MercadoLibre (MELI) Q2 2026 earnings summary

Executive summary

• Net revenues and financial income rose 50% YoY (43% FX-neutral) to $10.2B; net income was $466M as strategic investment and credit expansion weighed on margins.

• Commerce and fintech both grew strongly, with Brazil driving engagement; users active across both marketplace and fintech generated higher activity and contribution profit.

Financial highlights

• GMV reached $21.9B, up 44% YoY (36% FX-neutral); TPV was $101.0B, up 56%.

• Operating income was $683M at a 6.7% margin, down 550 bps YoY; net income was $466M at a 4.6% margin.

• Adjusted free cash flow was $214M after $441M of capex and $2.1B invested in credit-book growth.

Outlook and guidance

• Investment decisions remain disciplined and tied to engagement, growth and paths to profitability; investment intensity will adjust based on results.

• Mexico faces near-term pressure from tax reform, weaker macro conditions and lower World Cup-period consumption, while management remains optimistic about its long-term opportunity.

• Cross-border trade margins improved sequentially for several quarters; cost-lever work continues, with the initiative still early.