MercadoLibre (MELI) Q3 FY2026 earnings: revenue $10.8 billion, up 45.1% on the year

MercadoLibre, Inc. (MELI) reported revenue of $10.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 45.1% on the same quarter a year earlier. Net income was $448 million, up 6.4% on the year, and diluted earnings per share $8.83. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$10.8 billion

+45.1% on the year · +5.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

6.3%

9.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$448 million

+6.4% on the year · -3.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$8.83

+6.1% on the year · -3.9% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Revenue rose 45 percent: Net revenues and financial income were $10,750mn, up 45% YoY and 41% on an FX-neutral basis.
Operating income fell 6 percent: Income from operations was $676mn, down 6% YoY, with a margin of 6.3%, which is 40bps below the prior quarter.
Shipping and marketing drove margin decline: Sequential margin decline was attributed to a 60bps net shipping headwind and 40bps higher sales and marketing spend.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	10,750	10,169	7,409	+5.7%	+45.1%
Cost of revenue	6,366	6,010	4,200	+5.9%	+51.6%
Gross profit	4,384	4,159	3,209	+5.4%	+36.6%
Gross margin	40.8%	40.9%	43.3%
Research and development	745	729	567	+2.2%	+31.4%
Operating income	676	683	724	-1.0%	-6.6%
Operating margin	6.3%	6.7%	9.8%
Pre-tax income	601	606	636	-0.8%	-5.5%
Income tax	153	140	215	+9.3%	-28.8%
Effective tax rate	25.5%	23.1%	33.8%
Net income	448	466	421	-3.9%	+6.4%
Net margin	4.2%	4.6%	5.7%
Diluted EPS	$8.83	$9.19	$8.32	-3.9%	+6.1%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	2,950	3,662	2,959	-19.4%	-0.3%
Capital expenditure	503	441	357	+14.1%	+40.9%
Free cash flow	2,447	3,221	2,602	-24.0%	-6.0%
Free cash flow margin	22.8%	31.7%	35.1%
Cash from investing	-3,546	-2,691	-1,111
Cash from financing	2,707	630	444	+329.7%	+509.7%
Depreciation and amortisation	306	292	209	+4.8%	+46.4%
Buybacks	0.0	n/a	1.0
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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	8,200	7,834	6,218	+4.7%	+31.9%
Trading liabilities	n/a	n/a	41.0
Debt	13,190	10,626	7,840	+24.1%	+68.2%
Operating lease liabilities	2,365	2,037	1,636	+16.1%	+44.6%
Finance lease liabilities	65.0	66.0	70.0	-1.5%	-7.1%
Other liabilities	33,434	30,793	20,886	+8.6%	+60.1%
Total liabilities and equity	57,254	51,356	36,691	+11.5%	+56.0%
Goodwill	172	168	161	+2.4%	+6.8%
Intangible assets	11.0	30.0	38.0	-63.3%	-71.1%
Investments	4,669	3,796	5,051	+23.0%	-7.6%
Cash and equivalents	4,162	3,649	2,582	+14.1%	+61.2%
Receivables	439	418	298	+5.0%	+47.3%
Inventory	1,028	822	532	+25.1%	+93.2%
Other assets	46,773	42,473	28,029	+10.1%	+66.9%
Total assets	57,254	51,356	36,691	+11.5%	+56.0%

Questions

What was MercadoLibre's revenue in Q3 FY2026?

MercadoLibre (MELI) reported revenue of $10.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 45.1% on the same quarter a year earlier.

How much did MercadoLibre earn in Q3 FY2026?

Net income for Q3 FY2026 was $448 million, up 6.4% on the year, and diluted earnings per share $8.83.

When did MercadoLibre report Q3 FY2026 results?

MercadoLibre filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 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 September 2026, filed 5 November 2026: the filing.