Mercadolibre (MELIN) Q3 2026 Earnings Report
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MX:MELIN Q3 2026 EPS Results
- Actual EPS
- MXN 164.03
- Consensus EPS
- MXN 172.01
- Beat/Miss
- Missed by -MXN 7.98
- One Year Ago EPS
- MXN 154.39
MX:MELIN Q3 2026 Revenue Results
- Actual Revenue
- MXN 199.48B
- Expected Revenue
- MXN 198.37B
- Beat/Miss
- Beat by +MXN 1.10B
- YoY Revenue Growth
- +45.09%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
MX:MELIN Upcoming Earnings
Mercadolibre's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:MELIN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported 41% FX-neutral growth in net revenue and financial income, robust commerce and fintech operating metrics, stable or improving credit quality, better logistics efficiency, expanding loyalty and social-commerce capabilities, and measurable benefits from AI investment. The principal negative was near-term operating-margin pressure from shipping capacity, energy costs and deliberate affiliate and other strategic investments. Management emphasized that these investments are producing stronger engagement, market-share gains and improving underlying economics.
Company Guidance
Management said investment areas will continue to be similar, with “no significant new areas of investment” in the short term and “no significant deviation” from recent levels; affiliate investment will continue and should contribute to margins “eventually,” while sales and marketing is expected to remain within the “11% to 12%” range. Shipping costs included roughly 60 basis points of pressure, with “40 basis points” in COGS and “20 basis points” in OpEx; part of the footprint-related pressure is expected “to come back in Q4,” while energy-cost pressure is expected “to remain.” Quick commerce has had no “steep change” in investments, with no “speed change or inflection point” in the investment mindset, and the business might be accretive to margins “not far from today.” Fulfillment capacity increased 20% quarter-on-quarter, will step up in Q4 and continue filling over time, while capacity will continue increasing every quarter, “maybe not at the pace” of Q3. In Brazil, the 5 days on, 2 days off schedule is not expected to create any “material cost impact,” and automation investment was tripled.
- Strong Broad-Based Revenue GrowthNet revenue and financial income increased 41% year-on-year on an FX-neutral basis, with growth broad-based across businesses and countries. Brazil delivered the fastest growth rate.
- Brazil Commerce MomentumBrazil commerce GMV grew 36% year-on-year, while users increased shopping frequency. Items per buyer grew 16% year-on-year in Q3 2026, remaining in double digits after fully lapping the prior free-shipping-threshold change.
- Fintech User and Portfolio ExpansionMonthly active users grew 29%, assets under management increased 67%, and the credit portfolio grew 62%. Fintech delivered another solid quarter with strong profitability.
- Stable Credit Quality Despite Tougher ConditionsThe 15-to-90-day NPL ratio was 7%, stable versus both the prior quarter and the year-ago period, despite a weaker credit environment in Brazil and Argentina. In Argentina, NPLs improved across all products to levels close to historical lows.
- Improving Logistics EfficiencyDespite higher capacity and energy costs, Brazil cost per shipment declined 5% year-on-year on an FX-neutral basis and 14% versus the period before the free-shipping-threshold reduction. In September, free shipments in the BRL 19 to BRL 79 range became variable-contribution positive for the first time.
- Fulfillment Capacity ExpansionFulfillment square meters increased almost 20% quarter-on-quarter ahead of peak season, reflecting strong momentum and confidence in future regional growth. Management said the capacity will step up in Q4 and continue filling over time, improving unit economics as it is utilized.
- Affiliate Commerce GrowthOrders through the affiliate channel in Brazil grew 240% year-on-year. The affiliate network expanded to more than 12 million members across the region, and management said sellers and brands are increasingly co-funding campaigns.
- Social Commerce and Discovery CapabilitiesManagement is building social-commerce capabilities through affiliates, live shopping, clips and videos. More than 40% of social-media users in Brazil reportedly identify finding products to buy as one of their main reasons for using those platforms.
- Ecosystem Engagement and Merchant ProgressManagement said engagement, buying frequency and new-buyer activity are improving, while Mercado Pago usage for saving, investing and payments is growing rapidly. Successful sellers and successful listings are growing at their fastest pace in many years, supported by rising demand and adjustments to merchant take rates and value propositions.
- Profitable Businesses Funding ReinvestmentAdvertising revenue grew 58% year-on-year, the credit portfolio grew 62%, and acquiring revenue grew 42%. Management said profitability from these businesses is being reinvested in other ecosystem initiatives under a long-term approach.
- Disciplined Investment FrameworkManagement said investment areas will remain broadly similar, with engagement targets and a path to profitability established for each initiative. Initiatives are pursued when performance is strong and may be reiterated or stopped when they do not perform.
