Key Partners
- Third-party carriers — own and operate most of the last-mile vans (FACT, 10-K).
- MELI Places — thousands of partner stores for drop-off, pick-up and returns (FACT).
- Card brands and processors — Visa and Mastercard branded debit, prepaid and credit cards; banks and processors handle funding (FACT).
- Funders — card-receivable sales, securitizations, bank and credit lines, deposit certificates, notes; $800M revolver; $1B notes due 2036 (FACT).
- Content and ad partners — Disney+, Netflix, HBO Max, Apple TV+ in MELI+ Mega; HBO Max video ad inventory (FACT, letters).
Key Activities
- Operate the marketplace — mostly third-party sellers, with first-party (1P) in selected categories, under 10% of GMV (FACT).
- Run logistics — fulfillment centers, cross-docking, aircraft, trucks; network volume +41% in 2025 (FACT).
- Underwrite and fund credit — proprietary models using marketplace and payments data (FACT).
- Process payments — online, QR and point-of-sale devices; 1.4M active devices in Mexico (FACT).
- Sell ads and build AI tools — Mercado Ads, AI search, Seller Assistant, AI-written code (FACT).
Key Resources
- People — 123,670 employees, 20,347 in tech and product (FACT).
- Logistics — fulfillment centers, cross-docks, aircraft, China hub (FACT).
- Licences — regulated payment entities in Brazil, Mexico, Argentina, Chile (FACT).
- Data — purchase, payment and repayment history (FACT).
- Balance sheet — assets $51.4B (Jun 2026); capex $1.33B FY25 (FACT).
Value Propositions
- Free and fast — free shipping from R$19 in Brazil; Mexico fulfillment penetration nearly 80% (FACT).
- Wide choice — mostly third-party sellers plus 1P and cross-border (CBT GMV +60% FX-neutral in Q2 2026) (FACT).
- Money that works — yielding account, AUM $23B, credit cards and loans (FACT).
- Sell without a stack — marketplace, shipping, payments, ads and credit for sellers (FACT).
- More from the bundle — ecosystem users +70% GMV; MELI+ subscribers +72% YoY (FACT, company claims).
Customer Relationships
- MELI+ — subscriber growth accelerating, +72% YoY in Q2 2026 (FACT).
- Credit card — 2.6M new cards in Q2 2026; cardholders 2–3x more likely to stay ecosystemic (FACT).
- Yielding account — AUM per user $264 (+29%) in Q2 2026 (FACT).
- AI service — Seller Assistant, Mercado Pago AI Assistant, Mercado Ads AI Advisor on WhatsApp (FACT).
- Pre-approved credit — millions of users offered credit at checkout (FACT).
Channels
- Mobile apps and websites — Mercado Libre and Mercado Pago, distributed via Apple and Google app stores (FACT).
- Marketplace in 18 countries; Mercado Pago in 8 (FACT).
- Stores and devices — MELI Places; POS and QR acceptance, 1.4M active devices in Mexico (FACT).
- Events — Hot Sale, Cyber Day, Black Friday, Buen Fin (FACT).
- Off-platform ads — video and display inventory beyond the marketplace (FACT).
Customer Segments
- Shoppers — 121M unique active buyers in FY25; 89M in Q2 2026 (FACT).
- Fintech users — 88M monthly active users in Q2 2026 (FACT).
- Sellers and brands — active sellers +29% in Q2 2026; 1P and cross-border add supply (FACT).
- Merchants — acquiring, merchant credit above $2B at Q4 2025 (FACT).
- Advertisers — sellers and brands buying Mercado Ads; >10% share of LatAm digital ads (FACT).
Cost Structure
- Cost of revenue — $16.0B in FY25, 55.5% of revenue; shipping +$1.9B, goods +$1.2B, collection fees +$533M, funding +$523M (FACT).
- Provisions — $3.09B FY25 (+66%); $1.28B in Q2 2026 vs $690M (FACT).
- Sales and marketing — $3.22B FY25; $1.13B in Q2 2026 (FACT).
- Product and technology — $2.27B FY25, 7.9% of revenue; 7.2% in Q2 2026 (FACT).
- Capex — $1.33B in FY25, $712M in H1 2026, mostly fulfillment and IT (FACT).
Revenue Streams
- Commerce services — $12.75B in FY25: marketplace fees, shipping, ads, classifieds, MELI+ (FACT).
- Commerce product sales (1P) — $3.54B in FY25 (FACT).
- Financial services and income — $6.68B in FY25 (FACT).
- Credit revenues — $5.86B in FY25; $2.28B in Q2 2026 (FACT).
- Q2 2026 mix — Commerce $5.76B, Fintech $4.41B; both about +50% in USD (FACT).