MERCADOLIBRE INC
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
MELI$1,510.00-1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001099590-25-000051
ITEM 2. — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001099590-26-000017
ITEM 2. — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 245 previous paragraphs and 231 current paragraphs.
127 unchanged; 87 reworded; 17 added; 29 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 30 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
36 | MercadoLibre, Inc.
Current report
37 | MercadoLibre, Inc.
Current report
Results of operations for the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025
Current report
38 | MercadoLibre, Inc.
Current report
■subscription fees associated with MELI+ memberships and third party digital content subscriptions; and
Current report
Commerce revenues in Brazil increased 50.9% in the three-month period ended March 31, 2026 as compared to the same period in 2025. This increase was generated by an increase of $576 million in our Commerce services revenues and an increase of $377 million in our revenues from Commerce product sales. Fintech revenues grew by 61.1%, a $739 million increase during the three-month period ended March 31, 2026 as compared to the same period in 2025, mainly driven by an increase of $528 million in our Credit revenues and an increase of $210 million in our revenues from Financial services and income.
Current report
Commerce revenues in Mexico increased 53.7% in the three-month period ended March 31, 2026 as compared to the same period in 2025. This increase was driven by an increase of $333 million in our Commerce services revenues and an increase of $84 million in our revenues from Commerce product sales. Fintech revenues grew 75.7%, a $337 million increase, during the three-month period ended March 31, 2026 as compared to the same period in 2025, mainly driven by an increase of $197 million in our Credit revenues and an increase of $137 million in our revenues from Financial services and income.
Current report
Argentina
Current report
Commerce revenues in Argentina increased 21.0% in the three-month period ended March 31, 2026 as compared to the same period in 2025. This increase was driven by an increase of $77 million in our Commerce services revenues and an increase of $22 million in our revenues from Commerce product sales. Fintech revenues increased 24.0%, a $217 million increase, during the three-month period ended March 31, 2026 as compared to the same period in 2025, mainly driven by an increase of $136 million in our Credit revenues and an increase of $81 million in our revenues from Financial services and income.
Current report
Net revenues growth during the three-month period ended March 31, 2026, as compared to the same period in 2025, was offset by the average increase of Argentina’s exchange rate against U.S. dollar of 34.1%.
Current report
For the three-month periods ended March 31, 2026 and 2025, our gross profit margins were 43.7% and 46.7%, respectively. The decrease in our gross profit margin was primarily attributable to the reduction of our free shipping threshold in Brazil together with an increase in our shipping operating costs and our cost of sales of goods as a percentage of net revenues and financial income, partially offset by a decrease in sales taxes and collection fees, as a percentage of net revenues and financial income.
Current report
Our estimated effective tax rate for the three-month period ended March 31, 2026 decreased as compared to the same period in 2025, mainly as a result of higher income tax gains in Brazil related to the increase in deferred tax assets due to the income tax reform passed in December 2025 which will incrementally raise the tax rate beginning in April 2026.
Current report
Argentina
Current report
On January 14, 2021, we issued $400 million aggregate principal amount of 2.375% Sustainability Notes due 2026 (the “2026 Sustainability Notes”) and $700 million aggregate principal amount of 3.125% Notes due 2031 (the “2031 Notes”). On December 9, 2025, we issued $750 million aggregate principal amount of 4.900% Notes due 2033 (the “2033 Notes” and together with the 2031 Notes, the "Notes”). The 2026 Sustainability Notes matured on January 14, 2026; the total outstanding principal and interest, totaling $367 million, was fully repaid that month. The 2031 Notes mature on January 14, 2031, with interest payments scheduled semi-annually every January 14 and July 14. The 2033 Notes mature on January 15, 2033, with interest payments scheduled semi-annually every January 15 and July 15, commencing July 15, 2026.
Current report
During the three-month period ended March 31, 2026 and 2025, we did not repurchase any Notes or any 2026 Sustainability Notes.
Current report
Adjusted free cash flow and Net (decrease) increase in available cash, investments and digital assets
Current report
Net (decrease) increase in available cash, investments and digital assets
Removed paragraphs (29)
Previous report
Mercado Shops is a service we offer to sellers to complement their business on our Marketplace. It is a digital storefront solution that allows sellers to set up, manage and promote their own digital stores, while using Mercado Libre’s logistics, advertising and payments services. In January 2025, we announced the migration of Mercado Shops to “Mi Página,” which offers similar functionalities but is fully embedded within our Marketplace (without an external storefront). Mercado Shops will be discontinued as of December 31, 2025.
Previous report
Results of operations for the nine and three-month periods ended September 30, 2025 compared to the nine and three-month periods ended September 30, 2024
Previous report
Commerce revenues in Brazil increased 26.4% in the nine-month period ended September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $700 million in our Commerce services revenues and an increase of $639 million in our revenues from Commerce product sales. Fintech revenues grew by 29.9%, a $955 million increase during the nine-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $749 million in our Credit revenues and an increase of $204 million in our revenues from Financial services and income.
