What is MercadoLibre's operating income?

MercadoLibre's total operating income in 2025 was $3.20 billion, based on the following breakdown: Total Gross Profit: $9.77 billion Total Operating Expenses: $6.57 billion

MercadoLibre (MELI) Financials

$1,908.65 +129.51 (+7.28%)

Closing price 08/19/2026 04:00 PM Eastern

Extended Trading

$1,896.82 -11.83 (-0.62%)

As of 07:06 AM Eastern

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Annual Income Statements for MercadoLibre

This table shows MercadoLibre's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	106	136	14	-37	-172	-1.00	83	482	987	1,911	1,997
Consolidated Net Income / (Loss)	106	136	14	-37	-172	-1.00	83	482	987	1,911	1,997
Net Income / (Loss) Continuing Operations	106	136	14	-37	-172	-1.00	83	482	987	1,911	1,997
Total Pre-Tax Income	150	185	54	-65	-107	81	241	780	1,553	2,432	2,842
Total Operating Income	139	181	56	-69	-153	128	441	1,069	2,207	2,631	3,201
Total Gross Profit	360	537	720	697	1,102	1,576	2,570	4,125	6,540	7,719	9,767
Total Revenue	652	844	1,217	1,440	2,296	3,974	7,069	10,780	15,107	20,777	28,893
Operating Revenue	652	844	1,217	1,440	2,296	3,974	7,069	10,780	15,107	20,777	28,893
Total Cost of Revenue	291	308	497	743	1,194	2,398	4,499	6,655	8,567	13,058	19,126
Operating Cost of Revenue	291	308	497	743	1,194	2,265	4,064	5,582	7,517	11,200	16,035
Other Cost of Revenue	-	-	-	-	-	133	435	1,073	1,050	1,858	3,091
Total Operating Expenses	221	356	663	766	1,255	1,448	2,129	3,056	4,333	5,088	6,566
Selling, General & Admin Expense	76	87	122	138	197	327	465	661	766	963	1,078
Marketing Expense	129	156	325	482	834	768	1,074	1,296	1,736	2,191	3,219
Research & Development Expense	-	98	127	146	224	353	590	1,099	1,831	1,934	2,269
Total Other Income / (Expense), net	11	4.27	-2.20	4.03	46	-47	-200	-289	-654	-199	-359
Interest Expense	20	26	26	56	66	107	229	135	174	165	160
Interest & Investment Income	21	35	46	42	114	103	138	44	135	148	138
Other Income / (Expense), net	11	-5.57	-22	18	-1.73	-43	-109	-198	-615	-182	-337
Income Tax Expense	45	49	40	-29	65	82	149	298	569	521	845
Other Gains / (Losses), net	-	-	-	-	0.00	0.00	-9.00	0.00	3.00	0.00	0.00
Basic Earnings per Share	$2.40	$3.09	$0.31	($0.82)	($3.71)	($0.08)	$1.67	$9.57	$19.64	$37.69	$39.40
Weighted Average Basic Shares Outstanding	44.16M	44.16M	44.16M	44.53M	48.69M	49.74M	49.80M	50.35M	50.26M	50.70M	50.70M
Diluted Earnings per Share	$2.40	$3.09	$0.31	($0.82)	($3.71)	($0.08)	$1.67	$9.53	$19.46	$37.69	$39.40
Weighted Average Diluted Shares Outstanding	44.16M	44.16M	44.16M	44.53M	48.69M	49.74M	49.80M	51.34M	51.01M	50.70M	50.70M
Weighted Average Basic & Diluted Shares Outstanding	44.10M	44.10M	44.50M	44.60M	49.71M	49.87M	50.42M	50.26M	50.70M	50.70M	50.70M

This table shows MercadoLibre's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	165	344	531	397	639	494	523	421	559	417	466
Consolidated Net Income / (Loss)	165	344	531	397	639	494	523	421	559	417	466
Net Income / (Loss) Continuing Operations	165	344	531	397	639	494	523	421	559	417	466
Total Pre-Tax Income	230	481	668	520	763	706	716	636	784	579	606
Total Operating Income	335	528	726	557	820	763	825	724	889	611	683
Total Gross Profit	1,529	1,650	1,915	1,932	2,222	2,168	2,404	2,394	2,801	2,618	2,883
Total Revenue	4,409	4,333	5,073	5,312	6,059	5,935	6,790	7,409	8,759	8,845	10,169
Operating Revenue	4,409	4,333	5,073	5,312	6,059	5,935	6,790	7,409	8,759	8,845	10,169
Total Cost of Revenue	2,658	2,683	3,158	3,380	3,837	3,767	4,386	5,015	5,958	6,227	7,286
Operating Cost of Revenue	2,359	2,309	2,708	2,873	3,310	3,164	3,696	4,200	4,975	4,983	6,010
Other Cost of Revenue	299	374	450	507	527	603	690	815	983	1,244	1,276
Total Operating Expenses	1,416	1,122	1,189	1,375	1,402	1,405	1,579	1,670	1,912	2,007	2,200
Selling, General & Admin Expense	201	186	218	305	254	255	261	270	292	326	340
Marketing Expense	529	478	511	566	636	599	751	833	1,036	982	1,131
Research & Development Expense	686	458	460	504	512	551	567	567	584	699	729
Total Other Income / (Expense), net	-105	-47	-58	-37	-57	-57	-109	-88	-105	-32	-77
Interest Expense	38	38	39	40	48	39	36	35	50	65	62
Interest & Investment Income	40	25	39	43	41	37	44	49	8.00	27	30
Other Income / (Expense), net	-107	-34	-58	-40	-50	-55	-117	-102	-63	6.00	-45
Income Tax Expense	65	137	137	123	124	212	193	215	225	162	140
Basic Earnings per Share	$3.23	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19
Weighted Average Basic Shares Outstanding	50.26M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M
Diluted Earnings per Share	$3.17	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19
Weighted Average Diluted Shares Outstanding	51.01M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M
Weighted Average Basic & Diluted Shares Outstanding	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M

This table details how cash moves in and out of MercadoLibre's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-56	86	195	167	987	1,057	1,140	-15	1,423	1,590	8,841
Net Cash From Operating Activities	221	190	269	231	451	1,182	965	2,940	5,140	7,918	12,116
Net Cash From Continuing Operating Activities	221	190	269	231	451	1,182	965	2,940	5,140	7,918	12,116
Net Income / (Loss) Continuing Operations	106	136	14	-37	-172	-1.00	83	482	987	1,911	1,997
Consolidated Net Income / (Loss)	106	136	14	-37	-172	-1.00	83	482	987	1,911	1,997
Depreciation Expense	23	29	41	46	73	105	204	403	524	617	818
Amortization Expense	17	9.84	11	11	17	15	76	122	113	114	396
Non-Cash Adjustments To Reconcile Net Income	28	24	133	21	112	348	686	1,596	1,798	2,556	2,926
Changes in Operating Assets and Liabilities, net	47	-8.84	71	189	421	715	-84	337	1,718	2,720	5,979
Net Cash From Investing Activities	-184	-84	-23	-672	-1,448	-252	-1,597	-3,871	-3,450	-8,287	-6,179
Net Cash From Continuing Investing Activities	-184	-84	-23	-672	-1,448	-252	-1,597	-3,871	-3,450	-8,287	-6,179
Purchase of Property, Plant & Equipment	-39	-69	-55	-93	-137	-247	-573	-455	-509	-860	-1,343
Acquisitions	-47	-7.72	-36	-4.39	-0.07	-7.00	-92	0.00	0.00	-6.00	0.00
Purchase of Investments	-1,950	-3,501	-4,554	-3,176	-4,491	-5,204	-7,391	-12,739	-18,994	-16,724	-14,845
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	75
Sale and/or Maturity of Investments	1,876	3,508	4,714	2,663	3,354	5,551	7,807	11,024	18,100	13,991	16,593
Other Investing Activities, net	-23	-15	-92	-62	-174	-345	-1,348	-1,701	-2,047	-4,688	-6,659
Net Cash From Financing Activities	-28	-20	-51	609	2,021	242	1,925	916	-267	1,959	2,904
Net Cash From Continuing Financing Activities	-28	-20	-51	609	2,021	242	1,925	916	-267	1,959	2,904
Repayment of Debt	-9.06	-6.68	-5.00	-488	-473	-1,785	-8,647	-15,933	-24,841	-17,461	-41,088
Repurchase of Common Equity	-2.71	-	0.00	0.00	-0.72	-54	-486	-148	-356	-1.00	-1.00
Issuance of Debt	5.03	11	48	1,117	630	2,396	9,262	17,017	24,963	19,472	44,050
Other Financing Activities, net	-	-	-67	-13	-98	-312	276	-20	-33	-51	-57
Cash Interest Paid	7.98	8.06	7.73	20	41	54	58	247	608	456	611
Cash Income Taxes Paid	66	74	111	99	95	140	282	437	651	1,052	1,013

