MercadoLibre stock grows 45% as logistics spending cuts margin
Published on 11/13/2026 at 13:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth Meets a Margin Test
- Third-quarter revenue and financial income rose 45 percent year over year to 10.75 billion US dollars.
- Net income reached 448 million US dollars but missed the analyst estimate cited by Reuters.
- Fulfillment capacity increased by about 20 percent from the previous quarter ahead of the holiday season.
- Management said it remains optimistic about the long-term margin trajectory.
MercadoLibre reported strong top-line growth for the third quarter ended September 30, 2026, but heavier investment in logistics and marketing put profitability under pressure. The company announced the results on November 4, while Mercado Libre said revenue had remained above 30 percent growth for 31 consecutive quarters.
MercadoLibre's net revenue and financial income rose 45 percent year over year to 10.75 billion US dollars, exceeding the 10.66 billion US dollar consensus cited by Reuters. Brazil was the strongest growth market, reinforcing the breadth of demand across the Latin American e-commerce and fintech platform.
Investment Weighs On Profitability
Net income reached 448 million US dollars, up about 6 percent from a year earlier but below the 476 million US dollar analyst estimate reported by Reuters. Operating margin fell to 6.3 percent from nearly 10 percent a year earlier and missed the 7 percent expectation tracked by LSEG.
The main pressure came from the decision to expand fulfillment capacity ahead of major promotional events, including Black Friday. Capacity rose by about 20 percent from the previous quarter, compared with 10 percent in the same period a year earlier. Higher free-shipping costs in Argentina and Brazil, increased marketing spending in Brazil and rising fuel prices added to the burden.
Chief Financial Officer Martin de los Santos told Reuters that capacity investment creates costs before the related revenue arrives and can cause temporary margin compression. He said the company remains very optimistic about its long-term margin trajectory. MercadoLibre also raised shipping fees for merchants as fuel costs increased.
Credit Growth Adds Another Focus
The fintech business continued to expand even as management took a more cautious approach to lending. Mercado Pago's credit portfolio grew 62 percent year over year, although the pace slowed from previous quarters. De los Santos described the credit cycle in Brazil and Argentina as complex and said the company had become more conservative when originating new loans in those markets.
For investors, the results sharpen the trade-off between MercadoLibre's exceptional revenue growth and the cost of defending that growth. The next test is whether the larger fulfillment network can support holiday demand and allow operating leverage to return after the current investment cycle.
MercadoLibre stock traded at 1,342.10 euros on Lang & Schwarz at 13:29:49 CET on Friday, November 13, 2026.
MercadoLibre Stock Facts
- Company: MercadoLibre, Inc.
- ISIN: US58733R1023
- Ticker: MELI
- Latest quote: 1,342.10 euros on Lang & Schwarz, Friday, November 13, 2026, at 13:29:49 CET
- Third-quarter revenue and financial income: 10.75 billion US dollars, up 45 percent year over year
- Third-quarter net income: 448 million US dollars
- Third-quarter operating margin: 6.3 percent
Broader trading in the S&P 500 remains a relevant backdrop for large-cap growth stocks and risk appetite.
