MELI · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

MercadoLibre

40 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Amazon Web Services

depends onnamed as a risk

Our ability to operate our business on a day-to-day basis largely depends on the efficient operation of our information technology infrastructure and our cloud providers, the largest of which are Amazon Web Services and Google Cloud Platform.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Google Cloud Platform

depends onnamed as a risk

Also named by CRWV, DDOG, DOCN, EXTR, FFIV, INTU, MDB, OSCR and 5 more

Local third-party carriers

depends onnamed as a risk

The unavailability of the services of local carriers in certain regions with high demand could negatively affect our ability to make shipping services available to our customers, which could in turn have a material adverse effect on our shipping service, operating results, and financial condition.Risk factors (Item 1A)

Partners and platforms

Apple App Store

depends on · commissions ranging from 15% to 30% of the transaction valuenamed as a risk

Our Mercado Libre and Mercado Pago mobile applications depend on distribution through third-party app stores operated by global mobile operating system providers, primarily Apple’s App Store and Google Play.Risk factors (Item 1A)

Also named by APP, COIN, DKNG, INTU, RBLX, SIRI, U, UBER and 2 more

Google Play

depends on · commissions ranging from 15% to 30% of the transaction valuenamed as a risk

Also named by UBER, XYZ

Mastercard

depends onnamed as a risk

We also offer Mercado Pago prepaid and debit cards in Brazil and Mexico, respectively (both under VISA brand), and prepaid cards in Argentina and Chile (both under MasterCard brand); and Mercado Pago credit cards in Brazil (under VISA brand), Mexico and Argentina (under MasterCard brand).Risk factors (Item 1A)

Also named by AXP, CASH, COF, CPAY, DDS, EEFT, FIS, FISV and 7 more

Visa

depends onnamed as a risk

Also named by AFRM, AXP, CASH, COF, EEFT, FIS, FISV, GPN and 6 more

Pix

depends on

Mercado Pago participates in regulated arrangements such as Pix (the Brazilian instant payments system), card network arrangements, and maintains its own payment arrangement, complying with the applicable reporting obligations (BACEN Resolution 150/2021).Business (Item 1)

Also named by MA

Other companies

Installment payments

19.0% and 20.3%named as a risk

In 2025 and 2024, installment payments represented 19.0% and 20.3%, respectively, of Mercado Pago’s total payment volume.Risk factors (Item 1A)

Loans receivable (lending solution)

insures or lends to · $9,365 millionnamed as a risk

As of December 31, 2025, loans receivable net of the allowance for doubtful accounts from our lending solution totaled $9,365 million.Market risk (Item 7A)

Securitization structured credit vehicles

depends onnamed as a risk

Additionally, our reliance on structured credit vehicles (special purpose entities used to securitize credit cards receivable or loans receivable) with a concentrated investor base exposes us to redemption, refinancing, and pricing risks; the loss or reduced participation of one or more key investors could constrain our funding capacity, increase our cost of capital, and require adjustments to our credit origination strategy.Risk factors (Item 1A)

Competitors

Asian e-commerce platforms

competes withnamed as a risk

In 2025, several new global and regional entrants, including rapidly expanding Asian e-commerce platforms, gained significant market share in Latin America through low-price strategies, direct-from-manufacturer supply chains and cross-border logistics models.Risk factors (Item 1A)

Amazon Mexico

competes withnamed as a risk

The authority identified potential concerns related to the operation of Buy Box algorithms and the integration of logistics services by Amazon Mexico and Mercado Libre, however, no corrective measures were imposed and the proceeding was closed.Risk factors (Item 1A)

Places

Mexico

concentrated in · 22.4% in Mexican Pesosnamed as a risk

For the year ended December 31, 2025, 52.6% of our net revenues and financial income was denominated in Brazilian Real, 22.4% in Mexican Pesos and 20.6% in Argentine Pesos.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Brazil

concentrated in · 52.6% of our net revenues and financial income was denominated in Brazilian Realnamed as a risk

