Filing Flows › MercadoLibre (MELI) › Q2 2025
MercadoLibre (MELI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
MercadoLibre (MELI) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +34% from a year earlier and +14% from the quarter before. Operating margin was 12.2%, net earnings $523M (7.7% of revenue).
MercadoLibre, Q2 2025: revenue $6.8B (+34% year over year), operating margin 12.2%, net earnings $523M, operating cash flow $2.9B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +14% | +34% |
| Gross profit | $3.1B | +12% | +31% |
| Operating profit | $825M | +8% | +14% |
| Net earnings | $523M | +6% | -2% |
| Operating cash flow | $2.9B | +183% | +55% |
| Free cash flow | $2.6B | +247% | +55% |
What changed
Revenue was $6.8B in Q2 2025, up 34% year over year and up 14% from the previous quarter. Service was the largest line at 88% of revenue. Service added $1.4B year over year (up 30%), 80% of the total change.
Gross margin was 45.6%, down 1.1 points from a year earlier. Operating profit was $0.82B, a 12.2% margin (down 2.2 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 14% margin then. Operating expenses grew 38% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $0.52B, down 2% year over year. The effective tax rate was 27.0%.
Operating cash flow was $2.9B (up 55% year over year), 558% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization. Working capital and other items added $2.2B. Capital expenditures of $0.29B left free cash flow of $2.6B.
Questions
What was MercadoLibre's revenue in the second quarter 2025?
MercadoLibre (MELI) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +34% from a year earlier and +14% from the quarter before.
Was MercadoLibre profitable in the second quarter 2025?
Operating profit was $825M (12.2% of revenue) and net earnings $523M.
Source: MercadoLibre 10-Q on SEC EDGAR.