MercadoLibre, Inc. (MELI) 永续合约

MercadoLibre reported Q2 2026 net revenue above $10 billion for the first time, up 50% year-on-year, with income from operations of $683 million and a 6.7% EBIT margin, flat sequentially. The company continues to prioritize long-term engagement and growth over near-term profitability, citing successful investments like the lower free shipping threshold in Brazil, which drove items per buyer up 19% and conversion up 1.1 percentage points year-on-year. Credit portfolio reached $16.4 billion, growing 75% year-on-year, with NIMAL improving to 21% from 18% in Q1, driven by provision normalization in Brazil. Management highlighted ecosystemic users (using both Marketplace and Mercado Pago) as dramatically more profitable, reinforcing their investment strategy. Q2 adjusted free cash flow was $214 million after absorbing higher capex of $441 million and investing $2.1 billion in credit. AI investments totaled $80 million in the quarter, with positive ROI in search and customer service.

MercadoLibre reported Q1 2026 net revenue growth of 49% year-over-year, the strongest since Q2 2022, driven by strategic investments in free shipping, credit cards, and logistics. Brazil GMV grew 38% with items sold up 56%, while Mexico GMV grew 28%, Argentina 41%, and Chile 40%. Fintech saw monthly active users up 29%, AUM up 77%, and credit portfolio nearly doubled to $14.6 billion. Income from operations was $611 million with a 6.9% margin, reflecting deliberate investment choices. Management emphasized continued bold investment in credit cards, fulfillment, and free shipping, with no near-term change in margin outlook.

MercadoLibre reported robust Q4 2025 results with net revenues growing 45% year-over-year, marking the 28th consecutive quarter of growth above 30%. Commerce accelerated in Brazil and Mexico, with GMV growing 35% in both markets, driven by investments like lower free shipping thresholds. Fintech achieved record milestones, including leading Net Promoter Scores in key markets, nearly doubled credit portfolio to $12.5 billion, and assets under management close to $19 billion. Advertising revenue grew 67%, powered by AI-driven tools. Management highlighted that margin compression of 5-6 percentage points was due to deliberate investments in shipping, credit cards, 1P, and cross-border trade, which are already yielding results and strengthening the ecosystem. They remain confident in long-term growth opportunities despite short-term margin pressure.

MercadoLibre reported Q3 2025 results with revenues growing 39% year-on-year, representing the 27th consecutive quarter of growth above 30%. The company highlighted strong results from its investment in lowering the free shipping threshold in Brazil, which accelerated GMV and items sold, with items sold growth in Brazil jumping from 26% last quarter to 42% this quarter. This drove record brand preference scores and NPS, and increased total unique buyers to 75 million, with 7.8 million new buyers added in the quarter. Operating income grew 30% year-on-year to USD 724 million, demonstrating a balance between growth investments and profitability. Mercado Pago also had a stellar quarter with accelerated monthly active user growth and record NPS in Brazil. In Argentina, growth slowed due to macro challenges, but the company remains optimistic long-term. The company continues to invest in credit cards, logistics, and 1P, with credit card cohorts maturing and becoming profitable in Brazil.