This table details how cash moves in and out of MercadoLibre's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	1,530	-30	5.00	-345	1,960	-201	2,390	2,311	4,341	1,604	1,622
Net Cash From Operating Activities	1,928	1,512	1,882	1,600	2,924	1,031	2,917	2,959	5,209	2,075	3,662
Net Cash From Continuing Operating Activities	1,925	1,512	1,894	1,598	2,914	1,031	2,917	2,959	5,209	2,075	3,662
Net Income / (Loss) Continuing Operations	165	344	531	397	639	494	523	421	559	417	466
Consolidated Net Income / (Loss)	165	344	531	397	639	494	523	421	559	417	466
Depreciation Expense	135	154	154	157	152	172	199	209	238	246	292
Amortization Expense	34	32	34	-4.00	36	68	105	98	125	100	105
Non-Cash Adjustments To Reconcile Net Income	415	1,069	566	742	2,297	772	1,796	2,027	-1,673	1,319	2,861
Changes in Operating Assets and Liabilities, net	1,176	-87	609	306	-210	-475	294	204	5,960	-7.00	-62
Net Cash From Investing Activities	-914	-1,466	-2,085	-2,608	-2,128	-1,842	-1,225	-1,111	-2,001	-1,471	-2,691
Net Cash From Continuing Investing Activities	-914	-1,466	-2,085	-2,608	-2,128	-1,842	-1,225	-1,111	-2,001	-1,471	-2,691
Purchase of Property, Plant & Equipment	-180	-148	-183	-222	-309	-272	-287	-357	-427	-271	-441
Purchase of Investments	-3,405	-4,100	-4,623	-3,672	-4,329	-4,242	-2,215	-3,464	-4,924	-2,868	-2,676
Sale and/or Maturity of Investments	3,253	3,728	3,766	2,613	3,884	3,907	2,898	4,440	5,348	3,617	2,546
Other Investing Activities, net	-582	-946	-1,044	-1,326	-1,372	-1,235	-1,621	-1,730	-2,073	-1,949	-2,120
Net Cash From Financing Activities	73	0.00	476	726	757	465	613	444	1,382	473	630
Net Cash From Continuing Financing Activities	73	0.00	476	726	757	465	613	444	1,382	473	630
Repayment of Debt	-5,488	-3,506	-3,314	-4,514	-6,127	-8,453	-9,168	-11,519	-11,948	-21,035	-20,373
Issuance of Debt	5,573	3,519	3,804	5,252	6,897	8,931	9,794	11,978	13,347	21,524	21,020
Other Financing Activities, net	-12	-13	-13	-12	-13	-13	-13	-14	-17	-16	-16
Effect of Exchange Rate Changes	-	-76	-268	-63	-	145	85	19	-	527	21

This table presents MercadoLibre's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,004	1,367	1,673	2,240	4,782	6,526	10,101	13,736	17,612	25,196	42,667
Total Current Assets	545	869	1,287	1,511	3,789	5,347	8,175	10,953	14,260	20,142	33,573
Cash & Equivalents	167	234	388	440	1,385	1,856	2,585	1,910	2,556	2,635	3,670
Restricted Cash	-	-	-	24	67	652	1,063	1,453	1,292	2,064	9,867
Short-Term Investments	202	253	209	462	1,597	1,241	810	2,339	3,480	4,485	2,629
Note & Lease Receivable	-	6.28	73	96	182	385	1,199	1,704	2,629	4,716	8,855
Accounts Receivable	28	25	28	35	35	50	98	130	156	255	369
Inventories, net	0.22	1.10	2.55	4.61	8.63	118	253	152	238	296	570
Other Current Assets	142	334	579	422	469	1,016	2,127	3,265	3,909	5,691	7,613
Plant, Property, & Equipment, net	82	124	115	166	244	392	807	0.00	0.00	0.00	0.00
Total Noncurrent Assets	377	374	271	563	749	788	1,119	2,783	3,352	5,054	9,094
Long-Term Investments	188	154	35	276	264	166	89	322	162	1,203	1,764
Noncurrent Note & Lease Receivables	-	-	-	0.00	6.44	17	61	32	65	179	510
Goodwill	87	92	92	89	88	85	148	153	163	149	163
Intangible Assets	29	26	23	19	14	14	45	25	11	12	33
Noncurrent Deferred & Refundable Income Taxes	30	45	57	141	118	135	181	346	710	802	1,541
Other Noncurrent Operating Assets	44	57	64	38	259	371	595	1,905	2,241	2,709	5,083
Total Liabilities & Shareholders' Equity	1,004	1,367	1,673	2,240	4,782	6,526	10,101	13,736	17,612	25,196	42,667
Total Liabilities	664	939	1,347	1,903	2,700	4,875	8,570	11,909	14,541	20,845	35,919
Total Current Liabilities	322	577	968	1,166	1,752	3,636	5,837	8,562	11,263	16,603	28,633
Short-Term Debt	1.97	12	56	133	186	548	1,285	2,131	2,292	2,828	4,623
Accounts Payable	265	476	804	908	1,266	2,463	3,429	4,847	6,592	10,150	17,531
Current Deferred & Payable Income Tax Liabilities	10	27	32	31	60	216	291	414	477	525	1,140
Current Employee Benefit Liabilities	33	49	65	60	102	207	313	401	545	727	916
Other Current Liabilities	7.67	6.36	3.68	34	138	201	519	769	1,357	2,373	4,423
Total Noncurrent Liabilities	342	362	379	737	947	1,239	2,733	3,347	3,278	4,242	7,286
Long-Term Debt	294	302	312	602	631	861	2,233	2,627	2,203	2,887	4,570
Capital Lease Obligations	-	-	-	0.00	177	244	372	514	672	894	1,769
Noncurrent Deferred & Payable Income Tax Liabilities	27	34	24	92	100	64	62	106	183	204	372
Other Noncurrent Operating Liabilities	9.86	9.81	18	20	13	20	66	100	220	257	575
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	339	429	326	337	1,983	1,652	1,531	1,827	3,071	4,351	6,748
Total Preferred & Common Equity	339	429	326	337	1,983	1,652	1,531	1,827	3,071	4,351	6,748
Total Common Equity	339	429	326	337	1,983	1,652	1,531	1,827	3,071	4,351	6,748
Common Stock	138	138	71	225	2,068	1,861	2,439	2,309	1,770	1,770	1,771
Retained Earnings	441	551	538	503	323	314	397	913	1,901	3,812	5,809
Accumulated Other Comprehensive Income / (Loss)	-239	-260	-283	-392	-407	-468	-515	-464	-290	-920	-520
Other Equity Adjustments	-	-	-	-	-	-	-	-931	-310	-311	-312