Previous report
Commerce revenues in Brazil increased 33.6% in the three-month period ended September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $337 million in our Commerce services revenues and an increase of $270 million in our revenues from Commerce product sales. Fintech revenues grew by 44.3%, a $489 million increase, during the three-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $340 million in our Credit revenues and an increase of $149 million in our revenues from Financial services and income.
Previous report
Commerce revenues in Mexico increased 29.9% in the nine-month period ended September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $470 million in our Commerce services revenues and an increase of $179 million in our revenues from Commerce product sales. Fintech revenues grew 36.0%, a $413 million increase, during the nine-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $207 million in our Credit revenues and an increase of $201 million in our revenues from Financial services and income.
Previous report
Commerce revenues in Mexico increased 38.4% in the three-month period ended September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $217 million in our Commerce services revenues and an increase of $74 million in our revenues from Commerce product sales. Fintech revenues grew 55.6%, a $215 million increase, during the three-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $117 million in our Credit revenues and an increase of $96 million in our revenues from Financial services and income.
Previous report
Commerce revenues in Argentina increased 62.2% in the nine-month period ended September 30, 2025 as compared to the same period in 2024. This increase was driven by an increase of $477 million in our Commerce services revenues and an increase of $94 million in our revenues from Commerce product sales. Fintech revenues increased 79.6%, a $1,268 million increase, during the nine-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $773 million in our revenues from Financial services and income and an increase of $495 million in our Credit revenues.
Previous report
Commerce revenues in Argentina increased 20.4% in the three-month period ended September 30, 2025 as compared to the same period in 2024. This increase was generated by an increase of $68 million in our Commerce services revenues and an increase of $16 million in our revenues from Commerce product sales. Fintech revenues increased 52.1%, a $324 million increase, during the three-month period ended September 30, 2025 as compared to the same period in 2024, mainly driven by an increase of $166 million in our Credit revenues and an increase of $158 million in our revenues from Financial services and income.
Previous report
For the nine and three-month periods ended September 30, 2025 and 2024, our gross profit margins were 45.1% and 43.3%, and 46.4% and 45.9%, respectively.
Previous report
For the nine-month period ended September 30, 2025, as compared to the same period in 2024, our gross profit margin decreased mainly due to the reduction of our free shipping threshold in Brazil, together with an increase in our cost of sales of goods, funding costs related to our fintech business and shipping carrier costs, as a percentage of net revenues and financial income, partially offset by a decrease of our shipping operating costs, collection fees and customer support expenses, as a percentage of net revenues and financial income.
Previous report
For the three-month period ended September 30, 2025, as compared to the same period in 2024, our gross profit margin decreased mainly due to the reduction of our free shipping threshold in Brazil, together with an increase in our cost of sales of goods and funding costs related to our fintech business, as a percentage of net revenues and financial income.
Previous report
For the three-month period ended September 30, 2025, the increase in product and technology development expenses as compared to the same period in 2024 was primarily attributable to a: i) $31 million increase in technology maintenance expenses; and ii) $28 million increase in salaries and wages mainly related to the increase of 16% in our product and technology development headcount.
Previous report
For the nine-month period ended September 30, 2025, the increase in sales and marketing expenses as compared to the same period in 2024 was primarily attributable to a: i) $359 million increase in online and offline marketing expenses across all of our main segments; ii) $93 million increase in salaries and wages mainly related to the increase of 60% in our sales and marketing headcount and increases in amounts accrued under the LTRPs as a consequence of the increase in our common stock price; iii) $82 million increase in our buyer protection program expenses; and iv) $39 million increase in chargebacks.
Previous report
For the nine-month period ended September 30, 2025, the increase in general and administrative expenses as compared to the same period in 2024 was primarily attributable to a: i) $64 million increase in salaries and wages, mainly related to the increase of 17% in general and administrative headcount and increases in amounts accrued under the LTRPs as a consequence of the increase in our common stock price; and ii) $22 million increase in other general and administrative expenses mainly related to higher tax withholding in connection with intercompany export services billing duties. This was partially offset by a $15 million decrease in legal, tax and other fees due to higher contingencies losses in the nine-month period ended September 30, 2024.
Previous report
For the three-month period ended September 30, 2025, the decrease is mainly explained by the reduction of our free shipping threshold in Brazil, together with an increase in cost of net revenues and financial expenses, provision of doubtful accounts and sales and marketing related expenses, as a percentage of net revenues and financial income, partially offset by a decrease in general and administrative expenses and product and technology development, as a percentage of net revenues and financial income.
