MercadoLibre, Inc. (MELI) Income Statement
MELI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMELI revenue and net income
Where MELI's revenue goes
2025Each bar shows an amount and its share of revenue. MELI kept 6.9% of revenue as net income.
MELI profit margins
MELI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +39.1% | +38.9% | +48.7% | +46.1% |
| Gross profit | +34.3% | +35.2% | +49.7% | +40.2% |
| Operating income | +21.7% | +44.1% | +90.4% | +36.8% |
| Net income | +4.5% | +60.6% | — | +34.2% |
| EPS (diluted) | +4.5% | +60.4% | — | +30.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MELI quarterly EPS vs estimates
MercadoLibre beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $9.42).
MELI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.89B | $20.78B | $15.11B | $10.78B | $7.07B | $3.97B | $2.30B | $1.44B | $1.22B | $844.4M |
| Cost of revenue | $16.04B | $11.20B | $7.52B | $5.58B | $4.06B | $2.27B | $1.19B | $742.6M | $496.9M | $307.5M |
| Gross profit | $12.86B | $9.58B | $7.59B | $5.20B | $3.00B | $1.71B | $1.10B | $697.0M | $719.6M | $536.9M |
| Research & development | $2.27B | $1.93B | $1.83B | $1.10B | $590.0M | $353.0M | $223.8M | $146.3M | $127.2M | $98.5M |
| Sales, general & admin | $4.30B | $3.15B | $2.50B | $1.96B | $1.54B | $1.09B | $1.03B | $620.2M | $447.6M | $243.6M |
| Total operating expenses | $9.66B | $6.95B | $5.38B | $4.13B | $2.56B | $1.58B | $1.26B | $766.5M | $663.3M | $355.8M |
| Operating income | $3.20B | $2.63B | $2.21B | $1.07B | $441.0M | $128.0M | −$153.2M | −$69.5M | $56.3M | $181.1M |
| Interest income | $138.0M | $148.0M | $668.0M | $265.0M | $138.0M | $102.8M | $113.5M | $42.0M | $45.9M | $35.4M |
| Interest expense | $148.0M | $153.0M | $176.0M | $272.0M | $228.7M | $106.7M | $65.9M | $56.2M | $26.5M | $24.6M |
| Income before taxes | $2.84B | $2.43B | $1.56B | $780.0M | $232.0M | $81.0M | −$107.2M | −$65.5M | $54.1M | $185.3M |
| Income taxes | $845.0M | $521.0M | $569.0M | $298.0M | $149.0M | $82.0M | $64.8M | −$28.9M | $40.3M | $49.0M |
| Net income | $2.00B | $1.91B | $987.0M | $482.0M | $83.0M | −$1.0M | −$172.0M | −$36.6M | $13.8M | $136.4M |
| EBITDA | $3.56B | $3.21B | $2.25B | $1.32B | $674.0M | $293.0M | $31.9M | $36.6M | $121.5M | $240.0M |
| EPS (diluted) | $39.40 | $37.70 | $19.54 | $9.54 | $1.86 | −$0.07 | −$3.63 | −$0.82 | $2.75 | $3.46 |
| Gross margin | 44.5% | 46.1% | 50.2% | 48.2% | 42.5% | 43.0% | 48.0% | 48.4% | 59.2% | 63.6% |
| Operating margin | 11.1% | 12.7% | 14.6% | 9.9% | 6.2% | 3.2% | −6.7% | −4.8% | 4.6% | 21.4% |
| Net margin | 6.9% | 9.2% | 6.5% | 4.5% | 1.2% | −0.0% | −7.5% | −2.5% | 1.1% | 16.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.17B | $8.85B | $8.76B | $7.41B | $6.79B | $5.93B | $6.06B | $5.31B | $5.07B | $4.33B | $4.26B | $3.93B |
| Cost of revenue | $6.01B | $4.98B | $4.97B | $4.20B | $3.70B | $3.16B | $3.31B | $2.87B | $2.71B | $2.31B | $2.31B | $1.83B |
| Gross profit | $4.16B | $3.86B | $3.78B | $3.21B | $3.09B | $2.77B | $2.75B | $2.44B | $2.37B | $2.02B | $1.96B | $2.10B |
| Research & development | $729.0M | $699.0M | $584.0M | $567.0M | $567.0M | $551.0M | $512.0M | $504.0M | $460.0M | $458.0M | $686.0M | $396.0M |
| Sales, general & admin | $1.47B | $1.31B | $1.33B | $1.10B | $1.01B | $854.0M | $890.0M | $871.0M | $729.0M | $664.0M | $730.0M | $637.0M |