This table presents MercadoLibre's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	16,124	17,612	19,062	20,030	22,623	25,196	27,682	32,948	36,691	46,934	51,356
Total Current Assets	13,050	14,260	15,505	16,479	17,824	20,142	21,740	26,062	28,795	37,123	40,782
Cash & Equivalents	2,171	2,556	2,579	2,818	2,162	2,635	2,977	3,008	2,582	3,677	3,649
Restricted Cash	1,085	1,292	1,239	1,005	1,316	2,064	1,521	3,880	6,617	11,464	13,114
Short-Term Investments	3,320	3,480	3,671	4,073	4,511	4,485	5,082	4,634	3,715	1,973	2,081
Note & Lease Receivable	2,336	2,629	3,119	3,440	4,248	4,716	5,501	6,607	7,810	10,169	11,412
Accounts Receivable	161	156	170	190	216	255	261	313	298	370	418
Inventories, net	246	238	223	257	322	296	358	434	532	677	822
Other Current Assets	3,688	3,909	4,504	4,696	5,049	5,691	6,040	7,186	7,241	8,793	9,286
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,074	3,352	3,557	3,551	4,799	5,054	5,942	6,886	7,896	9,811	10,574
Long-Term Investments	149	162	249	416	1,226	1,203	1,321	1,388	1,336	1,696	1,715
Noncurrent Note & Lease Receivables	42	65	86	111	156	179	225	277	382	566	584
Goodwill	159	163	158	149	149	149	155	160	161	165	168
Intangible Assets	21	11	12	13	12	12	39	39	38	33	30
Noncurrent Deferred & Refundable Income Taxes	489	710	810	767	780	802	968	1,139	1,376	1,890	2,167
Other Noncurrent Operating Assets	2,214	2,241	2,242	2,095	2,476	2,709	3,234	3,883	4,603	5,461	5,910
Total Liabilities & Shareholders' Equity	16,124	17,612	19,062	20,030	22,623	25,196	27,682	32,948	36,691	46,934	51,356
Total Liabilities	13,383	14,541	15,672	16,374	18,621	20,845	22,678	27,235	30,473	39,653	43,522
Total Current Liabilities	10,306	11,263	12,256	12,914	14,313	16,603	18,065	21,750	24,522	31,969	36,372
Short-Term Debt	2,272	2,292	2,246	2,203	2,250	2,828	3,569	3,818	4,431	5,316	6,482
Accounts Payable	5,926	6,592	7,262	7,958	8,794	10,150	10,721	13,254	14,620	19,182	21,774
Current Deferred & Payable Income Tax Liabilities	530	477	500	419	426	525	487	766	888	1,298	1,219
Current Employee Benefit Liabilities	519	545	531	482	665	727	647	670	840	878	830
Other Current Liabilities	1,038	1,357	1,717	1,852	2,178	2,373	2,641	3,242	3,743	5,295	6,067
Total Noncurrent Liabilities	3,077	3,278	3,416	3,460	4,308	4,242	4,613	5,485	5,951	7,684	7,150
Long-Term Debt	2,182	2,203	2,224	2,439	3,103	2,887	2,864	3,484	3,409	4,611	4,144
Capital Lease Obligations	615	672	653	623	770	894	1,009	1,333	1,636	1,946	2,037
Noncurrent Deferred & Payable Income Tax Liabilities	163	183	226	159	193	204	270	293	341	386	312
Other Noncurrent Operating Liabilities	117	220	313	239	242	257	470	375	565	741	657
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,741	3,071	3,390	3,656	4,002	4,351	5,004	5,713	6,218	7,281	7,834
Total Preferred & Common Equity	2,741	3,071	3,390	3,656	4,002	4,351	5,004	5,713	6,218	7,281	7,834
Total Common Equity	2,741	3,071	3,390	3,656	4,002	4,351	5,004	5,713	6,218	7,281	7,834
Common Stock	1,959	1,770	1,770	1,770	1,770	1,770	1,770	1,770	1,771	1,771	1,772
Retained Earnings	1,735	1,901	2,245	2,776	3,173	3,812	4,306	4,829	5,250	6,226	6,692
Accumulated Other Comprehensive Income / (Loss)	-366	-290	-315	-579	-630	-920	-761	-575	-491	-404	-317
Other Equity Adjustments	-	-310	-310	-	-311	-	-311	-	-312	-	-313

