MercadoLibre Reports Q3 2026 Results: Net Revenue Up 45% to $10.75B, Net Income Rises to $448M

Executive Summary

MercadoLibre, Inc. reported its third quarter 2026 financial results via Form 8-K on November 4, 2026. The company generated strong top-line momentum, led by market share expansion across Brazil, Mexico, and Argentina, while operating profitability experienced temporary compression due to strategic investments in shipping infrastructure, capacity expansion, and affiliate marketing.

Key Financial Highlights

• Net Revenues & Financial Income: $10,750 million, up 45.1% YoY (+40.8% FX-neutral) from $7,409 million in Q3 2025.
  • Commerce revenue grew 47% YoY (41% FX-neutral).
  • Fintech revenue grew 42% YoY (40% FX-neutral).
• Gross Profit: $4,384 million, up 36.6% YoY, representing a gross margin of 40.8% (compressed due to lower free shipping thresholds and transportation cost headwinds).
• Income from Operations: $676 million, down 6.5% YoY compared to $724 million in Q3 2025; operating margin stood at 6.3% (down 40 bps QoQ).
• Net Income: $448 million, an increase of 6.4% YoY compared to $421 million in Q3 2025, supported by lower foreign currency losses ($72M vs. $102M in Q3 2025) and lower effective tax expenses.
• Diluted EPS: $8.83 compared to $8.32 in Q3 2025.
• Adjusted EBITDA: $982 million versus $933 million in the prior-year period.

Key Operational Metrics

• Total Payment Volume (TPV): $108,801 million ($108.8B), up 52.8% YoY (+51% FX-neutral).
• Acquiring TPV: $68,279 million, up 43.1% YoY (+40% FX-neutral).
• Gross Merchandise Volume (GMV): $22,818 million ($22.8B), up 37.9% YoY (+33% FX-neutral).
• Number of Items Sold: 867 million, up 36.5% YoY.
• Fintech Monthly Active Users (MAUs): 93 million, up 29.2% YoY from 72 million in Q3 2025.
• Credit Portfolio: Reached ~$18 billion, up 62% YoY; NIMAL stood at 20.1% with 15–90 day NPLs stable at 7.0%.

Balance Sheet & Cash Flow Position

• Cash, Cash Equivalents & Restricted Cash: $18,721 million at September 30, 2026, compared to $13,537 million at December 31, 2025.
• Operating Cash Flow: $8,687 million for the nine months ended September 30, 2026.
• Net Debt: $8,028 million as of September 30, 2026, compared to $4,682 million as of December 31, 2025.
• Capital Expenditures: $503 million in Q3 2026 ($1,215 million for 9M 2026).