MERCADOLIBRE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERCADOLIBRE INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	844	1,398	1,440	2,296	3,974	7,069	10,780	15,107	20,777	28,893
Cost of revenue	308	497	743	1,194	2,265	4,064	5,582	7,517	11,200	16,035
Gross profit	537	720	697	1,102	1,709	3,005	5,198	7,590	9,577	12,858
Research and development	98.5	127	146	224	353	590	1,099	1,831	1,934	2,269
Selling and marketing	156	325	482	834	768	1,074	1,296	1,736	2,191	3,219
General and administrative	87.3	122	138	197	327	465	661	766	963	1,078
Operating expenses	356	663	766	1,255	1,581	2,564	4,129	5,383	6,946	9,657
Operating income	181	56.3	-69.5	-153	128	441	1,069	2,207	2,631	3,201
Interest expense	17.9	18.5
Interest income	35.4	45.9	42	114	103	138	44	135	148	138
Pre-tax income	185	54.1	-65.5	-107	81	241	780	1,553	2,432	2,842
Income tax	49	40.3	-28.9	64.8	82	149	298	569	521	845
Net income	136	13.8	-36.6	-172	-1	83	482	987	1,911	1,997
EBITDA	210	97.2	-23.7	-79.8	233	645	1,472	2,731	3,248	4,019
EPS, basic	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.57	19.64	37.69	39.40
EPS, diluted	3.09	0.31	-0.82	-3.71	-0.08	1.67	9.53	19.46	37.69	39.40
Shares, basic (weighted)	44.2	44.2	44.5	48.7	49.7	49.8	50.3	50.3	50.7	50.7
Shares, diluted (weighted)	44.2	44.2	44.5	48.7	49.7	49.8	51.3	51	50.7	50.7
Dividend per share	0.60	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	234	388	440	1,385	1,856	2,585	1,910	2,556	2,635	3,670
Short-term investments	253	209	462	1,597	1,241	810	2,339	3,480	4,485	2,629
Receivables	25.4	28.2	35.2	35.4	49.7	98	130	156	255	369
Inventory	1.1	2.55	4.61	8.63	118	253	152	238	296	570
Other current assets	26.2	58.1	61.6	88.7	153	288	304	277	403	720
Total current assets	869	1,287	1,511	3,789	5,347	8,175	10,953	14,260	20,142	33,573
Property, plant and equipment	124	115	166	244	392	807	993	1,250	1,380	2,303
Lease right-of-use assets			0	200	303	461	656	899	1,098	2,201
Goodwill	91.8	92.3	88.9	87.6	85	148	153	163	149	163
Intangible assets	26.3	23.2	18.6	14.3	14.2	45	25	11	12	33
Long-term investments	154	34.7	276	264	166	89	322	162	1,203	1,764
Other non-current assets	56.8	63.9	37.7	58.2	67.6	134	256	68	182	426
Total assets	1,367	1,673	2,240	4,782	6,526	10,101	13,736	17,612	25,196	42,667
Accounts payable	105	221	267	372	767	1,036	1,393	2,117	3,196	4,502
Accrued liabilities	48.9	65.1	60.4	102	207	313	401	545	727	916
Deferred revenue							44	51	77	133
Short-term debt			133	186	548	1,285	2,131	2,292	2,828	4,623
Total current liabilities	577	968	1,166	1,752	3,636	5,837	8,562	11,263	16,603	28,633
Long-term debt			602	631	861	2,233	2,627	2,203	2,887	4,570
Lease liabilities			0	177	244	372	514	672	894	1,769
Other non-current liabilities	9.81	18.5	19.5	12.6	20.2	62	95	200	216	388
Total liabilities	939	1,347	1,903	2,700	4,875	8,570	11,909	14,541	20,845	35,919
Total debt			735	817	1,409	3,518	4,758	4,495	5,715	9,193
Paid-in capital	138	70.7	225	2,068	1,861	2,439	2,309	1,770	1,770	1,771
Retained earnings	551	538	503	323	314	397	913	1,901	3,812	5,809
Treasury stock			0	-0.72	-54.8	-790	-931	-310	-311	-312
Other comprehensive income	-260	-283	-392	-407	-468	-515	-464	-290	-920	-520
Shareholders' equity	429	326	337	1,983	1,651	1,531	1,827	3,071	4,351	6,748
Total equity	429	326	337	1,983	1,651	1,531	1,827	3,071	4,351	6,748
Total liabilities and equity	1,367	1,673	2,240	4,782	6,526	10,101	13,736	17,612	25,196	42,667
Shares outstanding	44.2	44.2	45.2	49.7	49.9	50.4	50.3	50.7	50.7	50.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	136	13.8	-36.6	-172	-1	83	482	987	1,911	1,997
Depreciation and amortization	29	40.9	45.8	73.3	105	204	403	524	617	818
Stock-based compensation	23	35.7	27.5
Deferred income tax	-6.19	-24.6	-92.9	16.5	-70	-29	-97	-284	-243	-469
Change in receivables	-15.4	-21.8	-27.1	-0.51	12	-26	-71	-1,413	-2,687	-1,508
Change in inventory	-0.79	-1.55	-3.02	-4.15	-107	-142	114	-69	-113	-235
Change in payables	48	150	90.1	143	584	380	449	1,225	1,595	1,487
Cash from operations	190	269	231	451	1,182	965	2,940	5,140	7,918	12,116
Capital expenditures	-68.5	-55.2	-93.1	-137	-247	-573	-454	-509	-860	-1,343
Acquisitions	-7.28	-8.57	-4.2		-7	-51	0	0	-6	0
Purchases of investments	-3,501	-4,554	-3,176	-4,491	-5,200	-7,371	-12,694	-18,936	-16,710	-14,754
Sales and maturities of investments	3,508	4,714	2,663	3,354	5,533	7,801	11,023	18,100	13,962	16,590
Cash from investing	-84.2	-22.6	-672	-1,448	-252	-1,597	-3,871	-3,450	-8,287	-6,179
Debt issued	11.4	47.9	237
Debt repaid	-6.68	-5	-124
Stock issued				1,867	0	1,520	0	0
Share buybacks				-0.72	-54	-486	-148	-356	-1	-1
Dividends paid	-24.4	-26.5	-6.62
Cash from financing	-19.7	-50.9	609	2,021	242	1,925	916	-267	1,959	2,904
Exchange rate effect	-19.1	-41.3	-90.9	-37.6	-115	-153	-270	-938	-739	-3
Net change in cash	67.3	154	76.4	987	1,057	1,140	-285	485	851	8,838
Free cash flow	122	214	138	314	935	392	2,486	4,631	7,058	10,773
Interest paid	8.06	7.73	19.5	40.5	54	58	247	608	456	611
Income taxes paid	74	111	99.5	95	140	282	437	651	1,052	1,013

