Key Highlights

• Net Revenue and financial income grew 45% year over year to $10.75 billion in Q3 2026

• GMV of $23 billion rose 33% on an FX-neutral basis with 867 million items sold, up 36%

• Fintech monthly active users grew 29% year over year with Assets under management up 67% in USD

• Mercado Ads revenue surged 58% year over year in USD, outpacing the broader digital ad market

Mercado Libre, Inc.(NASDAQ:MELI), Latin America's largest E-commerce and fintech platform, reported third-quarter 2026 financial results that underscored the company's scale across the region. Revenue and financial income reached $10.75 billion for the quarter ended September 30, 2026, a 45% increase from the prior-year period, with Brazil delivering the most pronounced growth among the company's markets.

Commerce and Marketplace Activity

Gross merchandise Volume totalled $23 billion during the quarter, growing 33% year over year on an FX-neutral basis. The platform processed 867 million items sold, a 36% increase, and added 17 million additional buyers year over year. Items per buyer — a measure of purchasing frequency — increased 12% across the region, indicating deepening engagement among existing users.

In Brazil, the company's largest market, FX-neutral GMV grew 36% and items sold increased 45%, marking the fifth consecutive quarter of growth above 40%. This performance came even as the company fully lapped the reduction in its free shipping threshold introduced in June 2025. In Mexico, FX-neutral GMV grew 21% and items sold rose 25% in what management described as a softer consumption environment, though stable unique buyer growth of 21% and record Market Share pointed to continued gains from physical retail shifting online. Argentina contributed FX-neutral GMV growth of 40% and a 19% increase in items sold.

Shipping costs rose during the quarter as the company expanded free shipping eligibility and increased fulfilment capacity by nearly 20% quarter over quarter, compared with a 10% sequential increase a year earlier. Management characterised this as a seasonal build-up ahead of peak selling periods.

Fintech Expansion

Mercado Pago, the company's fintech arm, continued to extend its reach. Monthly active users grew 29% year over year, while assets under management increased 67% in USD, reflecting broader adoption of savings products. In Mexico, the platform surpassed 18 million fintech monthly active users, a milestone that management said cements Mercado Pago's position as the largest digital bank in the country.

Ecosystemic users — those who both shop and use financial services within the Mercado Libre platform — grew 33% year over year, faster than any other user cohort. This cross-platform engagement has been a strategic priority for the company, as users who engage with both commerce and fintech tend to exhibit higher lifetime value.

Advertising and Profitability

Mercado Ads revenue grew 58% year over year in USD, continuing to outperform the broader digital Advertising market in the region. The advertising Business leverages the platform's transaction data and high-intent audience to deliver performance-based ad products for merchants.

Income from operations reached $676 million, representing a 6.3% Margin that declined slightly from the prior quarter. Management attributed the sequential margin pressure to investments in fulfilment capacity, increased free shipping, and higher Marketing spend in Brazil tied to the company's creators and affiliates programmes. Net Income came in at $448 million, or a 4.2% margin.

CFO Martín de los Santos framed the quarter's investments in terms of long-term positioning, noting that deeper user engagement creates scale advantages that improve efficiency over time and allow for continued reinvestment.

The Takeaway

Mercado Libre's Q3 2026 results reflect a company that continues to expand its addressable market across Latin America simultaneously in commerce, fintech, and advertising. The 45% revenue growth, 33% FX-neutral GMV expansion, and 29% fintech MAU growth paint a picture of accelerating adoption, while the sequential margin compression highlights the trade-off between near-term profitability and long-term capacity building as the company prepares for a peak holiday season.