MercadoLibre (MELI) Q2 FY2026 earnings: revenue $10.2 billion, up 49.8% on the year

MercadoLibre, Inc. (MELI) reported revenue of $10.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 49.8% on the same quarter a year earlier. Net income was $466 million, down 10.9% on the year, and diluted earnings per share $9.19. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$10.2 billion

+49.8% on the year · +15.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

6.7%

12.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$466 million

-10.9% on the year · +11.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$9.19

-10.9% on the year · +11.7% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Revenue grew 50% year on year: Net revenues and financial income were $10,169 million, up 50% YoY and 43% FX-neutral. Management described this as the fastest pace in four years.
Operating income fell 17%: Income from operations was $683 million, down 17% YoY. Year on year, the operating margin compressed by 550bps.
Ecosystemic users grew 37%: Users active on both the marketplace and Mercado Pago grew 37% YoY and have been the fastest-growing segment since Q4'23. Their share of the user base rose 8ppts over that period.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	10,169	8,845	6,790	+15.0%	+49.8%
Cost of revenue	6,010	4,983	3,696	+20.6%	+62.6%
Gross profit	4,159	3,862	3,094	+7.7%	+34.4%
Gross margin	40.9%	43.7%	45.6%
Research and development	729	699	567	+4.3%	+28.6%
Operating income	683	611	825	+11.8%	-17.2%
Operating margin	6.7%	6.9%	12.2%
Pre-tax income	606	579	716	+4.7%	-15.4%
Income tax	140	162	193	-13.6%	-27.5%
Effective tax rate	23.1%	28.0%	27.0%
Net income	466	417	523	+11.8%	-10.9%
Net margin	4.6%	4.7%	7.7%
Diluted EPS	$9.19	$8.23	$10.31	+11.7%	-10.9%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	3,662	2,075	2,917	+76.5%	+25.5%
Capital expenditure	441	271	287	+62.7%	+53.7%
Free cash flow	3,221	1,804	2,630	+78.5%	+22.5%
Free cash flow margin	31.7%	20.4%	38.7%
Cash from investing	-2,691	-1,471	-1,225
Cash from financing	630	473	613	+33.2%	+2.8%
Depreciation and amortisation	292	246	199	+18.7%	+46.7%
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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	7,834	7,281	5,713	+7.6%	+37.1%
Debt	10,626	9,927	7,302	+7.0%	+45.5%
Operating lease liabilities	2,037	1,946	1,333	+4.7%	+52.8%
Finance lease liabilities	66.0	72.0	72.0	-8.3%	-8.3%
Other liabilities	30,793	27,708	18,528	+11.1%	+66.2%
Total liabilities and equity	51,356	46,934	32,948	+9.4%	+55.9%
Goodwill	168	165	160	+1.8%	+5.0%
Intangible assets	30.0	33.0	39.0	-9.1%	-23.1%
Investments	3,796	3,669	6,022	+3.5%	-37.0%
Cash and equivalents	3,649	3,677	3,008	-0.8%	+21.3%
Receivables	418	370	313	+13.0%	+33.5%
Inventory	822	677	434	+21.4%	+89.4%
Other assets	42,473	38,343	22,972	+10.8%	+84.9%
Total assets	51,356	46,934	32,948	+9.4%	+55.9%

Questions

What was MercadoLibre's revenue in Q2 FY2026?

MercadoLibre (MELI) reported revenue of $10.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 49.8% on the same quarter a year earlier.

How much did MercadoLibre earn in Q2 FY2026?

Net income for Q2 FY2026 was $466 million, down 10.9% on the year, and diluted earnings per share $9.19.

When did MercadoLibre report Q2 FY2026 results?

MercadoLibre filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 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 30 June 2026, filed 6 August 2026: the filing.