MELI
MercadoLibre, Inc.1933.72
-33.04-1.68%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A affirms investments, AI strength
Q&A unpacked the 5-6 point margin hit from free shipping, 1P, cross-border, and credit expansions, with management signaling no peak intensity as units scale profitably. Argentina's direct margin dipped on new fulfillment centers and credit provisions, yet remains top market. Execs downplayed agentic commerce disintermediation, highlighting Mercado Pago's AI agent handling full tasks (87% resolution) and seller tools covering 20% GMV; ad growth accelerated via AI budget tools. NPLs ticked up slightly but NIMALs improved on risk pricing. No walk-backs. Investments persist.
Key Stats
Market Cap
98.03BP/E (TTM)
47.18Basic EPS (TTM)
40.99Dividend Yield
0%Recent Filings
10-K
FY2025 results
MercadoLibre's FY2025 net revenues and financial income hit $28.9B, up 39% y/y, with Q4 accelerating to $8.8B (18% q/q). Commerce grew 34% on 26% GMV rise to $65B while Fintech surged 46% from 41% TPV expansion to $278B and credit originations, though NIMAL compressed to 22%. Q4 momentum shone in Argentina (56% y/y) and Mexico (39% q/q), fueled by off-platform fees and lending; margins dipped to 44% on Brazil free shipping cuts and funding costs, yet operating margin held 11%. Liquidity swelled with $12B operating cash flow funding $1.3B capex. FX volatility threatens quarterly flows.
8-K
Q4 revenues surged 45% YoY
MercadoLibre posted Q4 net revenues & financial income of $8,759 million, up 45% YoY and 47% FX-neutral, with GMV at $19.9 billion (up 36.8% YoY) and TPV $83.7 billion (up 42.1% YoY). Operating income hit $889 million at 10.1% margin, fueled by commerce and fintech momentum despite upfront investments. CEO transition completed January 1, 2026: Ariel Szarfsztejn leads execution; Marcos Galperin now Executive Chairman.
8-K
Closes $750M notes offering
MercadoLibre closed its $750,000,000 public offering of 4.900% Notes due 2033 on December 9, 2025, under its existing indenture supplemented by a fourth agreement with multiple subsidiary guarantors. Notes issued via BNY Mellon as trustee bolster long-term capital access. No use of proceeds disclosed.
8-K
Prices $750M notes due 2033
MercadoLibre priced $750 million of 4.900% senior unsecured notes due 2033 on December 4, 2025, its first issuance post-investment grade upgrade to BBB-. Backed by key subsidiaries and 3.6x oversubscribed from 150+ investors, proceeds target general corporate purposes to boost liquidity. Strong demand signals cash flow confidence.
10-Q
Q3 FY2025 results
MercadoLibre posted Q3 revenues of $7.4B, up 39.5% y/y, with fintech surging 48.9% on credit originations while commerce climbed 33%. Gross margins slipped to 43.3% from free shipping tweaks in Brazil, yet operating income hit $724M (9.8% margin) despite higher provisions. Operating cash flow YTD reached $6.9B; free cash flow not disclosed in the 10-Q. Cash plus investments swelled to $9.2B (restricted $6.6B), funding $7.8B debt mix. Loans receivable ballooned to $8.2B net. FX volatility bites.
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