This table displays calculated financial ratios and metrics derived from MercadoLibre's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.12%	29.55%	44.07%	18.34%	59.50%	73.06%	77.88%	52.50%	40.14%	37.53%	39.06%
EBITDA Growth	33.48%	12.34%	-59.69%	-93.11%	-1,181.55%	418.13%	198.54%	128.10%	59.67%	42.66%	28.24%
EBIT Growth	27.26%	16.74%	-80.26%	-247.94%	-202.28%	154.88%	290.59%	162.35%	82.78%	53.83%	16.95%
NOPAT Growth	36.16%	36.15%	-89.24%	-439.14%	-120.43%	98.53%	10,753.31%	292.39%	111.69%	47.84%	8.80%
Net Income Growth	45.61%	28.90%	-89.89%	-365.49%	-370.14%	99.42%	8,400.00%	480.72%	104.77%	93.62%	4.50%
EPS Growth	47.24%	28.75%	-89.97%	-364.52%	-352.44%	97.84%	2,187.50%	470.66%	104.20%	93.68%	4.54%
Operating Cash Flow Growth	12.49%	-14.05%	41.39%	-14.16%	95.36%	162.03%	-18.36%	204.66%	74.83%	54.05%	53.02%
Free Cash Flow Firm Growth	-23.19%	30.18%	-50.84%	179.96%	-100.79%	31,539.43%	-452.95%	134.90%	275.42%	29.96%	35.67%
Invested Capital Growth	20.04%	28.72%	-36.51%	-290.77%	-81.25%	-158.41%	243.00%	23.00%	-30.42%	-23.40%	-138.39%
Revenue Q/Q Growth	3.06%	9.83%	9.13%	5.11%	12.01%	19.68%	12.80%	11.54%	10.27%	12.35%	10.31%
EBITDA Q/Q Growth	1.59%	5.48%	-59.58%	112.29%	-262.34%	97.36%	9.23%	37.81%	-0.71%	41.59%	3.03%
EBIT Q/Q Growth	0.62%	7.80%	-79.08%	54.79%	-70.49%	64.81%	0.70%	68.15%	-3.46%	60.80%	1.99%
NOPAT Q/Q Growth	-5.24%	22.24%	-89.16%	47.86%	-79.99%	71.54%	26.19%	45.56%	4.47%	55.05%	-2.46%
Net Income Q/Q Growth	4.76%	9.99%	-89.63%	64.12%	-42.93%	75.76%	6.24%	77.86%	0.00%	32.99%	-3.85%
EPS Q/Q Growth	5.73%	9.96%	-89.74%	64.50%	-44.36%	66.67%	5.70%	78.13%	-0.36%	33.37%	-3.83%
Operating Cash Flow Q/Q Growth	30.50%	-26.19%	-5.60%	3.68%	10.66%	17.70%	85.58%	40.07%	8.12%	14.39%	23.24%
Free Cash Flow Firm Q/Q Growth	136.30%	-34.58%	-63.64%	84.98%	88.55%	-40.04%	-30.50%	140.52%	-21.49%	48.67%	71.69%
Invested Capital Q/Q Growth	-39.46%	34.11%	5.22%	-19.16%	-49.03%	22.29%	145.47%	-44.70%	-31.06%	-37.03%	-115.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.29%	63.58%	59.15%	48.42%	48.00%	39.66%	36.36%	38.27%	43.29%	37.15%	33.80%
EBITDA Margin	29.27%	25.39%	7.10%	0.41%	-2.81%	5.16%	8.66%	12.95%	14.75%	15.31%	14.11%
Operating Margin	21.36%	21.44%	4.63%	-4.83%	-6.67%	3.22%	6.24%	9.92%	14.61%	12.66%	11.08%
EBIT Margin	23.06%	20.78%	2.85%	-3.56%	-6.75%	2.14%	4.70%	8.08%	10.54%	11.79%	9.91%
Profit (Net Income) Margin	16.23%	16.15%	1.13%	-2.54%	-7.49%	-0.03%	1.17%	4.47%	6.53%	9.20%	6.91%
Tax Burden Percent	70.30%	73.58%	25.49%	55.90%	160.38%	-1.23%	34.44%	61.79%	63.55%	78.58%	70.27%
Interest Burden Percent	100.11%	105.61%	156.10%	127.73%	69.24%	95.29%	72.59%	89.55%	97.55%	99.31%	99.23%
Effective Tax Rate	29.70%	26.42%	74.51%	0.00%	0.00%	101.23%	61.83%	38.21%	36.64%	21.42%	29.73%
Return on Invested Capital (ROIC)	127.55%	139.18%	16.28%	0.00%	0.00%	0.00%	128.12%	67.79%	153.42%	313.00%	1,274.37%
ROIC Less NNEP Spread (ROIC-NNEP)	124.62%	138.09%	16.48%	0.00%	0.00%	0.00%	133.96%	93.14%	180.17%	318.13%	1,279.06%
Return on Net Nonoperating Assets (RNNOA)	-97.12%	-103.68%	-12.63%	0.00%	0.00%	0.00%	-122.90%	-39.08%	-113.11%	-261.51%	-1,238.38%
Return on Equity (ROE)	30.43%	35.50%	3.65%	-11.04%	-14.22%	-0.05%	5.22%	28.71%	40.30%	51.50%	35.99%
Cash Return on Invested Capital (CROIC)	109.34%	114.07%	60.94%	0.00%	0.00%	0.00%	-150.67%	47.16%	189.29%	339.50%	0.00%
Operating Return on Assets (OROA)	15.26%	14.80%	2.28%	-2.62%	-4.41%	1.50%	3.99%	7.31%	10.16%	11.44%	8.44%
Return on Assets (ROA)	10.74%	11.50%	0.91%	-1.87%	-4.90%	-0.02%	1.00%	4.04%	6.30%	8.93%	5.89%
Return on Common Equity (ROCE)	30.43%	35.50%	3.65%	-11.04%	-13.64%	-0.05%	5.22%	28.71%	40.30%	51.50%	35.99%
Return on Equity Simple (ROE_SIMPLE)	31.16%	31.80%	4.23%	-10.87%	-8.67%	-0.06%	5.42%	26.38%	32.14%	43.92%	0.00%
Net Operating Profit after Tax (NOPAT)	98	133	14	-49	-107	-1.58	168	661	1,398	2,067	2,249
NOPAT Margin	15.01%	15.78%	1.18%	-3.38%	-4.67%	-0.04%	2.38%	6.13%	9.26%	9.95%	7.78%
Net Nonoperating Expense Percent (NNEP)	2.93%	1.09%	-0.19%	3.33%	-4.65%	0.03%	-5.85%	-25.35%	-26.76%	-5.13%	-4.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.31%	16.97%	18.86%	12.70%
Cost of Revenue to Revenue	44.71%	36.42%	40.85%	51.59%	52.00%	60.34%	63.64%	61.73%	56.71%	62.85%	66.20%
SG&A Expenses to Revenue	11.71%	10.34%	10.04%	9.57%	8.60%	8.23%	6.58%	6.13%	5.07%	4.63%	3.73%
R&D to Revenue	0.00%	11.66%	10.45%	10.16%	9.75%	8.88%	8.35%	10.19%	12.12%	9.31%	7.85%
Operating Expenses to Revenue	33.93%	42.14%	54.53%	53.24%	54.67%	36.44%	30.12%	28.35%	28.68%	24.49%	22.73%
Earnings before Interest and Taxes (EBIT)	150	175	35	-51	-155	85	332	871	1,592	2,449	2,864
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	191	214	86	5.96	-64	205	612	1,396	2,229	3,180	4,078
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.78	16.04	42.65	39.32	14.34	50.58	43.56	23.30	25.87	19.81	15.13
Price to Tangible Book Value (P/TBV)	22.40	22.13	66.06	57.75	15.11	53.82	49.84	25.81	27.43	20.57	15.59
Price to Revenue (P/Rev)	7.70	8.15	11.42	9.20	12.38	21.02	9.43	3.95	5.26	4.15	3.53
Price to Earnings (P/E)	47.41	50.44	1,008.31	0.00	0.00	0.00	803.50	88.30	80.50	45.11	51.14
Dividend Yield	0.36%	0.39%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.11%	1.98%	0.10%	0.00%	0.00%	0.00%	0.12%	1.13%	1.24%	2.22%	1.96%
Enterprise Value to Invested Capital (EV/IC)	56.82	60.81	199.26	0.00	0.00	0.00	75.55	38.89	103.12	143.86	0.00
Enterprise Value to Revenue (EV/Rev)	7.30	7.76	11.20	8.87	11.41	20.45	9.34	3.88	5.11	3.97	3.29
Enterprise Value to EBITDA (EV/EBITDA)	24.92	30.56	157.74	2,143.41	0.00	396.49	107.90	29.95	34.60	25.92	23.33
Enterprise Value to EBIT (EV/EBIT)	31.64	37.33	393.51	0.00	0.00	956.24	198.90	48.00	48.45	33.66	33.22
Enterprise Value to NOPAT (EV/NOPAT)	48.60	49.17	950.43	0.00	0.00	0.00	392.24	63.29	55.16	39.87	42.30
Enterprise Value to Operating Cash Flow (EV/OCF)	21.48	34.43	50.67	55.31	58.11	68.76	68.43	14.22	15.01	10.41	7.85
Enterprise Value to Free Cash Flow (EV/FCFF)	56.70	60.00	253.95	84.99	0.00	217.86	0.00	90.97	44.71	36.76	31.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.73	1.13	2.18	0.48	1.00	2.54	2.89	1.68	1.52	1.62
Long-Term Debt to Equity	0.87	0.70	0.96	1.79	0.39	0.67	1.70	1.72	0.94	0.87	0.94
Financial Leverage	-0.78	-0.75	-0.77	-1.09	-1.15	-1.23	-0.92	-0.42	-0.63	-0.82	-0.97
Leverage Ratio	2.83	3.09	4.03	5.91	2.90	3.03	5.22	7.10	6.40	5.77	6.11
