Jun 2026 (Q2 FY26) — Aug 5, 2026
MercadoLibre Q2 FY26 — Ecosystemic Engagement Drives Record Revenue and Credit Growth
Read the full callMercadoLibre (MELI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
MercadoLibre earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 10,169 | +49.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.7 | −5.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 466 | −10.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
1 of 2 judged targets kept · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Brazil fulfillment center count | More than double the number of fulfillment centers in Brazil by the end of 2025 (11 new operations, on top of the existing base) | Sep 2024 | Ghosted | |
| Argentina credit card launch | Start issuing Mercado Pago credit cards in Argentina in the second half of 2025 | Mar 2025 | We only launched a credit card in Argentina towards the end of the quarter. | Achieved |
1 of MERCADOLIBRE INC's 2 targets was missed. See which ones, and which are quietly gone.
Claimed
- Net revenue surpassed $10 billion for the first time, growing 50% year-on-year.
- Credit portfolio reached $16.4 billion, growing 75% year-on-year, with solid asset quality and NIMAL improving from 18% to 21%.
- Adjusted free cash flow generated $214 million, even after absorbing $441 million in capex and $2.1 billion investment in the credit book.
- AI investments showing strong ROI, with product development costs scaling from 8.4% to 7.2% of revenues year-on-year despite increased AI spend.
- Cross-Border Trade (CBT) GMV grew approximately 60% year-over-year, with China fulfillment center volume up 170% quarter-over-quarter.
Qualified
- EBIT margin of 6.7% was down 550 basis points year-on-year due to continued strategic investments.
- Margin compression in the acquiring business was noted due to higher device costs (chip-related) and a one-off charge for restocking in Mexico.
- Some logistics cost increases due to energy costs were partially absorbed by the company, leading to slight margin compression.
- Mexico commerce experienced headwinds from tax reform, a weaker macroeconomic environment, and lower consumption during the World Cup.
Price
$1,839.72 +0.31% · +$5.72
Performance −9.1% 1Y
1Y: $2,024.98 on 17 Oct 2025 → $1,839.72. High $2,360.76 (30 Oct 2025), low $1,546.81 (15 May 2026).
- Previous close
- $1,834
- 52-week range
- $1,546.81 – $2,360.76
- One year
- −12.48%
Overview
- Symbol
- MELI
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
1 of 2 judged targets kept · verdicts reflect calls analysed to Dec 2025.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Brazil fulfillment center count | More than double the number of fulfillment centers in Brazil by the end of 2025 (11 new operations, on top of the existing base) | Sep 2024 | Ghosted | |
| Argentina credit card launch | Start issuing Mercado Pago credit cards in Argentina in the second half of 2025 | Mar 2025 | We only launched a credit card in Argentina towards the end of the quarter. | Achieved |
Claimed
- Net revenue surpassed $10 billion for the first time, growing 50% year-on-year.
- Credit portfolio reached $16.4 billion, growing 75% year-on-year, with solid asset quality and NIMAL improving from 18% to 21%.
- Adjusted free cash flow generated $214 million, even after absorbing $441 million in capex and $2.1 billion investment in the credit book.
- AI investments showing strong ROI, with product development costs scaling from 8.4% to 7.2% of revenues year-on-year despite increased AI spend.
- Cross-Border Trade (CBT) GMV grew approximately 60% year-over-year, with China fulfillment center volume up 170% quarter-over-quarter.
Qualified
- EBIT margin of 6.7% was down 550 basis points year-on-year due to continued strategic investments.
- Margin compression in the acquiring business was noted due to higher device costs (chip-related) and a one-off charge for restocking in Mexico.
- Some logistics cost increases due to energy costs were partially absorbed by the company, leading to slight margin compression.
- Mexico commerce experienced headwinds from tax reform, a weaker macroeconomic environment, and lower consumption during the World Cup.
