MercadoLibre (MELI) financial statements
MercadoLibre reported revenue of $28.9B in fiscal 2025, up 48.1% a year over 9 years.
Net income was $2.0B and the operating margin 11.1%, against 21.4% in 2016.
Free cash flow was $10.8B, and the company returned $1M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MercadoLibre's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $844M | $1.2B | $1.4B | $2.3B | $4.0B | $7.1B | $10.5B | $15.1B | $20.8B | $28.9B |
| Cost of revenue | $308M | $497M | $743M | $1.2B | $2.3B | $4.1B | $5.6B | $7.5B | $11.2B | $16.0B |
| Gross profit | $537M | $720M | $697M | $1.1B | $1.7B | $3.0B | $5.2B | $7.6B | $9.6B | $12.9B |
| Research and development | $98M | $127M | $146M | $224M | $353M | $590M | $1.1B | $1.8B | $1.9B | $2.3B |
| Selling, general and admin | $244M | $448M | $620M | $1.0B | $1.1B | $1.5B | $2.0B | $2.5B | $3.2B | $4.3B |
| Operating income | $181M | $56M | -$69M | -$153M | $128M | $441M | $1.1B | $2.2B | $2.6B | $3.2B |
| Interest expense | $18M | $19M | — | — | — | — | — | — | — | — |
| Pre-tax income | $185M | $54M | -$65M | -$107M | $81M | $241M | $780M | $1.6B | $2.4B | $2.8B |
| Income tax | $49M | $40M | -$29M | $65M | $82M | $149M | $298M | $569M | $521M | $845M |
| Net income | $136M | $14M | -$37M | -$172M | -$1M | $83M | $482M | $987M | $1.9B | $2.0B |
| EPS (diluted) | $3.09 | $0.31 | -$0.82 | -$3.71 | -$0.08 | $1.67 | $9.53 | $19.46 | $37.69 | $39.40 |
| Diluted shares | 44M | 44M | 45M | 49M | 50M | 50M | 51M | 51M | 51M | 51M |
| Gross margin | 63.6% | 59.2% | 48.4% | 48.0% | 43.0% | 42.5% | 49.3% | 50.2% | 46.1% | 44.5% |
| Operating margin | 21.4% | 4.6% | -4.8% | -6.7% | 3.2% | 6.2% | 10.1% | 14.6% | 12.7% | 11.1% |
| Net margin | 16.1% | 1.1% | -2.5% | -7.5% | -0.0% | 1.2% | 4.6% | 6.5% | 9.2% | 6.9% |
Balance sheet
Fiscal years, from MercadoLibre's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $487M | $598M | $902M | $3.0B | $2.5B | $3.4B | $4.2B | $6.0B | $7.1B | $6.3B |
| Receivables | $25M | $28M | $35M | $35M | $50M | $98M | $130M | $156M | $255M | $369M |
| Inventory | $1M | $3M | $5M | $9M | $118M | $253M | $152M | $238M | $296M | $570M |
| Total current assets | $869M | $1.3B | $1.5B | $3.8B | $5.3B | $8.2B | $11.0B | $14.3B | $20.1B | $33.6B |
| Property, plant and equipment | $124M | $115M | $166M | $244M | $392M | $807M | $993M | $1.2B | $1.4B | $2.3B |
| Goodwill | $92M | $92M | $89M | $88M | $85M | $148M | $153M | $163M | $149M | $163M |
| Total assets | $1.4B | $1.7B | $2.2B | $4.8B | $6.5B | $10.1B | $13.7B | $17.6B | $25.2B | $42.7B |
| Total current liabilities | $577M | $968M | $1.2B | $1.8B | $3.6B | $5.8B | $8.6B | $11.3B | $16.6B | $28.6B |
| Long-term debt | — | — | $602M | $631M | $861M | $2.2B | $2.6B | $2.2B | $2.9B | $4.6B |
| Total liabilities | $939M | $1.3B | $1.9B | $2.7B | $4.9B | $8.6B | $11.9B | $14.5B | $20.8B | $35.9B |
| Shareholders' equity | $429M | $326M | $337M | $2.0B | $1.7B | $1.5B | $1.8B | $3.1B | $4.4B | $6.7B |
| Net debt | -$234M | -$388M | $162M | -$753M | -$996M | -$352M | $717M | -$353M | $252M | $900M |
Cash flow
Fiscal years, from MercadoLibre's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $190M | $269M | $231M | $451M | $1.2B | $965M | $2.9B | $5.1B | $7.9B | $12.1B |
| Capital spending | $69M | $55M | $93M | $137M | $247M | $573M | $454M | $509M | $860M | $1.3B |
| Free cash flow | $122M | $214M | $138M | $314M | $935M | $392M | $2.5B | $4.6B | $7.1B | $10.8B |
| Stock-based compensation | $23M | $36M | $28M | — | — | — | — | — | — | — |
| Dividends paid | $24M | $26M | $7M | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | -$720,000 | -$54M | -$486M | -$148M | -$356M | -$1M | -$1M |
| Net borrowing | $5M | $43M | $113M | — | — | — | — | — | — | — |
| Free cash flow margin | 14.4% | 17.6% | 9.6% | 13.7% | 23.5% | 5.5% | 23.6% | 30.7% | 34.0% | 37.3% |
| Dividends per share | $0.55 | $0.60 | $0.15 | — | — | — | — | — | — | — |
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Open MELI in InvestinglyQuestions
What was MercadoLibre's revenue in 2025?
$28.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does MercadoLibre generate?
$10.8B in fiscal 2025 (operating cash flow minus capital spending).
From MercadoLibre's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.