Compound Leverage Factor	2.84	3.26	6.29	7.54	2.01	2.89	3.79	6.36	6.24	5.73	6.07
Debt to Total Capital	46.61%	42.23%	53.07%	68.59%	32.32%	50.02%	71.76%	74.26%	62.72%	60.30%	61.90%
Short-Term Debt to Total Capital	0.31%	1.56%	8.11%	12.40%	6.05%	16.60%	23.70%	30.02%	27.82%	25.80%	26.10%
Long-Term Debt to Total Capital	46.30%	40.67%	44.96%	56.18%	26.27%	33.42%	48.05%	44.25%	34.90%	34.50%	35.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	3.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.39%	57.77%	46.93%	31.41%	64.47%	49.98%	28.24%	25.74%	37.28%	39.70%	38.10%
Debt to EBITDA	1.55	1.46	4.26	123.39	-15.43	8.06	6.36	3.78	2.32	2.08	2.69
Net Debt to EBITDA	-1.36	-1.53	-3.06	-78.41	35.98	-11.04	-1.07	-0.54	-1.04	-1.19	-1.71
Long-Term Debt to EBITDA	1.54	1.41	3.61	101.08	-12.54	5.39	4.26	2.25	1.29	1.19	1.55
Debt to NOPAT	3.03	2.35	25.69	-15.12	-9.27	-1,045.96	23.11	7.98	3.70	3.20	4.87
Net Debt to NOPAT	-2.66	-2.46	-18.41	9.61	21.63	1,431.91	-3.90	-1.14	-1.66	-1.83	-3.10
Long-Term Debt to NOPAT	3.01	2.27	21.76	-12.38	-7.54	-698.93	15.47	4.75	2.06	1.83	2.82
Altman Z-Score	6.56	6.26	7.66	5.24	7.30	11.32	5.81	3.44	4.79	4.01	2.93
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	4.09%	2.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.69	1.51	1.33	1.30	2.16	1.47	1.40	1.28	1.27	1.21	1.17
Quick Ratio	1.23	0.90	0.72	0.89	1.83	0.97	0.80	0.71	0.78	0.73	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	84	109	54	150	-1.19	373	-1,317	460	1,725	2,242	3,042
Operating Cash Flow to CapEx	565.44%	277.64%	487.73%	247.92%	329.75%	478.54%	168.41%	646.15%	1,009.82%	920.70%	902.16%
Free Cash Flow to Firm to Interest Expense	4.11	4.26	2.03	2.67	-0.02	3.49	-5.75	3.40	9.92	13.59	19.01
Operating Cash Flow to Interest Expense	10.86	7.43	10.16	4.11	6.85	11.05	4.21	21.78	29.54	47.99	75.73
Operating Cash Flow Less CapEx to Interest Expense	8.94	4.75	8.08	2.45	4.77	8.74	1.71	18.41	26.61	42.78	67.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.71	0.80	0.74	0.65	0.70	0.85	0.90	0.96	0.97	0.85
Accounts Receivable Turnover	17.36	31.35	45.39	45.47	65.05	93.36	95.73	94.56	105.64	101.10	92.61
Inventory Turnover	0.00	464.21	272.15	207.41	180.42	37.83	24.24	32.86	43.93	48.91	44.17
Fixed Asset Turnover	7.53	8.20	10.18	10.27	11.21	12.50	11.79	0.00	0.00	0.00	0.00
Accounts Payable Turnover	1.19	0.83	0.78	0.87	1.10	1.29	1.53	1.61	1.50	1.56	1.38
Days Sales Outstanding (DSO)	21.03	11.64	8.04	8.03	5.61	3.91	3.81	3.86	3.46	3.61	3.94
Days Inventory Outstanding (DIO)	0.00	0.79	1.34	1.76	2.02	9.65	15.06	11.11	8.31	7.46	8.26
Days Payable Outstanding (DPO)	305.81	439.78	470.08	420.69	332.25	283.81	239.00	226.95	243.68	233.99	264.13
Cash Conversion Cycle (CCC)	-284.79	-427.35	-460.69	-410.90	-324.62	-270.25	-220.13	-211.99	-231.92	-222.91	-251.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	84	108	68	-130	-237	-611	874	1,075	748	573	-220
Invested Capital Turnover	8.50	8.82	13.81	-46.37	-12.51	-9.38	53.80	11.06	16.57	31.46	163.70
Increase / (Decrease) in Invested Capital	14	24	-39	-199	-106	-375	1,485	201	-327	-175	-793
Enterprise Value (EV)	4,756	6,551	13,631	12,770	26,211	81,280	66,033	41,810	77,133	82,430	95,149
Market Capitalization	5,016	6,879	13,895	13,238	28,431	83,543	66,690	42,562	79,456	86,208	102,117
Book Value per Share	$7.69	$9.71	$7.38	$7.45	$39.89	$33.12	$30.96	$36.33	$60.74	$85.82	$133.10
Tangible Book Value per Share	$5.07	$7.04	$4.76	$5.07	$37.84	$31.13	$27.05	$32.79	$57.30	$82.65	$129.24
Total Capital	636	742	694	1,072	3,076	3,304	5,421	7,099	8,238	10,960	17,710
Total Debt	296	314	368	735	994	1,653	3,890	5,272	5,167	6,609	10,962
Total Long-Term Debt	294	302	312	602	808	1,104	2,605	3,141	2,875	3,781	6,339
Net Debt	-260	-328	-264	-467	-2,318	-2,263	-657	-752	-2,323	-3,778	-6,968
Capital Expenditures (CapEx)	39	69	55	93	137	247	573	455	509	860	1,343
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-144	-183	-222	-448	-826	-1,490	-835	-1,180	-2,039	-2,817	-6,603
Debt-free Net Working Capital (DFNWC)	225	304	375	478	2,223	2,259	3,623	4,522	5,289	6,367	9,563
Net Working Capital (NWC)	223	293	319	345	2,037	1,711	2,338	2,391	2,997	3,539	4,940
Net Nonoperating Expense (NNE)	-7.94	-3.14	0.56	-12	65	-0.58	85	179	411	156	252
Net Nonoperating Obligations (NNO)	-256	-321	-257	-467	-2,318	-2,263	-657	-752	-2,323	-3,778	-6,968
Total Depreciation and Amortization (D&A)	40	39	52	57	90	120	280	525	637	731	1,214
Debt-free, Cash-free Net Working Capital to Revenue	-22.14%	-21.67%	-18.29%	-31.15%	-35.97%	-37.50%	-11.81%	-10.95%	-13.50%	-13.56%	-22.85%
Debt-free Net Working Capital to Revenue	34.47%	36.05%	30.84%	33.19%	96.79%	56.85%	51.25%	41.95%	35.01%	30.64%	33.10%
Net Working Capital to Revenue	34.17%	34.68%	26.21%	23.96%	88.69%	43.05%	33.07%	22.18%	19.84%	17.03%	17.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.40	$3.09	$0.31	($0.82)	$0.00	($0.08)	$1.67	$9.57	$19.64	$37.69	$39.40
Adjusted Weighted Average Basic Shares Outstanding	44.16M	44.16M	44.16M	44.53M	0.00	49.74M	49.80M	50.35M	50.26M	50.70M	50.70M
Adjusted Diluted Earnings per Share	$2.40	$3.09	$0.31	($0.82)	$0.00	($0.08)	$1.67	$9.53	$19.46	$37.69	$39.40
Adjusted Weighted Average Diluted Shares Outstanding	44.16M	44.16M	44.16M	44.53M	0.00	49.74M	49.80M	51.34M	51.01M	50.70M	50.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	44.16M	44.16M	44.16M	45.20M	0.00	49.87M	50.42M	50.26M	50.70M	50.70M	50.70M
Normalized Net Operating Profit after Tax (NOPAT)	109	143	41	-49	-107	90	309	661	1,398	2,067	2,249
Normalized NOPAT Margin	16.76%	16.97%	3.40%	-3.38%	-4.67%	2.25%	4.37%	6.13%	9.26%	9.95%	7.78%
Pre Tax Income Margin	23.09%	21.95%	4.44%	-4.55%	-4.67%	2.04%	3.41%	7.24%	10.28%	11.71%	9.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.37	6.85	1.31	-0.91	-2.35	0.79	1.45	6.45	9.15	14.84	17.90
NOPAT to Interest Expense	4.80	5.20	0.54	-0.86	-1.63	-0.01	0.74	4.89	8.04	12.53	14.06
EBIT Less CapEx to Interest Expense	5.45	4.18	-0.78	-2.57	-4.43	-1.51	-1.05	3.08	6.22	9.63	9.51
NOPAT Less CapEx to Interest Expense	2.88	2.53	-1.54	-2.52	-3.70	-2.32	-1.77	1.52	5.11	7.32	5.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.83%	17.91%	192.28%	-18.11%	-1.65%	-300.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	22.39%	17.91%	192.28%	-18.11%	-2.07%	-5,700.00%	585.54%	30.71%	36.07%	0.05%	0.05%

