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Edge3 Jan 2025
Mercado Libre: The Digital Backbone of Latin America
From shopping to logistics and fintech, Mercado Libre is shaping the digital transformation of Latin America.
MercadoLibre
MercadoLibre (MELI) investor relations material
MercadoLibre Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 net revenue and financial income reached $10.75B, up 45.1% YoY reported and 41% FX-neutral; net income was $448M versus $421M.
GMV rose 33% FX-neutral to $22.8B, TPV rose 51% to $108.8B, and the credit portfolio grew 62% to $17.9B.
Broad growth and stronger engagement accompanied deliberate shipping, marketing, credit and capacity investments that pressured margins; management prioritized long-term earnings power over a short-term margin target.
Financial highlights
Income from operations was $676M, down 4.0% FX-neutral; operating margin was 6.3%, down 40 bps QoQ and 350 bps YoY.
Gross profit was $4.384B, up 33.3% FX-neutral; gross margin was 40.8%, down 250 bps YoY.
Adjusted EBITDA was $982M versus $933M in Q3'25; net income was $448M versus $421M.
Q3 operating expenses rose to $3.71B from $2.49B; provision for doubtful accounts increased 64.6% to $1.34B.
Nine-month revenue and financial income grew 47.8% to $29.76B; net income was $1.33B versus $1.44B, and operating income was $1.97B versus $2.31B.
Outlook and guidance
No traditional earnings guidance; strategy prioritizes long-term execution and market growth over near-term earnings forecasts.
Part of Q3 logistics-capacity cost pressure is expected to ease in Q4 as new capacity fills; energy-cost pressure is expected to remain.
Capacity will continue to expand, though not necessarily at Q3's pace; facility unit economics improve as capacity fills. Near-term investment areas are expected to remain broadly similar.
Continued technology and logistics spending is anticipated; liquidity, operating cash generation and credit-card receivable sales are expected to fund operations, capex and obligations in the foreseeable future.
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Latest events from MercadoLibre
- 2023 scale and growth paired with rising profitability and record operating cash flow.MELI
Investor presentation - 2024 combined strong revenue growth with $1.3B in adjusted free cash flow.MELIInvestor presentation
- Commerce and fintech scale is converting growth into rising profitability.MELIInvestor presentation
- Revenue rose 50% to $10.2B as commerce and fintech growth met investment-driven margin pressure.MELIQ2 2026
- Ecosystem integration, logistics, and fintech expansion fuel robust growth and profitability.MELIGoldman Sachs Communacopia + Technology Conference 2024
- Aggressive investment in logistics, credit, and AI is fueling rapid growth and efficiency gains.MELIMoffettNathanson's Media, Internet & Communications Conference 2026
- Q2 2024 revenue up 42% to $5.1B, net income doubled, led by Brazil and Mexico growth.MELIQ2 2024
- Revenue up 35% YoY; strong growth offset by margin pressure from credit and logistics.MELIQ3 2024
- Q1 2025 saw 43% revenue growth, 44% higher net income, and record user expansion.MELIQ1 2025
Next MercadoLibre earnings date
Q4 202622 Feb, 2027
MercadoLibre
Next MercadoLibre earnings date
Q4 202622 Feb, 2027
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Frequently asked questions
The largest ecommerce marketplace in Latin America
MercadoLibre is the leading ecommerce player and one of the leading fintech businesses in Latin America. The company offers a suite of technology solutions across the complete value chains of ecommerce and fintech, including services such as an ecommerce marketplace, logistics, digital payments, digital advertising, and credits for both businesses and consumers.
Since the company's earliest days, it has been heavily concentrated on both ecommerce and fintech. MercadoLibre can therefore be considered the lovechild of Amazon, Alibaba, and Adyen.
Further reading: MercadoLibre and Marcos Galperin: From Inception to Triumph
Six different businesses
Today, MercadoLibre operates across roughly 20 countries and maintains a market leading position in each of the major countries in Latin America. The business can be broken down into six main segments:
MercadoLibre
The MercadoLibre marketplace is a fully automated commerce platform which enables MercadoLibre, third party merchants, and individuals to list merchandise and conduct sales online. The marketplace has been the core of the ecosystem since the company was founded, and still is today. Since MercadoLibre initially started off as an eBay replica, it had more similarities to eBay and Alibaba rather than Amazon; since the business model at first was focused towards providing a marketplace rather than first party sales and supply chain management.Mercado Pago
To complement the MercadoLibre Marketplace and enhance the user experience for both buyers and sellers, MercadoLibre developed Mercado Pago, an integrated digital payments solution. Mercado Pago is a full ecosystem of financial technology solutions, with presence both in the digital and physical world. It was launched in 2003, just four years after the mother company was founded. Under this business segment, MercadoLibre operates several different fintech solutions such as Point of Sale systems, credit solutions for both merchants and consumers, prepaid cards, digital wallets, and investment accounts.Mercado Envios
The Mercado Envios logistics solution enables sellers on the platform to utilize third-party carriers and other logistics service providers, while also providing them with fulfillment and warehousing services. The logistics services they offer are an integral part of the overall value proposition as they reduce friction between buyers and sellers, and allow MercadoLibre to have greater control over the full user experience.Mercado Ads
MercadoLibre’s advertising platform enables businesses to promote their products and services on the platform. Brands and merchants can display ads both on the ecommerce marketplace and through Mercado Pago.Mercado Shops
This business segment is similar to what Shopify does. The ‘Shops’ division enables users to set up their own online stores, with the benefit of having access to all the benefits MercadoLibre offers to help merchants. When opening an online store through Mercado Shops, all the payment solutions, logistics, shipping, fulfillment, and sales management provided by MercadoLibre become available.