Highlights

  • MercadoLibre's quarterly revenue and financial income exceeded USD 10bn as commerce, payments and advertising activity continued expanding together.
  • Operating income declined YoY despite faster revenue growth, reflecting the company's continued investment across its marketplace and financial ecosystem.
  • Cross-platform users and loyalty subscriptions grew as customers purchased more frequently and used a wider range of services.
  • Gross lending balances and associated credit allowances both increased, adding scale alongside credit exposure within the financial services operation.

Faster sales growth is accompanying continued investment across marketplace and financial services at MercadoLibre (NASDAQ:MELI), which operates commerce, payments and lending platforms in Latin America. The latest quarterly results show higher engagement and a larger credit business, alongside lower operating income. Shares closed at USD 1,668.72, down 7.81%, after the market session ended on 26 October 2026. The reported performance covers 2QFY26, which ended on 30 June.

Commerce and Payments Extend the Revenue Base

Net revenue and financial income increased 50% YoY to USD 10.17bn. Operating income was USD 683mn, giving a 6.7% margin, while net income reached USD 466mn. The business continued investing in shipping, credit cards, selection and loyalty services.

Unique active buyers rose 26% YoY and items purchased per buyer increased 14%. Payments monthly active users increased 30% to 88 million. Assets under management reached USD 23bn, while advertising revenue increased 73% YoY in United States dollar terms. These operating measures track different uses of the ecosystem, with shopping activity, financial balances and advertising all contributing through separate services rather than a single transaction stream.

Cross-Platform Engagement Shapes the Investment Approach

Operating income declined 17% YoY even as revenue accelerated. Management continued prioritising investment intended to deepen engagement across both commerce and financial services. Users active in both areas increased 37% YoY, outpacing the growth of marketplace buyers or financial services users separately.

The MELI+ loyalty subscriber base increased 72% YoY. Across the marketplace, the proportion of customers buying in at least three categories rose almost six percentage points YoY. Management links the lower free shipping threshold, expanded credit card issuance and loyalty offering to increased use of multiple services. Those relationships describe the company's strategy and observed engagement; they do not constitute a new numerical forecast for future group profitability or the timing of margin recovery.

Lending Growth Increases the Balance-Sheet Exposure

At 30 June, gross loans receivable totalled USD 16.38bn, compared with USD 12.51bn at the end of FY25. Allowances against those balances were USD 4.38bn, leaving net loans receivable of approximately USD 12.00bn. The portfolio includes merchant, consumer, credit card and asset-backed lending.

Unused agreed credit card commitments totalled USD 14.05bn, up from USD 9.00bn at December's end. These are undrawn commitments, distinct from loans already outstanding. Credit card lending was the largest gross category at USD 7.68bn. As the financial operation expands, the company must manage both funded balances and potential future drawings. Management's stated operating approach remains investment in engagement and service expansion, with credit allowances and customer usage providing separate measures of how that strategy is progressing.