This table displays calculated financial ratios and metrics derived from MercadoLibre's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	50,697,182.00	50,697,182.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	50,697,182.00	50,697,182.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	8.23	9.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.87%	36.00%	41.51%	35.27%	37.42%	36.97%	33.85%	39.48%	44.56%	49.03%	49.76%
EBITDA Growth	-8.10%	36.74%	25.88%	4.20%	141.31%	39.41%	21.20%	55.87%	11.23%	1.58%	2.27%
EBIT Growth	-28.75%	49.24%	37.17%	-5.31%	237.72%	43.32%	5.99%	20.31%	7.27%	-12.85%	-9.89%
NOPAT Growth	17.54%	46.00%	55.41%	-19.87%	185.75%	41.38%	4.42%	12.70%	-7.70%	-17.58%	-12.85%
Net Income Growth	0.00%	71.14%	102.67%	10.59%	287.27%	43.60%	-1.51%	6.05%	-12.52%	-15.59%	-10.90%
EPS Growth	-2.16%	70.78%	103.10%	9.36%	297.48%	43.66%	-1.62%	6.26%	-12.46%	-15.50%	-10.86%
Operating Cash Flow Growth	25.03%	76.02%	33.29%	70.03%	51.66%	-31.81%	54.99%	84.94%	78.15%	101.26%	25.54%
Free Cash Flow Firm Growth	16,261.09%	-44.91%	-53.48%	-56.81%	51.89%	-132.68%	-129.40%	-109.12%	65.58%	795.02%	994.60%
Invested Capital Growth	-30.42%	-30.80%	-24.06%	-16.13%	-23.40%	99.35%	136.12%	58.68%	-138.39%	-77.73%	-104.31%
Revenue Q/Q Growth	12.27%	9.92%	17.08%	4.71%	14.06%	-2.05%	14.41%	9.12%	18.22%	0.98%	14.97%
EBITDA Q/Q Growth	-38.26%	461.29%	22.99%	-21.73%	42.99%	-1.04%	6.75%	-8.20%	27.99%	-19.01%	7.48%
EBIT Q/Q Growth	-58.24%	982.14%	35.22%	-22.60%	48.94%	-8.05%	0.00%	-12.15%	32.80%	-25.30%	3.40%
NOPAT Q/Q Growth	-54.72%	932.10%	52.83%	-26.31%	61.49%	-22.26%	12.87%	-20.47%	32.26%	-30.58%	19.35%
Net Income Q/Q Growth	-54.04%	108.48%	54.36%	-25.24%	60.96%	-22.69%	5.87%	-19.50%	32.78%	-25.40%	11.75%
EPS Q/Q Growth	-55.73%	113.88%	54.57%	-25.29%	60.92%	-22.70%	5.85%	-19.30%	32.57%	-25.39%	11.66%
Operating Cash Flow Q/Q Growth	104.89%	-21.58%	24.47%	-14.98%	82.75%	-64.74%	182.93%	1.44%	76.04%	-60.17%	76.48%
Free Cash Flow Firm Q/Q Growth	-59.18%	98.75%	6.57%	-22.06%	43.56%	-127.40%	4.12%	75.82%	2,706.22%	15.01%	23.41%
Invested Capital Q/Q Growth	-31.06%	3.61%	-21.42%	49.43%	-37.03%	169.63%	-6.93%	0.42%	-115.24%	256.36%	-118.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.68%	38.08%	37.75%	36.37%	36.67%	36.53%	35.41%	32.31%	31.98%	29.60%	28.35%
EBITDA Margin	9.00%	16.06%	16.87%	12.61%	15.81%	15.97%	14.90%	12.54%	13.57%	10.89%	10.18%
Operating Margin	7.60%	12.19%	14.31%	10.49%	13.53%	12.86%	12.15%	9.77%	10.15%	6.91%	6.72%
EBIT Margin	5.17%	11.40%	13.17%	9.73%	12.71%	11.93%	10.43%	8.40%	9.43%	6.98%	6.27%
Profit (Net Income) Margin	3.74%	7.94%	10.47%	7.47%	10.55%	8.32%	7.70%	5.68%	6.38%	4.71%	4.58%
Tax Burden Percent	71.74%	71.52%	79.49%	76.35%	83.75%	69.97%	73.04%	66.20%	71.30%	72.02%	76.90%
Interest Burden Percent	100.88%	97.37%	100.00%	100.58%	99.09%	99.72%	101.13%	102.25%	94.92%	93.84%	94.98%
Effective Tax Rate	28.26%	28.48%	20.51%	23.65%	16.25%	30.03%	26.96%	33.81%	28.70%	27.98%	23.10%
Return on Invested Capital (ROIC)	90.34%	143.67%	275.86%	148.42%	356.53%	173.54%	208.94%	143.95%	1,184.65%	167.52%	264.11%
ROIC Less NNEP Spread (ROIC-NNEP)	95.24%	145.57%	277.91%	149.61%	358.10%	174.86%	211.12%	145.43%	1,186.05%	167.96%	265.08%
Return on Net Nonoperating Assets (RNNOA)	-59.79%	-94.77%	-211.54%	-105.34%	-294.36%	-126.53%	-164.99%	-111.93%	-1,148.32%	-142.14%	-238.16%
Return on Equity (ROE)	30.55%	48.90%	64.32%	43.07%	62.17%	47.02%	43.95%	32.02%	36.33%	25.38%	25.95%
Cash Return on Invested Capital (CROIC)	189.29%	170.91%	233.96%	151.21%	339.50%	125.27%	138.87%	150.55%	0.00%	355.45%	0.00%
Operating Return on Assets (OROA)	4.98%	10.71%	12.77%	9.29%	12.34%	11.42%	9.49%	7.41%	8.03%	5.95%	5.24%
Return on Assets (ROA)	3.61%	7.46%	10.15%	7.13%	10.24%	7.97%	7.01%	5.02%	5.43%	4.02%	3.82%
Return on Common Equity (ROCE)	30.55%	48.90%	64.32%	43.07%	62.17%	47.02%	43.95%	32.02%	36.33%	25.38%	25.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	33.33%	38.27%	35.91%	0.00%	41.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	240	378	577	425	687	534	603	479	634	440	525
NOPAT Margin	5.45%	8.71%	11.38%	8.01%	11.33%	9.00%	8.88%	6.47%	7.24%	4.98%	5.16%
Net Nonoperating Expense Percent (NNEP)	-4.90%	-1.90%	-2.05%	-1.19%	-1.56%	-1.31%	-2.17%	-1.48%	-1.39%	-0.44%	-0.97%
Return On Investment Capital (ROIC_SIMPLE)	2.92%	-	-	-	6.27%	4.29%	4.20%	3.05%	3.58%	2.30%	2.56%
Cost of Revenue to Revenue	60.29%	61.92%	62.25%	63.63%	63.33%	63.47%	64.60%	67.69%	68.02%	70.40%	71.65%
SG&A Expenses to Revenue	4.56%	4.29%	4.30%	5.74%	4.19%	4.30%	3.84%	3.64%	3.33%	3.69%	3.34%
R&D to Revenue	15.56%	10.57%	9.07%	9.49%	8.45%	9.28%	8.35%	7.65%	6.67%	7.90%	7.17%
Operating Expenses to Revenue	32.12%	25.89%	23.44%	25.88%	23.14%	23.67%	23.25%	22.54%	21.83%	22.69%	21.63%
Earnings before Interest and Taxes (EBIT)	228	494	668	517	770	708	708	622	826	617	638
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	397	696	856	670	958	948	1,012	929	1,189	963	1,035
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	25.87	22.55	22.79	25.99	19.81	19.77	23.19	19.05	15.13	12.04	10.98
Price to Tangible Book Value (P/TBV)	27.43	23.74	23.85	27.08	20.57	20.56	24.03	19.68	15.59	12.38	11.27
Price to Revenue (P/Rev)	5.26	4.89	4.87	5.63	4.15	4.42	5.50	4.52	3.53	2.76	2.45
Price to Earnings (P/E)	80.50	67.65	59.55	72.39	45.11	47.99	64.54	57.04	51.14	45.65	46.19
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.24%	1.48%	1.68%	1.38%	2.22%	2.08%	1.55%	1.75%	1.96%	2.19%	2.16%
Enterprise Value to Invested Capital (EV/IC)	103.12	95.26	131.80	110.92	143.86	61.78	89.17	78.74	0.00	234.65	0.00
Enterprise Value to Revenue (EV/Rev)	5.11	4.73	4.69	5.46	3.97	4.26	5.32	4.34	3.29	2.54	2.22
Enterprise Value to EBITDA (EV/EBITDA)	34.60	36.14	36.17	44.94	25.92	27.68	35.37	28.73	23.33	19.72	18.99
Enterprise Value to EBIT (EV/EBIT)	48.45	53.85	51.72	66.28	33.66	35.84	47.44	40.49	33.22	29.11	28.91
Enterprise Value to NOPAT (EV/NOPAT)	55.16	57.93	55.07	75.70	39.87	42.93	56.98	49.31	42.30	37.44	37.59
Enterprise Value to Operating Cash Flow (EV/OCF)	15.01	12.74	12.82	14.58	10.41	12.83	15.14	11.57	7.85	6.13	5.62
Enterprise Value to Free Cash Flow (EV/FCFF)	44.71	45.59	48.63	66.92	36.76	65.68	90.22	64.17	31.28	24.04	21.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.68	1.51	1.44	1.53	1.52	1.49	1.51	1.52	1.62	1.63	1.62
