NASDAQ$MELI
MercadoLibre Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
MercadoLibre reported Q4 2025 net revenues of $8.76B and net income of $559M, with diluted EPS of $11.03.
Q4 2025 net revenues and financial income grew 45% year over year to $8.76 billion. Net income was $559 million (6.4% margin) versus $639 million a year ago as tax normalization offset operating leverage. Income from operations was $889 million (10.1% margin). GMV rose 37% FX-neutral; TPV reached $83.7 billion (+42%). Strategic investments in free shipping, cross-border trade, 1P, and credit cards weighed on margins by an estimated 5–6 points.
- Net revenues $8.76B (+45% YoY); net income $559M; diluted EPS $11.03.
- GMV $19.9B (+37% FX-neutral); TPV $83.7B (+42%).
- Credit portfolio $12.5B (+90% YoY); NIMAL 23.3%.
- Adjusted FCF $763M in Q4; $1.5B for FY 2025.
Headline financials
Revenue & EPS history
MercadoLibre · Revenue · Quarterly
$8.76B
Forward guidance
Management will continue investing in free shipping, CBT, 1P, and credit cards to capture Latin America e-commerce and fintech penetration, accepting near-term margin pressure for long-term ecosystem scale.
Tailwinds
- 121M unique active buyers; record NPS across core markets.
- Advertising revenue +67% FX-neutral in Q4.
- Credit card NPL at historic low 4.4% in Brazil.
Headwinds
- Operating margin down ~450 bps YoY ex one-off Brazil tax credits.
- Net income down 13% YoY on higher tax rate vs unusually low Q4 2024.
- Heavy capex and credit book growth consume cash.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+4.2%
Avg return
Earnings day
+4.3%
Avg return
5 days after
+4.0%
Avg return
30 days after
63%
44 / 70 earnings
Positive
+26.2%
Q2 2012
Best reaction
-15.1%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -12.7% | -16.5% | -14.0% | |
| Q4 2025 | -4.6% | -7.6% | -16.8% | |
| Q3 2025 | +4.5% | +0.4% | -9.8% | |
| Q2 2025 | -3.8% | -4.8% | +0.4% | |
| Q1 2025 | +6.4% | +11.2% | +9.7% | |
| Q4 2024 | +7.1% | +4.1% | -0.7% | |
| Q3 2024 | -15.1% | -6.2% | -6.8% | |
| Q2 2024 | +6.4% | +8.5% | +23.5% | |
| Q1 2024 | +11.9% | +15.9% | +18.5% | |
| Q4 2023 | -6.2% | -7.5% | -9.5% | |
| Q3 2023 | +6.3% | +10.8% | +33.1% | |
| Q2 2023 | +9.3% | +12.3% | +17.5% | |
| Q1 2023 | -3.4% | +2.3% | +1.2% | |
| Q4 2022 | +3.5% | +9.1% | +6.2% | |
| Q3 2022 | +10.3% | +10.1% | +11.0% | |
| Q2 2022 | +23.5% | +22.3% | +2.2% | |
| Q1 2022 | -9.3% | -24.3% | -22.9% | |
| Q4 2021 | -1.8% | +18.6% | +31.9% | |
| Q3 2021 | +6.4% | +11.6% | -31.3% | |
| Q2 2021 | +13.4% | +11.4% | +23.5% | |
| Q1 2021 | -5.3% | -9.3% | -13.2% | |
| Q4 2020 | +0.3% | -10.2% | -10.1% | |
| Q3 2020 | +16.5% | +7.8% | +26.2% | |
| Q2 2020 | -7.9% | -3.1% | -11.4% | |
| Q1 2020 | +22.3% | +29.2% | +38.3% | |
| Q4 2019 | +0.9% | +13.8% | -14.8% | |
| Q3 2019 | -11.1% | -12.0% | +5.4% | |
| Q2 2019 | +14.5% | +3.8% | -0.5% | |
| Q1 2019 | +19.4% | +11.3% | +17.7% | |
| Q4 2018 | +19.1% | +20.4% | +32.5% | |
| Q3 2018 | +9.2% | +3.6% | +8.5% | |
| Q2 2018 | +10.6% | +3.3% | -6.0% | |
| Q1 2018 | -5.0% | -10.5% | -13.4% | |
| Q4 2017 | +3.7% | +0.6% | -7.7% | |
| Q3 2017 | +11.9% | +11.1% | +14.2% | |
| Q2 2017 | -9.1% | -12.1% | -12.1% | |
| Q1 2017 | +17.1% | +19.9% | +19.3% | |
| Q4 2016 | +3.7% | +5.2% | +5.2% | |
| Q3 2016 | +0.2% | +4.8% | -8.4% | |
| Q2 2016 | +14.3% | +12.5% | +23.1% | |
| Q1 2016 | +3.0% | — | — | |
| Q4 2015 | -5.4% | — | — | |
| Q3 2015 | +11.7% | — | — | |
| Q2 2015 | -6.3% | — | — | |
| Q1 2015 | -2.7% | — | — | |
| Q4 2014 | -1.1% | — | — | |
| Q3 2014 | +19.7% | — | — | |
| Q2 2014 | +13.9% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | +10.9% | — | — | |
| Q3 2013 | -11.3% | — | — | |
| Q2 2013 | +9.3% | — | — | |
| Q1 2013 | +17.8% | — | — | |
| Q4 2012 | -1.3% | — | — | |
| Q3 2012 | +2.9% | — | — | |
| Q2 2012 | +26.2% | — | — | |
| Q1 2012 | -0.3% | — | — | |
| Q4 2011 | -5.3% | — | — | |
| Q1 2009 | -5.3% | — | — | |
| Q3 2011 | +5.6% | — | — | |
| Q2 2011 | +7.2% | — | — | |
| Q1 2010 | -0.2% | — | — | |
| Q1 2011 | -0.2% | — | — | |
| Q4 2008 | -2.0% | — | — | |
| Q4 2010 | -2.0% | — | — | |
| Q3 2010 | +5.6% | — | — | |
| Q3 2009 | +5.6% | — | — | |
| Q2 2009 | +6.0% | — | — | |
| Q4 2009 | +6.0% | — | — | |
| Q2 2010 | +6.0% | — | — |
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