Previous report
For the three-month period ended September 30, 2025, the increase in other expense, net as compared to the same period in 2024 was primarily attributable to $62 million higher foreign exchange losses mainly due to our Argentine subsidiaries, partially offset by higher foreign exchange gains from our Mexican subsidiaries.
Previous report
Our estimated effective tax rate for the nine and three-month periods ended September 30, 2025 increased as compared to the same periods in 2024, mainly as a result of lower deductions related to tax inflation adjustments in Argentina.
Previous report
For the nine-month period ended September 30, 2025, as compared to the same period in 2024, segment costs increased mainly driven by a: i) $679 million increase in cost of net revenues and financial expenses, mostly attributable to increases in shipping operating and carrier costs, cost of goods sold as a consequence of an increase in first-party sales, collection fees due to higher Mercado Pago penetration, other fintech costs mainly related to higher funding costs in connection with the growth of our lending business and hosting and site operation fees; ii) $103 million increase in provision for doubtful accounts mainly related to our credit card and consumer product business growth; and iii) $81 million increase in sales and marketing expenses mainly due to an increase in online and offline marketing expenses, buyer protection program expenses and salaries and wages.
Previous report
For the nine-month period ended September 30, 2025, as compared to the same period in 2024, segment costs increased mainly driven by a: i) $738 million increase in cost of net revenues and financial expenses driven by an increase in shipping operating and carrier costs, collection fees due to higher Mercado Pago penetration, sales taxes, other fintech costs mostly related to higher funding cost due to the growth of our lending business and cost of goods sold as a consequence of an increase in first-party sales; ii) $120 million increase in provision for doubtful accounts mainly related to our consumer product growth; iii) $110 million increase in sales and marketing expenses mainly due to an increase in online and offline marketing expenses, chargebacks and buyer protection program expenses; and iv) $40 million increase in general and administrative expenses mainly related to higher withholding tax in connection with intercompany export services billing duties and salaries and wages.
Previous report
We pay interest on the Notes on January 14 and July 14 of each year, beginning on July 14, 2021. The 2026 Sustainability Notes will mature on January 14, 2026, and the 2031 Notes will mature on January 14, 2031.
Previous report
Each Subsidiary Guarantee will be limited to the maximum amount that would not render the Subsidiary Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of applicable law. By virtue of this limitation, a Subsidiary Guarantor’s obligation under its Subsidiary Guarantee could be significantly less than amounts payable with respect to the Notes, or a Subsidiary Guarantor may have effectively no obligation under its Subsidiary Guarantee.
Previous report
54 | MercadoLibre, Inc.
Previous report
55 | MercadoLibre, Inc.
Previous report
56 | MercadoLibre, Inc.
Previous report
57 | MercadoLibre, Inc.
Previous report
58 | MercadoLibre, Inc.
Previous report
Adjusted free cash flow and Net increase (decrease) in available cash, investments and digital assets
Previous report
Net increase (decrease) in available cash, investments and digital assets
Previous report
59 | MercadoLibre, Inc.
Reworded paragraphs (87)
Previous wording
Any statements made or implied in this report that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and should be evaluated as such. The words “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “target,” “project,” “should,” “may,” “could,” “will” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are contained throughout this report. Our forward looking statements, and the risks and uncertainties related to them, include, but are not limited to, statements regarding MercadoLibre, Inc.'s expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services; our inability to successfully deliver new products and services; business and market outlook, opportunities, strategies and trends; impacts of foreign exchange; the potential impact of the uncertain macroeconomic and geopolitical environment on our financial results; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates; inflation; future stock repurchases; our expected tax rate and tax strategies; and the likelihood, impact and result of pending legal, administrative and tax proceedings or government investigations. Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors (in addition to those discussed elsewhere in this report) that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Some of the material risks and uncertainties that could cause actual results to differ materially from our expectations and projections are described in “Item 1A—Risk Factors” in Part I of the Company’s 2024 10-K filed with the Securities and Exchange Commission (“SEC”) on February 21, 2025. You should read that information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report, our unaudited interim condensed consolidated financial statements and related notes in Item 1 of Part I of this report and our audited consolidated financial statements and related notes in Item 8 of Part II of the Company’s 2024 10-K, as well as the factors discussed in the other reports and documents we file from time to time with the SEC.
