MercadoLibre Inc. (MELI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$8.89	$9.19	+3.4%	—	$10.2B	—
Q1 26	$8.47	$8.23	-2.8%	—	$8.8B	—
Q3 25	$9.37	$8.32	-11.2%	—	$7.4B	—
Q2 25	$11.8	$10.3	-12.3%	—	$6.8B	—
Q1 25	$7.99	$9.74	+21.9%	—	$5.9B	—
Q4 24	$7.56	$12.6	+66.8%	—	$6.1B	—
Q3 24	$9.85	$7.83	-20.5%	—	$5.3B	—
Q2 24	$8.34	$10.5	+25.7%	—	$5.1B	—
Q1 24	$5.72	$6.78	+18.5%	—	$4.3B	—
Q4 23	$6.96	$3.25	-53.3%	—	$4.3B	—
Q3 23	$5.86	$7.16	+22.2%	—	$3.9B	—
Q2 23	$4.54	$5.16	+13.7%	—	$3.6B	—
Q1 23	$2.8	$3.97	+41.8%	—	$3.2B	—
Q4 22	$2.4	$3.25	+35.4%	—	$3B	—
Q3 22	$2.43	$2.56	+5.3%	—	$2.7B	—
Q2 22	$1.8	$2.43	+35.0%	—	$2.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$39.4	—	—	$28.9B	—
FY24	—	$37.7	—	—	$20.8B	—
FY23	—	$19.6	—	—	$14.5B	—
FY22	—	$9.57	—	—	$10.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$844.4M	$1.2B	$1.4B	$2.3B	$4B	$7.1B	$10.5B	$14.5B	$20.8B	$28.9B
YoY change	+29.6%	+44.1%	+18.3%	+59.5%	+73.1%	+77.9%	+49.1%	+37.4%	+43.6%	+39.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	844.4M	1.2B	1.4B	2.3B	4B	7.1B	10.5B	14.5B	20.8B	28.9B
Cost of revenue	307.5M	496.9M	742.6M	1.2B	2.3B	4.1B	5.4B	7.3B	11.2B	—
Gross profit	536.9M	719.6M	697M	1.1B	1.7B	3B	5.2B	7.2B	9.6B	12.9B
Gross margin	63.6%	59.2%	48.4%	48%	43%	42.5%	49%	49.8%	46.1%	44.5%
Research & development	98.5M	127.2M	146.3M	223.8M	353M	590M	1.1B	1.8B	1.9B	2.3B
Selling, general & administrative	243.6M	447.6M	620.2M	1B	1.1B	1.5B	2B	2.5B	3.2B	4.3B
Operating expenses	342.1M	574.7M	766.5M	1.3B	1.4B	2.1B	3.1B	4.3B	5.1B	6.6B
Operating income	194.8M	144.9M	-69.5M	-153.2M	128M	441M	1B	1.8B	2.6B	3.2B
Operating margin	23.1%	11.9%	-4.83%	-6.67%	3.22%	6.24%	9.81%	12.6%	12.7%	11.1%
Non-operating income, net	-19.3M	-110.2M	18.2M	-1.7M	-43M	-109M	-198M	-615M	-182M	-337M
Pretax income	185.3M	54.1M	-65.5M	-107.2M	81M	241M	780M	1.6B	2.4B	2.8B
Income tax	49M	40.3M	-28.9M	64.8M	82M	149M	298M	569M	521M	845M
Net income	136.4M	13.8M	-36.6M	-172M	-1M	83M	482M	987M	1.9B	2B
Net margin	16.1%	1.13%	-2.54%	-7.49%	-0.03%	1.17%	4.57%	6.82%	9.2%	6.91%
EBITDA	259.2M	231.7M	18.3M	33.7M	336M	783M	1.7B	3.1B	3.4B	4.2B
EPS	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.57	19.6	37.7	39.4
Diluted EPS	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.53	19.5	37.7	39.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	4.3B	4.3B	5.1B	5.3B	6.1B	5.9B	6.8B	7.4B	8.8B	8.8B	10.2B
Cost of revenue	1.8B	2.3B	2.3B	2.7B	2.9B	3.3B	3.2B	3.7B	4.2B	5B	5B	6B
Gross profit	2.1B	2B	2B	2.4B	2.4B	2.7B	2.8B	3.1B	3.2B	3.8B	3.9B	4.2B
Gross margin	53.3%	45.9%	46.7%	46.6%	45.9%	45.4%	46.7%	45.6%	43.3%	43.2%	43.7%	40.9%
Research & development	396M	686M	458M	460M	504M	512M	551M	567M	567M	584M	699M	729M
Selling, general & administrative	637M	730M	664M	729M	871M	890M	854M	1B	1.1B	1.3B	1.3B	1.5B
