Filing Flows › MercadoLibre (MELI) › Q1 2025
MercadoLibre (MELI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
MercadoLibre (MELI) reported revenue of $5.9B for the first quarter 2025 (Q1 2025), +37% from a year earlier and -2% from the quarter before. Operating margin was 12.9%, net earnings $494M (8.3% of revenue).
MercadoLibre, Q1 2025: revenue $5.9B (+37% year over year), operating margin 12.9%, net earnings $494M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.9B | -2% | +37% |
| Gross profit | $2.8B | +0.8% | +37% |
| Operating profit | $763M | -7% | +45% |
| Net earnings | $494M | -23% | +44% |
| Operating cash flow | $1.0B | -65% | -32% |
| Free cash flow | $759M | -71% | -44% |
What changed
Revenue was $5.9B in Q1 2025, up 37% year over year and down 2% from the previous quarter. Service was the largest line at 90% of revenue. Service added $1.4B year over year (up 35%), 85% of the total change.
Gross margin was 46.7%, unchanged from a year earlier. Operating profit was $0.76B, a 12.9% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, above the 12% margin then. Operating expenses grew 34% against revenue growth of 37%. The fastest-growing cost line was Other operating costs (+61%). Net earnings were $0.49B, up 44% year over year. The effective tax rate was 30.0%.
Operating cash flow was $1.0B (down 32% year over year), 209% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization. Working capital and other items added $0.36B. Capital expenditures of $0.27B left free cash flow of $0.76B.
Questions
What was MercadoLibre's revenue in the first quarter 2025?
MercadoLibre (MELI) reported revenue of $5.9B for the first quarter 2025 (Q1 2025), +37% from a year earlier and -2% from the quarter before.
Was MercadoLibre profitable in the first quarter 2025?
Operating profit was $763M (12.9% of revenue) and net earnings $494M.
Source: MercadoLibre 10-Q on SEC EDGAR.