Current wording
Any statements made or implied in this report that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and should be evaluated as such. The words “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “target,” “project,” “should,” “may,” “could,” “will” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are contained throughout this report. Our forward-looking statements, and the risks and uncertainties related to them, include, but are not limited to, statements regarding MercadoLibre, Inc.'s expectations, objectives and progress against strategic priorities; initiatives and strategies related to our products and services; business and market outlook, opportunities, strategies and trends; impacts of foreign exchange; the potential impact of the uncertain macroeconomic and geopolitical environment on our financial results; customer preferences and demand and market expansion; our planned product and services releases and capabilities; industry growth rates; inflation; future stock repurchases; our expected tax rate and tax strategies; and the likelihood, impact and result of pending legal, administrative and tax proceedings or government investigations. Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors (in addition to those discussed elsewhere in this report) that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Some of the material risks and uncertainties that could cause actual results to differ materially from our expectations and projections are described in “Item 1A—Risk Factors” in Part I of the Company’s 2025 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026. You should read that information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report, our unaudited interim condensed consolidated financial statements and related notes in Item 1 of Part I of this report and our audited consolidated financial statements and related notes in Item 8 of Part II of the Company’s 2025 10-K, as well as the factors discussed in the other reports and documents we file from time to time with the SEC.
Previous wording
We note such information for investors as permitted by the Private Securities Litigation Reform Act of 1995. There also may be other factors that we cannot anticipate or that are not described in this report, generally because they are unknown to us or we do not perceive them to be material that could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these forward-looking statements except as may be required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the SEC.
Current wording
There also may be other factors that we cannot anticipate or that are not described in this report, generally because they are unknown to us or we do not perceive them to be material that could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these forward-looking statements except as may be required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the SEC.
Previous wording
■a discussion of our principal trends and results of operations for the nine and three-month periods ended September 30, 2025 and 2024;
Current wording
■a discussion of our principal trends and results of operations for the three-month periods ended March 31, 2026 and 2025;
Previous wording
Certain monetary amounts included elsewhere in this document have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them.
Current wording
Certain monetary amounts included elsewhere in this document have been subject to rounding adjustments, percentage changes may not align exactly with dollar figures due to rounding. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them.
Previous wording
MercadoLibre, Inc. (together with its subsidiaries “us,” “we,” “our” or the “Company”) routinely post important information for investors on our Investor Relations website, investor.mercadolibre.com. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under SEC Regulation FD (Fair Disclosure). Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.
Current wording
MercadoLibre, Inc. (together with its subsidiaries “us,” “we,” “our” or the “Company”) routinely posts important information for investors on our investor relations website, investor.mercadolibre.com. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under SEC Regulation FD (Fair Disclosure). Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.
Previous wording
We are the leading online commerce and fintech ecosystem in Latin America. Our e-commerce platform is the leader in the region based on gross merchandise volume (“GMV”), and our fintech platform is the leader in monthly active users (“MAUs”) among fintech companies in Mexico, Argentina and Chile, and the second largest in Brazil. Mercado Libre's e-commerce platform is present in 18 countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay, Venezuela (deconsolidated since December 1, 2017), Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and El Salvador) and our fintech platform, Mercado Pago, is present in eight countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay and Ecuador). Our ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online and the processing of payments online and offline, as well as offering a wide array of simple day-to-day financial services.
Current wording
We are the leading online commerce and fintech ecosystem in Latin America. Our e-commerce platform is the leader in the region based on gross merchandise volume (“GMV”), and our fintech platform is the leader in monthly active users (“MAUs”) among fintech companies in Argentina, Chile and Mexico, and the second largest in Brazil. Mercado Libre's e-commerce platform is present in 18 countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay, Venezuela (deconsolidated since December 2017), Bolivia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Nicaragua, Panama, Paraguay and El Salvador) and our fintech platform, Mercado Pago, is present in eight countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay and Ecuador). Our ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online, and the processing of payments online and offline, as well as offering a wide array of simple day-to-day financial services.
Previous wording
Our lending solution is available in Argentina, Brazil, Mexico and Chile. We offer loans mostly to merchants and consumers that already form part of our user base, many of whom have historically been underserved or overlooked by financial institutions and therefore suffer from a lack of access to credit. Facilitating credit is a key service overlay that enables us to further strengthen the engagement and lock-in rate of our users, while also generating additional touchpoints and incentives to use Mercado Pago as an end-to-end financial solution. As part of the expansion of our lending solution, during August 2025 we launched the Mercado Pago credit card in Argentina.
Current wording
Our lending solution is available in Argentina, Brazil, Mexico and Chile. We offer loans mostly to merchants and consumers that already form part of our user base, many of whom have historically been underserved or overlooked by financial institutions and therefore suffer from a lack of access to credit. Facilitating credit is a key service overlay that enables us to further strengthen the engagement and lock-in rate of our users, while also generating additional touchpoints and incentives to use Mercado Pago as an end-to-end financial solution.
Previous wording
The following table sets forth the percentage of our consolidated net revenues and financial income by segment for the nine and three-month periods ended September 30, 2025 and 2024:
Current wording
The following table sets forth the percentage of our consolidated net revenues and financial income by segment for the three-month periods ended March 31, 2026 and 2025:
Previous wording
Net revenues and financial income for the nine and three-month periods ended September 30, 2025 as compared to the same periods in 2024 are described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal trends in results of operations— Net revenues and financial income.