- Argentina Free-Shipping ExpansionMercadoLibre expanded its free-shipping program in Argentina, primarily for Meli+ users. Management said the initiative increased the number of loyalty members.
- Quick-Commerce Pilot Without Incremental Infrastructure CommitmentThe Envios Agora quick-commerce pilot is using existing capabilities, including Flex, the marketplace, payments, Meli+ and a merchant-driver network. Shipments are being tested from sellers' doorsteps to buyers without committing to incremental infrastructure, and management said the business could become margin-accretive.
- Credit Growth With Risk DisciplineMercado Pago continued growing across most credit segments while exercising greater caution in higher-risk segments, particularly in Brazil. Management said it adjusts by product, risk cohort, credit-line size and duration, and prioritizes risk management over growth.
- Healthy Credit Card and Lending EconomicsCredit card performance was described as improving in Brazil, with strong unit economics in Mexico and Argentina. Merchant and consumer loans were described as healthy, and management said it is currently equally comfortable with merchant and consumer lending.
- Positive but Small Desenrola ImpactMercado Pago participated in Brazil's Desenrola program from the end of July through its conclusion and also joined Serasa's discount campaign. Management said the program had a positive impact in the quarter, although it was small relative to the approximately $19 billion credit portfolio.
- AI Investment Producing Operating BenefitsAI investment increased by $30 million quarter-on-quarter. Management reported improved engagement and NPS from the Mago fintech AI agent, incremental conversion and click-through rates from an LLM-enhanced search algorithm, greater customer-experience scale, and improved developer productivity.
- AI Costs More Than Offset by Revenue and ProductivityManagement said the cost of AI models used in search is more than compensated by incremental revenue. Product development expense scaled 70 basis points relative to the prior year despite approximately $100 million of incremental year-over-year spending on developers and AI.
- Agentic Shopping Now Live InternallyMercadoLibre's own agentic-shopping experience is available to a small portion of users in its three largest markets. Management described results as early but promising and said it is prioritizing an agentic experience inside MercadoLibre rather than currently providing inventory to external platforms.
- Loyalty Program ProgressLoyalty enrollment accelerated following improvements to the value proposition in Brazil and Argentina. Members receive benefits across commerce and fintech, including faster and free shipping, improved deposit remuneration, better loan rates and marketplace offers. Ecosystemic users were described as more engaged, buying more and bringing more funds to Mercado Pago.
- Acquiring Business Remains ProfitableThe acquiring business grew 42% year-on-year and continued to deliver healthy profit margins despite lower take rates as the business moved up market. Management said it was comfortable with the take-rate and margin trajectory in Argentina and across acquiring.
- Political Transition Did Not Alter StrategyManagement said Brazil's elections did not materially change MercadoLibre's future or strategic priorities. The company remains focused on structural opportunities in commerce and fintech and on building a resilient business.
- Logistics Workforce and Automation InitiativesMercadoLibre proactively shifted its Brazilian logistics operation to a five-days-on, two-days-off schedule before the legal change, with the same 44-hour workweek. Management expects the change to improve alignment with demand, reduce idle time and lower staff transportation and meal spending. Automation investment or automated fulfillment volume was tripled across Brazil and Mexico.
- MELI IR Assistant LaunchMercadoLibre launched the MELI IR Assistant, an AI tool on its Investor Relations website that provides real-time answers about financial results, operations and strategy based on public disclosures.
MX:MELIN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 206.21- | 204.67 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 172.01164.03 | 154.39 | 6.25% (+9.65) | |
| Aug 05, 2026 | 2026 (Q2) | 160.53170.53 | 191.31 | -10.86% (-20.78) | |
| May 07, 2026 | 2026 (Q1) | 157.76152.72 | 180.74 | -15.50% (-28.02) | |
| Feb 24, 2026 | 2025 (Q4) | 213.47204.67 | 233.81 | -12.46% (-29.13) | |
| Oct 29, 2025 | 2025 (Q3) | 169.23154.39 | 145.29 | 6.26% (+9.09) | |
| Aug 04, 2025 | 2025 (Q2) | 221.41191.31 | 194.47 | -1.62% (-3.15) | |
| May 07, 2025 | 2025 (Q1) | 153.55180.74 | 125.81 | 43.66% (+54.93) | |
| Feb 20, 2025 | 2024 (Q4) | 146.61233.81 | 60.31 | 287.69% (+173.50) | |
| Nov 06, 2024 | 2024 (Q3) | 182.74145.29 | 132.86 | 9.36% (+12.43) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