Operating expenses	1B	1.4B	1.1B	1.2B	1.4B	1.4B	1.4B	1.6B	1.7B	1.9B	2B	2.2B
Operating income	785M	240M	528M	726M	557M	820M	763M	825M	724M	889M	611M	683M
Operating margin	20%	5.63%	12.2%	14.3%	10.5%	13.5%	12.9%	12.2%	9.77%	10.1%	6.91%	6.72%
Non-operating income, net	-239M	-107M	-34M	-58M	-40M	-50M	-55M	-117M	-102M	-63M	6M	-45M
Pretax income	531M	230M	481M	668M	520M	763M	706M	716M	636M	784M	579M	606M
Income tax	172M	65M	137M	137M	123M	124M	212M	193M	215M	225M	162M	140M
Net income	359M	165M	344M	531M	397M	639M	494M	523M	421M	559M	417M	466M
Net margin	9.14%	3.87%	7.94%	10.5%	7.47%	10.5%	8.32%	7.7%	5.68%	6.38%	4.71%	4.58%
EBITDA	958M	553M	707M	919M	757M	1B	972M	1.1B	982M	1.1B	884M	1B
EPS	7.18	3.26	6.78	10.5	7.83	12.6	9.74	10.3	8.32	11	8.23	9.19
Diluted EPS	7.16	3.25	6.78	10.5	7.83	12.6	9.74	10.3	8.32	11	8.23	9.19

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.9B	13.9B	13B	27.8B	83.3B	67.2B	42.6B	79B	86.2B	102.1B	86.8B
Enterprise value	6.7B	13.7B	12.9B	25.9B	82.6B	68.3B	45B	80.6B	89.3B	108B	96.3B
Shares outstanding	44.2M	44.2M	44.5M	48.7M	49.7M	49.8M	50.3M	50.3M	50.7M	50.7M	50.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	50.6	1K	—	—	—	809.1	88.4	80	45.1	51.1	46.8
P/S	8.17	11.4	9.06	12.1	21	9.5	4.04	5.46	4.15	3.53	2.48
P/B	16.1	42.7	38.7	13.4	50.5	43.9	23.3	25.7	19.8	15.1	11.1
EV/EBITDA	25.9	59	701.6	768.5	245.8	87.3	26.4	26.2	26.3	26	24.7
EV/Sales	7.96	11.2	8.94	11.3	20.8	9.67	4.27	5.57	4.3	3.74	2.74
Earnings yield	1.98%	0.1%	—	—	—	0.12%	1.13%	1.25%	2.22%	1.96%	2.14%
FCF yield	1.64%	1.4%	1.02%	1.13%	1.12%	0.53%	5.83%	5.86%	8.19%	10.5%	0.41%
PEG	—	—	—	—	—	—	—	—	—	—	-4.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.6%	59.2%	48.4%	48%	43%	42.5%	49%	49.8%	46.1%	44.5%	40.9%
Operating margin	23.1%	11.9%	-4.83%	-6.67%	3.22%	6.24%	9.81%	12.6%	12.7%	11.1%	6.72%
Net margin	16.1%	1.13%	-2.54%	-7.49%	-0.03%	1.17%	4.57%	6.82%	9.2%	6.91%	5.3%
ROE	31.8%	4.23%	-10.9%	-8.26%	-0.06%	5.42%	26.4%	32.1%	43.9%	29.6%	27.5%
ROA	9.97%	0.82%	-1.63%	-3.6%	-0.02%	0.82%	3.51%	5.59%	7.58%	4.68%	4.31%
ROIC	56.2%	38.3%	-40.9%	-130.5%	0%	6.19%	15.2%	24.8%	27.7%	17.8%	13.4%
Return on tangible assets	12.1%	0.96%	-1.81%	-3.76%	-0.02%	0.85%	3.6%	5.72%	7.71%	4.72%	3.66%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.51	1.33	1.3	2.16	1.47	1.4	1.28	1.27	1.21	1.17	1.12
Quick ratio	1.51	1.33	1.29	2.16	1.44	1.36	1.26	1.24	1.2	1.15	1.1
Debt / equity	0.73	1.13	2.18	0.49	1.03	2.6	2.96	1.74	1.57	1.69	1.69
Debt / assets	0.23	0.22	0.33	0.21	0.26	0.39	0.39	0.3	0.27	0.27	0.26
Net debt / EBITDA	-0.67	-0.99	-9.08	-58.3	-2.24	1.52	1.4	0.51	0.91	1.41	1.91
Interest coverage	8.24	3.04	-0.16	-0.63	1.76	2.05	3.43	5.11	15.7	18.8	13.3
Effective tax rate	26.4%	74.5%	0%	0%	100%	61.8%	38.2%	36.6%	21.4%	29.7%	28.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.1	27.6	32.3	47.2	79.9	141.9	209.3	287.9	409.8	569.9	694
