---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/38866953.md"
description: "MELI 4Q25 First Take: the LatAm e-commerce leader delivered solid results, with growth metrics strong and beating estimates. However, opex rose sharply, compressing margins — revenue up, profits less so. 1) At the consolidated level, total revenue grew nearly 45% YoY, a clear acceleration vs. last quarter, largely on FX tailwinds. At constant FX, revenue rose 47% YoY, implying a modest 200bps deceleration vs. last quarter. While topline remained strong, heavy investment in logistics infrastructure, user acquisition, and credit provisioning weighed on margins. GPM contracted ~200bps YoY (in line), and total operating expenses jumped 50% YoY, faster than expected, driving OP to approx. 890 mn, only slightly above estimates, with OPM down by over 300bps YoY. 2) E-commerce: GMV rose nearly 37% YoY, a marked acceleration vs. 28% in Q3, again largely supported by favorable FX. Order growth also improved by 400bps vs. last quarter, pointing to strengthening underlying momentum. 3) Fintech: total payment volume increased ~42% YoY; headline growth nudged higher but was slightly softer at constant FX, effectively stable. Credit loans outstanding continued to surge ~90% YoY, and NIMAL improved QoQ to 23.3% (still lower YoY), mainly on seasonal uplift in loan yields.$Mercadolibre(MELI.US)"
datetime: "2026-02-24T23:18:24.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/38866953.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/38866953.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/38866953.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# MELI 4Q25 First Take: the LatAm e-commerce leader …


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**