | 40.29M | 48.96M | 44.7M | 49.14M | 45.58M | 38.87M | 31.66M | 15.84M | 9.5M | 10.63M | 4.73M | 1.24M | -1.37M | 0 | 0 |
| Effective Tax Rate % | 15.73% | 29.73% | 21.42% | 36.57% | 38.21% | 64.22% | 101.23% | -60.38% | 44.1% | 74.51% | 26.42% | 29.7% | 40.35% | 27.95% | 27.72% | 29.19% | 22.04% | 22.25% | 36.11% | 32.78% | 53.69% | -205.77% | 0% | 0% |
| Net Income | 1.92B | 2B | 1.91B | 987M | 482M | 83M | -1M | -172M | -36.59M | 13.78M | 136.37M | 105.79M | 72.58M | 117.51M | 101.25M | 76.78M | 56.03M | 33.21M | 18.81M | 9.69M | 1.07M | 2.35M | -3.2M | -2.5M |
| Net Margin % | 6.04% | 6.91% | 9.2% | 6.53% | 4.47% | 1.17% | -0.03% | -7.49% | -2.54% | 1.13% | 16.15% | 16.23% | 13.04% | 24.86% | 27.1% | 25.68% | 25.85% | 19.21% | 13.73% | 11.39% | 2.06% | 8.33% | -57.14% | -147.06% |
| Net Income Growth % | -6.84% | 4.5% | 93.62% | 104.77% | 480.72% | 8400% | 99.42% | -370.14% | -365.49% | -89.89% | 28.9% | 45.75% | -38.23% | 16.06% | 31.87% | 37.05% | 68.71% | 76.53% | 94.08% | 804.12% | -54.46% | 173.57% | -28% | - |
| Net Income (Continuing) | 1.96B | 2B | 1.91B | 987M | 482M | 83M | -1M | -172M | -36.59M | 13.78M | 136.37M | 105.79M | 72.65M | 117.53M | 101.35M | 76.8M | 56.03M | 33.21M | 18.81M | 9.69M | 1.07M | 2.03M | -3.2M | -2.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 37.87 | 39.39 | 37.69 | 19.46 | 9.53 | 1.67 | -0.01 | -3.53 | -0.82 | 0.31 | 3.09 | 2.40 | 1.64 | 2.66 | 2.29 | 1.74 | 1.27 | 0.75 | 0.42 | 0.38 | 0.08 | 0.17 | -0.31 | -0.24 |
| EPS Growth % | -6.79% | 4.51% | 93.68% | 104.2% | 470.66% | 11860.56% | 99.6% | -330.49% | -364.52% | -89.97% | 28.75% | 46.34% | -38.35% | 16.16% | 31.61% | 37.01% | 69.33% | 78.57% | 10.53% | 366.26% | -52.06% | 154.84% | -29.17% | - |
| EPS (Basic) | - | 39.39 | 37.69 | 19.64 | 9.57 | 1.67 | -0.01 | -3.53 | -0.82 | 0.31 | 3.09 | 2.40 | 1.64 | 2.66 | 2.29 | 1.74 | 1.27 | 0.75 | 0.42 | 0.38 | 0.08 | 0.17 | -0.31 | -0.24 |
| Diluted Shares Outstanding | 50.7M | 50.7M | 50.7M | 51.01M | 51.34M | 49.8M | 49.74M | 48.69M | 44.53M | 44.16M | 44.16M | 44.16M | 44.15M | 44.15M | 44.15M | 44.15M | 44.15M | 44.14M | 44.35M | 25.48M | 13.15M | 13.67M | 10.28M | 10.28M |
| Basic Shares Outstanding | 50.7M | 50.7M | 50.7M | 50.26M | 50.35M | 49.8M | 49.74M | 48.69M | 44.53M | 44.16M | 44.16M | 44.16M | 44.15M | 44.15M | 44.15M | 44.14M | 44.12M | 44.09M | 44.24M | 25.15M | 13.15M | 13.07M | 10.28M | 10.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 192.28% | 17.91% | 19.83% | 38.99% | 20.21% | 17.75% | 13.8% | - | - | - | - | - | - | - | - |
Regional Macroeconomic Volatility
According to recent financial disclosures, MELI achieved a 49.0% year-over-year revenue growth rate in 2026Q1, signaling an acceleration in top-line expansion that appears to be driven by the deepening integration of its fintech and commerce ecosystems across key Latin American markets like Brazil and Mexico.
The consistent acceleration in revenue growth suggests that the company is successfully capturing market share despite a challenging macroeconomic backdrop. This trajectory implies that the flywheel effect between Mercado Pago and the marketplace is gaining traction, potentially insulating the firm from localized retail downturns.
As reported in quarterly filings, the company's gross margin contracted to 43.7% in 2026Q1, reflecting the inherent costs of expanding logistics infrastructure and the funding requirements of the credit portfolio, which may indicate a shift toward a more capital-intensive operational model in the near term.
The compression in gross margins warrants close monitoring, as it suggests that the cost of maintaining a proprietary logistics network is rising alongside the credit book. Investors should consider whether this margin pressure is a temporary byproduct of aggressive expansion or a permanent feature of the company's evolving business mix.
Based on the provided income statement data, operating margins fell to 6.9% in 2026Q1, suggesting that SG&A expenses are currently scaling at a rate that outpaces gross profit growth, thereby limiting the company's ability to translate top-line gains into meaningful bottom-line operating leverage.
The volatility in operating margins appears to be driven by lumpy SG&A expenditures, which may reflect ongoing investments in fulfillment automation and regional market penetration. This trend suggests that management is prioritizing long-term competitive positioning over immediate margin expansion, a strategy that carries execution risk if growth slows.
Financial statements indicate that net income volatility remains a concern, with EPS declining 15.5% in 2026Q1, which may suggest that the company's reliance on credit-based revenue streams introduces significant sensitivity to regional delinquency cycles and interest rate fluctuations that are not fully captured in headline revenue figures.
The reliance on credit as a growth engine creates a potential vulnerability to systemic shocks in Latin American consumer credit markets. Analysts should investigate whether the current provisioning for bad debt is sufficient to cover potential defaults, as any underestimation could lead to significant earnings revisions in future periods.
Quick answers to the most common questions about buying MELI stock.
For fiscal year 2025, MercadoLibre, Inc. (MELI) reported total revenue of $28.89B. This represents a 1699488.2% increase compared to $1.7M in 2002.
MercadoLibre, Inc. (MELI) is profitable, generating $2.00B in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
MercadoLibre, Inc. (MELI) reported an operating income of $3.20B, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MercadoLibre, Inc. (MELI) generated $12.86B in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.