MercadoLibre Q3 FY2026: 45.1% revenue growth, EPS misses consensus
MercadoLibre's Q3 FY2026 is a strong-growth, weak-conversion quarter: revenue rose 45.1% to $10.75 billion and GMV and TPV kept expanding fast, while GAAP EPS of $8.83 missed the $9.55 consensus. Read the release as a deliberate margin-investment story, because shipping subsidies, fulfillment capacity and marketing are being funded out of current operating margin; top-line momentum is real, but profit conversion is the swing factor.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $8.83, up from $8.32 a year earlier but below the $9.55 consensus by about $0.72, or 7.5%. Net income rose 6.4% to $448 million even as operating income fell to $676 million from $724 million, helped by a lower tax rate and smaller FX losses. The gap between revenue growth and profit growth is the central earnings issue in this quarter.
Revenue was $10.75 billion, up 45.1% year over year and 40.8% on an FX-neutral basis. Brazil grew 50.0% in dollars and Mexico 47.0%, while Argentina grew 26.0% as currency acted as a headwind. The growth was broad: GMV rose 38.0% and TPV rose 53.0%, so this was not a price-only quarter.
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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 2026-11-05
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