Q1 26 EPS
$8.23
BEAT +0.35%
Est. $8.20
Q1 26 Revenue
$8.85B
BEAT +6.27%
Est. $8.32B
vs S&P Since Q1 26
-5.8%
TRAILING MARKET
MELI -0.9% vs S&P +4.8%
Market Reaction
Did MELI Beat Earnings? Q1 2026 Results
MercadoLibre posted a robust first quarter for 2026, delivering revenue of $8.85 billion, a 49% year-over-year surge that beat the $8.32 billion consensus by 6.27%, while earnings per share of $8.23 edged past the $8.20 estimate by 0.35%, underscorin… Read more MercadoLibre posted a robust first quarter for 2026, delivering revenue of $8.85 billion, a 49% year-over-year surge that beat the $8.32 billion consensus by 6.27%, while earnings per share of $8.23 edged past the $8.20 estimate by 0.35%, underscoring the strength of its integrated commerce and fintech flywheel across Latin America. The headline driver was Brazil, where revenue accelerated to 55% year-over-year growth in USD as a lower free shipping threshold fueled a 56% jump in items sold and unique buyer growth hit its fastest pace in five years. Yet the quarter came with a deliberate trade-off: operating income fell 20% to $611 million, margin compressed roughly 600 basis points, and adjusted free cash flow turned negative at $56 million as the company plowed capital into credit cards, logistics, and first-party commerce, framing the moment as a rare generational opportunity in Latin American digital finance and retail. Management signaled no intention to ease that investment posture, instead pointing to AI-driven productivity gains and maturing credit and logistics investments as the pathway to significantly higher margins and cash flow over time.
Key Takeaways
- • Lower free shipping threshold in Brazil driving items sold growth of 56% YoY and unique buyer growth of 32% YoY
- • Credit card portfolio grew 104% YoY to $6.6bn with 2.7mn cards issued in Q1
- • First-party (1P) business grew 69% YoY FX-neutral, tripling market share in cellphones in Brazil
- • Advertising revenue grew 73% YoY in USD and 63% FX-neutral
- • Fintech MAUs reached 83mn, up 29% YoY, with AUM up 77% YoY to nearly $20bn
- • Unit shipping costs in Brazil declined 17% YoY in local currency, accelerating from 11% in Q4 2025
- • Cross-border trade GMV grew 68% YoY FX-neutral
- • AI-driven productivity gains with engineering productivity KPIs growing 7-10x faster than 8% headcount growth
MELI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MELI Revenue by Segment
With YoY comparisons, source: SEC Filings
MELI Revenue by Geography
With YoY comparisons, source: SEC Filings
MELI Earnings Trends
MELI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MELI EPS Trend
Earnings per share: estimate vs actual
MELI Revenue Trend
Quarterly revenue: estimate vs actual
MELI Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes foreign currency losses of $45 million (vs. $117 million in Q2 2025) | $8.94 | $9.19 | +2.79% | $10.17B | +4.16% |
| Q1 26 BEAT | $8.20 | $8.23 | +0.35% | $8.85B | +6.27% |
| Q4 25 MISS FY | $11.44 | $11.03 | -3.56% | $8.76B | +3.50% |
| FY Full Year | $39.98 | $39.40 | -1.46% | $28.89B | +0.95% |
| Q3 25 MISS | $9.30 | $8.32 | -10.51% | $7.41B | +2.81% |
| Q2 25 MISS | $11.89 | $10.31 | -13.26% | $6.79B | +1.90% |
| Q1 25 BEAT | $8.27 | $9.74 | +17.76% | $5.94B | +7.49% |