MercadoLibre, Inc. (MELI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended December 31st, 2025. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's investor relations officer. Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our management team. Before we go on to discuss our results for the fourth quarter of 2025, I remind you that management may make or refer to and this presentation may contain forward-looking statements and non-gap measures. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our investor relations website. Please note that this call is being recorded and a replay will be made available on our IR website also. With that, let's begin with a short message from our CFO. Good evening everyone and thank you for joining us. I'm pleased to report that we ended 2025 with robust operating trends that reinforced the strength of the MercadoLibre ecosystem. Our relentless focus on customer experience translated directly into strong financial performance with fourth quarter net revenues growth of 45% year-over-year. Our performance is supported by two primary growth drivers, the acceleration of our commerce business and the rapid adoption and structural expansion of our fintech services. Crucially, both of these are increasingly supported by the tangible impact of our investments in artificial intelligence. Turning to commerce, in Brazil, our largest market, GMV, grew an impressive 35% year-over-year, alongside a 45% increase in sold items. This acceleration is the result of our strategic investments to enhance the value proposition, most notably the decision to lower the free shipping threshold. More free shipping is d...