Current wording
Net revenues and financial income for the three-month period ended March 31, 2026 as compared to the same period in 2025 are described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Principal trends in results of operations— Net revenues and financial income.
Previous wording
The selected financial data for the nine and three-month periods ended September 30, 2025 and 2024 discussed herein is derived from our unaudited interim condensed consolidated financial statements included in Item 1 of Part I of this report. The results of operations for the nine and three-month periods ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025 or for any other period.
Current wording
The selected financial data for the three-month periods ended March 31, 2026 and 2025 discussed herein is derived from our unaudited interim condensed consolidated financial statements included in Item 1 of Part I of this report. The results of operations for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or for any other period.
Previous wording
■marketplace fees that include final value fees and flat fees. Final value fees represent a percentage of the sale value that is charged to the seller once an item is successfully sold and flat fees represent a fixed charge for certain transactions below a certain merchandise value;
Current wording
■marketplace fees that include final value fees and flat fees. Final value fees represent a percentage of the sale value that is charged to the seller once an item is successfully sold and flat fees represent a fixed charge for certain specific transactions, in case they fall below a certain merchandise value;
Previous wording
■classifieds fees due to offerings in vehicles, real estate and services, which are charged to sellers who opt to give their listings greater exposure throughout our websites; and
Current wording
■classifieds fees due to offerings in vehicles, real estate and services, which are charged to sellers who opt to give their listings greater exposure throughout our websites;
Previous wording
■interest, cash advances and fees from credit cards, merchant and consumer loans granted under our lending solution;
Current wording
■interest, cash advances and fees from credit cards, merchant, consumer and asset-backed loans granted under our lending solution;
Previous wording
■commissions that we charge from transactions carried out with Mercado Pago credit and debit cards;
Current wording
■commissions that we charge from transactions carried out with Mercado Pago debit cards;
Previous wording
We have a highly fragmented customer revenue base given the large numbers of sellers and buyers who use our platforms. For the nine and three-month periods ended September 30, 2025 and 2024, no single customer accounted for more than 5.0% of our net revenues and financial income.
Current wording
We have a highly fragmented customer revenue base given the large numbers of sellers and buyers who use our platforms. For the three-month periods ended March 31, 2026 and 2025, no single customer accounted for more than 5.0% of our net revenues and financial income.
Previous wording
Our net revenues and financial income grew during the nine and three-month periods ended September 30, 2025 as compared to the same periods in 2024, boosted by the growth of credit originations from our lending solution, an increase in total payment volume and fees due to payment in installments in our Mercado Pago platform, and the growth in gross merchandise volume.
Current wording
Our net revenues and financial income grew during the three-month period ended March 31, 2026, compared to the same period in 2025, boosted by growth in credit originations from our lending business and our first-party business, and higher total payment volume and gross merchandise volume.
Previous wording
The following table summarizes our consolidated net revenues and financial income for the nine and three-month periods ended September 30, 2025 and 2024:
Current wording
The following table summarizes our consolidated net revenues and financial income for the three-month periods ended March 31, 2026 and 2025:
Previous wording
The following table summarizes our consolidated net revenues and financial income by revenue stream and geographic segment for the nine and three-month periods ended September 30, 2025 and 2024:
Current wording
The following table summarizes our consolidated net revenues and financial income by revenue stream and geographic segment for the three-month periods ended March 31, 2026 and 2025:
Previous wording
See Note 8 – Segments of our unaudited interim condensed consolidated financial statements for further information regarding our net revenues and financial income disaggregated by similar products and services for the nine and three-month periods ended September 30, 2025 and 2024.
Current wording
See Note 6 – Segments of our unaudited interim condensed consolidated financial statements for further information regarding our net revenues and financial income disaggregated by similar products and services for the three-month periods ended March 31, 2026 and 2025.
