Mercadolibre (MELI) Gross Margin (2009 - 2026)
Mercadolibre (MELI) recorded quarterly Gross Margin of 43.66% in Q1 2026, up 1.07% quarter-over-quarter from 43.2% in Q4 2025, and down 303.0% on a YoY basis from 21.51% in Q1 2025.
Mercadolibre (MELI) Gross Margin (2009 - 2026) Analysis & Trends
Mercadolibre's Gross Margin history runs 18 years deep, the most recent figure standing at 43.66% for Q1 2026.
- In Q1 2026, Gross Margin fell 303.0% year-over-year to 43.66%; the TTM figure through Mar 2026 stood at 43.86% (down 227.0% YoY), while the FY2025 annual figure was 44.5%, down 159.0% from the prior year.
- Gross Margin was 43.66% for Q1 2026 at Mercadolibre, up from 43.2% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 53.35% in Q3 2023 to a low of 43.2% in Q4 2025.
- Historically, Gross Margin has averaged 47.32% across 5 years, with a median of 46.69% in 2025.
- The sharpest annual moves came in 2022 and 2024: Gross Margin soared 852 bps in 2022, then slumped 743 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 48.57% in 2022, then declined by 4 bps to 46.5% in 2023, then slipped by 2 bps to 45.37% in 2024, then retreated by 5 bps to 43.2% in 2025, then gained by 1 bps to 43.66% in 2026.
- The last three Gross Margin figures came in at 43.66% (Q1 2026), 43.2% (Q4 2025), and 43.31% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,551.03 Bn | 2,407.94 Bn | 171.21 Bn | 94.32% |
| 2 | Mercadolibre | 82.72 Bn | 77.07 Bn | 3.86 Bn | 43.66% |
| 3 | DoorDash | 72.09 Bn | 67.22 Bn | 2.04 Bn | 50.64% |
| 4 | PDD Holdings | 62.92 Bn | 38.25 Bn | 12.81 Bn | 72.28% |
| 5 | Ebay | 48.30 Bn | 44.44 Bn | 2.29 Bn | 74.04% |
| 6 | Coupang | 34.44 Bn | 34.35 Bn | 2.30 Bn | 27.01% |
| 7 | Zkh | 14.36 Bn | 14.36 Bn | 285.30 Mn | 93.10% |
| 8 | Wayfair | 10.72 Bn | 9.65 Bn | 880.00 Mn | 30.02% |
| 9 | Maplebear | 10.27 Bn | 9.58 Bn | 738.00 Mn | 72.42% |
| 10 | Chewy | 7.37 Bn | 6.85 Bn | 1.01 Bn | 30.13% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 43.66% |
| Dec 31, 2025 | 43.20% |
| Sep 30, 2025 | 43.31% |
| Jun 30, 2025 | 45.57% |
| Mar 31, 2025 | 46.69% |
| Dec 31, 2024 | 45.37% |
| Sep 30, 2024 | 45.91% |
| Jun 30, 2024 | 46.62% |
| Mar 31, 2024 | 46.71% |
| Dec 31, 2023 | 46.50% |
| Sep 30, 2023 | 53.35% |
| Jun 30, 2023 | 51.07% |
| Mar 31, 2023 | 50.66% |
| Dec 31, 2022 | 48.57% |
| Sep 30, 2022 | 50.11% |
| Jun 30, 2022 | 49.44% |
| Mar 31, 2022 | 47.73% |
| Dec 31, 2021 | 40.05% |
| Sep 30, 2021 | 43.43% |
| Jun 30, 2021 | 44.27% |