MercadoLibre (MELI) reported net income of $448 million in the third quarter of 2026, up 6% from the same period of the previous year, when it was $421 million. Earnings per share (EPS) were $8.83, compared with $8.32 in 3Q25. The net margin was 4.2%.
Net revenues and financial income totaled $10.75 billion, up 45% from 3Q25 and up 41% on a foreign-exchange-neutral basis (which excludes the effect of currency fluctuations). Operating income was $676 million, down 6% from $724 million in 3Q25, with a margin of 6.3%, 40 basis points below 2Q26. The company attributes the decline to the cost of more free shipping and new storage capacity ahead of the peak sales period, as well as increased spending on affiliate marketing in Brazil.
Adjusted EBITDA (non-GAAP, earnings before interest, taxes, depreciation and amortization, among other items) was $982 million, compared with $933 million a year earlier. Adjusted free cash flow (non-GAAP) was $285 million, after $503 million in investments in assets and $2.1 billion in expansion of the credit portfolio.
Total payment volume (TPV) totaled $109 billion, up 53%, and gross merchandise volume (GMV) was $23 billion, up 38%. The credit portfolio reached almost $18 billion, up 62%, with a 15-to-90-day nonperforming loan ratio of 7.0%. In September, the company completed its second investment-grade bond issuance, raising $1 billion.