EPS (basic)	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.57	19.6	37.7	39.4	39.4
EPS (diluted)	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.53	19.5	37.7	39.4	36.8
Book value per share	9.71	7.38	7.56	42.8	33.2	30.7	36.3	61.1	85.8	133.1	154.5
FCF per share	2.56	4.4	2.99	6.45	18.8	7.15	49.4	92.1	139.2	212.5	244.8
Cash per share	11	13.5	20.3	61.2	49.5	56.1	60.2	74.7	74	108.7	113.3
Capex per share	1.74	1.7	2.19	2.81	4.97	11.5	9.02	10.1	17	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.11%	6.15%	6.78%	5.96%	6.22%	8.11%	4.31%	3.52%	4.14%	—	—
Capex / operating cash flow	321.8%	-61.7%	191.3%	357.7%	-514.6%	-78.5%	540.5%	39.2%	240.9%	—	—
Payout ratio	17.9%	192.3%	-18.1%	-1.65%	-300%	0%	0%	—	—	—	0%
Dividend yield	0.35%	0.19%	0.05%	0.01%	0%	0%	0%	—	—	—	0.04%

Yield

0.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Dec 28, 2017

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 28, 2017	$0.15
Sep 28, 2017	$0.15
Jun 28, 2017	$0.15
Mar 29, 2017	$0.15
Dec 28, 2016	$0.15
Sep 28, 2016	$0.15
Jun 28, 2016	$0.15
Mar 29, 2016	$0.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$4.3B	$4.3B	$5.1B	$5.3B	$6.1B	$5.9B	$6.8B	$7.4B	$8.8B	$8.8B	$10.2B
YoY change	+46%	+41.9%	+36%	+41.5%	+35.3%	+42.2%	+37%	+33.8%	+39.5%	+44.6%	+49%	+49.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	487.5M	597.7M	901.9M	3B	2.5B	2.8B	3B	3.8B	3.8B	5.5B
Receivables	25.4M	28.2M	35.2M	35.4M	49.7M	98M	130M	156M	255M	369M
Inventory	1.1M	2.5M	4.6M	8.6M	118.1M	253M	152M	238M	296M	570M
Total current assets	869.5M	1.3B	1.5B	3.8B	5.3B	8.2B	11B	14.3B	20.1B	33.6B
Property, plant & equipment	124.3M	114.8M	165.6M	444.7M	694.9M	1.3B	1.6B	2.1B	2.5B	4.5B
Goodwill & intangibles	236.1M	230.9M	214.9M	203.8M	198.7M	386M	356M	396M	420M	392M
Total assets	1.4B	1.7B	2.2B	4.8B	6.5B	10.1B	13.7B	17.6B	25.2B	42.7B
Accounts payable	95.1M	199.5M	243.3M	331.1M	728.1M	1B	1.4B	2.1B	3.2B	4.5B
Short-term debt	11.6M	56.3M	132.9M	209.4M	603.6M	1.4B	2.3B	2.5B	3.1B	5.1B
Total current liabilities	576.6M	968M	1.2B	1.8B	3.6B	5.8B	8.6B	11.3B	16.6B	28.6B
Long-term debt	301.9M	312.1M	602.2M	808M	1.1B	2.6B	3.1B	2.9B	3.8B	6.3B
Total liabilities	938.6M	1.3B	1.9B	2.7B	4.9B	8.6B	11.9B	14.6B	20.8B	35.9B
Shareholders' equity	428.9M	325.8M	336.7M	2.1B	1.7B	1.5B	1.8B	3.1B	4.4B	6.7B
Total debt	313.5M	368.4M	735.2M	1B	1.7B	4B	5.4B	5.3B	6.8B	11.4B
Net debt	79.4M	-19.8M	294.8M	-367.3M	-148.3M	1.4B	3.5B	2.8B	4.2B	7.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.7B	3.8B	3.8B	3.8B	3.3B	3.8B	3.7B	4B	4.1B	5.5B	5.5B	5.5B
Receivables	161M	156M	170M	190M	216M	255M	261M	313M	298M	369M	370M	418M
Inventory	246M	238M	223M	257M	322M	296M	358M	434M	532M	570M	677M	822M
Total current assets	13.1B	14.3B	15.5B	16.5B	17.8B	20.1B	21.7B	26.1B	28.8B	33.6B	37.1B	40.8B
