MercadoLibre (MELI) Q1 FY2026 earnings: revenue $8.8 billion, up 49.0% on the year

MercadoLibre, Inc. (MELI) reported revenue of $8.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 49.0% on the same quarter a year earlier. Net income was $417 million, down 15.6% on the year, and diluted earnings per share $8.23. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$8.8 billion

+49.0% on the year · +1.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.9%

12.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$417 million

-15.6% on the year · -25.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$8.23

-15.5% on the year · -25.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue grew 49% year on year: Net revenues and financial income were $8,845 million, up 49% YoY and 46% FX-neutral. Management described this as the fastest pace in almost four years.
Operating income fell 20%: Income from operations was $611 million, down 20% YoY, with the margin down 600bps to 6.9%. Management attributed the decline to investment choices.
Credit portfolio up 87%: The credit portfolio reached $14.6bn, up 87% YoY, with the largest quarterly nominal increase on record. The credit card was 46% of the portfolio.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	8,845	8,759	5,935	+1.0%	+49.0%
Cost of revenue	4,983	4,975	3,164	+0.2%	+57.5%
Gross profit	3,862	3,784	2,771	+2.1%	+39.4%
Gross margin	43.7%	43.2%	46.7%
Research and development	699	584	551	+19.7%	+26.9%
Operating income	611	889	763	-31.3%	-19.9%
Operating margin	6.9%	10.1%	12.9%
Pre-tax income	579	784	706	-26.1%	-18.0%
Income tax	162	225	212	-28.0%	-23.6%
Effective tax rate	28.0%	28.7%	30.0%
Net income	417	559	494	-25.4%	-15.6%
Net margin	4.7%	6.4%	8.3%
Diluted EPS	$8.23	$11.03	$9.74	-25.4%	-15.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,075	5,209	1,031	-60.2%	+101.3%
Capital expenditure	271	427	272	-36.5%	-0.4%
Free cash flow	1,804	4,782	759	-62.3%	+137.7%
Free cash flow margin	20.4%	54.6%	12.8%
Cash from investing	-1,471	-2,001	-1,842
Cash from financing	473	1,382	465	-65.8%	+1.7%
Depreciation and amortisation	246	238	172	+3.4%	+43.0%
Diluted shares, weighted	51m	51m	51m	-0.0%	-0.0%
Shares outstanding at period end	51m	51m	51m	0.0%	-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,281	6,748	5,004	+7.9%	+45.5%
Debt	9,927	9,193	6,433	+8.0%	+54.3%
Operating lease liabilities	1,946	1,769	1,009	+10.0%	+92.9%
Finance lease liabilities	72.0	82.0	76.0	-12.2%	-5.3%
Other liabilities	27,708	24,875	15,160	+11.4%	+82.8%
Total liabilities and equity	46,934	42,667	27,682	+10.0%	+69.5%
Fixed assets	n/a	2,303	n/a
Goodwill	165	163	155	+1.2%	+6.5%
Intangible assets	33.0	33.0	39.0	0.0%	-15.4%
Investments	3,669	4,393	6,403	-16.5%	-42.7%
Cash and equivalents	3,677	3,670	2,977	+0.2%	+23.5%
Receivables	370	369	261	+0.3%	+41.8%
Inventory	677	570	358	+18.8%	+89.1%
Other assets	38,343	31,166	17,489	+23.0%	+119.2%
Total assets	46,934	42,667	27,682	+10.0%	+69.5%

Questions

What was MercadoLibre's revenue in Q1 FY2026?

MercadoLibre (MELI) reported revenue of $8.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 49.0% on the same quarter a year earlier.

How much did MercadoLibre earn in Q1 FY2026?

Net income for Q1 FY2026 was $417 million, down 15.6% on the year, and diluted earnings per share $8.23.

When did MercadoLibre report Q1 FY2026 results?

MercadoLibre filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,130	2,248	2,597	2,690	3,002	3,186	3,585	3,927	4,409	4,333	5,073	5,312	6,059	5,935	6,790	7,409	8,759	8,845	10,169	10,750
Cost of revenue	1,278	1,175	1,313	1,342	1,544	1,572	1,754	1,832	2,359	2,309	2,708	2,873	3,310	3,164	3,696	4,200	4,975	4,983	6,010	6,366
Gross profit	853	1,073	1,284	1,348	1,458	1,614	1,831	2,095	2,050	2,024	2,365	2,439	2,749	2,771	3,094	3,209	3,784	3,862	4,159	4,384
Gross margin	40%	48%	49%	50%	49%	51%	51%	53%	46%	47%	47%	46%	45%	47%	46%	43%	43%	44%	41%	41%
R&D	179	234	262	278	325	381	368	396	686	458	460	504	512	551	567	567	584	699	729	745
Operating income	24.0	139	250	296	349	418	669	785	335	528	726	557	820	763	825	724	889	611	683	676
Operating margin	1%	6%	10%	11%	12%	13%	19%	20%	8%	12%	14%	10%	14%	13%	12%	10%	10%	7%	7%	6%
Pre-tax income	-33.1	111	163	198	308	320	472	531	230	481	668	520	763	706	716	636	784	579	606	601
Tax rate	n/a	41%	24%	35%	47%	38%	44%	32%	28%	28%	21%	24%	16%	30%	27%	34%	29%	28%	23%	25%
Net income	-46.0	65.0	123	129	165	201	262	359	165	344	531	397	639	494	523	421	559	417	466	448
Net margin	-2%	3%	5%	5%	5%	6%	7%	9%	4%	8%	10%	7%	11%	8%	8%	6%	6%	5%	5%	4%
Diluted EPS	-$0.92	$1.30	$2.43	$2.56	$3.25	$3.97	$5.16	$7.16	$3.25	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19	$8.83
Operating cash flow	701	-233	907	724	1,542	859	1,412	941	1,928	1,512	1,882	1,600	2,924	1,031	2,917	2,959	5,209	2,075	3,662	2,950
Capital expenditure	148	137	99.0	106	112	89.0	114	126	180	146	183	222	309	272	287	357	427	271	441	503
Free cash flow	552	-370	808	618	1,430	770	1,298	815	1,748	1,366	1,699	1,378	2,615	759	2,630	2,602	4,782	1,804	3,221	2,447
Buybacks	45.9	39.0	35.0	41.0	33.0	61.0	146	149	0.0	0.0	1.0	0.0	0.0	n/a	n/a	1.0	n/a	n/a	n/a	0.0
Shares outstanding	50m	50m	50m	50m	50m	50m	50m	50m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m
Filing	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.