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Edge3 Jan 2025
Mercado Libre: The Digital Backbone of Latin America
From shopping to logistics and fintech, Mercado Libre is shaping the digital transformation of Latin America.
MercadoLibre (MELI) investor relations material
MercadoLibre Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net revenues and financial income reached $7.4bn in Q3'25, up 39% year-over-year and 49% FX-neutral, marking the 27th consecutive quarter of 30%+ YoY growth.
Operating income was $724mn (9.8% margin), up 30% YoY, and net income was $421mn (5.7% margin), with net income growth impacted by FX losses and a higher tax rate.
Record GMV of $16.5bn (+35% FXN YoY), with 635.2mn items sold (+39% YoY), and unique active buyers up 26% YoY, especially in Brazil due to a lower free shipping threshold.
Strategic investments in free shipping, logistics, credit cards, and marketing accelerated GMV, user, and item growth, particularly in Brazil.
Record-high NPS and brand preference scores across the region, driven by marketing and improved value proposition.
Financial highlights
Adjusted free cash flow was $206mn after $357mn in capex and $1.73bn invested in credit portfolio growth.
Available cash, investments, and digital assets stood at $5.27bn at quarter-end.
Net debt increased to $4,605mn as of September 30, 2025.
GMV and items sold in Brazil accelerated, with items sold growth rising from 26% to 42% sequentially.
Argentina revenue grew 39% in USD and 97% in local currency YoY, with items sold up 34%.
Outlook and guidance
Management remains confident in long-term growth, citing low ecommerce and fintech penetration in Latin America.
Ongoing investments in logistics, credit, and user acquisition expected to support future growth.
Margin pressure anticipated in the short term due to strategic investments, but long-term margin profile expected to improve as scale increases.
Free shipping threshold and logistics costs
Fintech NIMAL compression from Argentina
Mercado Pago funding strategy and leverage
Sustain unit shipping cost reductions?
Credit portfolio quality drivers?
Balance of investments and margin pressure?
Long-term outlook for Brazil unit shipping costs?
MELI's strategy for agentic AI in e-commerce?
Willingness to lower Brazil margins further?
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Next MercadoLibre earnings date
Q4 202524 Feb, 2026
Next MercadoLibre earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
The largest ecommerce marketplace in Latin America
MercadoLibre is the leading ecommerce player and one of the leading fintech businesses in Latin America. The company offers a suite of technology solutions across the complete value chains of ecommerce and fintech, including services such as an ecommerce marketplace, logistics, digital payments, digital advertising, and credits for both businesses and consumers.
Since the company's earliest days, it has been heavily concentrated on both ecommerce and fintech. MercadoLibre can therefore be considered the lovechild of Amazon, Alibaba, and Adyen.
Further reading: MercadoLibre and Marcos Galperin: From Inception to Triumph
Six different businesses
Today, MercadoLibre operates across roughly 20 countries and maintains a market leading position in each of the major countries in Latin America. The business can be broken down into six main segments:
MercadoLibre
The MercadoLibre marketplace is a fully automated commerce platform which enables MercadoLibre, third party merchants, and individuals to list merchandise and conduct sales online. The marketplace has been the core of the ecosystem since the company was founded, and still is today. Since MercadoLibre initially started off as an eBay replica, it had more similarities to eBay and Alibaba rather than Amazon; since the business model at first was focused towards providing a marketplace rather than first party sales and supply chain management.Mercado Pago
To complement the MercadoLibre Marketplace and enhance the user experience for both buyers and sellers, MercadoLibre developed Mercado Pago, an integrated digital payments solution. Mercado Pago is a full ecosystem of financial technology solutions, with presence both in the digital and physical world. It was launched in 2003, just four years after the mother company was founded. Under this business segment, MercadoLibre operates several different fintech solutions such as Point of Sale systems, credit solutions for both merchants and consumers, prepaid cards, digital wallets, and investment accounts.Mercado Envios
The Mercado Envios logistics solution enables sellers on the platform to utilize third-party carriers and other logistics service providers, while also providing them with fulfillment and warehousing services. The logistics services they offer are an integral part of the overall value proposition as they reduce friction between buyers and sellers, and allow MercadoLibre to have greater control over the full user experience.Mercado Ads
MercadoLibre’s advertising platform enables businesses to promote their products and services on the platform. Brands and merchants can display ads both on the ecommerce marketplace and through Mercado Pago.Mercado Shops
This business segment is similar to what Shopify does. The ‘Shops’ division enables users to set up their own online stores, with the benefit of having access to all the benefits MercadoLibre offers to help merchants. When opening an online store through Mercado Shops, all the payment solutions, logistics, shipping, fulfillment, and sales management provided by MercadoLibre become available.
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