For the year ended December 31, 2025, 52.6% of our net revenues and financial income was denominated in Brazilian Real, 22.4% in Mexican Pesos and 20.6% in Argentine Pesos.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Argentina

concentrated in · 20.6% in Argentine Pesosnamed as a risk

For the year ended December 31, 2025, 52.6% of our net revenues and financial income was denominated in Brazilian Real, 22.4% in Mexican Pesos and 20.6% in Argentine Pesos.Risk factors (Item 1A)

Also named by BALL, C, ECL, FISV, GMED, INGR, JNJ, KMB and 6 more

Brazil, Argentina and Mexico

concentrated in · 95.6% and 95.7% of our net revenues and financial income for 2025 and 2024named as a risk

Brazil, Argentina and Mexico, which together accounted for 95.6% and 95.7% of our net revenues and financial income for 2025 and 2024, respectively, have experienced volatility and significant devaluations in the past.Risk factors (Item 1A)

Commodities and inputs

Mexican Peso

exposed to its price · approximately $268 millionnamed as a risk

Considering a hypothetical increase (depreciation) of 10% of the Mexican peso against the U.S. dollar on December 31, 2025, the reported local currency net assets in our Mexican subsidiaries would have decreased by approximately $268 million with the related impact in Other Comprehensive Income.Market risk (Item 7A)

Also named by AYI, AZO, BAX, CCK, CDRE, CP, DCH, EZPW and 14 more

Brazilian Real

exposed to its price · approximately $407 millionnamed as a risk

Considering a hypothetical increase (depreciation) of 10% of the Brazilian Real against the U.S. dollar on December 31, 2025, the reported local currency net assets in our Brazilian subsidiaries would have decreased by approximately $407 million with the related impact in Other Comprehensive Income.Market risk (Item 7A)

Also named by AVY, CPAY, CTVA, ECHO, MOS, NFLX, RHI, SHW and 1 more

Argentine Peso

exposed to its price · $337 millionnamed as a risk

For the year ended December 31, 2025, we had a consolidated loss on foreign currency of $337 million mainly related to foreign exchange losses from our Argentine subsidiaries.Market risk (Item 7A)

Also named by AES, CTVA, DOW, FLS, NFLX, SHW

Digital assets (Bitcoin)

exposed to its pricenamed as a risk

We have used a portion of our cash reserve to purchase financial assets or other alternative reserve assets that are exposed to the value of digital assets and we may continue acquiring and holding them from time to time in the future.Risk factors (Item 1A)

Also named by GLXY, GPGI

Card association interchange fees

exposed to its pricenamed as a risk

Card processors have the right to pass on to us any increases in interchange fees or their own fees for processing.Risk factors (Item 1A)

Regulators

Brazilian Central Bank (BACEN)

subject to · 10.50%named as a risk

The rules required a gradual increase between 2023 and 2025 in the regulatory capital requirements applicable to our regulated Brazilian entities which from January 2025 onwards is 10.50%.Business (Item 1)

Comisión Nacional de Valores (CNV, Argentina)

subject to · $500 million

The maximum principal amount of the debt securities permitted to be outstanding at any one time under the program is $500 million (or its equivalent in other currencies and/or units of value or measure).Business (Item 1)

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

As a U.S-incorporated entity, MercadoLibre is subject to U.S. sanctions administered by the Office of Foreign Assets Control (“OFAC”).Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

Central Bank of Argentina (CBA)

subject tonamed as a risk

On June 17, 2025, we filed an application with the CBA to obtain a banking license in Argentina for a new entity to be incorporated, which will be controlled by the subsidiaries Meli Participaciones, S.L. and Marketplace Investments, LLC.Business (Item 1)

Also named by C

Comisión Nacional Antimonopolio (Mexico)

subject tonamed as a risk

In August 2025, the Mexican antitrust authority (Comisión Federal de Competencia Económica, now the Comisión Nacional Antimonopolio) concluded its proceeding regarding alleged barriers to competition in the e-commerce market in Mexico.Risk factors (Item 1A)

