MercadoLibre, Inc. (MELI) Cash Flow Statement
Where MELI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $12.12B +53.0% vs 2024
- Capital expenditures
- $1.34B 4.6% of revenue
- Free cash flow
- $10.77B 37.3% margin
- Returned to shareholders
- $1.0M 0% of free cash flow
- Change in cash
- $8.84B cash at year-end $13.54B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MELI operating cash flow, capex and free cash flow
MELI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $190.3M2016 | $12.12B2025 | +58.7%/yr | |
| Capital expenditures | $77.4M2016 | $1.34B2025 | +37.3%/yr | |
| Free cash flow | $112.9M2016 | $10.77B2025 | +65.9%/yr | |
| Free cash flow margin | 13.4%2016 | 37.3%2025 | +23.9 pts | |
| Operating cash flow / net income | 1.402016 | 6.072025 | +4.67 | |
| Stock-based compensation | $23.0M2016 | $303.0M2025 | +33.2%/yr | |
| Dividends paid | $24.4M2016 | $02022 | −100.0% | |
| Share buybacks (net) | $02016 | $1.0M2025 | — | |
| Capex / revenue | 9.2%2016 | 4.6%2025 | −4.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MELI cash flow by activity
MELI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MELI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.00B | $1.91B | $987.0M | $482.0M | $83.3M | −$707,000 | −$172.0M | −$36.6M | $13.8M | $136.4M |
| Depreciation & amortization | $818.0M | $617.0M | $524.0M | $403.0M | $203.9M | $105.0M | $73.3M | $45.8M | $40.9M | $29.0M |
| Stock-based compensation | $303.0M | $261.0M | $167.0M | $84.0M | $89.5M | $130.3M | $52.1M | $27.5M | $35.7M | $23.0M |
| Change in working capital | $5.92B | $3.19B | $1.79B | $411.0M | −$312,000 | $772.8M | $354.9M | $265.3M | $72.9M | −$18.4M |
| Other non-cash items | $3.08B | $1.94B | $1.67B | $1.56B | $588.7M | $175.1M | $142.8M | −$71.1M | $105.7M | $20.3M |
| Cash from operating activities | $12.12B | $7.92B | $5.14B | $2.94B | $965.0M | $1.18B | $451.1M | $230.9M | $269.0M | $190.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.34B | −$860.0M | −$509.0M | −$455.0M | −$609.5M | −$247.1M | −$136.9M | −$97.8M | −$74.9M | −$77.4M |
| Investments (net) | $1.75B | −$8.29B | −$3.18B | −$3.87B | $411.3M | $346.2M | −$1.14B | −$513.3M | $160.3M | $7.0M |
| Acquisitions & other investing | −$6.58B | $860.0M | $241.0M | $455.0M | −$1.40B | −$351.3M | −$173.8M | −$61.4M | −$108.0M | −$13.9M |
| Cash from investing activities | −$6.18B | −$8.29B | −$3.45B | −$3.87B | −$1.60B | −$252.2M | −$1.45B | −$672.5M | −$22.6M | −$84.2M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | $0 | −$9.26B | −$3.4M | −$2.8M | −$6.6M | −$26.5M | −$24.4M |
| Share repurchases & issuance (net) | −$1.0M | −$1.0M | −$356.0M | −$148.0M | −$485.9M | −$54.1M | −$720,000 | −$148.9M | −$67.3M | $0 |
| Net borrowing (repayment) | $2.90B | $1.96B | $89.0M | $1.08B | $911.0M | $304.7M | $60.6M | $615.5M | −$24.4M | $4.8M |
| Shares issued | $0 | $0 | $0 | $0 | $1.52B | $0 | $1.97B | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$20.0M | $9.24B | −$4.9M | −$1.9M | $148.9M | $67.3M | $0 |
| Cash from financing activities | $2.90B | $1.96B | −$267.0M | $916.0M | $1.92B | $242.3M | $2.02B | $608.9M | −$50.9M | −$19.7M |
| Summary | ||||||||||
| Net change in cash | $8.84B | $851.0M | $485.0M | −$285.0M | $1.14B | $1.06B | $986.7M | $76.4M | $154.1M | $67.3M |
| Cash at end of period | $13.54B | $4.70B | $3.85B | $3.36B | $3.65B | $2.51B | $1.45B | $464.7M | $388.3M | $234.1M |
| Free cash flow | $10.77B | $7.06B | $4.63B | $2.48B | $355.5M | $935.4M | $314.2M | $133.2M | $194.1M | $112.9M |
| Free cash flow margin | 37.3% | 34.0% | 30.7% | 23.1% | 5.0% | 23.5% | 13.7% | 9.2% | 16.0% | 13.4% |
| Capex / revenue | 4.6% | 4.1% | 3.4% | 4.2% | 8.6% | 6.2% | 6.0% | 6.8% | 6.2% | 9.2% |
| Operating cash flow / net income | 6.07 | 4.14 | 5.21 | 6.10 | 11.58 | — | — | — | 19.52 | 1.40 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $466.0M | $417.0M | $559.0M | $421.0M | $523.0M | $494.0M | $639.0M | $397.0M | $531.0M | $344.0M | $165.0M | $359.0M |
