MELI Q2 2025 Earnings
Reported Aug 4, 2025 at 4:01 PM ET · SEC Source
Q2 25 EPS
$10.31
MISS 13.26%
Est. $11.89
Q2 25 Revenue
$6.79B
BEAT +1.90%
Est. $6.66B
vs S&P Since Q2 25
-32.8%
TRAILING MARKET
MELI -18.0% vs S&P +14.8%
Market Reaction
Did MELI Beat Earnings? Q2 2025 Results
MercadoLibre posted a mixed second quarter for 2025, delivering a revenue beat while falling short on the bottom line, a combination that reflects the deliberate cost of its aggressive regional expansion. The Latin American e-commerce and fintech gia… Read more MercadoLibre posted a mixed second quarter for 2025, delivering a revenue beat while falling short on the bottom line, a combination that reflects the deliberate cost of its aggressive regional expansion. The Latin American e-commerce and fintech giant reported Q2 revenue of $6.79 billion, topping the $6.66 billion consensus estimate by 1.90% and marking 33.9% growth year-over-year, yet earnings per share of $10.31 missed the $11.89 consensus by 13.26%, weighed down by $117 million in foreign currency losses tied largely to Argentine peso devaluation and a higher effective tax rate. Operating margin compressed 210 basis points to 12.2% as the company dramatically expanded free shipping eligibility in Brazil and ramped Mercado Pago marketing campaigns, investments that are already showing results, with Mexico items sold growth hitting a nearly two-year high of 36% and the credit portfolio surging 91% year-over-year to $9.30 billion. Analysts tracking the quarter closely noted S&P's subsequent investment-grade upgrade as a signal that the company's balance sheet can sustain this growth trajectory well into 2026.
Key Takeaways
- • Expanded free shipping in Brazil to items from R$19 (previously R$79) driving items sold acceleration to 34% YoY in June
- • Argentina economic stabilization driving unique buyer growth above 30% YoY and items sold growth of 46% YoY
- • Mexico fulfillment penetration exceeded 75% for the first time, driving fastest items sold growth in nearly two years at 36% YoY
- • 1P business surpassed $1bn quarterly GMV for the first time, growing 103% YoY FX-neutral
- • Credit card portfolio grew 118% YoY to $4.0bn and achieved NIMAL breakeven
- • Fintech MAUs reached 68mn, up 30% YoY, with AUM more than doubling YoY to $13.8bn
- • Advertising revenue growth accelerated to 38% YoY (59% FX-neutral)
- • Acquiring TPV growth of 53% YoY FX-neutral with market share gains across all major geographies
MELI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
MELI Revenue by Segment
Business unit performance breakdown
MELI Revenue by Geography
With YoY comparisons, source: SEC Filings
MELI Earnings Trends
MELI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MELI EPS Trend
Earnings per share: estimate vs actual
MELI Revenue Trend
Quarterly revenue: estimate vs actual
MELI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $11.85 | $11.03 | -6.92% | $8.76B | +3.20% |
| FY Full Year | $39.98 | $39.40 | -1.46% | $28.89B | +0.95% |
| Q3 25 MISS | $9.30 | $8.32 | -10.51% | $7.41B | +2.81% |
| Q2 25 MISS | $11.89 | $10.31 | -13.26% | $6.79B | +1.90% |
| Q1 25 BEAT | $8.27 | $9.74 | +17.76% | $5.94B | +7.49% |