MercadoLibre, Inc. (MELI) financials

NASDAQ · Consumer Cyclical · Specialty Retail · 123,670 employees · CEO Ariel Szarfsztejn

Price: $1,624.53 -2.14%
Market cap: $82.4B
Enterprise value: $91.9B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-04 EPS est. $9.27

Revenue (TTM)$35.2B+46.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)8.3%-4.0 pp vs a year agoOperating income $2.91B

Net income (TTM)$1.86B-9.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$11.7B+71.5% vs a year agoCapex $1.42B

Diluted EPS (TTM)$36.75-9.2% vs a year agoSum of the last 4 quarters

Net cash-$7.45B-48.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $82.4B
Revenue: $35.2B
Revenue growth: +45%
Profit margin: 5.3%
P/E: 44.2×
P/S: 2.3×
EV / EBITDA: 27.1×
Free cash flow: $11.7B
Net income: $1.86B
Revenue estimate: $41.8B
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 4.1%, EPS beat by 6.2%Revenue $10.2B vs $9.79B expected (+4.1%); EPS $9.19 vs $8.65 (+6.2%).
Revenue growth accelerating: 49.8% year on yearQ2 '26 revenue $10.2B, against an average of 41.7% over the four quarters before.
Operating margin 8.3% (TTM), -4.0 pp on a year agoOperating income grew -2.0% while revenue grew 46.0%.
31.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.21B vs operating income $2.91B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 4.0% of revenue (a year ago 4.4%)$1.42B invested in the last 4 quarters (+33.0% on a year earlier). Free cash flow $11.7B = 630.6% of net income.
Returned $887K to shareholders = 0.0% of free cash flowBuybacks $887K (a year earlier -$55.1K), dividends $0, stock-based pay $211M (TTM).
Diluted share count down 0.0% in a year50.7M diluted shares in Q2 '26, 50.7M a year earlier.
Net debt $7.45BCash + short-term investments $5.73B, debt incl. leases $13.2B; a year ago net debt $5.01B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$10.2B	$6.79B	+49.8%
Gross margin	40.9%	45.6%	-4.7 pp
Operating income	$683M	$825M	-17.2%
Operating margin	6.7%	12.2%	-5.4 pp
Net income	$466M	$523M	-10.9%
Diluted EPS	$9.19	$10.32	-10.9%
Operating cash flow	$3.66B	$2.45B	+49.8%
Capex	$441M	$264M	+66.9%
Free cash flow	$3.22B	$2.18B	+47.7%
R&D	$729M	$567M	+28.6%
Stock-based compensation	$0	$96M	-100.0%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$10.2B	$9.79B	+4.1%
EPS (as estimated)	$9.19	$8.65	+6.2%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Service	$8.69B	+45.7%	85.5%	$30.4B	+42.3%
Product	$1.48B	+78.8%	14.5%	$4.77B	+75.4%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Brazil Segment	$5.53B	+59.2%	54.4%	$19B	+33.9%
Mexico Segment	$2.34B	+55.2%	23.0%	$8.06B	+34.3%
Argentina Segment	$1.84B	+20.4%	18.1%	$6.59B	+19.7%
Other Countries Segment	$463M	+63.0%	4.6%	$1.58B	+31.9%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $13.2B
Capex: -$1.42B
Buybacks: -$887K
Dividends: $0
Acquisitions: $0
Net debt issued: $3.33B
Stock-based compensation: $211M
Free cash flow: $11.7B
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	44.2×	214.4×	45.1× – 807.4×
EV / EBITDA	27.1×	46.0×	28.1× – 101.7×
EV / Sales	2.6×	5.5×	3.8× – 9.7×
Price / FCF	7.0×	49.0×	9.5× – 188.9×
Price / Book	10.5×	25.6×	15.1× – 43.9×
FCF yield	14.3%	6.2%	0.5% – 10.5%
Return on invested capital	11.4%	11.4%	2.8% – 17.7%
Return on equity	26.5%	27.5%	5.4% – 43.9%

Analysts

Consensus target $2,160.00 (+33.0%)
range $1,750.00 – $2,450.00 · rating Buy

Strong buy1

Buy24

Hold8

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$41.8B	+44.6%	$38.18	-3.1%	42.6×	16
FY2027	$54B	+29.1%	$55.27	+44.8%	29.4×	16
FY2028	$66.5B	+23.3%	$75.73	+37.0%	21.5×	17
FY2029	$83.8B	+26.0%	$106.64	+40.8%	15.2×	12
FY2030	$99.3B	+18.5%	$129.77	+21.7%	12.5×	7

