MercadoLibre Q3 2026 earnings review

Revenues rose 45.1%, but EPS of $8.83 missed consensus as margins fell.

MercadoLibre · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

MercadoLibre Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · MercadoLibre (MELI) Q3 2026 earnings review

Revenues rose 45.1%, but EPS of $8.83 missed consensus as margins fell

  1. 1.Revenues of $10,750M were 0.6% above the MarketBeat consensus
  2. 2.Diluted EPS of $8.83 missed consensus by $0.44
  3. 3.Operating margin fell 348 bps to 6.3% on shipping and marketing costs
  4. 4.TPV rose 52.8% and GMV rose 37.9% in US dollars
  5. 5.The company gave no numeric guidance for Q4 2026
  6. 6.Shares were $1,606.47 after-hours on Nov 4, 7.7% below the close

Note: GMV is gross merchandise volume; TPV is total payment volume. After-hours price is not a close.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; MarketBeat and Seeking Alpha consensus, Nov 4, 2026; Yahoo Finance prices, Nov 3–4, 2026

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2 · Executive summary

Q3 EPS missed consensus by 4.7%, while revenues beat by 0.6%

Q3 2026 results vs. consensus (MarketBeat and Seeking Alpha, Nov 4, 2026)

MetricActualConsensusVarianceResult
Diluted EPS (MarketBeat)$8.83$9.27-$0.44 / -4.7%Miss
Diluted EPS (Seeking Alpha)$8.83$9.27-$0.44 / -4.7%Miss
Revenues (MarketBeat)$10,750M$10,690M+$60M / +0.6%Beat
Revenues (Seeking Alpha)$10,750M$10,710M+$40M / +0.4%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

MercadoLibre (MELI)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours change
MELI ($)$1,662.16$1,739.88$1,606.47-7.7%

After-hours price at 4:32 PM ET Nov 4, not a close; change is vs. the Nov 4 close.

Note: EPS is GAAP diluted EPS; MercadoLibre does not report adjusted EPS. Revenues are net revenues and financial income.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; MarketBeat and Seeking Alpha, Nov 4, 2026; Yahoo Finance prices

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3 · Q3 results vs. consensus

No numeric guidance was given, and operating margin fell 40 bps from Q2

Operating margin change, Q2 2026 to Q3 2026 (company letter)

DriverEffect, bpsDetail
Net shipping-60Free shipping, energy, new capacity
Sales and marketing-40Affiliate marketing in Brazil
Other items, net+60Derived: total less the two drivers
Total change-40Other items offset

Q3 2026 growth rates

MetricUSDFX-neutral
Revenues45%41%
Commerce revenues47%41%
Fintech revenues42%40%

Note: FX is foreign exchange. The company gives no numeric guidance, so there is no guidance consensus to compare. Other items are derived as the total less the two named drivers.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026

4

4 · Outlook

Revenues rose 45.1% while income from operations fell 6.6%

  1. Lower tax and FX lossesNet income rose 6.4% as the tax rate fell to 25.5%.
  2. Adjusted EBITDAAdjusted EBITDA rose 5.3% to $982M.

Key figures

MetricQ3 2025Q3 2026YoY
Revenues$7.4B$10.8B45.1%
Income from operations$724M$676M(6.6%)
Net income$421M$448M6.4%
Diluted EPS$8.32$8.836.1%

Note: FX is foreign exchange; EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is net income before D&A, net financial items, FX and tax.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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5 · Q3 key financials

Brazil revenues rose 49.7%, but its contribution margin fell to 8.0%

Revenues and direct contribution by country

Q3 2026

SegmentRevenuesYoYDirect contributionMargin
Brazil$6,001M+50%$479M8.0%
Mexico$2,429M+47%$346M14.2%
Argentina$1,818M+26%$613M33.7%
Other countries$502M+63%$45M9.0%
Brazil margin was 11.8% a year ago“We are investing part of today’s margin to accelerate the shift of Latin America’s commerce and financial services online.” Letter to shareholders

Note: Margin is direct contribution divided by revenues.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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6 · Segment results

Brazil added $1,992M of the 45.1% revenue increase

Revenue bridge by country

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $7,409M$M · Brazil: $1,992M$M · Mexico: $778M$M · Argentina: $377M$M · Other: $194M$M · Q3 2026: $10,750MQ3 2025BrazilMexicoArgentinaOtherQ3 2026$6,000M$7,000M$8,000M$9,000M$10,000M$11,500M$7,409M$1,992M$778M$377M$194M$10,750M
Mexico added $778M

Note: Steps are each country’s change in revenues in US dollars.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

7

7 · Revenue bridge

8 · Revenues by country

Net income of $448M came after $72M of FX losses

Income from operations to net income

$M, Q3 2026

$M · Operating income: $676M$M · Net interest: -$3M$M · FX losses: -$72M$M · Income tax: -$153M$M · Net income: $448MOperatingincomeNet interestFX lossesIncome taxNet income$0M$250M$500M$800M$676M-$3M-$72M-$153M$448M
Income tax took $153M