Long-Term Debt to Equity	0.94	0.85	0.84	0.97	0.87	0.77	0.84	0.81	0.94	0.90	0.79
Financial Leverage	-0.63	-0.65	-0.76	-0.70	-0.82	-0.72	-0.78	-0.77	-0.97	-0.85	-0.90
Leverage Ratio	6.40	6.13	5.97	5.75	5.77	5.57	5.65	5.80	6.11	6.07	6.22
Compound Leverage Factor	6.46	5.96	5.97	5.78	5.72	5.55	5.72	5.93	5.80	5.70	5.91
Debt to Total Capital	62.72%	60.18%	59.02%	60.47%	60.30%	59.79%	60.18%	60.38%	61.90%	61.99%	61.78%
Short-Term Debt to Total Capital	27.82%	26.38%	24.69%	22.22%	25.80%	28.68%	26.61%	28.23%	26.10%	27.75%	31.62%
Long-Term Debt to Total Capital	34.90%	33.80%	34.32%	38.25%	34.50%	31.12%	33.57%	32.15%	35.79%	34.23%	30.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.28%	39.82%	40.98%	39.53%	39.70%	40.21%	39.82%	39.62%	38.10%	38.01%	38.22%
Debt to EBITDA	2.32	2.51	2.37	2.73	2.08	2.16	2.38	2.39	2.69	2.90	3.08
Net Debt to EBITDA	-1.04	-1.28	-1.37	-1.38	-1.19	-1.00	-1.18	-1.21	-1.71	-1.69	-1.92
Long-Term Debt to EBITDA	1.29	1.41	1.38	1.72	1.19	1.12	1.33	1.27	1.55	1.60	1.50
Debt to NOPAT	3.70	4.02	3.61	4.59	3.20	3.35	3.84	4.11	4.87	5.51	6.09
Net Debt to NOPAT	-1.66	-2.05	-2.09	-2.32	-1.83	-1.56	-1.90	-2.07	-3.10	-3.22	-3.80
Long-Term Debt to NOPAT	2.06	2.26	2.10	2.90	1.83	1.74	2.14	2.19	2.82	3.04	2.97
Altman Z-Score	4.53	4.20	4.42	4.63	3.79	3.89	4.08	3.44	2.78	2.36	2.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.27	1.28	1.25	1.21	1.20	1.20	1.17	1.17	1.16	1.12
Quick Ratio	0.78	0.78	0.81	0.78	0.73	0.77	0.67	0.59	0.54	0.51	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	567	723	770	600	862	-236	-226	-55	1,427	1,641	2,025
Operating Cash Flow to CapEx	1,071.11%	1,035.62%	1,028.42%	720.72%	946.28%	379.04%	1,016.38%	828.85%	1,219.91%	765.68%	830.39%
Free Cash Flow to Firm to Interest Expense	14.93	19.02	19.75	15.01	17.95	-6.05	-6.29	-1.56	28.54	25.25	32.66
Operating Cash Flow to Interest Expense	50.74	39.79	48.26	40.00	60.92	26.44	81.03	84.54	104.18	31.92	59.06
Operating Cash Flow Less CapEx to Interest Expense	46.00	35.95	43.56	34.45	54.48	19.46	73.06	74.34	95.64	27.75	51.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.96	0.94	0.97	0.95	0.97	0.96	0.91	0.88	0.85	0.85	0.83
Accounts Receivable Turnover	105.64	103.44	97.76	98.11	101.10	103.85	95.81	101.92	92.61	100.80	96.26
Inventory Turnover	43.93	43.49	42.02	40.95	48.91	48.68	44.49	39.82	44.17	41.71	38.99
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	1.50	1.52	1.53	1.58	1.56	1.57	1.45	1.45	1.38	1.44	1.40
Days Sales Outstanding (DSO)	3.46	3.53	3.73	3.72	3.61	3.51	3.81	3.58	3.94	3.62	3.79
Days Inventory Outstanding (DIO)	8.31	8.39	8.69	8.91	7.46	7.50	8.20	9.17	8.26	8.75	9.36
Days Payable Outstanding (DPO)	243.68	240.89	238.26	231.01	233.99	232.07	251.87	251.28	264.13	252.82	261.07
Cash Conversion Cycle (CCC)	-231.92	-228.97	-225.85	-218.37	-222.91	-221.05	-239.85	-238.54	-251.93	-240.45	-247.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	748	775	609	910	573	1,545	1,438	1,444	-220	344	-62
Invested Capital Turnover	16.57	16.49	24.25	18.54	31.46	19.29	23.54	22.25	163.70	33.67	51.14
Increase / (Decrease) in Invested Capital	-327	-345	-193	-175	-175	770	829	534	-793	-1,201	-1,500
Enterprise Value (EV)	77,133	73,829	80,269	100,937	82,430	95,445	128,229	113,703	95,149	80,719	78,157
Market Capitalization	79,456	76,444	83,316	104,029	86,208	98,904	132,504	118,477	102,117	87,656	86,053
Book Value per Share	$60.74	$66.87	$72.11	$78.94	$85.82	$98.70	$112.69	$122.65	$133.10	$143.62	$154.53
Tangible Book Value per Share	$57.30	$63.51	$68.92	$75.76	$82.65	$94.88	$108.76	$118.72	$129.24	$139.71	$150.62
Total Capital	8,238	8,513	8,921	10,125	10,960	12,446	14,348	15,694	17,710	19,154	20,497
Total Debt	5,167	5,123	5,265	6,123	6,609	7,442	8,635	9,476	10,962	11,873	12,663
Total Long-Term Debt	2,875	2,877	3,062	3,873	3,781	3,873	4,817	5,045	6,339	6,557	6,181
Net Debt	-2,323	-2,615	-3,047	-3,092	-3,778	-3,459	-4,275	-4,774	-6,968	-6,937	-7,896
Capital Expenditures (CapEx)	180	146	183	222	309	272	287	357	427	271	441
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,039	-1,994	-2,128	-2,228	-2,817	-2,336	-3,392	-4,210	-6,603	-6,644	-7,952
Debt-free Net Working Capital (DFNWC)	5,289	5,495	5,768	5,761	6,367	7,244	8,130	8,704	9,563	10,470	10,892
Net Working Capital (NWC)	2,997	3,249	3,565	3,511	3,539	3,675	4,312	4,273	4,940	5,154	4,410
Net Nonoperating Expense (NNE)	75	34	46	28	48	40	80	58	75	23	59
Net Nonoperating Obligations (NNO)	-2,323	-2,615	-3,047	-3,092	-3,778	-3,459	-4,275	-4,774	-6,968	-6,937	-7,896
Total Depreciation and Amortization (D&A)	169	202	188	153	188	240	304	307	363	346	397
Debt-free, Cash-free Net Working Capital to Revenue	-13.50%	-12.77%	-12.44%	-12.05%	-13.56%	-10.44%	-14.08%	-16.07%	-22.85%	-20.89%	-22.60%
Debt-free Net Working Capital to Revenue	35.01%	35.18%	33.72%	31.15%	30.64%	32.37%	33.74%	33.23%	33.10%	32.92%	30.96%
Net Working Capital to Revenue	19.84%	20.80%	20.84%	18.99%	17.03%	16.42%	17.90%	16.31%	17.10%	16.21%	12.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.23	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19
Adjusted Weighted Average Basic Shares Outstanding	50.26M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M
Adjusted Diluted Earnings per Share	$3.17	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19
Adjusted Weighted Average Diluted Shares Outstanding	51.01M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M	50.70M
Normalized Net Operating Profit after Tax (NOPAT)	240	378	577	425	687	534	603	479	634	440	525
Normalized NOPAT Margin	5.45%	8.71%	11.38%	8.01%	11.33%	9.00%	8.88%	6.47%	7.24%	4.98%	5.16%
Pre Tax Income Margin	5.22%	11.10%	13.17%	9.79%	12.59%	11.90%	10.54%	8.58%	8.95%	6.55%	5.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.00	13.00	17.13	12.93	16.04	18.15	19.67	17.77	16.52	9.49	10.29
NOPAT to Interest Expense	6.32	9.94	14.80	10.63	14.31	13.69	16.74	13.69	12.68	6.77	8.47
EBIT Less CapEx to Interest Expense	1.26	9.16	12.44	7.38	9.60	11.18	11.69	7.57	7.98	5.32	3.18
NOPAT Less CapEx to Interest Expense	1.59	6.10	10.11	5.08	7.87	6.72	8.77	3.49	4.14	2.60	1.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	36.07%	26.11%	10.72%	0.07%	0.05%	0.00%	0.00%	0.05%	0.05%	0.00%	0.11%

