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MELI Mercado Libre

FY2025 10-K
Filed: Feb 25, 2026
Information Technology
Services-Business Services, NECSEC EDGAR
Mercado Libre Overview

Mercado Libre (MELI) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

Business Overview

  • • Integrated Latin American e-commerce + fintech ecosystem across 18 countries, monetizing via marketplace fees, logistics, advertising, lending, and payments
  • • Meli Dólar stablecoin formalized under Bermuda Class M Digital Asset Business license in Aug 2025; migration of stablecoin operations from Uruguay to Bermuda completed Sep 2025
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Management Discussion & Analysis

  • • Revenue $28.9B, up 39.1% YoY (+$8.1B); Fintech +46.2% to $12.6B, Commerce +34.0% to $16.3B
  • • Gross margin 44.5% vs 46.1%; operating margin 11.1% vs 12.7%; provision for doubtful accounts rose to 10.7% of revenue vs 8.9%
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Risk Factors

  • • Mexican antitrust authority (CNAE) closed 2025 probe into Mercado Libre's Buy Box algorithms and logistics integration — no penalties imposed but future reviews signaled
  • • Brazil, Argentina, Mexico = 95.6% of 2025 revenues; Argentine inflation 31.5% in 2025 (down from 117.8% in 2024), peso/dollar rate up 41%
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Financial Summary
XBRL

Revenue

$20.3B

Net Income

$2.0B

Gross Margin

63.2%

Operating Margin

15.7%

Net Margin

9.8%

ROE

29.6%

Total Assets

$42.7B

EPS (Diluted)

$39.40

Operating Cash Flow

$12.1B

Source: XBRL data from Mercado Libre FY2025 10-K filing on SEC EDGAR. All figures in USD.

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