Filing Flows › MercadoLibre (MELI) › Q1 2026
MercadoLibre (MELI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
MercadoLibre (MELI) reported revenue of $8.8B for the first quarter 2026 (Q1 2026), +49% from a year earlier and +1% from the quarter before. Operating margin was 6.9%, net earnings $417M (4.7% of revenue).
MercadoLibre, Q1 2026: revenue $8.8B (+49% year over year), operating margin 6.9%, net earnings $417M, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | +1% | +49% |
| Gross profit | $3.9B | +2% | +39% |
| Operating profit | $611M | -31% | -20% |
| Net earnings | $417M | -25% | -16% |
| Operating cash flow | $2.1B | -60% | +101% |
| Free cash flow | $1.8B | -62% | +138% |
What changed
Revenue was $8.8B in Q1 2026, up 49% year over year and up 1% from the previous quarter. Net service revenues and financial income was the largest line at 87% of revenue. Net service revenues and financial income added $2.4B year over year (up 45%), 82% of the total change.
Gross margin was 43.7%, down 3.0 points from Q1 2025. Operating profit was $0.61B, a 6.9% margin (down 5.9 points year over year). Operating profit fell $0.15B even though revenue rose $2.9B versus Q1 2025, so costs grew faster than sales. Operating expenses grew 62% against revenue growth of 49%. The fastest-growing cost line was Other operating costs (+106%). Net earnings were $0.42B, down 16% year over year. The effective tax rate was 28.0%.
Operating cash flow was $2.1B (up 101% year over year), 498% of net earnings. Non-cash charges added back $0.25B of depreciation and amortization. Working capital and other items added $1.4B. Capital expenditures of $0.27B left free cash flow of $1.8B.
Questions
What was MercadoLibre's revenue in the first quarter 2026?
MercadoLibre (MELI) reported revenue of $8.8B for the first quarter 2026 (Q1 2026), +49% from a year earlier and +1% from the quarter before.
Was MercadoLibre profitable in the first quarter 2026?
Operating profit was $611M (6.9% of revenue) and net earnings $417M.
Source: MercadoLibre 10-Q on SEC EDGAR.