| Depreciation & amortization | $292.0M | $246.0M | $238.0M | $220.0M | $188.0M | $172.0M | $152.0M | $157.0M | $154.0M | $154.0M | $15.0M | $135.0M |
| Stock-based compensation | $69.0M | $96.0M | $51.0M | $64.0M | $96.0M | $92.0M | $51.0M | $83.0M | $59.0M | $68.0M | $167.0M | −$83.0M |
| Change in working capital | $2.66B | −$143.0M | $3.38B | $2.10B | $989.4M | −$456.0M | $882.9M | −$710.1M | $409.1M | $301.0M | $453.4M | $75.0M |
| Other non-cash items | $178.0M | $1.46B | $985.0M | $154.2M | $1.12B | $729.0M | $1.20B | $1.67B | $728.9M | $645.0M | $1.13B | $455.0M |
| Cash from operating activities | $3.66B | $2.08B | $5.21B | $2.96B | $2.92B | $1.03B | $2.92B | $1.60B | $1.88B | $1.51B | $1.93B | $941.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$441.0M | −$271.0M | −$427.0M | −$357.0M | −$287.0M | −$272.0M | −$305.0M | −$223.0M | −$184.0M | −$146.0M | −$180.0M | −$126.0M |
| Investments (net) | −$130.0M | $749.0M | $424.0M | −$1.11B | −$1.23B | −$1.84B | −$2.13B | −$2.61B | −$2.08B | −$1.47B | −$914.0M | −$1.33B |
| Acquisitions & other investing | −$2.12B | −$1.95B | −$2.00B | $702.2M | $411.9M | $272.0M | $305.0M | $223.0M | $184.0M | $146.0M | $180.0M | $126.0M |
| Cash from investing activities | −$2.69B | −$1.47B | −$2.00B | −$765.8M | −$1.10B | −$1.84B | −$2.13B | −$2.61B | −$2.08B | −$1.47B | −$914.0M | −$1.33B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.0M | — | $0 | −$887,482 | — | — | $1,320 | $53,803 | −$1.0M | $0 | $32.6M | −$149.0M |
| Net borrowing (repayment) | $631.0M | $473.0M | $1.38B | $445.0M | $613.0M | $465.0M | $757.0M | $726.0M | — | — | — | $281.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $523.0M | $0 | −$525.6M | $267.2M | $87.0M | −$1,320 | −$53,803 | $477.0M | $292.0M | $40.4M | $0 |
| Cash from financing activities | $630.0M | $996.0M | $1.38B | −$81.5M | $880.2M | $552.0M | $757.0M | $726.0M | $476.0M | $292.0M | $73.0M | $132.0M |
| Summary | ||||||||||||
| Net change in cash | $1.62B | $1.15B | $4.34B | $3.16B | $2.92B | −$201.0M | $1.22B | −$345.0M | $5.0M | −$30.0M | $592.0M | −$568.0M |
| Cash at end of period | $16.76B | $14.12B | $13.54B | $9.20B | $6.89B | $4.50B | $4.70B | $3.48B | $3.82B | $3.82B | $3.85B | $3.26B |
| Free cash flow | $3.39B | $1.28B | $4.78B | $2.46B | $2.63B | $672.0M | $2.62B | $1.38B | $1.70B | $1.37B | $1.75B | $815.0M |
| Free cash flow margin | 33.3% | 14.5% | 54.6% | 33.3% | 38.7% | 11.3% | 43.2% | 25.9% | 33.5% | 31.5% | 41.0% | 20.8% |
| Capex / revenue | 4.3% | 3.1% | 4.9% | 4.8% | 4.2% | 4.6% | 5.0% | 4.2% | 3.6% | 3.4% | 4.2% | 3.2% |
| Operating cash flow / net income | 7.86 | 4.98 | 9.32 | 7.03 | 5.58 | 2.09 | 4.58 | 4.03 | 3.54 | 4.40 | 11.68 | 2.62 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MELI cash generation
In fiscal 2025 (ended December 31, 2025), MercadoLibre generated $12.1 billion of cash from operations (up 53.0%) and spent $1.3 billion on capital expenditures, leaving free cash flow of $10.8 billion, 37.3% of revenue. It returned $1.0 million to shareholders through dividends ($0) and net share buybacks ($1.0 million). Cash and equivalents rose by $8.8 billion over the year.
Related: MELI income statement, MELI balance sheet. See the MELI stock overview for the latest quote and news.
MELI cash flow FAQ
What is MercadoLibre's free cash flow?
MercadoLibre's free cash flow was $10.8 billion in fiscal 2025: $12.1 billion of operating cash flow minus $1.3 billion of capital expenditures It was $7.1 billion a year earlier..
How much cash does MercadoLibre generate from operations?
MercadoLibre generated $12.1 billion of cash from operating activities in fiscal 2025, 6.07 times its net income of $2.0 billion.
How much does MercadoLibre spend on capital expenditures?
MercadoLibre spent $1.3 billion on capital expenditures in fiscal 2025, 4.6% of revenue, compared with $860.0 million the year before.
How much stock does MercadoLibre buy back?
MercadoLibre spent $1.0 million on net share repurchases in fiscal 2025.