Filing Flows › MercadoLibre (MELI) › Q2 2026 › vs Q1 2026
MercadoLibre (MELI) Q2 2026 vs Q1 2026 (quarter over quarter)
MercadoLibre's revenue rose $1.3B (+15%) from $8.8B in Q1 2026 to $10.2B in Q2 2026. The biggest changes: Net service revenues and financial income +$977M (+13%); Net product revenues +$347M (+31%). Gross margin 40.9% against 43.7% (-2.8 pts).
MercadoLibre, Q2 2026: revenue $10.2B (+50% year over year), operating margin 6.7%, net earnings $466M, operating cash flow $3.7B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 40.9% | 43.7% | -2.8 pts |
| Operating margin | 6.7% | 6.9% | -0.2 pts |
| Net margin | 4.6% | 4.7% | -0.1 pts |
| Free cash flow margin | 31.7% | 20.4% | +11.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Net service revenues and financial income | $8.7B | $7.7B | $977M | +13% |
| Net product revenues | $1.5B | $1.1B | $347M | +31% |
| Revenue | $10.2B | $8.8B | $1.3B | +15% |
| Gross profit | $4.2B | $3.9B | $297M | +8% |
| Cost of revenue | $6.0B | $5.0B | $1.0B | +21% |
| Operating profit | $683M | $611M | $72.0M | +12% |
| Operating expenses | $3.5B | $3.3B | $225M | +7% |
| Pre-tax earnings | $606M | $579M | $27.0M | +5% |
| Other expense, net | $77.0M | $32.0M | $45.0M | +141% |
| Research & development | $729M | $699M | $30.0M | +4% |
| Sales & marketing | $1.1B | $982M | $149M | +15% |
| General & admin | $340M | $326M | $14.0M | +4% |
| Other operating costs | $1.3B | $1.2B | $32.0M | +3% |
| Net earnings | $466M | $417M | $49.0M | +12% |
| Income tax | $140M | $162M | −$22.0M | -14% |
| Depreciation & amortization | $292M | $246M | $46.0M | +19% |
| Working capital & other | $2.9B | $1.4B | $1.5B | +106% |
| Operating cash flow | $3.7B | $2.1B | $1.6B | +76% |
| Free cash flow (OCF − capex) | $3.2B | $1.8B | $1.4B | +79% |
| Capital expenditures | $441M | $271M | $170M | +63% |
Questions
How much did MercadoLibre's revenue grow quarter over quarter in Q2 2026?
MercadoLibre's revenue rose $1.3B (+15%) from $8.8B in Q1 2026 to $10.2B in Q2 2026.
What drove MercadoLibre's revenue change in Q2 2026?
Net service revenues and financial income +$977M (+13%); Net product revenues +$347M (+31%).