Filing Flows › Industrials › MercadoLibre (MELI)
MercadoLibre (MELI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · MercadoLibre (MELI) Q3 2026 earnings results →
Q3 2026 Revenue up 45% year over year to $10.8B · 4¢ of every $1 of revenue kept as net profit · operating margin 6.3%
MercadoLibre made $10.8B in Q3 2026 (+45% Y/Y): Net service revenues and financial income $9.2B, Net product revenues $1.5B. Operating margin 6.3%, net earnings $448M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $10.8B in Q3 2026, up 45% year over year and up 6% from the previous quarter. Net service revenues and financial income was the largest line at 86% of revenue. Net service revenues and financial income added $2.7B year over year (up 42%), 82% of the total change.
Gross margin was 40.8%, down 2.5 points from Q3 2025. Operating profit was $0.68B, a 6.3% margin (down 3.5 points year over year). Operating profit fell $0.05B even though revenue rose $3.3B versus Q3 2025, so costs grew faster than sales. Operating expenses grew 49% against revenue growth of 45%. The fastest-growing cost line was Other operating costs (+65%). Net earnings were $0.45B, up 6% year over year. The effective tax rate was 25.5%.
Operating cash flow was $3.0B (roughly flat year over year), 658% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization. Working capital and other items added $2.2B. Capital expenditures of $0.50B left free cash flow of $2.4B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $10.8B | +45% | 6.3% | $448M | $3.0B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $10.2B | +50% | 6.7% | $466M | $3.7B |
| Q1 2026 | 10-Q | May 8, 2026 | $8.8B | +49% | 6.9% | $417M | $2.1B |
| Q4 2025 | 10-K | Feb 25, 2026 | $8.8B | +45% | 10.1% | $559M | $5.2B |
| Q3 2025 | 10-Q | Oct 30, 2025 | $7.4B | +40% | 9.8% | $421M | $3.0B |
| Q2 2025 | 10-Q | Aug 5, 2025 | $6.8B | +34% | 12.2% | $523M | $2.9B |
| Q1 2025 | 10-Q | May 8, 2025 | $5.9B | +37% | 12.9% | $494M | $1.0B |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About MercadoLibre
MercadoLibre, Inc. (together with its subsidiaries “us,” “we,” “our,” "MercadoLibre," or the “Company”) 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 (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay, Venezuela (deconsolidated since December 2017), Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and El Salvador) and our fintech platform, Mercado Pago, is present in 8 countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay and Ecuador).
In its own words, from its 10-K, filed Feb 25, 2026.
MercadoLibre against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +45% against the peers' median +10%. Operating margin: 6.3% against the peers' median 9.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
| AMTM Amentum Holdings | Q3 FY26 | $3.5B | -2% | 4.9% |
Source: MercadoLibre 10-Q on SEC EDGAR · CIK 1099590 · Services-Business Services, NEC
Guidance and outlook
13F: who owns MELI and who is buying
More on MELI
- How MercadoLibre makes money: revenue by segment
- MercadoLibre next earnings date and what analysts expect
- MercadoLibre stock forecast, price target and fair value
- Who owns MercadoLibre stock: holders, funds and Congress trades
- MercadoLibre guidance and outlook
- Is MercadoLibre a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- MercadoLibre gross margin by quarter
- MercadoLibre operating margin by quarter
- MercadoLibre net income by quarter
- MercadoLibre free cash flow by quarter
- MercadoLibre R&D spending by quarter
- MercadoLibre capital expenditures by quarter
- MercadoLibre Net service revenues and financial income revenue by quarter
- MercadoLibre Net product revenues revenue by quarter