Financials Breakdown Chart

Key Financial Trends

MercadoLibre’s latest quarter shows a business that is still growing quickly and generating strong operating cash flow, but it is also carrying a very large balance-sheet financing footprint tied to its marketplace and credit operations. Over the last four years, revenue has climbed sharply, margins have generally improved from the 2022 period, and cash generation has strengthened meaningfully. At the same time, the company’s financing structure remains complex, with sizeable debt, restricted cash, and receivables-related assets/liabilities that investors should watch closely.

Revenue growth remains strong. Q1 2026 revenue rose to $8.85 billion from $6.79 billion in Q2 2025, $7.41 billion in Q3 2025, and $6.06 billion in Q4 2025, showing continued top-line momentum.
Profitability remains solid. Q1 2026 net income was $417 million, following $559 million in Q4 2025 and $421 million in Q3 2025, indicating MercadoLibre is still consistently profitable.
Operating cash flow is strong. The company generated $2.08 billion in operating cash flow in Q1 2026, versus $5.21 billion in Q4 2025 and $2.96 billion in Q3 2025.
Balance-sheet equity improved sharply from 2024 levels. Total common equity increased to $7.28 billion in Q1 2026 from $3.36 billion in Q1 2025 and $1.83 billion in Q4 2024, reflecting retained earnings growth and stronger earnings power.
Leverage appears lower than a year ago. Long-term debt fell to $4.61 billion in Q1 2026 from $6.90 billion in Q4 2025 and $2.86 billion in Q1 2025, while capital lease obligations also declined from prior-year levels.
Cash and equivalents improved sequentially. Cash and equivalents rose to $3.68 billion in Q1 2026 from $2.58 billion in Q3 2025 and $2.64 billion in Q4 2024.
Restricted cash remains very large. MercadoLibre reported $11.46 billion of restricted cash in Q1 2026, which likely supports its financing and credit ecosystem, but also limits immediate liquidity flexibility.
The company continues to rely heavily on note and lease receivables. Note and lease receivables were $10.17 billion in Q1 2026, up from $7.81 billion in Q3 2025 and $5.50 billion in Q1 2025, consistent with expansion in its credit operations.
Current liabilities are substantial. Total current liabilities were $31.97 billion in Q1 2026, far above current equity, reflecting a balance sheet that is highly dependent on working-capital management.
Other income / expense can be volatile. In Q1 2026, total other expense was $32 million, but in prior quarters it was much larger and more erratic, including -$105 million in Q4 2025 and -$88 million in Q3 2025.

Bottom line: MercadoLibre still looks like a high-growth, cash-generating platform with improving profitability and manageable leverage compared with prior periods. The main caution is the size and complexity of its balance sheet, especially the large restricted cash, debt, and credit-related receivables that come with operating a financial ecosystem alongside e-commerce.

08/20/26 07:01 AM ETAI Generated. May Contain Errors.

MercadoLibre Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MercadoLibre's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MercadoLibre's net income appears to be on an upward trend, with a most recent value of $2.00 billion in 2025, rising from $105.79 million in 2015. The previous period was $1.91 billion in 2024. Find out what analysts predict for MercadoLibre in the coming months.

MercadoLibre's total operating income in 2025 was $3.20 billion, based on the following breakdown:

Total Gross Profit: $9.77 billion
Total Operating Expenses: $6.57 billion

Over the last 10 years, MercadoLibre's total revenue changed from $651.79 million in 2015 to $28.89 billion in 2025, a change of 4,332.9%.

MercadoLibre's total liabilities were at $35.92 billion at the end of 2025, a 72.3% increase from 2024, and a 5,308.3% increase since 2015.

In the past 10 years, MercadoLibre's cash and equivalents has ranged from $166.88 million in 2015 to $3.67 billion in 2025, and is currently $3.67 billion as of their latest financial filing in 2025.

Over the last 10 years, MercadoLibre's book value per share changed from 7.69 in 2015 to 133.10 in 2025, a change of 1,631.4%.

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Financial statements for NASDAQ:MELI last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MercadoLibre (MELI) Financials

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MercadoLibre (MELI) Financials

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When does MercadoLibre's financial year end?

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How has MercadoLibre's revenue changed over the last 10 years?

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