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Financial: Net revenue and financial income grew 45% year over year to $10.75 billion. Operating margin was 6.3% as Mercado Libre continued investing in customer engagement and long-term growth.
Commerce: GMV grew 33% year over year on an FX-neutral basis, alongside continued market share gains. Items per buyer increased 12% YoY, reflecting deeper engagement.
Fintech: Monthly active users grew 29% year over year, while assets under management increased 67% in USD, reflecting broader adoption and growing savings on Mercado Pago.
Mexico reached over 18 million fintech monthly active users, highlighting Mercado Pago’s position as the largest digital bank in the country.
Advertising: Mercado Ads revenue grew 58% year over year in USD, well ahead of the market.
Ecosystem: Ecosystemic Users, those who both shop and bank within Mercado Libre, grew 33% year over year, faster than any other user group, strengthening the connections between Commerce and Fintech.
MONTEVIDEO, Uruguay--(BUSINESS WIRE)--
Mercado Libre (NASDAQ: MELI), Latin America's leading e-commerce and fintech platform, today announced its financial results for the third quarter ended September 30, 2026. Net revenue and financial income grew 45% YoY, reaching $10.75 billion, with Brazil delivering the strongest growth.Income from operations reached $676 million, with a 6.3% margin that fell slightly QoQ. This reflects investments in fulfillment capacity, up almost 20% QoQ, the cost of more free shipping, and higher marketing spend in Brazil, with the advance of the creators and affiliates programs. Net income was $448 million.
NET REVENUE
$10.75
BILLION
↑45%
YoY Growth in USD
INCOME FROM OPERATIONS
$676
MILLION
6.3%
Margin
NET INCOME
$448
MILLION
4.2%
Margin
Q3 2026
“Our investments are working. Users are buying more often and entrusting more of their money to Mercado Pago, and those who do both are our fastest-growing group. That engagement builds scale, and scale makes us more efficient, giving us room to keep investing. With commerce moving online at the fastest pace since 2020, the engagement we build now will define our leadership for years to come.” - Mercado Libre CFO, Martín de los Santos.
Across the region, Mercado Libre continued to gain market share in Commerce across its largest markets. GMV of $23 billion grew 33% year over year on an FX-neutral basis and items sold rose 36% to 867 million. The marketplace added 17 million additional buyers year over year. This quarter, shipping costs rose with the cost of more free shipping and a near 20% QoQ increase in fulfillment capacity, versus a 10% QoQ increase a year ago. Adding capacity ahead of peak season is a pattern repeated every year, and the scale of this year’s additions reflects the firm’s growth momentum and opportunity ahead. Deeper buyer engagement continued across the region, with items per buyer increasing 12% year over year. In Brazil, items per buyer growth has accelerated from a single-digit pace before the lower free shipping threshold to 16% in Q3'26, reflecting the enduring impact of the company's investments in its value proposition.
In Brazil, growth remained strong even as the company fully lapped the reduction in its free shipping threshold introduced in June 2025. FX-neutral GMV grew 36% year over year and items sold increased 45% - the fifth consecutive quarter of growth above 40%. In Mexico, FX-neutral GMV grew 21% and items sold rose 25%, a slower pace of growth amid a softer consumption environment. However, stable unique buyer growth of 21% year over year and record market share show that the business continues to perform well and capture the shift of consumers from physical retail to ecommerce. In Argentina, FX-neutral GMV grew 40% year over year and items sold increased 19% in a subdued retail environment. The September expansion of MELI+ free shipping on lower-priced items across the managed network in the country increased free shipping penetration to similar levels as Brazil and Mexico, while purchase frequency reached a record high.
Advertising revenue grew 58% year over year in dollars, driven by strong results in Brazil. Mercado Ads continues to expand its commerce media offering, applying marketplace data and measurement capabilities to advertising on social and streaming platforms. This helps brands connect off-platform ad exposure with shopping activity on Mercado Libre. The company recently announced strategic partnerships, including Netflix, which broaden Mercado Ads’ social and streaming offering.
Mercado Pago continued to attract more users and deepen its role in their financial lives. Monthly active users grew 29% year over year to 93 million, while assets under management increased 67% in USD to $25 billion, as more users entrust more of their savings to the platform. Mercado Pago’s AI assistant, Mago, is making day-to-day management of users’ financial lives simpler and easier, carrying out hundreds of thousands of operations inside the app for users each month. Engagement with Mago is also increasing with 19 million conversations held in September alone.
