Filing Flows › MercadoLibre (MELI) › Q3 2025
MercadoLibre (MELI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
MercadoLibre (MELI) reported revenue of $7.4B for the third quarter 2025 (Q3 2025), +39% from a year earlier and +9% from the quarter before. Operating margin was 9.8%, net earnings $421M (5.7% of revenue).
MercadoLibre, Q3 2025: revenue $7.4B (+40% year over year), operating margin 9.8%, net earnings $421M, operating cash flow $3.0B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.4B | +9% | +39% |
| Gross profit | $3.2B | +4% | +32% |
| Operating profit | $724M | -12% | +30% |
| Net earnings | $421M | -20% | +6% |
| Operating cash flow | $3.0B | +1% | +85% |
| Free cash flow | $2.6B | -1% | +89% |
What changed
Revenue was $7.4B in Q3 2025, up 39% year over year and up 9% from the previous quarter. Service was the largest line at 87% of revenue. Service added $1.7B year over year (up 36%), 82% of the total change.
Gross margin was 43.3%, down 2.6 points from a year earlier. Operating profit was $0.72B, a 9.8% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 10% margin then. Operating expenses grew 32% against revenue growth of 39%. The fastest-growing cost line was Other operating costs (+61%). Net earnings were $0.42B, up 6% year over year. The effective tax rate was 33.8%.
Operating cash flow was $3.0B (up 85% year over year), 703% of net earnings. Non-cash charges added back $0.21B of depreciation and amortization. Working capital and other items added $2.3B. Capital expenditures of $0.36B left free cash flow of $2.6B.
Questions
What was MercadoLibre's revenue in the third quarter 2025?
MercadoLibre (MELI) reported revenue of $7.4B for the third quarter 2025 (Q3 2025), +39% from a year earlier and +9% from the quarter before.
Was MercadoLibre profitable in the third quarter 2025?
Operating profit was $724M (9.8% of revenue) and net earnings $421M.
Source: MercadoLibre 10-Q on SEC EDGAR.