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SEGMENTS (Tables)

9 Months Ended

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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