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SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Performance of Company's Reporting Segments | The following tables summarize the financial performance of the Company’s reporting segments:
| Nine Months Ended September 30, 2025
| Brazil |  | Mexico |  | Argentina |  | Other Countries |  | Total
| (In millions)
Net service revenues and financial income | $ | 9,006 |  |  | $ | 3,878 |  |  | $ | 4,130 |  |  | $ | 746 |  |  | $ | 17,760 |
Net product revenues | 1,558 |  |  | 501 |  |  | 220 |  |  | 95 |  |  | 2,374 |
Net revenues and financial income | 10,564 |  |  | 4,379 |  |  | 4,350 |  |  | 841 |  |  | 20,134 |
Local operating expenses | (8,730) |  |  | (3,417) |  |  | (2,409) |  |  | (690) |  |  | (15,246) |
Depreciation and amortization | (276) |  |  | (172) |  |  | (60) |  |  | (35) |  |  | (543) |
Total segment costs | (9,006) |  |  | (3,589) |  |  | (2,469) |  |  | (725) |  |  | (15,789) |
Direct contribution | 1,558 |  |  | 790 |  |  | 1,881 |  |  | 116 |  |  | 4,345 |
Operating expenses and indirect costs of net revenues and financial expenses |  |  |  |  |  |  |  |  | (2,033) |
Income from operations |  |  |  |  |  |  |  |  | 2,312 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 130 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (110) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (274) |
Net income before income tax expense |  |  |  |  |  |  |  |  | $ | 2,058 |
| Nine Months Ended September 30, 2024
| Brazil |  | Mexico |  | Argentina |  | Other Countries |  | Total
| (In millions)
Net service revenues and financial income | $ | 7,353 |  |  | $ | 3,000 |  |  | $ | 2,385 |  |  | $ | 569 |  |  | $ | 13,307 |
Net product revenues | 917 |  |  | 317 |  |  | 126 |  |  | 51 |  |  | 1,411 |
Net revenues and financial income | 8,270 |  |  | 3,317 |  |  | 2,511 |  |  | 620 |  |  | 14,718 |
Local operating expenses | (6,310) |  |  | (2,581) |  |  | (1,395) |  |  | (511) |  |  | (10,797) |
Depreciation and amortization | (218) |  |  | (126) |  |  | (54) |  |  | (32) |  |  | (430) |
Total segment costs | (6,528) |  |  | (2,707) |  |  | (1,449) |  |  | (543) |  |  | (11,227) |
Direct contribution | 1,742 |  |  | 610 |  |  | 1,062 |  |  | 77 |  |  | 3,491 |
Operating expenses and indirect costs of net revenues and financial expenses |  |  |  |  |  |  |  |  | (1,680) |
Income from operations |  |  |  |  |  |  |  |  | 1,811 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 107 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (117) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (132) |
Net income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,669 |
| Three Months Ended September 30, 2025
| Brazil |  | Mexico |  | Argentina |  | Other Countries |  | Total
| (In millions)
Net service revenues and financial income | $ | 3,374 |  |  | $ | 1,460 |  |  | $ | 1,371 |  |  | $ | 271 |  |  | $ | 6,476 |
Net product revenues | 635 |  |  | 191 |  |  | 70 |  |  | 37 |  |  | 933 |
Net revenues and financial income | 4,009 |  |  | 1,651 |  |  | 1,441 |  |  | 308 |  |  | 7,409 |
Local operating expenses | (3,439) |  |  | (1,279) |  |  | (848) |  |  | (252) |  |  | (5,818) |
Depreciation and amortization | (95) |  |  | (67) |  |  | (21) |  |  | (13) |  |  | (196) |
Total segment costs | (3,534) |  |  | (1,346) |  |  | (869) |  |  | (265) |  |  | (6,014) |
Direct contribution | 475 |  |  | 305 |  |  | 572 |  |  | 43 |  |  | 1,395 |
Operating expenses and indirect costs of net revenues and financial expenses |  |  |  |  |  |  |  |  | (671) |
Income from operations |  |  |  |  |  |  |  |  | 724 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 49 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (35) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (102) |
Net income before income tax expense |  |  |  |  |  |  |  |  | $ | 636 |
| Three Months Ended September 30, 2024
| Brazil |  | Mexico |  | Argentina |  | Other Countries |  | Total
| (In millions)
Net service revenues and financial income | $ | 2,548 |  |  | $ | 1,030 |  |  | $ | 979 |  |  | $ | 203 |  |  | $ | 4,760 |
Net product revenues | 365 |  |  | 115 |  |  | 54 |  |  | 18 |  |  | 552 |
Net revenues and financial income | 2,913 |  |  | 1,145 |  |  | 1,033 |  |  | 221 |  |  | 5,312 |
Local operating expenses | (2,334) |  |  | (914) |  |  | (557) |  |  | (179) |  |  | (3,984) |
Depreciation and amortization | (74) |  |  | (39) |  |  | (19) |  |  | (12) |  |  | (144) |
Total segment costs | (2,408) |  |  | (953) |  |  | (576) |  |  | (191) |  |  | (4,128) |
Direct contribution | 505 |  |  | 192 |  |  | 457 |  |  | 30 |  |  | 1,184 |
Operating expenses and indirect costs of net revenues and financial expenses |  |  |  |  |  |  |  |  | (627) |
