MercadoLibre Q2 2026: revenue up 49.8% as operating profit falls 17.0%
Revenue rose 49.8% to $10.17 billion while operating income fell 17.0% and net income fell 10.9% — management chose growth and engagement over near-term margin. Read the quarter through two lenses: the reported income statement, which shows 5.5 percentage points of operating margin compression to 6.7%, and the operating metrics, where items per buyer rose 14% and ecosystemic users grew 37%. Earnings per share of $9.19 still beat the $8.83 consensus.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $9.19 beat the $8.83 consensus by 4.1%, but it is still down 10.9% from $10.31 a year ago, so the beat is against expectations, not against last year. Net income of $466 million fell 10.9% and the net margin was 4.6%, with a much smaller foreign-currency loss ($45 million versus $117 million) doing part of the cushioning. Operating income of $683 million fell 17.0% year over year but was up from $611 million in Q1 2026, so the annual comparison is the harsh one.
Net revenues and financial income were $10.17 billion, up 49.8% from $6.79 billion a year ago — the fastest growth in four years, with Brazil at 59% in dollars and 42% FX-neutral. The same filing also tags revenue at $7.06 billion in its structured data, so the growth rate is more trustworthy than the absolute level. Currency flattered the headline in Brazil and Mexico, where dollar growth of 59% and 55% exceeded FX-neutral growth of 42% and 38%, while Argentina's 20% reported growth understated its 48% FX-neutral pace.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
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