Mercado Libre reported net revenue of $7.4 billion for the third quarter of 2025, a 39% increase compared to the same period last year. This marks the company’s 27th consecutive quarter with year-over-year growth above 30%. The company credited its performance to continued investments in free shipping, fulfillment infrastructure, and credit card offerings.
In Brazil, the company’s largest market, Gross Merchandise Value (GMV) grew by 34% year-over-year on a foreign exchange-neutral basis. Items sold increased by 42%, and unique buyers grew at their fastest pace since early 2021. Mexico also saw items sold rise by 42%, while Argentina experienced a 34% increase despite economic challenges.
Mercado Libre expanded its fulfillment center network in the third quarter, increasing total capacity by 41% compared to last year. The company reported record levels of same-day delivery in Argentina and higher shares of fast deliveries in both Mexico and Brazil. In Brazil, unit shipping costs dropped by 8% quarter-over-quarter in local currency; in Mexico, unit shipping costs for fulfillment reached their lowest level ever.
The fintech division, Mercado Pago, recorded monthly active users reaching 72 million—a rise of 29% from a year earlier. Its credit portfolio grew by 83% to $11 billion. The Mercado Pago credit card became the most used credit card within Mercado Libre’s marketplace in Brazil and was launched in Argentina during August to address low credit card penetration among adults.
Advertising revenue rose as well: FX-neutral ad revenue growth accelerated to 63%, driven primarily by performance in Brazil and Mexico. New partnerships with Roku and HBO contributed premium inventory for digital ads.
Income from operations totaled $724 million for the quarter—up by 30%. 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.
Recent impact reports show that Mercado Libre supports over 9.5 million entrepreneurs and small businesses across Argentina, Mexico, and Brazil—representing significant portions of each country’s GDP. For more than half these businesses on its platform, sales through Mercado Libre are their main source of income; over sixty percent received their first access to credit via Mercado Pago.
Founded in 1999, MercadoLibre operates across eighteen countries as an e-commerce and financial technology provider focused on expanding access to commerce and financial services throughout Latin America.
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