Companies · MELI
MercadoLibre
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Latest analysis
Updated Nov 5, 2026
MercadoLibre Q3 2026: Revenue Surges 45% YoY to $10.75B but Operating Margin Contracts 350bps as Credit Losses and Logistics Costs Accelerate
MercadoLibre delivered $10.75 billion in Q3 2026 net revenues and financial income, up 45.1% year-over-year, driven by 38% GMV growth and 53% TPV growth, but operating income margin contracted from 9.8% to 6.3% as provision for doubtful accounts grew 64.6% and shipping costs surged. The credit portfolio expansion — with originations up 70% in Q3 — is the dominant strategic bet and the dominant margin risk simultaneously, with NIMAL compressing from 21.0% to 20.1% quarter-over-quarter. Nine-month Adjusted EBITDA of $2.81 billion is running below the prior-year $2.89 billion, signaling that the revenue growth engine is not yet translating to earnings growth.
Tone: mixedRevenue
$28.9B
MELI 10-K · FY 2025
Employees
123,670
Revenue FY2024
$20.8B
Founded
1999
Profile
MELI 10-K Item 1 · Feb 25, 2026MercadoLibre is the leading online commerce and fintech ecosystem in Latin America, operating an e-commerce marketplace across 18 countries and a digital financial services platform (Mercado Pago) across 8 countries. The company offers an integrated suite of services including marketplace, logistics, advertising, payments, lending, asset management, and insurance. Its scale and ecosystem depth give it a compounding advantage in a region where e-commerce and digital finance penetration still significantly lags developed markets.
Read filing description ↓ Collapse description ↑
MercadoLibre, Inc. is the leading online commerce and fintech ecosystem in Latin America. Our e-commerce platform is the leader in the region based on gross merchandise volume ('GMV'), and our fintech platform is the leader in monthly active users ('MAUs') among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil. Mercado Libre's e-commerce platform is present in 18 countries and our fintech platform, Mercado Pago, is present in 8 countries. Our ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online, and the processing of payments online and offline, as well as offering a wide array of simple day-to-day financial services. We offer our users an ecosystem of integrated e-commerce and digital financial services, which includes: the Mercado Libre Marketplace, the Mercado Pago fintech platform, the Mercado Envios logistics service, the Mercado Ads solution and the Mercado Libre Classifieds service. Our e-commerce platform provides buyers and sellers with a robust and safe environment that fosters the development of a large e-commerce community in Latin America, a region with a population of over 650 million people where penetration of e-commerce over total retail significantly lags benchmarks such as the United States of America, the United Kingdom and China. We believe that we offer world-class technological and commercial solutions that address the distinctive cultural and geographic challenges of operating a digital commerce platform in Latin America.
Primary products
- Mercado Libre Marketplace
- Mercado Pago
- Mercado Envios
- Mercado Ads
- Mercado Libre Classifieds
- Meli+ loyalty program
Business segments
End markets
Geographies
“Our e-commerce platform is the leader in the region based on gross merchandise volume ('GMV'), and our fintech platform is the leader in monthly active users ('MAUs') among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues and financial income grew from $20,777 million in 2024 to $28,893 million in 2025, driven by strong growth across both commerce and fintech segments in all major geographies.
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