Previous wording
Our Commerce revenues grew $2,711 million and $1,035 million, or 31.5% and 33.0%, for the nine and three-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. This increase in Commerce revenues was primarily attributable to:
Current wording
Our Commerce revenues grew $1,565 million, or 47.4%, for the three-month period ended March 31, 2026, as compared to the same period in 2025. This increase in Commerce revenues was primarily attributable to:
Previous wording
■an increase of $1,756 million and $657 million in our Commerce services revenues for the nine and three-month periods ended September 30, 2025, respectively, mainly related to (i) a 22% and 28% increase in gross merchandise volume, and (ii) higher flat fee contributions for low gross merchandise volume transactions. Shipping carrier costs netted against revenues decreased $88 million, from $794 million for the nine-month period ended September 30, 2024, to $706 million for the nine-month period ended September 30, 2025, mainly due to an increase in the share of shipping services where we act as principal, as opposed to agent during the first quarter of 2025. For the three-month period ended September 30, 2025 as compared to the same period in 2024, shipping carrier costs netted against revenues increased $49 million, from $213 million for the three-month period ended September 30, 2024, to $262 million for the three-month period ended September 30, 2025; and
Current wording
■an increase of $1,055 million in our Commerce services revenues for the three-month period ended March 31, 2026, mainly related to a 42% increase in gross merchandise volume, and higher flat fee contributions for low gross merchandise volume transactions. Shipping carrier costs netted against revenues increased $48 million, from $211 million for the three-month period ended March 31, 2025, to $259 million for the three-month period ended March 31, 2026; and
Previous wording
■an increase of $955 million and $378 million in our revenues from Commerce product sales for the nine and three-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024, mainly in Brazil, Mexico and Argentina.
Current wording
■an increase of $510 million in our revenues from Commerce product sales for the three-month period ended March 31, 2026, as compared to the same period in 2025, mainly in Brazil and Mexico.
Previous wording
Our Fintech revenues grew 44.2% and 48.9%, from $6,113 million and $2,173 million for the nine and three-month periods ended September 30, 2024, respectively, to $8,818 million and $3,235 million for the nine and three-month periods ended September 30, 2025, respectively. This increase was mainly generated by:
Current wording
Our Fintech revenues grew 51.1%, from $2,632 million for the three-month period ended March 31, 2025, to $3,977 million for the three-month period ended March 31, 2026. This increase was mainly generated by:
Previous wording
■an increase of $1,452 million and $625 million in our Credit revenues for the nine and three-month periods ended September 30, 2025, respectively, mainly as a consequence of higher originations; and
Current wording
■an increase of $866 million in our Credit revenues for the three-month period ended March 31, 2026, mainly as a consequence of higher originations; and
Previous wording
■an increase of $1,245 million and $434 million in our revenues from Financial services and income for the nine and three-month periods ended September 30, 2025, respectively, mainly related to our off-platform transactional fees and financing transactions, as a result of a 41% increase in our total payment volume for both periods.
Current wording
■an increase of $474 million in our revenues from Financial services and income for the three-month period ended March 31, 2026, mainly related to our off-platform transactional fees and financing transactions, as a result of a 50% increase in our total payment volume.
Previous wording
Net revenues growth during the nine-month period ended September 30, 2025, as compared to the same period in 2024, were offset by the average increase of Brazil’s exchange rate against U.S. dollar of 7.9%. During the three-month period ended September 30, 2025, as compared to the same period in 2024, there was an average decrease of Brazil’s exchange rate against U.S. dollar of 1.8%.
Current wording
Net revenues growth during the three-month period ended March 31, 2026, as compared to the same period in 2025, was boosted by the average decrease of Brazil’s exchange rate against U.S. dollar of 10.1%.
Previous wording
Net revenues growth during the nine-month period ended September 30, 2025, as compared to the same period in 2024, were offset by the average increase of Mexico’s exchange rate against U.S. dollar of 10.0%. During the three-month period ended September 30, 2025, as compared to the same period in 2024, there was an average decrease of Mexico’s exchange rate against U.S. dollar of 1.8%.
Current wording
Net revenues growth during the three-month period ended March 31, 2026, as compared to the same period in 2025, was boosted by the average decrease of Mexico's exchange rate against U.S. dollar of 14.1%.
Previous wording
The following table sets forth the growth in net revenues and financial income in local currencies, for the nine and three-month periods ended September 30, 2025 as compared to the same periods in 2024:
Current wording
The following table sets forth the growth in net revenues and financial income in local currencies, for the three-month periods ended March 31, 2026 as compared to the same periods in 2025:
Previous wording
(2)For thenine-month period ended September 30, 2025, the average inter-annual inflation rate in our Argentine segment of 48.8% was higher than the average inter-annual increase of Argentina’s official exchange rate against U.S. dollar of 33.0%, while for the three-month period ended September 30, 2025, the average inter-annual inflation rate in our Argentine segment of 34.0%, was lower than the average inter-annual increase of Argentina’s official exchange rate against U.S. dollar of 41.4%.
Current wording
(2) For the three-month period ended March 31, 2026, the average inter-annual inflation rate in our Argentine segment of 32.7% was lower than the average inter-annual increase of Argentina’s official exchange rate against U.S. dollar of 34.1%.