Income from operations |  |  |  |  |  |  |  |  | 557 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 43 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (40) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (40) |
Net income before income tax expense |  |  |  |  |  |  |  |  | $ | 520 |
Consolidated Net Revenues by Similar Products and Services | The following table summarizes net revenues and financial income per reporting segment, which have been disaggregated by similar products and services for the nine and three-month periods ended September 30, 2025 and 2024:
| Nine Months Ended September 30,
| Brazil |  | Mexico |  | Argentina |  | Other Countries (6) |  | Total
| 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024
| (In millions)
Commerce services (1) | $ | 4,876 |  | $ | 4,176 |  |  | $ | 2,334 |  | $ | 1,864 |  |  | $ | 1,272 |  | $ | 795 |  |  | $ | 505 |  | $ | 396 |  |  | $ | 8,987 |  | $ | 7,231 |
Commerce product sales (2) | 1,536 |  | 897 |  |  | 485 |  | 306 |  |  | 217 |  | 123 |  |  | 91 |  | 48 |  |  | 2,329 |  | 1,374 |
Total commerce revenues | 6,412 |  | 5,073 |  |  | 2,819 |  | 2,170 |  |  | 1,489 |  | 918 |  |  | 596 |  | 444 |  |  | 11,316 |  | 8,605 |
Financial services and income (3) | 1,997 |  | 1,793 |  |  | 599 |  | 398 |  |  | 1,938 |  | 1,165 |  |  | 232 |  | 165 |  |  | 4,766 |  | 3,521 |
Credit revenues (4) | 2,133 |  | 1,384 |  |  | 945 |  | 738 |  |  | 920 |  | 425 |  |  | 9 |  | 8 |  |  | 4,007 |  | 2,555 |
Fintech product sales (5) | 22 |  | 20 |  |  | 16 |  | 11 |  |  | 3 |  | 3 |  |  | 4 |  | 3 |  |  | 45 |  | 37 |
Total fintech revenues | 4,152 |  | 3,197 |  |  | 1,560 |  | 1,147 |  |  | 2,861 |  | 1,593 |  |  | 245 |  | 176 |  |  | 8,818 |  | 6,113 |
Total net revenues and financial income | $ | 10,564 |  | $ | 8,270 |  |  | $ | 4,379 |  | $ | 3,317 |  |  | $ | 4,350 |  | $ | 2,511 |  |  | $ | 841 |  | $ | 620 |  |  | $ | 20,134 |  | $ | 14,718 |
| Three Months Ended September 30,
| Brazil |  | Mexico |  | Argentina |  | Other Countries (6) |  | Total
| 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024
| (In millions)
Commerce services (1) | $ | 1,789 |  | $ | 1,452 |  |  | $ | 864 |  | $ | 647 |  |  | $ | 426 |  | $ | 358 |  |  | $ | 179 |  | $ | 144 |  |  | $ | 3,258 |  | $ | 2,601 |
Commerce product sales (2) | 627 |  | 357 |  |  | 185 |  | 111 |  |  | 69 |  | 53 |  |  | 35 |  | 17 |  |  | 916 |  | 538 |
Total commerce revenues | 2,416 |  | 1,809 |  |  | 1,049 |  | 758 |  |  | 495 |  | 411 |  |  | 214 |  | 161 |  |  | 4,174 |  | 3,139 |
Financial services and income (3) | 746 |  | 597 |  |  | 233 |  | 137 |  |  | 616 |  | 458 |  |  | 88 |  | 57 |  |  | 1,683 |  | 1,249 |
Credit revenues (4) | 839 |  | 499 |  |  | 363 |  | 246 |  |  | 329 |  | 163 |  |  | 4 |  | 2 |  |  | 1,535 |  | 910 |
Fintech product sales (5) | 8 |  | 8 |  |  | 6 |  | 4 |  |  | 1 |  | 1 |  |  | 2 |  | 1 |  |  | 17 |  | 14 |
Total fintech revenues | 1,593 |  | 1,104 |  |  | 602 |  | 387 |  |  | 946 |  | 622 |  |  | 94 |  | 60 |  |  | 3,235 |  | 2,173 |
Total net revenues and financial income | $ | 4,009 |  | $ | 2,913 |  |  | $ | 1,651 |  | $ | 1,145 |  |  | $ | 1,441 |  | $ | 1,033 |  |  | $ | 308 |  | $ | 221 |  |  | $ | 7,409 |  | $ | 5,312 |
(1) Includes final value fees and flat fees paid by sellers derived from intermediation services and related shipping and storage fees, classified fees derived from classified advertising services and ad sales. (2) Includes revenues from inventory sales and related shipping fees. (3) Includes revenues from commissions the Company charges for transactions off-platform derived from use of the Company’s payment solution and asset management product, revenues as a result of offering installments for the payment to its Mercado Pago users, either when the Company finances the transactions directly or when the Company sells the corresponding financial assets, interest earned on cash and investments as part of Mercado Pago activities, including those required due to fintech regulations, net of interest gains pass through our Brazilian users in connection with our asset management product, Mercado Pago debit card commissions and insurtech fees. (4) Includes interest earned on loans and advances granted to merchants and consumers, and interest and commissions earned on Mercado Pago credit card transactions. (5) Includes sales of mobile point of sales devices. (6) Revenues from external customers in the U.S. amounted to $33 million and $13 million for the nine and three-month periods ended September 30, 2025, respectively, and $24 million and $11 million for the nine and three-month periods ended September 30, 2024, respectively.
