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Mercado Libre MELI Argentina — Direct Contribution

Other segment segments

Brazil
$389M-28.2%
Mexico
$344M+58.5%
Other Countries
$64M+42.2%

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Other financials

Income statement

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Revenue$8.8B+49.0%
Gross profit$3.9B+39.4%
Operating income$611.0M-19.9%
Net income$417.0M-15.6%
EPS (diluted)$8.23-15.5%

Balance sheet

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Cash & equivalents$15.1B+237%
Total debt$12.5B+59.0%
Total equity$7.3B+45.5%
Total assets$46.9B+69.5%

Cash flow

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Operating cash flow$2.1B+101%
CapEx$271.0M-0.4%
Free cash flow$1.8B+138%

Valuation

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Market cap$96.26B-20.7%
Enterprise value$93.59B-24.3%
P/E50.1×-9.0×
P/S3×-2.0×

Profitability

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Gross margin43.9%-2.3pp
Operating margin9.6%-3.2pp
Net margin6%-3.2pp
FCF margin37.2%+8.3pp

Returns & leverage

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Return on equity31.3%-17.8pp
Debt / equity1.7×+0.1×
Current ratio1.2×0.0×

Where this comes from

Reported directly by Mercado Libre in its filing.

Tagged under the XBRL concept meli:DirectContribution.

The source filing: Mercado Libre’s 10-Q, filed May 8, 2026.

Filed
May 8, 2026, 4:03 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001099590-26-000017
Line itemBrazilMexicoArgentinaOther CountriesTotal
Local operating expenses(4,278)(1,546)(1,065)(320)(7,209)
Depreciation and amortization(107)(86)(26)(13)(232)
Total segment costs(4,385)(1,632)(1,091)(333)(7,441)
Direct contribution389344607641,404
Operating expenses and indirect costs of net revenues and financial expenses(793)
Income from operations611
Other income (expenses):
Interest income and other financial gains, net27

ITEM 1 — UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [1](#i84f3433ca70e43aba43b2c42eb8a2df8_16)

FAQ

What is Mercado Libre's argentina — direct contribution?
Mercado Libre (MELI) reported argentina — direct contribution of $607M in Q1 2026.
How has Mercado Libre's argentina — direct contribution changed year-over-year?
Mercado Libre's argentina — direct contribution decreased by 6.3% year-over-year, from $648M to $607M.
What is the long-term trend for Mercado Libre's argentina — direct contribution?
Over 4 years (2021 to 2025), Mercado Libre's argentina — direct contribution has grown at a 46.9% compound annual growth rate (CAGR), from $533M to $2.48B.
What does argentina — direct contribution mean?
This metric measures the profitability of the segment by subtracting direct costs and expenses from the total revenues generated in that region. It serves as a primary indicator of the segment's ability to generate value before the allocation of corporate-level overhead. This is a key performance indicator for evaluating the standalone economic viability of a specific geographic market.

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