MercadoLibre vs Nubank: Revenue, Profit and Business Model
MercadoLibre reported $28.9B of revenue in FY2025 and $2B of net income. Nubank reported $15.8B of revenue in FY2025 and $2.9B of net income.
Latest financial snapshot
MercadoLibre
- Latest revenue
- $28.9B (FY2025)
- Net income
- $2B
- Net margin
- 6.9%
- Revenue growth
- +48.1% a year, FY2016–FY2025
Nubank
- Latest revenue
- $15.8B (FY2025)
- Net income
- $2.9B
- Net margin
- 18.2%
- Revenue growth
- +71.9% a year, FY2019–FY2025
Financial summary
MercadoLibre
Revenue has compounded quickly: $10.8 billion in 2022, $15.1 billion in 2023, $20.8 billion in 2024 and $28.9 billion in 2025. Net income rose from $482 million in 2022 to about $2.0 billion in 2025, and 2025 operating cash flow was about $12.1 billion, boosted by fintech balances. Margins are now under pressure. In Q2 2026, revenue grew 50% to $10.2 billion, but operating income was $683 million (a 6.7% margin) and net income fell 11% to $466 million, or $9.19 per share. The drivers were credit-card expansion, free-shipping subsidies and first-party retail investment.
Nubank
Nubank turned its first annual profit in 2023 ($1.03 billion on $8.03 billion revenue) and has scaled fast since. Under IFRS it reported FY2024 revenue of $11.52 billion and net income of $1.97 billion, then FY2025 revenue of $15.77 billion and net income of $2.87 billion. Using its newer managerial P&L, it reported Q4 2025 revenue of $4.9 billion and net income of $895 million with a 33% ROE. In Q2 2026, gross revenue rose 39% to $5.88 billion and net income reached $1.061 billion, up 49% FX-neutral, with a record 33% return on equity.
Revenue and profit by year
MercadoLibre
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $28.9B | $2B | 6.9% | +39.1% | Source |
| FY2024 | $20.8B | $1.9B | 9.2% | +37.5% | Source |
| FY2023 | $15.1B | $987M | 6.5% | +40.1% | Source |
| FY2022 | $10.8B | $482M | 4.5% | +52.5% | Source |
| FY2021 | $7.1B | $83M | 1.2% | +77.9% | Source |
| FY2020 | $4B | -$1M | -0.0% | +73.1% | Source |
| FY2019 | $2.3B | -$172M | -7.5% | +59.5% | Source |
| FY2018 | $1.4B | -$36.6M | -2.5% | +18.3% | Source |
| FY2017 | $1.2B | $13.8M | 1.1% | +44.1% | Source |
| FY2016 | $844.4M | $136.4M | 16.1% | — | Source |
Nubank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.8B | $2.9B | 18.2% | +37.0% | Source |
| FY2024 | $11.5B | $2B | 17.1% | +43.4% | Source |
| FY2023 | $8B | $1B | 12.8% | +67.5% | Source |
| FY2022 | $4.8B | -$364.6M | -7.6% | +182.2% | Source |
| FY2021 | $1.7B | -$165M | -9.7% | +130.4% | Source |
| FY2020 | $737.1M | -$171.5M | -23.3% | +20.4% | Source |
| FY2019 | $612.1M | -$92.5M | -15.1% | — | Source |
Where the revenue comes from
MercadoLibre
No segment breakdown is published.
Nubank
- Interest And Financial IncomeMajor
Interest and gains from credit cards, loans, securities, and other financial instruments.
- Fee And Commission IncomeMaterial
Interchange, payment, account, insurance, investment, and marketplace-related fees.
- Deposit SpreadMaterial
Funding and yield economics from Nubank's large deposit base.
- Cross-Sell ProductsGrowth
Insurance, investments, secured lending, payroll lending, merchant products, and new geographies.
Business model and strategy
MercadoLibre
How it makes money
MercadoLibre makes money in two ways. Commerce (Mercado Libre) charges sellers commissions on marketplace sales, collects shipping and fulfillment fees through Mercado Envios, sells advertising through Mercado Ads, and runs some first-party retail.
Growth strategy
Growth is coming from three places. First, buyer frequency: unique active buyers rose 26% to 89.3 million in Q2 2026 after Brazil's free-shipping threshold was lowered. Second, fintech depth: Mercado Pago monthly active users grew 30% to 88 million, quarterly payment volume topped $100 billion, and the credit book reached $16.4 billion. Third, higher-margin add-ons such as Mercado Ads and the Meli+ subscription.
Competitive advantage
MercadoLibre's main edge is that commerce, payments, credit and logistics all sit inside one company. It runs its own fulfillment centers, delivery fleet and Meli Air cargo flights, so it controls delivery speed in markets where postal services are unreliable.
Nubank
How it makes money
Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits. Fee and commission income adds interchange on card spending, late fees, and commissions from insurance, investments and marketplace sales.
Growth strategy
Nubank is growing by deepening products for existing customers (secured and payroll loans, investments, insurance, small-business banking), scaling Mexico after its 2026 bank launch and Colombia, and entering the US through a sponsor bank while its national bank charter is finalized.
Competitive advantage
Nubank's edge is cost and scale. It runs without branches, reported a cost to serve below $1 per active customer per month and a record efficiency ratio of 19.9% in Q4 2025, and gains most new customers through referrals. Transaction and deposit data from more than 130 million customers feed its underwriting models, and that data advantage grows as more Brazilians use Nubank as their primary account.
Questions about MercadoLibre vs Nubank
Which company has higher revenue — MercadoLibre, Inc. or Nu Holdings Ltd.?
MercadoLibre, Inc. reported $28.9B (FY2025), while Nu Holdings Ltd. reported $15.8B (FY2025). By last reported revenue, MercadoLibre, Inc. is the larger business, with Nu Holdings Ltd. reporting a smaller revenue base.
What is the market cap of MercadoLibre, Inc. vs Nu Holdings Ltd.?
MercadoLibre, Inc.'s market capitalisation stands at $89.0B, while Nu Holdings Ltd.'s is $66.3B. MercadoLibre, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nu Holdings Ltd..
Which is more financially efficient — MercadoLibre, Inc. or Nu Holdings Ltd.?
MercadoLibre, Inc. generates $234k / employee in revenue per employee, while Nu Holdings Ltd. generates $1.57M / employee. Nu Holdings Ltd. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do MercadoLibre, Inc. and Nu Holdings Ltd. make money?
MercadoLibre, Inc. and Nu Holdings Ltd. generate revenue in fundamentally different ways. MercadoLibre, Inc.: MercadoLibre makes money in two ways. Nu Holdings Ltd.: Nubank earns revenue mainly from interest on credit card balances, personal loans, payroll and secured loans, and from yield on the securities it buys with customer deposits.
Which company is valued higher relative to revenue — MercadoLibre, Inc. or Nu Holdings Ltd.?
On a price-to-sales (P/S) basis, MercadoLibre, Inc. trades at 3.1x P/S and Nu Holdings Ltd. at 4.2x P/S. Nu Holdings Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to MercadoLibre, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is MercadoLibre, Inc. bigger than Nu Holdings Ltd.?
By last reported revenue, MercadoLibre, Inc. ($28.9B (FY2025)) is the larger company compared to Nu Holdings Ltd. ($15.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the MercadoLibre vs Nubank overview