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 287 figures MercadoLibre, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$5.74B	$3.88B	+48.1%	$4.5B	$3.2B	+40.9%
Accounts Receivable, after Allowance for Credit Loss, Current	$418M	$313M	+33.5%	$369M	$255M	+44.7%
Accounts Receivable, Allowance for Credit Loss	$4.43B	$2.48B	+78.4%	$3.18B	$1.71B	+86.1%
Accounts Receivable, Allowance for Credit Loss, Current	$25M2025-12-31	$15M	+66.7%	$25M	$15M	+66.7%
Accounts Receivable, before Allowance for Credit Loss, Current	$394M2025-12-31	$270M	+45.9%	$394M	$270M	+45.9%
Accounts Receivable, Credit Loss Expense (Reversal)	$1.28B	$690M	+84.9%	$3.09B	$1.86B	+66.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.42B2025-12-31	$1.03B	+37.9%	$1.42B	$1.03B	+37.9%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$380M2026-03-31	-$765M	+50.3%	-$523M2021-12-31	-$467M	-12.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$317M	-$575M	+44.9%	-$520M	-$920M	+43.5%
Additional Paid in Capital	$1.77B	$1.77B	+0.1%	$1.77B	$1.77B	+0.1%
Advertising Expense	–	–	–	$1.69B	$1.05B	+60.5%
Amortization of Intangible Assets	$3M	$2M	+50.0%	$9M	$5M	+80.0%
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	$1M	–	–	$1M	–	–
Asset Retirement Obligations, Noncurrent	$58M2025-12-31	$36M	+61.1%	$58M	$36M	+61.1%
AssetAcquisitionContingentConsiderationLiabilityNoncurrent	$9M2025-12-31	$8M	+12.5%	$9M	$8M	+12.5%
Assets	$51.4B	$32.9B	+55.9%	$42.7B	$25.2B	+69.3%
Assets, Current	$40.8B	$26.1B	+56.5%	$33.6B	$20.1B	+66.7%
Assets, Fair Value Disclosure	$4.83B	–	–	$3.67B2021-12-31	$1.71B	+114.7%
Assets, Noncurrent	$10.6B	$6.89B	+53.6%	$9.09B	$5.05B	+79.9%
Bank Overdrafts	$10M	$8M	+25.0%	$16M	$26M	-38.5%
Broker-Dealer, Payable to Customer	$16B	$9.38B	+71.0%	$13B	$6.95B	+87.4%
Capitalized Computer Software, Gross	$378M2025-12-31	$292M	+29.5%	$378M	$292M	+29.5%
Cash and Cash Equivalents, at Carrying Value	$3.65B	$3.01B	+21.3%	$3.67B	$2.64B	+39.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$16.8B	$6.89B	+143.4%	$13.5B	$4.7B	+188.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.62B	$2.39B	-32.1%	$8.84B	$851M	+938.5%
Collateralized Financings	$3.59B	$2.58B	+39.3%	$2.85B	$1.84B	+54.8%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	110M	110M	0.0%	110M	110M	0.0%
Common Stock, Shares, Issued	50.7M	50.7M	0.0%	50.7M	50.7M	0.0%
Common Stock, Shares, Outstanding	50.7M	50.7M	0.0%	50.7M	50.7M	0.0%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$553M	$709M	-22.0%	$2.4B	$1.28B	+87.1%
Contract with Customer, Liability	$172M	$97M	+77.3%	$133M	$77M	+72.7%
Contract with Customer, Liability, Current	$133M2025-12-31	$77M	+72.7%	$133M	$77M	+72.7%
Contract with Customer, Liability, Revenue Recognized	$4M	$2M	+100.0%	–	–	–
Cost of Goods and Services Sold	$6.01B	$3.7B	+62.6%	$16B	$11.2B	+43.2%
CryptoAssetAddition	–	–	–	$16M	$0	–
CryptoAssetDisposition	–	–	–	$75M	$0	–
CryptoAssetFairValue	$02025-12-31	$49M	-100.0%	$0	$49M	-100.0%
CryptoAssetRealizedAndUnrealizedGainLossOperating	–	–	–	$10M	$25M	-60.0%
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease)	$127M2026-03-31	$161M	-21.1%	–	–	–
Current Federal Tax Expense (Benefit)	–	–	–	$35M	$64M	-45.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.28B	$700M	+82.7%
Current Income Tax Expense (Benefit)	–	–	–	$1.31B	$764M	+72.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$3M	$4M	-25.0%	$7M	$3M	+133.3%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$3M	–	–	$286K2021-12-31	–	–
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$76M	$76M	0.0%	$54M	$87M	-37.9%
DebtSecuritiesHeldToMaturityAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLossMaturityAllocatedAndSingleMaturityDateYearOne	$1.67B	$4.42B	-62.2%	$2.41B	$4.71B	-48.8%
DebtSecuritiesHeldToMaturityExcludingAccruedInterestAfterAllowanceForCreditLoss	$2.85B	$5.53B	-48.4%	$3.72B	$5.67B	-34.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$71M	$17M	+317.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$540M	-$260M	-107.7%
Deferred Income Tax Assets, Net	$2.17B	$1.14B	+90.3%	$1.54B	$802M	+92.1%
Deferred Income Tax Expense (Benefit)	–	–	–	-$469M	-$243M	-93.0%
Deferred Income Tax Liabilities, Net	$312M	$293M	+6.5%	$372M	$204M	+82.4%
Deferred Income Taxes and Tax Credits	-$345M	-$94M	-267.0%	-$469M	-$243M	-93.0%
Deferred Tax Assets, Gross	$2.39B2025-12-31	$1.44B	+65.3%	$2.39B	$1.44B	+65.3%
Deferred Tax Assets, Inventory	$19M2025-12-31	$18M	+5.6%	$19M	$18M	+5.6%
Deferred Tax Assets, Investments	$17M2025-12-31	$4M	+325.0%	$17M	$4M	+325.0%
Deferred Tax Assets, Net	$1.17B2025-12-31	$598M	+95.5%	$1.17B	$598M	+95.5%
Deferred Tax Assets, Net of Valuation Allowance	$1.62B2025-12-31	$859M	+88.7%	$1.62B	$859M	+88.7%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01