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FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
Assets and liabilities measured and recorded at fair value on a recurring basis
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:
Balances as of
September 30, 2025		Quoted Prices in
active markets for
identical Assets
(Level 1)		Significant other
observable inputs
(Level 2)		Unobservable
inputs
(Level 3)		Balances as of
December 31, 2024		Quoted Prices in
active markets for
identical Assets
(Level 1)		Significant other
observable inputs
(Level 2)		Unobservable
inputs
(Level 3)
(In millions)
Cash and Cash Equivalents:
Money Market$684 $684 $— $— $572 $572 $— $— 
Foreign government debt securities (1)
— — — — 4 4 — — 
Restricted Cash and Cash Equivalents:      
Money Market (2)
355 355 — — 297 297 — — 
Foreign government debt securities (1)
4 4 — — 469 469 — — 
Investments:       
U.S. government debt securities (1)
1,502 1,502 — — 1,087 1,087 — — 
Foreign government debt securities (1) (3)
2,868 2,868 — — 4,114 4,114 — — 
Corporate debt securities293 293 — — 262 262 — — 
Other Assets:
Derivative Instruments39 — 39 — 58 — 58 — 
Intangible assets at fair value78 78 — — 49 49 — — 
Total Assets$5,823 $5,784 $39 $— $6,912 $6,854 $58 $— 
Salaries and social security payable:
Long-term retention program$151 $— $151 $— $163 $— $163 $— 
Other Liabilities:       
Meli Dólar liability (1)
60 — 60 — 31 — 31 — 
Derivative Instruments129 — 129 — 31 — 31 — 
Contingent consideration4 — — 4 4 — — 4 
Total Liabilities$344 $— $340 $4 $229 $— $225 $4 
(1) Measured at fair value with impact on the statement of income for the application of the fair value option. (See Note 2 – Summary of significant accounting policies – Fair value option applied to certain financial instruments).
(2) As of September 30, 2025 and December 31, 2024, includes $289 million and $283 million, respectively, of money market funds from securitization transactions. (See Note 4 – Cash, cash equivalents, restricted cash and cash equivalents and investments).
(3) As of September 30, 2025 and December 31, 2024, includes $8 million and $12 million, respectively, of investments from securitization transactions. (See Note 4 – Cash, cash equivalents, restricted cash and cash equivalents and investments).
The Company’s assets and liabilities measured and recorded at fair value on a recurring basis were valued using i) Level 1 inputs: unadjusted quoted prices in active markets (Level 1 instrument valuations are obtained from observable inputs that reflect quoted prices (unadjusted) for identical assets in active markets); ii) Level 2 inputs: obtained from readily-available pricing sources for comparable instruments as well as instruments with inactive markets at the measurement date; and iii) Level 3 inputs: valuations based on unobservable inputs reflecting Company’s assumptions. The unobservable inputs of the fair value of contingent considerations classified as Level 3 refer to the amounts to be paid according to the agreement of an acquisition, the likelihood of achievement of the targets included in that arrangement (expected to be 100%), and the Company’s historical experience with similar arrangements. Reasonable variation on those unobservable inputs would not significantly change the fair value of those instruments. As of September 30, 2025 and December 31, 2024, the Company had not changed the methodology nor the assumptions used to estimate the fair value of the financial instruments.
There were no transfers to and from Levels 1, 2 and 3 during the nine-month period ended September 30, 2025, nor during the year ended December 31, 2024.
The Company’s election of the fair value option applies to: i) foreign government debt securities, ii) U.S. government debt securities and iii) Meli Dólar liability. The Company recognized fair value changes of foreign and U.S. government debt securities, which include the related interest income of those instruments, in net service revenues and financial income if it is related to Mercado Pago’s operations or in interest income and other financial gains if not. Such fair value changes and interest income amount to gains of $381 million and $120 million, and $224 million and $83 million in net service revenues and financial income for the nine and three-month periods ended September 30, 2025 and 2024, respectively, and $64 million and $22 million, and $40 million and $18 million in interest income and other financial gains for the nine and three-month periods ended September 30, 2025 and 2024, respectively. The Meli Dólar liability has not presented changes in its fair value for the nine-month periods ended September 30, 2025 and 2024.