Previous wording
Cost of net revenues and financial expenses primarily includes shipping operation costs (including warehousing costs), carrier and other operating costs, cost of goods sold, collection fees, sales taxes, funding costs related to our fintech business, fraud prevention expenses, hosting and site operation fees, certain tax withholding related to export duties, compensation for customer support personnel and depreciation and amortization. The following table presents cost of net revenues and financial expenses for the periods indicated:
Current wording
Cost of net revenues and financial expenses primarily includes shipping operation costs (including warehousing costs), carrier and other operating costs, cost of goods sold, collection fees, sales taxes, funding costs related to our fintech business, fraud prevention expenses, hosting and site operation fees, artificial intelligence (“AI”) capabilities expenses, certain tax withholding related to export duties, compensation for customer support personnel and depreciation and amortization. The following table presents cost of net revenues and financial expenses for the periods indicated:
Previous wording
For the nine-month period ended September 30, 2025 as compared to the same period in 2024, the increase in cost of net revenues and financial expenses was primarily attributable to a: i) $1,204 million increase in shipping operating and carrier costs; ii) $734 million increase in cost of sales of goods mainly in Brazil, Mexico and Argentina; iii) $359 million increase in collection fees across all of our main segments, as a result of the higher total payment volume of Mercado Pago in those countries; iv) $355 million increase in other fintech costs mainly related to higher funding costs in connection with our lending business; v) $340 million increase in sales taxes; and vi) $141 million increase in hosting and site operation fees.
Current wording
For the three-month period ended March 31, 2026 as compared to the same period in 2025, the increase in cost of net revenues and financial expenses was primarily attributable to a: i) $787 million increase in shipping operating and carrier costs; ii) $400 million increase in cost of sales of goods mainly in Brazil and Mexico; iii) $185 million increase in collection fees across all of our main segments, as a result of the higher total payment volume of Mercado Pago in those countries; iv) $142 million increase in other fintech costs mainly related to higher funding costs in connection with the increase in the lending business portfolio; v) $134 million increase in sales taxes; and vi) $105 million increase in hosting and site operation fees.
Previous wording
Our subsidiaries in Brazil, Argentina and Colombia are subject to certain taxes on revenues and financial income, which are classified as a cost of net revenues and financial expenses. These taxes represented 6.6% and 6.4% of net revenues and financial income for the nine and three-month periods ended September 30, 2025, and 6.7% for the same periods in 2024, respectively.
Current wording
Our subsidiaries in Brazil, Argentina and Colombia are subject to certain taxes on revenues and financial income, which are classified as a cost of net revenues and financial expenses. These taxes represented 6.0% of net revenues and financial income for the three-month period ended March 31, 2026, and 6.7% for the same period in 2025.
Previous wording
In the future, our gross profit margin could continue declining if we maintain the growth of our sales of goods business, which has a lower pure product margin, building up our logistics network and if we fail to maintain an appropriate relationship between our cost of revenue structure and our net revenues and financial income trend.
Current wording
In the future, our gross profit margin could continue declining if we maintain the growth of our sales of goods business, which has a lower pure product margin due to marketing initiatives, or the building up our logistics network. Our gross profit margin could also decline if we fail to maintain an appropriate relationship between our cost of revenue structure and our net revenues and financial income trend.
Previous wording
Our product and technology development related expenses consist primarily of compensation for our engineering and web-development staff (including long term retention program compensation), depreciation and amortization expenses related to product and technology development, certain tax withholding related to export duties, telecommunications costs and payments to third-party suppliers who provide technology maintenance services to us. The following table presents product and technology development expenses for the periods indicated:
Current wording
Our product and technology development related expenses consist primarily of compensation for our engineering and web-development staff (including long term retention program compensation), depreciation and amortization expenses related to product and technology development, AI capabilities expenses for internal usage, certain tax withholding related to export duties, telecommunications costs and payments to third-party suppliers who provide technology maintenance services to us. The following table presents product and technology development expenses for the periods indicated:
Previous wording
For the nine-month period ended September 30, 2025, the increase in product and technology development expenses as compared to the same period in 2024 was primarily attributable to a: i) $152 million increase in salaries and wages mainly related to the increase of 15% in our product and technology development headcount and increases in amounts accrued under the LTRPs as a consequence of the increase in our common stock price; ii) $70 million increase in technology maintenance expenses; and iii) $53 million increase in other product and technology development expenses mainly related to higher tax withholding in connection with intercompany export services billing duties.
Current wording
For the three-month period ended March 31, 2026, the increase in product and technology development expenses as compared to the same period in 2025 was primarily attributable to a: i) $72 million increase in salaries and wages mainly related to the increase of 8% in our product and technology development headcount; ii) $41 million increase in technology maintenance and AI expenses; and iii) $23 million increase in other product and technology development expenses mainly related to higher tax withholding in connection with intercompany export services billing duties.
Previous wording
We believe that product and technology development is one of our key competitive advantages and we intend to continue to invest in technology to meet the increasingly sophisticated product expectations of our customer base.
Current wording
We believe that product and technology development and AI capabilities are two of our key competitive advantages and we intend to continue to invest in technology to meet the increasingly sophisticated product expectations of our customer base.
