• Commerce: In Brazil, GMV grew 34% YoY; items sold growth accelerated 42% YoY and Unique Buyers grew at the fastest pace since Q1 2021
• Fintech: Monthly Active Users reached 72 million, growing 29% YoY, and the credit portfolio grew 83% YoY to $11.0 billion as the Mercado Pago credit card became the most used credit card in the marketplace in Brazil
• Advertising: FX-neutral revenue growth accelerated to 63% YoY driven by Brazil and Mexico


Mercado Libre (NASDAQ: MELI), Latin America’s leading e-commerce and fintech platform, today announced its third quarter 2025 financial results, with net revenue growing 39% YoY to US$7.4 billion, marking the 27th consecutive quarter of growth above 30% YoY. Market share and NPS data show that we have significantly strengthened our competitive position through the same period. In Q3, we went even further by investing in the expansion of free shipping in Brazil and continuing to ramp up our credit card offerings. This helps us to keep reducing the friction of buying online and increasing principality in Mercado Pago.

In commerce, Mercado Libre's ongoing investments in free shipping, fulfillment, user experience, and assortment drove outstanding growth in Brazil, Mexico, and Argentina. In Brazil, lowering the free shipping threshold led to YoY growth accelerating to 42% in items sold and 34% in FX-neutral GMV. Unique buyers in the country also grew 29% YoY - the fastest pace of growth since Q1 2021, and the largest quarterly addition of unique buyers in the company's history. Conversion reached a record high, while frequency and retention also strengthened. Mexico also delivered an excellent performance with items sold growing 42% YoY, and FX-neutral GMV growth accelerating to 34% YoY. Cross-border trade, 1P and record fulfillment penetration were highlights. Argentina performed well, despite a challenging macro backdrop, with items sold rising 34% YoY, supporting FX-neutral GMV growth of 44% YoY.

Mercado Libre continued expanding its fulfillment center network in Q3 2025, increasing total capacity by 41% YoY. These investments enable Mercado Libre to operate the fastest shipping network in the region. This has resulted in record levels of same-day delivery in Argentina and a higher share of same- and next-day delivery in Mexico, and also in Brazil when considering only fast delivery. Increased scale led to an 8% QoQ drop in unit shipping costs in Brazil in local currency and our lowest-ever unit shipping cost in fulfillment in Mexico, down more than 12% YoY in local currency.

Mercado Pago continues to pave the way in its goal to become the largest digital bank in Latin America, reaching 72 million monthly active users (+29% YoY). This quarter, the credit portfolio surpassed $11.0 billion, increasing 83% year-over-year. The platform’s strong underwriting capabilities, alongside an improvement in asset quality, is reflected in the 15-90 day NPL remaining stable at 6.8%, supported by credit card first payment default rates falling YoY in Mexico and reaching another record low in Brazil. The Mercado Pago credit card had more than 50% of its Total Payment Volume (TPV) transacted off-platform in Brazil, demonstrating its broad utility. Within the platform, the Mercado Pago credit card became the most used credit card in Brazil. Mercado Libre successfully launched its credit card in Argentina in August, targeting a significant market opportunity: over 60% of the adult population lacks a credit card, while over 60% already uses Mercado Pago as a trusted payment method.

Mercado Ads continues to position itself as a comprehensive digital media platform by combining its rich first-party data with off-platform inventory. In Q3 2025, we added new premium inventory through partnerships with Roku and HBO. FX-neutral revenue growth reached 63% YoY this quarter (56% in USD), with Search performing well and Display & Video revenue almost doubling YoY.

Income from operations reached $724 million, growing 30% YoY. Investments in expanding free shipping and ramping up our social platforms, 1P and our credit card were largely offset by dilution of product development and G&A expenses. Net income reached $421 million.