The strength of the customer proposition, as evidenced by NPS leadership across key markets, continued to support Mercado Pago’s competitive position. In Brazil, monthly active users (MAUs) grew above 35% year over year, the fastest of any scaled player. In Argentina, the user base continued to grow double digits year over year on an already sizable base where almost 80% of the adult population is a Mercado Pago active user. In Mexico, MAUs grew above 40% year over year, to over 18 million, underlining Mercado Pago’s position as the largest digital bank by active users in the country, and fintech with the largest credit portfolio.
The credit portfolio reached $17.9 billion, up 62% year over year in USD. Consolidated NIMAL was 20.1%, reflecting the growing share of credit cards in the portfolio. In credit cards, NIMAL improved sequentially in Q3'26. Asset quality remained solid, with the 15–90 day NPL ratio broadly unchanged sequentially at 7.0%, remaining close to historical lows, despite weakness across the industry in Argentina and Brazil.
Acquiring TPV grew 40% year over year on an FX-neutral basis to $68 billion as the acquiring business gained share across digital and in-store payments. For merchants, Mercado Pago continued to broaden its offering by combining payments, banking and credit services to serve more of their financial needs.
Highlights for Q3 2026
Financial:
Net revenue and financial income of $10.75 billion, up 45% YoY.
Income from operations of $676 million, with a 6.3% margin.
Net income of $448 million, with a margin of 4.2%.
Commerce:
Net revenue from the commerce business grew 47% in USD YoY, reaching $6.1 billion.
Gross Merchandise Volume (GMV) reached approximately $23 billion, growing 33% YoY on an FX-neutral basis and 38% YoY in USD.
Items sold: consolidated figure 867 million, up 36% YoY.
Unique active buyers in Commerce grew 22% YoY, reaching approximately 94 million.
In Brazil, items sold grew 45% YoY and FX-neutral GMV grew 36% YoY.
In Mexico, items sold grew 25% YoY and FX-neutral GMV grew 21% YoY.
In Argentina, items sold grew 19% YoY, and FX-neutral GMV grew 40% YoY.
Mercado Libre delivered 79% of fast shipments within 48 hours.
Advertising net revenue grew 51% YoY on an FX-neutral basis. USD growth was 58% YoY.
Fintech:
Net revenue from Mercado Pago grew 42% in USD YoY, reaching $4.6 billion.
Total payment volume reached $109 billion, up 53% YoY in USD.
Mercado Pago monthly active users reached approximately 93 million, a 29% YoY increase.
Assets under management grew 67% YoY in USD, reaching $25 billion.
Total number of transactions (TPN) reached 5.7 billion, up 41% YoY.
Credit portfolio grew 62% YoY in USD to $17.9 billion.
Credit card portfolio reached $8.5 billion, up 76% YoY in USD, with 2.9 million credit cards issued in Q3'26.
Acquiring total payment volume grew 43% YoY in USD, reaching $68 billion.
About Mercado Libre
Founded in 1999, MercadoLibre Inc. (NASDAQ: MELI) is the leading company in ecommerce and financial technology in Latin America, with operations in 18 countries. It offers a complete ecosystem of solutions for individuals and businesses to buy, sell, advertise, obtain credit and insurance, collect, send money, save, and pay for goods and services both online and offline. Mercado Libre looks to facilitate access to commerce and financial services in Latin America, a market that offers great opportunities and high growth potential. It uses world-class technology to create intuitive solutions tailored to the local culture to transform the lives of millions of people in the region. More information at http://investor.mercadolibre.com/ or contact our IR team at investor@mercadolibre.com.
fx-neutral means presenting financial figures with the effects of changes in currency exchange rates removed, so reported revenue or growth reflects only the company’s underlying operations rather than shifts in foreign-money values. Investors use fx-neutral numbers to compare performance across periods and regions more fairly — like comparing a car’s fuel efficiency after removing differences caused by driving on hills versus flat roads, isolating true performance.
gross merchandise volumefinancial
Gross merchandise volume is the total dollar value of all goods and services sold through a sales platform or marketplace during a given period, measured before subtracting fees, returns, discounts or other adjustments. Investors use it to gauge the size and momentum of a business—like counting every dollar that passes through a busy market to assess demand—but it is not the same as company revenue or profit since the operator typically retains only a portion.
assets under managementfinancial
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
npl ratiofinancial
The NPL ratio measures the share of a lender’s loans that are not being repaid on schedule — loans that are overdue or in default — expressed as a percentage of total loans. Investors use it like counting rotten apples in a fruit basket: a higher percentage signals greater credit stress and potential losses, which can hurt a bank’s profits, capital strength and future lending ability.