Allocation of Property and Equipment Based on Geography | The following table summarizes the allocation of property and equipment, net based on geography:
| September 30, 2025
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Property and equipment | $ | 1,486 |  |  | $ | 1,145 |  |  | $ | 521 |  |  | $ | 10 |  |  | $ | 220 |  |  | $ | 3,382 |
Accumulated depreciation | (614) |  |  | (356) |  |  | (237) |  |  | (7) |  |  | (110) |  |  | (1,324) |
Total property and equipment, net | $ | 872 |  |  | $ | 789 |  |  | $ | 284 |  |  | $ | 3 |  |  | $ | 110 |  |  | $ | 2,058 |
| December 31, 2024
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Property and equipment | $ | 1,078 |  |  | $ | 713 |  |  | $ | 434 |  |  | $ | 10 |  |  | $ | 178 |  |  | $ | 2,413 |
Accumulated depreciation | (497) |  |  | (239) |  |  | (199) |  |  | (6) |  |  | (92) |  |  | (1,033) |
Total property and equipment, net | $ | 581 |  |  | $ | 474 |  |  | $ | 235 |  |  | $ | 4 |  |  | $ | 86 |  |  | $ | 1,380 |
Schedule of Operating Lease Right of Use Assets Based on Geography | The following table summarizes the allocation of the operating lease right-of-use assets based on geography:
| September 30, 2025
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Right of use asset | $ | 1,091 |  |  | $ | 1,194 |  |  | $ | 133 |  |  | $ | 4 |  |  | $ | 145 |  |  | $ | 2,567 |
Accumulated amortization | (231) |  |  | (206) |  |  | (41) |  |  | (1) |  |  | (46) |  |  | (525) |
Total right of use asset, net | $ | 860 |  |  | $ | 988 |  |  | $ | 92 |  |  | $ | 3 |  |  | $ | 99 |  |  | $ | 2,042 |
| December 31, 2024
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Right of use asset | $ | 618 |  |  | $ | 616 |  |  | $ | 76 |  |  | $ | 4 |  |  | $ | 115 |  |  | $ | 1,429 |
Accumulated amortization | (139) |  |  | (116) |  |  | (36) |  |  | (1) |  |  | (39) |  |  | (331) |
Total right of use asset, net | $ | 479 |  |  | $ | 500 |  |  | $ | 40 |  |  | $ | 3 |  |  | $ | 76 |  |  | $ | 1,098 |
Allocation of Goodwill and Intangible Assets Based on Geography | The following table summarizes the allocation of the goodwill and intangible assets based on geography:
| September 30, 2025
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Intangible assets at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78 |  |  | $ | — |  |  | $ | 78 |
Goodwill and intangible assets | 105 |  |  | 48 |  |  | 23 |  |  | — |  |  | 71 |  |  | 247 |
Accumulated amortization | (10) |  |  | (5) |  |  | (8) |  |  | — |  |  | (25) |  |  | (48) |
Total goodwill and intangible assets, net | $ | 95 |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | 78 |  |  | $ | 46 |  |  | $ | 277 |
| December 31, 2024
| Brazil |  | Mexico |  | Argentina |  | U.S. |  | Other Countries |  | Total
| (In millions)
Intangible assets at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |  |  | $ | — |  |  | $ | 49 |
Goodwill and intangible assets | 64 |  |  | 43 |  |  | 23 |  |  | — |  |  | 71 |  |  | 201 |
Accumulated amortization | (6) |  |  | (4) |  |  | (7) |  |  | — |  |  | (23) |  |  | (40) |
Total goodwill and intangible assets, net | $ | 58 |  |  | $ | 39 |  |  | $ | 16 |  |  | $ | 49 |  |  | $ | 48 |  |  | $ | 210 |

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