Mercado Libre's (MELI) net revenues and financial income for 2024 reached $20,777 million, representing a significant increase of 37.5% compared to 2023. This growth was driven by both the Commerce and Fintech segments, with Commerce contributing $12,159 million and Fintech contributing $8,618 million. The company's gross profit for 2024 was $9,577 million, reflecting a 26.2% increase from the prior year, supported by higher revenue growth and operational efficiencies.

Segment-wise, Brazil remained the largest contributor, accounting for 54.9% of total revenues, followed by Mexico (22.4%), Argentina (18.4%), and other countries (4.3%). Brazil's revenues grew by 45.8% year-over-year, driven by increased shipping services, first-party sales, and higher transaction volumes in Mercado Pago. Mexico and Argentina also showed strong growth of 51.9% and 7.5%, respectively, while other countries contributed a smaller but growing share.

Net income for 2024 was $1,911 million, a substantial increase from $987 million in 2023. This improvement was primarily due to higher operating income, which rose to $2,631 million from $2,207 million in 2023. The company's income from operations benefited from a 106.5% increase in operating income, reflecting strong revenue growth and cost management.

Operating expenses increased to $6,946 million in 2024, up from $5,383 million in 2023. The rise was driven by higher sales and marketing expenses, product and technology development costs, and provisions for doubtful accounts. Despite this, the operating margin improved due to robust revenue growth.

Cash flow from operating activities reached $7,918 million in 2024, a 54% increase from $5,140 million in 2023. This was primarily driven by a $924 million increase in net income, a $2,103 million rise in funds payable to customers, and higher payables and accrued expenses. However, net cash used in investing activities surged to $8,287 million, largely due to increased loans receivable and investments in property and equipment.

The Fintech segment demonstrated strong performance, with revenues growing to $8,618 million in 2024, up from $6,272 million in 2023. This growth was fueled by higher transaction volumes, increased adoption of Mercado Pago, and expansion in credit-related services. The segment's direct contribution margin was 23.7%, reflecting its profitability despite higher costs associated with credit card business growth and marketing expenses.

Adjusted free cash flow for 2024 was $1,315 million, slightly down from $1,389 million in 2023. This decline was due to higher investments in property and equipment and increased loans receivable. However, the company maintained strong liquidity, with a net increase in available cash and investments of $982 million.

Mercado Libre's Commerce segment generated $12,159 million in revenues in 2024, driven by strong growth in first-party sales and shipping services. The segment's direct contribution margin was 20.0%, reflecting its ability to scale operations efficiently while managing costs.

The company's total assets grew to $25,196 million as of December 31, 2024, up from $17,612 million in 2023. This increase was driven by higher cash and cash equivalents, restricted cash, and short-term investments, as well as growth in credit card receivables and other means of payments. Total liabilities also rose to $20,845 million, reflecting higher funds payable to customers and loans payable.

Mercado Libre's capital expenditures for 2024 amounted to $860 million, primarily focused on expanding its shipping network and enhancing IT infrastructure in key markets like Brazil, Mexico, and Argentina. This investment underscores the company's commitment to scaling its logistics and technology capabilities to support future growth.