MercadoLibre
Our ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online, and the processing of payments online and offline, as well as offering a wide array of simple day-to-day financial services.
10-K, Feb 25, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Business
How does MercadoLibre make money?
Brazil is 63.6% of revenue.
Source and method
Revenue by segments, FY2019.
annual report FY2019 · 0001562762-20-000055 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($2.3B).
- Brazil: $1.5B · 63.6%
- Argentina: $456M · 19.9%
- Mexico: $275M · 12.0%
- Other: $103M · 4.5%
What is left of every $100?
Of every $100 in revenue, $10 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $20.3B
- Gross profit: $12.9B
- Operating income: $3.2B
- Net income: $2.0B
- Free cash flow: $10.8B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We offer our users an ecosystem of integrated e-commerce and digital financial services, which includes: the Mercado Libre Marketplace, the Mercado Pago fintech platform, the Mercado Envios logistics service, the Mercado Ads solution and the Mercado Libre Classifieds service.”
“Our e-commerce platform provides buyers and sellers with a robust and safe environment that fosters the development of a large e-commerce community in Latin America, a region with a population of over 650 million people where penetration of e-commerce over total retail significantly lags benchmarks such as the United States of America (“U.S.”), the United Kingdom (“U.K.”) and China.”
“We believe that we offer world-class technological and commercial solutions that address the distinctive cultural and geographic challenges of operating a digital commerce platform in Latin America.”
Item 1 · Business · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Where did the growth actually come from?
Brazil drove 69% of MercadoLibre’s growth.
MercadoLibre redrew its segments in FY2018.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. Breaks: segments redrawn between FY2017 and FY2018. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“Our e-commerce platform is the leader in the region based on gross merchandise volume (“GMV”), and our fintech platform is the leader in monthly active users (“MAUs”) among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil.”
Item 1 · Business · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Commerce revenue +30%: no stored value to check the quoted number against.
KPIs
How fast is revenue growing?
Revenue grew 34% to $20.3B.
Revenue grew 47% YoY to $7.1B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 176.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
15.7% operating margin, down from 17.4%.
63.2% gross margin, down from 63.3%.
Operating income grew 22% to $3.2B.
Net income grew 4.5% to $2.0B.
R&D grew 17% to $2.3B.
SG&A grew 36% to $4.3B.
EPS diluted grew 4.5% to $39.40.
9.7% operating margin, down from 17.2%.
59.0% gross margin, down from 64.4%.
Operating income fell 17% YoY to $683M.
Net income fell 11% YoY to $466M.
R&D grew 29% YoY to $729M.
SG&A grew 45% YoY to $1.5B.
EPS diluted fell 11% YoY to $9.19.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $53 of every $100 as free cash.
Operating cash flow grew 53% to $12.1B.
Capex grew 56% to $1.3B.
Buybacks was flat at $1.0M.
Free cash flow grew 22% YoY to $3.2B.
Operating cash flow grew 26% YoY to $3.7B.
Capex grew 54% YoY to $441M.
Buybacks: $0 in FY2025 Q4.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$3.7B cash vs $9.2B debt.
Total debt grew 61% to $9.2B.
Total assets grew 69% to $42.7B.
Equity grew 55% to $6.7B.
Cash grew 21% YoY to $3.6B.
Total debt grew 54% YoY to $9.9B.
Total assets grew 56% YoY to $51.4B.
Equity grew 37% YoY to $7.8B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does MercadoLibre depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (MercadoLibre annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by MercadoLibre
MercadoLibre holds stakes in
No stake in a covered company found in SEC filings.
Others name MercadoLibre
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 44 risk factors, one per theme.
Supply chain and manufacturing
“Manufacturers may attempt to enforce minimum resale price maintenance arrangements to prevent distributors from selling on our websites or on the internet generally, or at prices that would make our site unattractive relative to other alternatives or may impose selective-distribution or platform-parity requirements that restrict authorized sellers from offering their products on open marketplaces such as ours.”
Item 1A · Risk Factors · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Competition
“The e-commerce and omnichannel retail, e-commerce services, fintech and digital content and electronic devices industries are still relatively new in Latin America, rapidly evolving, highly innovative and intensely competitive, and we expect competition to become more intense in the future.”
Item 1A · Risk Factors · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Users and engagement
“We are subject to the risk of fraudulent activity by our users, including fraudulent and illicit sales, money laundering, bank fraud, fraud from means of payment entities, employee fraud, third parties providers' fraud and online securities fraud.”
Item 1A · Risk Factors · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Key people
“Our performance depends substantially on the continued services and on the performance of our senior management and other key personnel.”
Item 1A · Risk Factors · 10-K · 0001099590-26-000006 · filed Feb 25, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Galperin Trust /SD holds 6.7%.
Galperin Trust /SD6.7%
13D/A · as of Jun 17, 2026 · filed Jun 18, 2026
Baillie Gifford & Co6.4%
13G/A · as of Mar 31, 2026 · filed May 6, 2026
Capital Research Global Investors5.4%
13G · as of Mar 31, 2026 · filed May 14, 2026
Europacific Growth Fund7.5% (then)
13G · as of Dec 31, 2018 · filed Feb 14, 2019 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
7 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Capital Research Global Investors7.9%
3.1M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Baillie Gifford & Co7.7%
3.0M shares · 13F filed Aug 6, 2026 · share of 13F-reported
Capital International Investors4.7%
1.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Capital World Investors4.5%
1.8M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Morgan Stanley3.8%
1.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
1,448 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 2 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
4 purchases · 3 sales · $2.3M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 35 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | ||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | ||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | ||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | |||||||
| Capex | ||||||||||
| Dividends | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values