Filing Flows › MercadoLibre (MELI) › Q2 2026 › vs Q2 2025
MercadoLibre (MELI) Q2 2026 vs Q2 2025 (year over year)
MercadoLibre's revenue rose $3.4B (+50%) from $6.8B in Q2 2025 to $10.2B in Q2 2026. The biggest changes: Net service revenues and financial income +$2.7B (+46%); Net product revenues +$651M (+79%). Gross margin 40.9% against 45.6% (-4.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.9% | 45.6% | -4.7 pts |
| Operating margin | 6.7% | 12.2% | -5.4 pts |
| Net margin | 4.6% | 7.7% | -3.1 pts |
| Free cash flow margin | 31.7% | 38.7% | -7.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Net service revenues and financial income | $8.7B | $6.0B | $2.7B | +46% |
| Net product revenues | $1.5B | $826M | $651M | +79% |
| Revenue | $10.2B | $6.8B | $3.4B | +50% |
| Gross profit | $4.2B | $3.1B | $1.1B | +34% |
| Cost of revenue | $6.0B | $3.7B | $2.3B | +63% |
| Operating profit | $683M | $825M | −$142M | -17% |
| Operating expenses | $3.5B | $2.3B | $1.2B | +53% |
| Pre-tax earnings | $606M | $716M | −$110M | -15% |
| Other expense, net | $77.0M | $109M | −$32.0M | -29% |
| Research & development | $729M | $567M | $162M | +29% |
| Sales & marketing | $1.1B | $751M | $380M | +51% |
| General & admin | $340M | $261M | $79.0M | +30% |
| Other operating costs | $1.3B | $690M | $586M | +85% |
| Net earnings | $466M | $523M | −$57.0M | -11% |
| Income tax | $140M | $193M | −$53.0M | -27% |
| Depreciation & amortization | $292M | $199M | $93.0M | +47% |
| Working capital & other | $2.9B | $2.2B | $709M | +32% |
| Operating cash flow | $3.7B | $2.9B | $745M | +26% |
| Free cash flow (OCF − capex) | $3.2B | $2.6B | $591M | +22% |
| Capital expenditures | $441M | $287M | $154M | +54% |
Questions
How much did MercadoLibre's revenue grow year over year in Q2 2026?
MercadoLibre's revenue rose $3.4B (+50%) from $6.8B in Q2 2025 to $10.2B in Q2 2026.
What drove MercadoLibre's revenue change in Q2 2026?
Net service revenues and financial income +$2.7B (+46%); Net product revenues +$651M (+79%).