MercadoLibre

MercadoLibre runs the largest e-commerce and fintech business in Latin America. Mercado Libre is its online marketplace, with its own delivery network, Mercado Envios, and an advertising business. Mercado Pago gives payments, digital accounts, credit cards, loans, investments and insurance.

Its largest markets are Brazil, Mexico and Argentina. In Q3 2026, net revenues and financial income were $10.75 billion, gross merchandise volume was $22.8 billion and total payment volume was $109 billion. The company is incorporated in Delaware, its shares trade on Nasdaq and it reports in US dollars.

The market prices MercadoLibre for lower margins while it invests to grow. In Q3 2026, net revenues and financial income grew 45%, or 41% on an FX-neutral basis, but income from operations fell 6%, and the operating margin fell to 6.3%, from 6.7% in Q2 2026 and 12.2% in Q2 2025. The company lowered the free shipping threshold in Brazil, issues many new credit cards that lose money at first, adds fulfillment capacity ahead of peak season and spends on marketing, 1P sales, cross-border trade and the MELI+ program. The credit portfolio grew 62% to almost $18 billion.

Brazil, its largest market, also had a sharp fall in stocks and in the real on October 26, 2026, after the presidential runoff, according to press reports, and a weaker real lowers profit in US dollars. For the gap to close, three things must be true. Revenue must keep growing quickly, while the operating margin stops falling and starts to recover in 2027. The credit card cohorts must mature and the credit card NIMAL must keep rising from -2.5% in Q2 2026; the company said that it improved in Q3 2026.

Engagement must keep rising, so that the investments in shipping and credit pay back. The Q4 2026 report, expected in February 2027, gives the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is that the company keeps margins low for longer, or that a weak economy in Brazil, Mexico or Argentina raises credit losses.

1. Nov 4, 2026Failed

   Q3 2026 results: growth and marginRevenue growth above 35% on an FX-neutral basis with an operating margin at or above the 6.7% of Q2 2026 passes; a lower margin with slower growth fails.Outcome: Revenue grew 41% on an FX-neutral basis, but the operating margin fell to 6.3%, below the 6.7% of Q2 2026.
2. Feb 4, 2027 · est.Pending

   Q4 2026 results: margin recoveryAn operating margin above the 6.7% of Q2 2026 and a better credit card NIMAL pass; a further fall in margin fails.

Every passed and failed checkpoint across all picks

• November 4, 2026MercadoLibre reported Q3 2026 results. Net revenues and financial income rose 45% to $10.75 billion, or 41% on an FX-neutral basis. Income from operations fell 6% to $676 million, a 6.3% margin, because of more free shipping, new fulfillment capacity and more marketing in Brazil. Net income rose 6% to $448 million. The credit portfolio grew 62% to almost $18 billion. The company also said that Netflix will join its connected TV advertising offer from early 2027.
• September 14, 2026MercadoLibre closed the sale of $1.0 billion of 5.850% notes due 2036.
• August 5, 2026MercadoLibre reported Q2 2026 results. Net revenues and financial income rose 50% to $10.2 billion, the fastest growth in four years. Income from operations fell 17% to $683 million, a 6.7% margin, and net income fell 11% to $466 million. GMV rose 36% and TPV rose 56% on an FX-neutral basis. The credit portfolio grew 75% to more than $16 billion.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · meli-20260930
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KOther company newsFiled September 14, 2026 · Read it on sec.gov
• 8-KNew material agreement and Investor disclosureFiled September 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · meli-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 12, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 8, 2026 · meli-20260331
• 8-KEarnings releaseFiled May 7, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled April 3, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1099590)

• Margins. The operating margin fell to 6.7% in Q2 2026 from 12.2% a year earlier, and to 6.3% in Q3 2026, because of shipping, credit card and other growth investments. If these investments do not pay back, profit can stay low for a long time.
• Credit risk. The credit portfolio grew 62% in a year to almost $18 billion in Q3 2026, and new credit card cohorts lose money at first. The 15 to 90 day non-performing loan ratio was 7.0% in Q3 2026. A weaker economy in Brazil, Mexico or Argentina can raise provisions quickly.
• Currency and country risk. Most revenue is in Brazilian reais, Mexican pesos and Argentine pesos. After the October 25, 2026 presidential runoff, the real fell sharply, according to press reports. Weaker currencies lower revenue and profit in US dollars.
• Competition. Large global e-commerce and payments companies compete in all of its markets. More competition can force the company to spend more on shipping, prices and marketing.

MercadoLibre funds its credit book with deposits held by Mercado Pago, securitizations, bank loans and corporate notes. Debt here includes loans payable, other financial liabilities and $2.96 billion of operating lease liabilities, and cash includes short-term and long-term investments, as the company defines net debt. Read more

MercadoLibre does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.