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How MercadoLibre (MELI) makes money

MercadoLibre (MELI) made $10.8B of revenue in the third quarter 2026 (Q3 2026), +45% from a year earlier. Net service revenues and financial income brought in $9.2B (86%); Net product revenues brought in $1.5B (14%). Of every dollar of revenue, 41¢ was left as gross profit, 6¢ was left as operating profit, 4¢ was left as net earnings.

Drawing the Sankey…

MercadoLibre revenue by segment, Q3 2026MercadoLibre revenue by segment, Q3 2026Net service revenues and financia…$9.2BNet product revenues$1.5B
MercadoLibre: revenue by line, Q4 2025 to Q3 2026MercadoLibre: revenue by line, Q4 2025 to Q3 2026Net service revenues …Net product revenuesNet service revenues and financial income: $9.2B latest$9.2BNet product revenues: $1.5B latest$1.5BQ4 2025Q1 2026Q2 2026Q3 2026
The mix barely moved between Q4 2025 and Q3 2026.
MercadoLibre revenue by quarterMercadoLibre revenue by quarter$5.9BQ1 2025$6.8BQ2 2025$7.4BQ3 2025$8.8BQ4 2025$8.8BQ1 2026$10.2BQ2 2026$10.8BQ3 2026
MercadoLibre: where each dollar of revenue goesMercadoLibre: where each dollar of revenue goesCost of revenue59¢Gross profit41¢Operating expenses34¢Operating profit6¢Income tax1¢Net earnings4¢Operating cash flow27¢Free cash flow23¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Net service revenues and financial income$9.2B85.6%+6%+42%
Net product revenues$1.5B14.4%+5%+66%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$10.8B100.0%
Cost of revenue$6.4B59.2%
Gross profit$4.4B40.8%
Operating expenses$3.7B34.5%
Operating profit$676M6.3%
Income tax$153M1.4%
Net earnings$448M4.2%
Operating cash flow$3.0B27.4%
Free cash flow$2.4B22.8%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$10.8B+45%
Q2 2026$10.2B+50%
Q1 2026$8.8B+49%
Q4 2025$8.8B+45%
Q3 2025$7.4B+40%
Q2 2025$6.8B+34%
Q1 2025$5.9B+37%

From MercadoLibre's 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does MercadoLibre make money?

MercadoLibre (MELI) made $10.8B of revenue in the third quarter 2026 (Q3 2026), +45% from a year earlier. Net service revenues and financial income brought in $9.2B (86%); Net product revenues brought in $1.5B (14%). Of every dollar of revenue, 41¢ was left as gross profit, 6¢ was left as operating profit, 4¢ was left as net earnings.

What is MercadoLibre's biggest business?

Net service revenues and financial income: $9.2B in the third quarter 2026, 86% of revenue, +42% from a year earlier.

What is MercadoLibre's profit margin?

Net earnings were $448M, 4.2% of revenue, in the third quarter 2026; the operating margin was 6.3%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.