Short answer
Mercado Libre (MELI) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $20.3B (+34.3% year over year) and net income of $2.0B.
- Top risk flagged: Mexican antitrust authority (CNAE) closed 2025 probe into Mercado Libre's Buy Box algorithms and logistics integration: no penalties imposed but future reviews signaled
FY2025 key financial metrics · XBRL
- Revenue
- $20.3B
- +34.3% YoY
- Net income
- $2.0B
- +4.5% YoY
- Operating margin
- 15.7%
- −1.6 pp YoY
- Gross margin
- 63.2%
- −0.0 pp YoY
- EPS (diluted)
- $39.40
- +4.5% YoY
- ROE
- 29.6%
- −14.3 pp YoY
- Operating cash flow
- $12.1B
- +53.0% YoY
Source: XBRL data from the Mercado Libre (MELI) FY2025 10-K on SEC EDGAR. USD.
Mercado Libre FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Meli+ loyalty program expanded to Argentina, Chile, Colombia in 2025; new "Meli+ Mega" tier in Brazil bundles Netflix, Disney+, HBO Max, Apple TV+ in single subscription
- IT/product development headcount grew 11% YoY to 20,347; total workforce surpassed 123,670, nearly quadrupling from 29,957 in four years
- ~95% employee GenAI adoption: 50%+ above industry benchmark; ~30% of production code AI-assisted; ~40% YoY increase in merged code contributions
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%
- Best segment: Argentina direct contribution margin 41.6%, revenue +56.2% to $6.0B; worst: Brazil margin compressed to 13.7% vs 20.0%, direct contribution fell 9.2% to $2.1B
- Operating cash flow $12.1B (+53%); capex $1.3B vs $860M; no dividends or buybacks; net debt rose to $4.7B from $2.2B; issued $750M 4.90% Notes due 2033
- Key risks: credit portfolio expanding rapidly (originations +61%, NIMAL compressed to 22.4% vs 28.2%); FX headwinds across LatAm; Pillar Two tax rules taking effect 2026
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%
- Rapidly expanding Asian e-commerce platforms gained significant Latin American market share in 2025 via direct-from-manufacturer supply chains and low-price strategies
- Installment payments = 19.0% of Mercado Pago total payment volume in 2025; rising interest rates threaten this segment directly
- Structured credit SPEs used to securitize receivables have concentrated investor base: loss of one key investor could constrain funding capacity
Generated from the filing text; verify against the original. How to read a 10-K
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