As of September 30, 2025 and December 31, 2024, the cost of the Company’s investment in corporate debt securities classified as available for sale amounted to $288 million and $259 million, respectively, and the estimated fair value amounted to $293 million and $262 million, respectively. The cost of these securities is determined under a specific identification basis. As of September 30, 2025 and December 31, 2024 the gross unrealized gains accumulated amounted to $5 million and $3 million, respectively. For the nine and three-month periods ended September 30, 2025 and 2024, the proceeds from sales of corporate debt securities amounted to $43 million, $6 million and $12 million and $9 million, respectively.
The following table summarizes the net carrying amount of the corporate debt securities classified as available for sale, classified by its contractual maturities:
September 30, 2025December 31, 2024
(In millions)
One year or less$65 $87 
One year to two years46 45 
Two years to three years76 21 
Three years to four years85 63 
Four years to five years21 46 
Total available for sale investments$293 $262 
The following table summarizes the net carrying amount of the debt securities not classified as available for sale (U.S. and foreign government debt securities), classified by its contractual maturities or Management’s expectation to convert the investments into cash:
September 30, 2025December 31, 2024
(In millions)
One year or less$3,338 $4,711 
One year to two years361 475 
Two years to three years115 152 
Three years to four years377 231 
Four years to five years85 104 
More than five years98 1 
Total debt securities not classified as available for sale
$4,374 $5,674 
Financial assets and liabilities not measured and recorded at fair value
The following table summarizes the estimated fair value of the financial assets and liabilities of the Company not measured at fair value as of September 30, 2025 and December 31, 2024:
Balances as of
September 30, 2025		Estimated fair value as of
September 30, 2025		Balances as of
December 31, 2024		Estimated fair value as of
December 31, 2024
(In millions)
Cash and cash equivalents$1,898 $1,898 $2,059 $2,059 
Restricted cash and cash equivalents6,258 6,258 1,298 1,298 
Investments316 316 160 160 
Accounts receivables, net298 298 255 255 
Credit card receivables and other means of payment, net6,648 6,648 5,288 5,288 
Loans receivable, net8,192 8,054 4,895 4,840 
Other assets201 201 114 114 
Total Assets$23,811 $23,673 $14,069 $14,014 
Accounts payable and accrued expenses$4,053 $4,053 $3,196 $3,196 
Funds payable to customers10,567 10,567 6,954 6,954 
Amounts payable due to credit and debit card transactions3,059 3,059 1,964 1,964 
Salaries and social security payable689 689 564 564 
Loans payable and other financial liabilities7,728 7,687 5,593 5,499 
Other liabilities4 4 356 356 
Total Liabilities$26,100 $26,059 $18,627 $18,533 
As of September 30, 2025 and December 31, 2024, the carrying value of the Company’s financial assets with determinable fair value (except for loans receivable) not measured at fair value approximated their fair value mainly because of their short-term maturity or because the effective interest rates are not materially different from market interest rates. If these financial assets were measured at fair value in the financial statements, cash and cash equivalents and restricted cash and cash equivalents would be classified as Level 1 (where cost and fair value are aligned) and the remaining financial assets would be classified as Level 2. The estimated fair value of the loans receivable would be classified as Level 3 based on the Company’s assumptions.
As of September 30, 2025 and December 31, 2024, the carrying value of the Company’s financial liabilities (except for the 3.125% Notes due 2031 (the “2031 Notes”) and the 2.375% Sustainability Senior Notes Due 2026 (the "2026 Notes") as of December 31, 2024) not measured at fair value approximated their fair value mainly because of their short-term maturity or because the effective interest rates are not materially different from market interest rates. If these financial liabilities were measured at fair value in the financial statements, these would be classified as Level 2. As of September 30, 2025 and December 31, 2024, the estimated fair value of the 2031 Notes would be $496 million and $475 million, respectively, which is based on Level 2 inputs. As of December 31, 2024, the estimated fair value of the 2026 Notes would have been $351 million, which is based on Level 2 inputs.