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,752.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.7%	Gross profit / revenue.
Operating margin	8.3%	Operating income / revenue.
EBITDA margin	11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.4%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	35.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	39.5%	Cash from operations / revenue.
Effective tax rate	28.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Return on invested capital (ROIC)	14.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.3%	Research and development expense / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	39.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	38.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	48.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	35.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	49.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	90.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	23.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	39.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	76.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	60.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	4.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	60.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	53.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	60.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	59.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	52.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	63.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	63.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	55.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	54.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	32.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	69.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	45.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.7%	Total debt / total assets.
Liabilities / assets	84.7%	Total liabilities / total assets.
Net debt	$4.90B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$4.41B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	12.9x	Revenue / average property, plant and equipment.
Inventory turnover	24.5x	Cost of revenue / average inventory.
Days inventory	15 days	365 x average inventory / cost of revenue.
Receivables turnover	84.2x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	104 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-85 days	Days inventory + days sales outstanding - days payables.
FCF conversion	666.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$36.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$693.96	Revenue / diluted weighted shares.
FCF per share	$244.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$274.28	Cash from operations / diluted weighted shares.
Book value per share	$154.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$150.62	Tangible book value / shares outstanding.
Cash per share	$113.03	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$88.85B	Share price x shares outstanding.
Enterprise value	$93.75B	Market cap + total debt - cash - short-term investments.
P/E	47.7x	Market cap / net income. Only when net income is positive.
P/S	2.53x	Market cap / revenue.
P/B	11.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.6x	Market cap / tangible book value, when positive.
P/FCF	7.16x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.39x	Market cap / cash from operations, when positive.
EV/Sales	2.66x	Enterprise value / revenue.
EV/EBIT	32.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.55x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.0%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
PEG	0.79x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MERCADOLIBRE INC's revenue in fiscal 2025?

MERCADOLIBRE INC reported revenue of $28.89B for fiscal 2025, 39.1% higher than the year before.

Was MERCADOLIBRE INC profitable in fiscal 2025?

Yes. Net income was $2.00B, a net margin of 6.9%.

How much free cash flow did MERCADOLIBRE INC generate in fiscal 2025?

Cash from operations of $12.12B minus capital expenditures of $1.34B left free cash flow of $10.77B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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