| Total operating expenses | $3.48B | $3.25B | $2.90B | $2.48B | $2.27B | $2.01B | $1.93B | $1.88B | $1.64B | $1.50B | $1.72B | $1.31B |
| Operating income | $683.0M | $611.0M | $889.0M | $724.0M | $825.0M | $763.0M | $820.0M | $557.0M | $726.0M | $528.0M | $240.0M | $785.0M |
| Interest income | $30.0M | $27.0M | $8.0M | $49.0M | $44.0M | $37.0M | $41.0M | $43.0M | $39.0M | $25.0M | $178.0M | $196.0M |
| Interest expense | $62.0M | $65.0M | $38.0M | $35.0M | $36.0M | $39.0M | $48.0M | $40.0M | $39.0M | $38.0M | $38.0M | $53.0M |
| Income before taxes | $606.0M | $579.0M | $784.0M | $241.0M | $716.0M | $706.0M | $763.0M | $520.0M | $668.0M | $481.0M | $230.0M | $531.0M |
| Income taxes | $140.0M | $162.0M | $225.0M | −$215.0M | $193.0M | $212.0M | $124.0M | $123.0M | $137.0M | $137.0M | $65.0M | $172.0M |
| 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 |
| EBITDA | $668.0M | $890.0M | $1.06B | $485.0M | $951.0M | $917.0M | $963.0M | $717.0M | $861.0M | $673.0M | $446.0M | $719.0M |
| EPS (diluted) | $9.19 | $8.23 | $11.03 | $8.32 | $10.31 | $9.74 | $12.61 | $7.83 | $10.48 | $6.78 | $3.25 | $7.16 |
| Gross margin | 40.9% | 43.7% | 43.2% | 43.3% | 45.6% | 46.7% | 45.4% | 45.9% | 46.6% | 46.7% | 45.9% | 53.3% |
| Operating margin | 6.7% | 6.9% | 10.1% | 9.8% | 12.2% | 12.9% | 13.5% | 10.5% | 14.3% | 12.2% | 5.6% | 20.0% |
| Net margin | 4.6% | 4.7% | 6.4% | 5.7% | 7.7% | 8.3% | 10.5% | 7.5% | 10.5% | 7.9% | 3.9% | 9.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MELI's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MELI financial results
In fiscal year 2025 (ended December 31, 2025), MercadoLibre reported revenue of $28.9 billion, up 39.1% from the year before. It had net income of $2.0 billion (up 4.5%), a net profit margin of 6.9%. Diluted earnings per share came to $39.40. Over five years revenue grew at an average rate of 48.7% a year.
See the MELI stock overview for the latest quote and news, or the MELI chart for price history and technical indicators.
MELI income statement FAQ
What is MercadoLibre's annual revenue?
MercadoLibre reported total revenue of $28.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 39.1% from $20.8 billion the previous year.
Is MercadoLibre profitable?
Yes. MercadoLibre reported net income of $2.0 billion in fiscal 2025, a net profit margin of 6.9%; its operating margin was 11.1%.
What is MercadoLibre's gross margin?
MercadoLibre's gross margin was 44.5% in fiscal 2025: for every $100 of revenue, MercadoLibre kept $45 after the direct cost of its products and services.
How much does MercadoLibre spend on research and development?
MercadoLibre spent $2.3 billion on research and development in fiscal 2025, 7.9% of revenue.
How fast is MercadoLibre growing?
Revenue grew 48.7% a year on average over the last five fiscal years, from $4.0 billion to $28.9 billion.
What are MercadoLibre's earnings per share?
MercadoLibre earned $39.40 per diluted share in fiscal 2025, compared with $37.70 a year earlier.
When will MercadoLibre report its next earnings?
MercadoLibre is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does MercadoLibre's fiscal year end?
MercadoLibre's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.