Often dubbed the Latin American Alibaba — Mercado Libre (hereafter $Mercadolibre(MELI.US)) — released Q2 results on the morning of Aug. 6. Headline revenue growth was near 50% YoY, well above expectations.

Quarterly net revenue topped $10 bn for the first time (+50% YoY). The credit portfolio climbed to $16.4 bn, with NPLs near record lows.

Below is Dolphin Research's transcript of the FY25 Q4 earnings call for $Mercadolibre(MELI.US).

Latin America's 'Alibaba' — MercadoLibre (MELI) saw its shares pop on the print before reversing. After-hours weakness likely reflected negative commentary on the call.

The following are the minutes of the Mercado Q3 2025 earnings call organized by Dolphin Research. For financial report interpretation, please refer to "Meli: Profit Miss? It Might Just Be the 'Growing Pains' Before Victory." I. Review of Core Financial Data II. Detailed Information from the Earnings Call Key Management Statements 1. Market Opportunities and Company Positioning The company will continue to invest resources to seize the upcoming significant growth opportunities in the e-commerce and fintech sectors. The company has unique advantages that can drive the financial inclusion process in Latin America and the transition from offline to online retail...

The Latin American version of "Alibaba"—$Mercadolibre(MELI.US) (hereinafter referred to as Meli) released its financial report for the third quarter of 2025 on October 30. Overall, the revenue side performed well, with accelerated growth quarter-on-quarter and slightly exceeding expectations. Conversely, due to increased logistics subsidies within the e-commerce segment and a decline in financial business due to structural factors and interest rates, profit margins fell short of sell-side expectations. 1. Growth outperformed but profits underperformed: In terms of overall performance, Meli's total revenue (denominated in USD) grew approximately 39.5% year-on-year, with a significant acceleration from the previous quarter...

In Dolphin Research's previous and middle coverage of Mercado Libre—one of the largest comprehensive internet giants in Latin America (which can be reviewed through the link), we explored and analyzed the industry environment, market competition landscape, and business models of the company's two major pillars—e-commerce and financial credit business. In this concluding part, Dolphin will focus on recent company and industry dynamics, the outlook for the company's future performance, and finally, our views on the company's valuation and investment value. The detailed analysis is as follows: I. E-commerce segment 1. Efficiency improvement in fulfillment...

In the previous coverage study by Dolphin Research on Mercado Libre, the largest internet company in Latin America, the focus was primarily on its e-commerce business, which serves as the cornerstone of its two main pillars. However, for the current Meli, the other pillar—its financial business—might be more influential in determining the company's future growth potential and whether its market value can reach new heights. Therefore, in this article, Dolphin Research will delve into a detailed exploration of the company's financial business. Simply put, the company's financial business is composed of two major segments: payments and credit...

The following is the Q2 2025 earnings call minutes for $Mercadolibre(MELI.US). For financial report interpretation, please refer to "Growth or Profit? The Choice of 'Latin American Alibaba' Mercado". 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements Business Advancement Pace: 1) E-commerce Platform: ▪ In Brazil, the company has lowered the free shipping threshold for the third time in five years. This strategic move aims to attract new users to its e-commerce platform, increase engagement from existing buyers, and expand the range of products. After the implementation of the new pricing...

The Latin American version of 'Alibaba'—Mercado Libre (hereafter referred to as $Mercadolibre(MELI.US)) released its Q2 2025 financial report after the U.S. stock market closed on August 5th. Although Dolphin Research has not yet fully covered Meli, they have provided a brief commentary on this quarter's performance for reference and tracking. Specifically: 1. One-sentence summary—Revenue growth without profit growth: This quarter, Meli's performance can be summarized as strong growth on the revenue side, but the accompanying expansion in costs and expenses led to a significant narrowing of profit margins, with final profit release falling short of expectations. Specifically...