Note: FX is foreign exchange. Net interest is interest income less interest expense and other financial losses.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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9 · Net income bridge

10 · Margin analysis

11 · Operating expenses

12 · Fintech metrics

13 · Commerce metrics

14 · Balance sheet and debt

Adjusted free cash flow was $285M in Q3, as credit growth used cash

Cash flow, nine months

$M, 9M 2026

Item9M 20259M 2026
Operating cash flow$6,907M$8,687M
Adjusted free cash flow$718M$443M
Change in loans receivable—($6,212M)
Capital expenditures—$1,215M
9M adjusted FCF fell 38.3%

Note: Adjusted FCF is operating cash flow less restricted fund changes, capex and net loan growth, plus fintech funding.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

15

15 · Cash flow

Margins depend on shipping costs, as operating margin fell to 6.3%

Indicator
What to watch
Implication
Latest reading
Shipping costs
Gross margin
Free shipping and new capacity
Gross margin 40.8%
Credit quality
Provisions
Card cohorts maturing
NPL 7.0%
FX moves
Reported growth
Argentina and Brazil currencies
FX losses $72M
Marketing spend
Operating margin
Affiliate program in Brazil
S&M 11.6% of revenues

Note: FX is foreign exchange. These are analytical watch points, not company targets.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

16

16 · Key risks

Appendix: nine months 2026 detail

ClaimEvidenceCalculation
Revenues rose47.8% to $29.8BStatements of income
Net income$1,331M vs. $1,438MStatements of income
Diluted EPS fell7.5% to $26.25Statements of income
Operating cash flow rose25.8%Statements of cash flows
Fintech funding, net$2,719MAdjusted FCF reconciliation
Q3 adjusted FCF to net income64%Adjusted FCF over net income

FCF is free cash flow. Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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17 · Appendix: Nine months 2026

Appendix: country and margin detail

ClaimEvidenceCalculation
Mexico revenues rose47.1%Reporting segments
Mexico contribution margin18.5% to 14.2%Contribution over revenues
Argentina contribution margin39.7% to 33.7%Contribution over revenues
Adjusted EBITDA margin12.6% to 9.1%EBITDA over revenues
Net margin5.7% to 4.2%Net income over revenues
Effective tax rate33.8% to 25.5%Tax over EBT

EBT is earnings before taxes; EBITDA is earnings before interest, taxes, depreciation and amortization. Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

18

18 · Appendix: Country detail

Appendix: income statement detail

Income statement

$ millionQ3 2025Q3 2026
Revenues$7,409M$10,750M
Cost of revenues$4,200M$6,366M
Gross profit$3,209M$4,384M
Income from operations$724M$676M

Below operating income

$ millionQ3 2025Q3 2026
Net financial items$49M / ($35M)$55M / ($58M)
Foreign currency losses($102M)($72M)
Income tax expense($215M)($153M)
Net income$421M$448M

Note: Net financial items show interest income, then interest expense and other financial losses.Source: MercadoLibre Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: MercadoLibre Form 8-K, Nov 4, 2026 (accepted 4:01 PM ET) — https://www.sec.gov/Archives/edgar/data/1099590/000109959026000027/0001099590-26-000027-index.htm
  • Exhibit 99.1, Q3 2026 letter to shareholders and financial statements — https://www.sec.gov/Archives/edgar/data/1099590/000109959026000027/meli-20260930xex991.htm
  • Press release: Business Wire, Nov 4, 2026 — https://www.businesswire.com/news/home/20261104157063/en/
  • Consensus: MarketBeat, EPS $9.27 and revenue $10.69B — https://www.marketbeat.com/earnings/reports/2026-11-4-mercadolibre-inc-stock/
  • Consensus: Seeking Alpha, EPS miss of $0.44 and revenue beat of $40M — https://seekingalpha.com/news/4665544-mercadolibre-gaap-eps-of-8_83-misses-by-0_44-revenue-of-10_75b-beats-by-40m
  • Share price: Yahoo Finance MELI, Nov 3 and Nov 4 closes; Nov 4 after-hours at 4:32 PM ET, not a close — https://finance.yahoo.com/quote/MELI/
  • Release timing: Form 8-K accepted by the SEC at 4:01 PM ET, Nov 4, 2026, after the US close.
  • MercadoLibre gave no numeric guidance, so the deck has no guidance consensus comparison.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from MercadoLibre's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (MarketBeat, Seeking Alpha) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are US GAAP for the quarters ended September 30, 2026 and 2025, in US dollars, unless labelled non-GAAP or FX-neutral.

Forward-looking statements. Consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, net debt, FX-neutral growth and adjusted free cash flow follow MercadoLibre's own definitions and are reconciled in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by MercadoLibre, Inc. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 4, 2026, including after-hours trading.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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