10-K · February 25, 2026
MercadoLibre, Inc. reported strong growth in 2025 with total net revenues and financial income increasing 39.1% year-over-year to $28.89 billion, driven by an increase in commerce and fintech revenues. However,…
Earnings analysis · 10-Q
MELI earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
MercadoLibre reported strong Q1 2026 results with revenues of $8.845 billion, representing a 49% year-over-year increase, outpacing expectations. However, diluted EPS of $8.23 fell slightly short of the consensus…
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MercadoLibre reported strong Q1 2026 results with revenues of $8.845 billion, representing a 49% year-over-year increase, outpacing expectations. However, diluted EPS of $8.23 fell slightly short of the consensus estimate of $8.32, reflecting ongoing margin pressures primarily due to increased shipping and operational costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.23
- Segment
- Brazil
- Segment
- Mexico
- Segment
- Argentina
- Segment
- Other Countries
What stood out
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Strong Revenue Growth
Q1 2026 revenue reached $8.845 billion, up 49% year-over-year from $5.935 billion.
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Segment Growth
Brazil and Mexico drove significant growth, with revenues increasing 54.9% and 61.7% respectively compared to the prior year.
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Robust Operating Cash Flow
Net cash provided by operating activities was $2.075 billion, up 101.4% from $1.031 billion year-over-year.
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Liquidity Position Maintained
As of March 31, 2026, cash and cash equivalents totaled $5.214 billion, alongside a strong liquidity position.
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Multi-Region Revenue Composition
Brazil accounted for 54% of total revenues, followed by Mexico at 22.3% and Argentina at 19.2%.
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Fintech Revenue Growth
Fintech revenues grew to $3.977 billion, a 51.1% increase from $2.632 billion in the previous year.
What to watch
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Deteriorating Margins
Gross margin decreased to 43.7% from 46.7% year-over-year due to high operating costs.
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Increasing Provisions for Doubtful Accounts
Provision for doubtful accounts surged by 106.5% to $1.244 billion from $603 million.
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Cost of Revenues Increased
Cost of net revenues rose 57.5% to $4.983 billion, primarily due to increased shipping and operational costs.
Management's outlook
2026 revenue guidance maintained at $34.5 billion to $35.5 billion.
Earlier filings 4
10-Q · October 30, 2025
MercadoLibre, Inc. reported strong revenue growth in Q3 2025, achieving $7.41B, a 39.5% increase from $5.31B in Q3 2024, despite a decline in operating margin to 9.8% from 10.5% in the prior year. Earnings Per Share…
10-Q · August 5, 2025
MercadoLibre reported a strong Q2 2025 with revenues of $6.79B, up 33.8% YoY, surpassing analyst estimates. However, EPS fell short at $10.31 versus a consensus of $11.94, amid increased expenses in sales and marketing…
10-Q · May 8, 2025
MercadoLibre, Inc. reported strong first-quarter results for 2025, with revenues increasing to $5.94 billion, a growth of 37% year-over-year. The company also achieved an EPS of $9.74, exceeding consensus estimates and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.