Property, plant & equipment	1.9B	2.1B	2.1B	2B	2.3B	2.5B	2.8B	3.5B	4.1B	4.5B	4.8B	5.3B
Goodwill & intangibles	360M	396M	420M	396M	390M	420M	494M	536M	554M	392M	396M	396M
Total assets	16.1B	17.6B	19.1B	20B	22.6B	25.2B	27.7B	32.9B	36.7B	42.7B	46.9B	51.4B
Accounts payable	1.9B	2.1B	2.2B	2.6B	2.9B	3.2B	3.3B	3.9B	4.1B	4.5B	5B	5.7B
Short-term debt	2.4B	2.5B	2.4B	2.3B	2.5B	3.1B	3.9B	4.2B	4.8B	5.1B	5.8B	7B
Total current liabilities	10.3B	11.3B	12.3B	12.9B	14.3B	16.6B	18.1B	21.8B	24.5B	28.6B	32B	36.4B
Long-term debt	2.8B	2.9B	2.9B	3.1B	3.9B	3.8B	3.9B	4.8B	5B	6.3B	6.6B	6.2B
Total liabilities	13.4B	14.6B	15.7B	16.4B	18.6B	20.8B	22.7B	27.2B	30.5B	35.9B	39.7B	43.5B
Shareholders' equity	2.7B	3.1B	3.4B	3.7B	4B	4.4B	5B	5.7B	6.2B	6.7B	7.3B	7.8B
Total debt	5.2B	5.3B	5.3B	5.4B	6.3B	6.8B	7.7B	9B	9.9B	11.4B	12.3B	13.2B
Net debt	3.1B	2.8B	2.7B	2.6B	4.2B	4.2B	4.7B	6B	7.3B	7.7B	8.7B	9.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	136.4M	13.8M	-36.6M	-172M	-1M	83M	482M	987M	1.9B	2B
Depreciation & amortization	29M	40.9M	45.8M	73.3M	105M	204M	403M	524M	617M	818M
Stock-based compensation	23M	0	0	395K	1M	755K	1M	167M	—	—
Change in working capital	-173.3M	-177.8M	113.2M	105.6M	-182M	-1.1B	-761M	-400M	-1.6B	-1B
Operating cash flow	23.9M	-121.3M	51M	38.2M	-48M	-730.2M	84M	1.3B	357M	12.1B
Capital expenditure	-76.9M	-74.9M	-97.6M	-136.8M	-247M	-573M	-454M	-509M	-860M	—
Investing cash flow	-83.8M	-22.6M	-672.3M	-1.4B	-252M	-1.6B	-3.9B	-3.5B	-8.3B	-4.9B
Dividends paid	-24.4M	-26.5M	-6.6M	-2.8M	-3M	0	0	—	—	—
Share repurchases	—	0	0	-720K	-54M	-486M	-148M	-356M	-1M	-1M
Financing cash flow	-19.7M	-50.9M	608.9M	2B	242M	1.9B	916M	-267M	2B	2.9B
Net change in cash	-79.6M	-194.8M	-12.4M	611.5M	-58M	-363.2M	-2.9B	-2.4B	-6B	10.1B
Free cash flow	112.9M	194.1M	133.2M	314.2M	935M	356M	2.5B	4.6B	7.1B	10.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	359M	165M	344M	531M	397M	639M	494M	523M	421M	559M	417M	466M
Depreciation & amortization	135M	135M	154M	154M	157M	152M	172M	199M	209M	238M	246M	292M
Stock-based compensation	-83M	167M	68M	—	—	—	—	—	—	—	—	—
Change in working capital	-374M	-339M	-426M	-309M	-132M	-760M	-514M	-566M	254M	-184M	-728M	-423M
Operating cash flow	-155M	263M	108M	210M	575M	-347M	3M	2.9B	3B	5.2B	2.1B	3.7B
Capital expenditure	-126M	-180M	-146M	-181M	-219M	-309M	-272M	—	—	—	—	—
Investing cash flow	-1.3B	-914M	-1.5B	-2.1B	-2.6B	-2.1B	-1.8B	-938M	-754M	-1.6B	-1.2B	-2.3B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-149M	0	0	-1M	0	0	—	—	-1M	0	—	—
Financing cash flow	132M	73M	0	476M	726M	757M	465M	613M	444M	1.4B	473M	631M
Net change in cash	-1.4B	-578M	-1.4B	-1.4B	-1.3B	-1.7B	-1.4B	2.6B	2.6B	4.9B	1.3B	2B
Free cash flow	815M	1.7B	1.4B	1.7B	1.4B	2.6B	759M	2.6B	2.6B	4.8B	1.8B	3.2B

MercadoLibre Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement