Filing Flows › MercadoLibre (MELI) › Q4 2025
MercadoLibre (MELI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
MercadoLibre (MELI) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +45% from a year earlier and +18% from the quarter before. Operating margin was 10.1%, net earnings $559M (6.4% of revenue).
MercadoLibre, Q4 2025: revenue $8.8B (+45% year over year), operating margin 10.1%, net earnings $559M, operating cash flow $5.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | +18% | +45% |
| Gross profit | $3.8B | +18% | +38% |
| Operating profit | $889M | +23% | +8% |
| Net earnings | $559M | +33% | -13% |
| Operating cash flow | $5.2B | +76% | +78% |
| Free cash flow | $4.8B | +84% | +83% |
What changed
Revenue was $8.8B in Q4 2025, up 45% year over year and up 18% from the previous quarter. Net service revenues and financial income was the largest line at 86% of revenue.
Gross margin was 43.2%, down 2.2 points from a year earlier. Operating profit was $0.89B, a 10.1% margin (down 3.4 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 14% margin then. Operating expenses grew 50% against revenue growth of 45%. The fastest-growing cost line was Other operating costs (+87%). Net earnings were $0.56B, down 13% year over year. The effective tax rate was 28.7%.
Operating cash flow was $5.2B (up 78% year over year), 932% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization. Working capital and other items added $4.4B. Capital expenditures of $0.43B left free cash flow of $4.8B.
Questions
What was MercadoLibre's revenue in the fourth quarter 2025?
MercadoLibre (MELI) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +45% from a year earlier and +18% from the quarter before.
Was MercadoLibre profitable in the fourth quarter 2025?
Operating profit was $889M (10.1% of revenue) and net earnings $559M.
Source: MercadoLibre 10-K on SEC EDGAR.