Bermuda Monetary Authority (BMA)

subject to

Therefore, on August 18, 2025, the BMA issued the corresponding Class M Digital Asset Business licenses, thus authorizing Meli ISAC Ltd. to issue, sell or redeem digital assets, and authorizing Meli ISA Ltd. to operate as a digital assets service vendor.Business (Item 1)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

Comisión Nacional Bancaria y de Valores (CNBV)

subject to

On September 11, 2024, MercadoLibre, S.A., de C.V., Institución de Fondos de Pago Electrónico submitted to the CNBV an authorization request to organize and operate as a multiple banking institution.Business (Item 1)

Comisión para el Mercado Financiero (CMF, Chile)

subject to

In November 2021, the Chilean Commission for the Financial Market (“CMF”) granted Mercado Pago, through its entities Mercado Pago Emisora S.A. and Mercado Pago Operadora S.A. (formerly known as MercadoPago S.A.), a prepaid card issuer license and payment card operator license, respectively.Business (Item 1)

Chile National Cybersecurity Agency (ANCI)

subject to

In December 2025, the ANCI published the entities that were classified as Operators of Vital Importance (“OIV”), and only Mercado Pago Operadora S.A. has been included in that list.Business (Item 1)

Colombian Financial Superintendence

subject to

In June 2023, MercadoPago S.A. Compañía de Financiamiento obtained a license issued by Colombian Financial Superintendence to operate as a financial institution in Colombia, enabling it to offer credits, digital accounts, investments and prepaid cards.Business (Item 1)

Central Bank of Uruguay (BCU)

subject to

In July 2023, MercadoPago Uruguay S.R.L. obtained the approval by the BCU to operate as an Electronic Money Issuing Institution (“IEDE”).Business (Item 1)

Laws and programs

OECD Pillar Two

subject to · minimum 15% effective tax ratenamed as a risk

The governments of Spain and Brazil passed laws adopting the framework in December 2024.Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

Brazil Law No. 14,690/2023 credit card interest cap

subject to · 100% of the original debt amount

For postpaid credit, since January 2, 2024, a cap has been in force for credit card revolving balances and invoice installment plans: interest and financial charges may not exceed 100% of the original debt amount, pursuant to Article 28 of Law No. 14,690/2023 and the CMN Resolution 5,112/2023, which details the calculation of the “original amount,” invoice disclosures, and balance portability.Business (Item 1)

Argentine exchange controls

subject tonamed as a risk

In recent years, extensive exchange controls implemented by the Argentine government have controlled and restricted the ability of companies and individuals to exchange Argentine Pesos for foreign currencies and their ability to remit foreign currency out of Argentina.Risk factors (Item 1A)

Brazilian tax reform (dual VAT)

subject tonamed as a risk

In addition, Brazil is currently undergoing a tax reform to replace several local taxes with a dual VAT system.Risk factors (Item 1A)

Argentina knowledge-based economy promotional regime

subject tonamed as a risk

Further, any changes to, suspension or revocation of, any tax incentive regimes or other tax benefits that we may receive, including tax benefits under the Argentina knowledge-based economy promotional regime and under the Brazilian social security contribution regime and ICMS (Imposto sobre Circulação de Mercadorias, Serviços de Transporte Interestadual, Intermunicipal e Comunicação) tax incentive benefits, could have a material adverse effect in our business, results of operation and financial position.Risk factors (Item 1A)

BACEN Joint Resolution 14/2025 and Resolution 517/2025

subject to

On November 3, 2025, the CMN and the BACEN issued Joint Resolution 14/2025 and the BACEN Resolution 517/2025, which overhaul the calculation of minimum paid-in capital and net equity required of authorized institutions, including PIs, Direct Credit Societies ("SCDs"), and Credit, Financing and Investment Societies ("SCFIs").Business (Item 1)

Mexico Fintech Law

subject to

In March 2018, Mexico enacted a new law that regulates both crowd-funders as well as providers of wallets and money transmittal services (the “Fintech Law”).Business (Item 1)