MELI earnings analysis
What we found in MELI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue reached $8.845 billion, up 49% year-over-year from $5.935 billion.
- Segment Growth
- Brazil and Mexico drove significant growth, with revenues increasing 54.9% and 61.7% respectively compared to the prior year.
- Robust Operating Cash Flow
- Net cash provided by operating activities was $2.075 billion, up 101.4% from $1.031 billion year-over-year.
- Liquidity Position Maintained
- As of March 31, 2026, cash and cash equivalents totaled $5.214 billion, alongside a strong liquidity position.
- Multi-Region Revenue Composition
- Brazil accounted for 54% of total revenues, followed by Mexico at 22.3% and Argentina at 19.2%.
- Fintech Revenue Growth
- Fintech revenues grew to $3.977 billion, a 51.1% increase from $2.632 billion in the previous year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Deteriorating Margins
- Gross margin decreased to 43.7% from 46.7% year-over-year due to high operating costs.
- Increasing Provisions for Doubtful Accounts
- Provision for doubtful accounts surged by 106.5% to $1.244 billion from $603 million.
- Cost of Revenues Increased
- Cost of net revenues rose 57.5% to $4.983 billion, primarily due to increased shipping and operational costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $8.23
- Gross margin
- 43.7%
- Operating margin
- 6.9%
- Segment
- Brazil
- Segment
- Mexico
- Segment
- Argentina
- Segment
- Other Countries
What they said about what is next.
2026 revenue guidance maintained at $34.5 billion to $35.5 billion.
The filing reads about the same as the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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