“We are very pleased with our Q3 results, particularly the strong performance in Brazil, where growth accelerated following investments that expanded our free shipping offering driving immediate impact across the board, including the largest quarterly addition of unique buyers ever, record NPS and market share acceleration. By leveraging our unique logistics infrastructure, we are poised to capture the significant growth opportunities ahead in e-commerce. Mercado Pago continues to demonstrate exceptional momentum, and we are especially proud that an increasing number of users are choosing us as their primary financial partner. Our internal data shows we now have the highest NPS among fintechs in Brazil, and we have maintained NPS leadership among fintechs in Mexico. With our ecosystem as a distinctive competitive advantage, we are confident in our ability to drive both e-commerce penetration and financial inclusion across the region,” said Mercado Libre CFO, Martin de los Santos.

Mercado Libre's impact: empowering entrepreneurs in Latin America

Mercado Libre Impact Reports for its three largest countries: Argentina, Mexico, and Brazil, demonstrates the platform’s crucial role in empowering small and medium-sized enterprises (SMEs) and entrepreneurs. The reports highlight that the Mercado Libre ecosystem supports over 9.5 million entrepreneurs and SMEs representing 0.81% GDP in Mexico, 3.2% in Brazil and 9.8% in Argentina. For more than half of these businesses operating in the marketplace, sales generated through the platform represent their main source of income. For over 60% of SMEs and entrepreneurs operating in the ecosystem, Mercado Pago represented their first access to credit, and it remains their main source of financing. Over half of them also reported increased sales after adopting the platform’s digital payment solutions. These findings underscore Mercado Libre’s conviction that investment in its ecosystem translates directly into sustainable economic development and financial access for millions of Latin Americans.

Highlights for Q3 2025

Financial:

• Net revenue of $7.4 billion, up 39% YoY in USD.
• Income from operations reached $724 million, 9.8% Margin.
• Net income of $421 million, reflecting 5.7% Margin.

Commerce:

• Net revenue from the commerce business in the third quarter reached $4.2 billion, growing 33% in USD YoY and 38% FXN YoY.
• Gross Merchandise Value (GMV), the total value of merchandise sold on our platform, rose to $16.5 billion, 28% in USD YoY and 35% FXN YoY.
• Unique buyers across the region rose 26% YoY to almost 77 million.
• Items sold rose to 635 million units, a 39% YoY Growth, with 80% of fast deliveries within 48hs.
• In Brazil, items sold grew 42% YoY, and FX-neutral GMV increased 34% YoY.
• In Mexico, items sold were up 42% YoY, with FX-neutral GMV growing 34% YoY.
• In Argentina, items sold grew 34% YoY, and FX-neutral GMV surged 44% YoY.
• Ads revenue grew 56% YoY, with FX-neutral growth of 63% YoY.

Fintech:

• Net revenue from Mercado Pago in the third quarter reached $3.2 billion, up 49% in USD YoY, and 65% FXN YoY.
• Total payment volume (TPV) surpassed $71 billion, up 41% YoY in USD.
• Mercado Pago monthly active users reached 72 million, a 29% YoY increase.
• Assets under management grew 89% YoY, reaching $15.1 billion.
• Credit portfolio grew 83% YoY to $11.0 billion.
• Credit card portfolio increased 104% YoY, reaching $4.8 billion; now representing 47% of the credit book.
• Acquiring total payment volume (TPV), which comprises all payments processed and settled via Mercado Pago, both on the marketplace and outside of it (MPOS devices, online payments and QR codes) grew 32% YoY in USD to reach $47.7 billion.


About Mercado Libre

Founded in 1999, MercadoLibre, Inc (NASDAQ: MELI) is the leading company in e-commerce and financial technology in Latin America, with operations in 18 countries. It offers a complete ecosystem of solutions for individuals and businesses to buy, sell, advertise, obtain credit and insurance, collect, send money, save, and pay for goods and services both online and offline. Mercado Libre looks to facilitate access to commerce and financial services in Latin America, a market that offers great opportunities and high growth potential. It uses world-class technology to create intuitive solutions tailored to the local culture to transform the lives of millions of people in the region. More information at http://investor.mercadolibre.com/

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