Previous wording
For the three-month period ended September 30, 2025, the increase in sales and marketing expenses as compared to the same period in 2024 was primarily attributable to a: i) $158 million increase in online and offline marketing expenses across all of our main segments; ii) $44 million increase in our buyer protection program expenses; iii) $36 million increase in salaries and wages mainly related to the increase of 44% in our sales and marketing headcount; and iv) $12 million increase in chargebacks.
Current wording
For the three-month period ended March 31, 2026, the increase in sales and marketing expenses as compared to the same period in 2025 was primarily attributable to a: i) $250 million increase in online and offline marketing expenses across all of our main segments; ii) $75 million increase in our buyer protection program expenses; and iii) $43 million increase in salaries and wages mainly related to the increase of 43% in our sales and marketing headcount.
Previous wording
For the nine and three-month periods ended September 30, 2025, as compared to the same periods in 2024, the provision for doubtful accounts increased $777 million and $308 million, respectively, mainly due to the increase in originations growing at 59% and 60% (mostly related to the credit card and consumer products), respectively.
Current wording
For the three-month period ended March 31, 2026, as compared to the same period in 2025, the provision for doubtful accounts increased $641 million, mainly due to the increase in originations growing at 81% (mostly related to the credit cards and consumer products). In addition, the increase in average duration of our consumers portfolio generated an increase in provisions.
Previous wording
Our general and administrative expenses consist primarily of salaries for management and administrative staff, compensation of non-employee directors, long term retention program compensation, expenses for legal, audit and other professional services, insurance expenses, office space rental expenses, changes in the fair value of digital assets, travel and business expenses, as well as depreciation and amortization expenses. Our general and administrative expenses include the costs of the following areas: general management, finance, treasury, internal audit, administration, accounting, tax, legal and human resources. The following table presents general and administrative expenses for the periods indicated:
Current wording
Our general and administrative expenses consist primarily of salaries for management and administrative staff, compensation of non-employee directors, long term retention program compensation, expenses for legal, audit and other professional services, contingencies, insurance expenses, office space rental expenses, changes in the fair value of digital assets, travel and business expenses, as well as depreciation and amortization expenses. Our general and administrative expenses include the costs of the following areas: general management, finance, treasury, internal audit, administration, accounting, tax, legal and human resources. The following table presents general and administrative expenses for the periods indicated:
Previous wording
For the three-month period ended September 30, 2025, the decrease in general and administrative expenses as compared to the same period in 2024 was primarily attributable to a: i) $38 million decrease in legal, tax and other fees due to higher contingencies losses in the three-month period ended September 30, 2024; and ii) $11 million gain related to the fair value of digital assets ($9 million gain in the three-month period ended September 30, 2025 compared to a $2 million loss in the three-month period ended September 30, 2024). This was partially offset by a $12 million increase in salaries and wages, mainly related to the increase of 15% in general and administrative headcount.
Current wording
For the three-month period ended March 31, 2026, the increase in general and administrative expenses as compared to the same period in 2025 was primarily attributable to a: i) $48 million increase in salaries and wages, mainly related to the increase of 13% in general and administrative headcount; and ii) $28 million increase in legal, tax and other fees due to higher consulting fees and contingencies. This was partially offset by $12 million lower losses related to the fair value of digital assets held during the three-month period ended March 31, 2025.
Showing the first 40 of 87 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
For the three-month period ended September 30, 2025 as compared to the same period in 2024, the increase in cost of net revenues and financial expenses was primarily attributable to a: i) $506 million increase in shipping operating and carrier costs; ii) $296 million increase in cost of sales of goods across all of our main segments; iii) $170 million increase in other fintech costs, mainly related to higher funding costs in connection with our lending business; iv) $149 million increase in collection fees across all of our main segments, as a result of the growth of total payment volume of Mercado Pago in those countries; v) $119 million increase in sales taxes; and vi) $61 million increase in hosting and site operation fees.
Previous report — wording carried elsewhere
For the nine-month period ended September 30, 2025, as compared to the same period in 2024, segment costs increased mainly driven by a: i) $1,595 million increase in cost of net revenues and financial expenses, mostly attributable to an increase in shipping operating and carrier costs, cost of goods sold as a consequence of an increase in first-party sales, sales taxes, other fintech costs mainly related to higher funding costs in connection with the growth of our lending business, collection fees as a consequence of the higher transactions volume of our Mercado Pago business and hosting and site operation fees; ii) $555 million increase in provision for doubtful accounts mainly related to our credit card, consumer and merchant credits product growth; and iii) $344 million increase in sales and marketing expenses mainly due to an increase in online and offline marketing expenses, buyer protection program expenses, salaries and wages and chargebacks.