MercadoLibre, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

MercadoLibre Q3 2026 Earnings Summary

Quarter Ended: September 30, 2026

  • Net Revenue + Financial Income: +41% YoY (FX-neutral basis); broad-based growth across businesses and countries, with Brazil as standout.
  • Income from Operations: $676 million (6.3% margin, -40 bps vs. prior quarter).

Commerce Highlights

  • Brazil GMV Growth: +36% YoY (strongest regional performer).
  • Items per Buyer (Brazil): +16% YoY (double-digit growth, fully lapped free shipping threshold change from prior year; previously single-digit pace).
  • Affiliate Program: 12+ million affiliates region-wide; Brazil orders via channel +240% YoY; sales & marketing spend at 11.6% of net revenue (+40 bps QoQ, within historical 11-12% range).
  • Advertising: +58% YoY.

Fintech Highlights

  • Monthly Active Users: +29% YoY.
  • Assets Under Management: +67% YoY.
  • Credit Portfolio: +62% YoY (NPLs stable YoY despite weaker credit environment in Brazil/Argentina).
  • Acquiring Business: +42% YoY.

Profitability, Investments & Efficiency

Professional feature The full AI summary covers key highlights, financial performance and analyst Q&A.
Richard Cathcart: Hello, everyone, and welcome to the MercadoLibre's Earnings Conference Call for the quarter ended September 30, 2026. Thank you for joining us. I'm Richard Cathcart, Investor Relations Senior Director at MercadoLibre. To begin today's call, Martin de los Santos, our CFO, will share a few opening remarks after which we will begin our live Q&A session, which will also include Ariel Szarfsztejn, our CEO; and Osvaldo Gimenez, President of Fintech. Before we go into our results, I'd like to take a moment to highlight the launch of the MELI IR Assistant available on our Investor Relations website. This is an AI tool that provides real-time answers to questions about our financial results, operations and strategy based on our public disclosures. I invite you to explore it after today's call at investor.mercadolibre.com. As a reminder to participants on today's call, management may make or refer to forward-looking statements and non-GAAP measures. So please refer to the disclaimer on screen and in our earnings materials that are available on our Investor Relations website. Please note that this call is being recorded, and a replay will be made available on our IR website afterwards. With that, let's begin with a message from our CFO. Martin de Los Santos: Good afternoon, and thank you for joining us. MercadoLibre delivered another quarter of strong growth with net revenue and financial income up 41% year-on-year on an FX-neutral basis. Growth was broad-based across
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