MercadoLibre (MELI) Q3 2026 earnings summary

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.