Filing Flows › MercadoLibre (MELI) › Q3 2026 › vs Q3 2025
MercadoLibre (MELI) Q3 2026 vs Q3 2025 (year over year)
MercadoLibre's revenue rose $3.3B (+45%) from $7.4B in Q3 2025 to $10.8B in Q3 2026. The biggest changes: Net service revenues and financial income +$2.7B (+42%); Net product revenues +$612M (+66%). Gross margin 40.8% against 43.3% (-2.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.8% | 43.3% | -2.5 pts |
| Operating margin | 6.3% | 9.8% | -3.5 pts |
| Net margin | 4.2% | 5.7% | -1.5 pts |
| Free cash flow margin | 22.8% | 35.1% | -12.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Net service revenues and financial income | $9.2B | $6.5B | $2.7B | +42% |
| Net product revenues | $1.5B | $933M | $612M | +66% |
| Revenue | $10.8B | $7.4B | $3.3B | +45% |
| Gross profit | $4.4B | $3.2B | $1.2B | +37% |
| Cost of revenue | $6.4B | $4.2B | $2.2B | +52% |
| Operating profit | $676M | $724M | −$48.0M | -7% |
| Operating expenses | $3.7B | $2.5B | $1.2B | +49% |
| Pre-tax earnings | $601M | $636M | −$35.0M | -6% |
| Other expense, net | $75.0M | $88.0M | −$13.0M | -15% |
| Research & development | $745M | $567M | $178M | +31% |
| Sales & marketing | $1.2B | $833M | $410M | +49% |
| General & admin | $378M | $270M | $108M | +40% |
| Other operating costs | $1.3B | $815M | $527M | +65% |
| Net earnings | $448M | $421M | $27.0M | +6% |
| Income tax | $153M | $215M | −$62.0M | -29% |
| Depreciation & amortization | $306M | $209M | $97.0M | +46% |
| Working capital & other | $2.2B | $2.3B | −$133M | -6% |
| Operating cash flow | $3.0B | $3.0B | −$9.0M | -0.3% |
| Free cash flow (OCF − capex) | $2.4B | $2.6B | −$155M | -6% |
| Capital expenditures | $503M | $357M | $146M | +41% |
Questions
How much did MercadoLibre's revenue grow year over year in Q3 2026?
MercadoLibre's revenue rose $3.3B (+45%) from $7.4B in Q3 2025 to $10.8B in Q3 2026.
What drove MercadoLibre's revenue change in Q3 2026?
Net service revenues and financial income +$2.7B (+42%); Net product revenues +$612M (+66%).