Filing Flows › MercadoLibre (MELI) › Q3 2026 › vs Q2 2026
MercadoLibre (MELI) Q3 2026 vs Q2 2026 (quarter over quarter)
MercadoLibre's revenue rose $581M (+6%) from $10.2B in Q2 2026 to $10.8B in Q3 2026. The biggest changes: Net service revenues and financial income +$513M (+6%); Net product revenues +$68.0M (+5%). Gross margin 40.8% against 40.9% (-0.1 pts).
MercadoLibre, Q3 2026: revenue $10.8B (+45% year over year), operating margin 6.3%, net earnings $448M, operating cash flow $3.0B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 40.8% | 40.9% | -0.1 pts |
| Operating margin | 6.3% | 6.7% | -0.4 pts |
| Net margin | 4.2% | 4.6% | -0.4 pts |
| Free cash flow margin | 22.8% | 31.7% | -8.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Net service revenues and financial income | $9.2B | $8.7B | $513M | +6% |
| Net product revenues | $1.5B | $1.5B | $68.0M | +5% |
| Revenue | $10.8B | $10.2B | $581M | +6% |
| Gross profit | $4.4B | $4.2B | $225M | +5% |
| Cost of revenue | $6.4B | $6.0B | $356M | +6% |
| Operating profit | $676M | $683M | −$7.0M | -1% |
| Operating expenses | $3.7B | $3.5B | $232M | +7% |
| Pre-tax earnings | $601M | $606M | −$5.0M | -0.8% |
| Other expense, net | $75.0M | $77.0M | −$2.0M | -3% |
| Research & development | $745M | $729M | $16.0M | +2% |
| Sales & marketing | $1.2B | $1.1B | $112M | +10% |
| General & admin | $378M | $340M | $38.0M | +11% |
| Other operating costs | $1.3B | $1.3B | $66.0M | +5% |
| Net earnings | $448M | $466M | −$18.0M | -4% |
| Income tax | $153M | $140M | $13.0M | +9% |
| Depreciation & amortization | $306M | $292M | $14.0M | +5% |
| Working capital & other | $2.2B | $2.9B | −$708M | -24% |
| Operating cash flow | $3.0B | $3.7B | −$712M | -19% |
| Free cash flow (OCF − capex) | $2.4B | $3.2B | −$774M | -24% |
| Capital expenditures | $503M | $441M | $62.0M | +14% |
Questions
How much did MercadoLibre's revenue grow quarter over quarter in Q3 2026?
MercadoLibre's revenue rose $581M (+6%) from $10.2B in Q2 2026 to $10.8B in Q3 2026.
What drove MercadoLibre's revenue change in Q3 2026?
Net service revenues and financial income +$513M (+6%); Net product revenues +$68.0M (+5%).