MELI Q4 2025 Earnings

Call Details

• Call Title: MercadoLibre Q4 2025 Earnings Call
• Date: February 24, 2026 at 10:00 PM UTC
• Management Team:
  • Richard Cathcart (Investor Relations Officer)
  • Martin de los Santos (Chief Financial Officer)
  • Ariel Szarfsztejn (Chief Operating Officer)
  • Osvaldo Gimenez (Fintech President)

Call Summary

Financial Performance

• Net revenues in the fourth quarter grew 45% year-over-year.
• Full-year revenues grew 39% year-over-year for 2025.
• Income from operations grew 22% for the full year 2025.
• The credit portfolio nearly doubled year-over-year to $12.5B in Q4 2025.
• Assets under management were close to $19B, growing at 78% year-over-year.
• Monthly active users have been growing close to 30% for 10 consecutive quarters.
• Company reported a 5-6 percentage point margin impact attributable to investments in free shipping, 1P, cross-border trade, and credit-card expansion.
• Mercado Pago achieved leading Net Promoter Scores in Brazil, Mexico, Argentina, and Chile across commerce and fintech.

Guidance

• The company reiterated that it does not provide forward revenue or margin guidance on the call.
• Executives stated that they will continue deliberate investment levels even if those cause short-term margin pressure.
• Management said they will provide more color on Q1 results when Q1 2026 results are reported in May.
• The financial impact of the January 20th shipping table change was described as early to assess and not quantified on the call.
• No quantitative multi-quarter roadmap was disclosed for the 1P, CBT international fulfillment, or credit-card profitability timelines.
• Executives emphasized confidence in long-term margin trajectory while declining to provide near-term numeric guidance.