MercadoLibre Q4 2025 revenue rises 45% to $8.8 billion; operating margin squeezed by investment
MercadoLibre reported fourth-quarter 2025 revenue of $8.76 billion, up 45%, with diluted EPS of $11.03 against $12.61 a year earlier. Operating income of $889 million included $99 million of one-off Brazilian tax credits; excluding them the operating margin was 9.0%. Management gave no numeric 2026 guidance and said strategic spending on Brazil free shipping, cross-border trade, first-party sales and credit cards cut the quarter's margin by an estimated 5 to 6 points.
- Revenue $8,759M, up 45% year over year (47% FX-neutral)
- Operating income $889M, 10.1% margin; 9.0% excluding $99M Brazil tax credits
- Net income $559M, down 13%; diluted EPS $11.03 vs $12.61
- TPV $83.7B, up 42%; GMV $19.9B, up 37%
- Credit portfolio $12.5B, up 90%; card 15-90 day NPL 4.4%
Source
SEC (8-K Exhibit 99.1)Feb 24, 2026
SEC filing 8-K · accession 0001099590-26-000003 · sec.gov ↗