The full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
MercadoLibre Q1 FY26 — Strong Revenue Growth Driven by Strategic Investments
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
MercadoLibre Q4 FY25 – Strong Growth Across Ecosystem Driven by AI and Strategic Investments
Read the full callEvery analysed call
MercadoLibre earnings calls (MELI)
Financials
What the filings say
Net profit, year on year: −11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,312 | 6,059 | 5,935 | 6,790 | 7,409 | 8,759 | 8,845 | 10,169 |
| Operating profit | 557 | 820 | 763 | 825 | 724 | 889 | 611 | 683 |
| Operating margin | 10.5% | 13.5% | 12.9% | 12.2% | 9.8% | 10.2% | 6.9% | 6.7% |
| Profit before tax | 520 | 763 | 706 | 716 | 636 | 784 | 579 | 606 |
| Tax rate | 23.6% | 16.3% | 30.0% | 27.0% | 33.8% | 28.7% | 28.0% | 23.1% |
| Net profit | 397 | 639 | 494 | 523 | 421 | 559 | 417 | 466 |
| EPS ($ per share) | 7.83 | — | 9.74 | 10.31 | 8.32 | — | 8.23 | 9.19 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 503 | 323 | 314 | 397 | 913 | 1,901 | 3,812 | 5,809 |
| Total liabilities | 1,903 | 2,700 | 4,875 | 8,570 | 11,909 | 14,541 | 20,845 | 35,919 |
| Fixed assets | 166 | 244 | 392 | 807 | 993 | 1,250 | 1,380 | 2,303 |
| Investments | 462 | 1,597 | 1,241 | 810 | 2,339 | 3,480 | 4,485 | 2,629 |
| Total assets | 2,240 | 4,782 | 6,526 | 10,101 | 13,736 | 17,612 | 25,196 | 42,667 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 231 | 451 | 1,182 | 965 | 2,940 | 5,140 | 7,918 | 12,116 |
| Cash from investing | -672 | -1,448 | -252 | -1,597 | -3,871 | -3,450 | -8,287 | -6,179 |
| Cash from financing | 609 | 2,021 | 242 | 1,925 | 916 | -267 | 1,959 | 2,904 |
| Net cash flow | 76 | 987 | 1,057 | 1,140 | -285 | 485 | 851 | 8,838 |
| Capital expenditure | -93 | -137 | -247 | -573 | -454 | -509 | -860 | -1,343 |
| Free cash flow | 138 | 314 | 935 | 392 | 2,486 | 4,631 | 7,058 | 10,773 |
MELI revenue by segment
Mexico grew from 22% to 23% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Brazil | 55% | 52% | 52% | 51% | 54% | 53% | 54% | 54% | +59.2% |
| Mexico | 22% | 22% | 21% | 22% | 22% | 24% | 22% | 23% | +55.2% |
| Argentina | 19% | 22% | 23% | 22% | 19% | 18% | 19% | 18% | +20.4% |
| Other Countries | 4% | 4% | 4% | 4% | 4% | 5% | 4% | 5% | +63.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US <1%
As MELI cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
11 filings between Dec 9, 2025 and Jun 12, 2026.
Open market
decisions to buy or sellPurchases
$1.29M
4 purchases by 2 insiders
Sales
$2.31M
3 sales by 3 insiders
Compensation
not trading decisions- 3
- Award — granted as compensation
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Dubugras Henrique Vasoncelos | — | $1.71M | Dec 12, 2025 |
| Aguzin Alejandro Nicolas | $993.6K | — | May 22, 2026 |
| Tolda Stelleo | — | $503.8K | Dec 9, 2025 |
| Melamud Marcelo | $300.1K | — | Jun 11, 2026 |
| Calemzuk Emiliano | — | $91.2K | Dec 11, 2025 |
Latest filings (17)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 12, 2026 | Lawson Martin R Director | Award | 94 | $0 |
| Jun 12, 2026 | Sanders Richard A Director | Award | 94 | $0 |
| Jun 12, 2026 | Aguzin Alejandro Nicolas Director | Award | 94 | $0 |
| Jun 11, 2026 | Melamud Marcelo SVP - Chief Accounting Officer | Purchase | 125 | $200.0K |
| Jun 10, 2026 | Tolda Stelleo Director | Gift | 250 | $0 |
| May 22, 2026 | Aguzin Alejandro Nicolas Director | Purchase | 95 | $157.2K |
| May 22, 2026 | Aguzin Alejandro Nicolas Director | Purchase | 505 | $836.3K |
| Feb 27, 2026 | Melamud Marcelo SVP - Chief Accounting Officer | Purchase | 57 | $100.1K |
| Dec 12, 2025 | Dubugras Henrique Vasoncelos Director | Sale | 845 | $1.71M |
| Dec 11, 2025 | Calemzuk Emiliano Director | Sale | 45 | $91.2K |
| Dec 9, 2025 | Tolda Stelleo Director | Sale | 246 | $503.8K |
| Aug 7, 2025 | Lawson Martin R Director | Award | 64 | $0 |
| Aug 7, 2025 | Calemzuk Emiliano Director | Award | 64 | $0 |
| Aug 7, 2025 | Aguzin Alejandro Nicolas Director | Award | 64 | $0 |
| Aug 7, 2025 | Sanders Richard A Director | Award | 64 | $0 |
| Aug 7, 2025 | Tolda Stelleo Director | Award | 8 | $0 |
| Nov 29, 2024 | Calemzuk Emiliano Director | Sale | 50 | $99.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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