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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

-OR-


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-33647

___________________________________________________________________________________________________

MercadoLibre, Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________________________________________________________


Delaware			98-0212790
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

WTC Free Zone

Dr. Luis Bonavita 1294, Of. 1733, Tower II

Montevideo, Uruguay, 11300

(Address of principal executive offices) (Zip Code)

(+598) 2-927-2770

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

MELI

Nasdaq Global Select Market

3.125% Notes due 2031

MELI31

The Nasdaq Stock Market LLC

4.900% Notes due 2033

MELI33

The Nasdaq Stock Market LLC

___________________________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

50,697,182 shares of the issuer’s common stock, $0.001 par value, were outstanding as of May 7, 2026.

Table of Contents

MERCADOLIBRE, INC.

INDEX TO FORM 10-Q


			Page
PART I. FINANCIAL INFORMATION

ITEM 1 — UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			1

Interim Condensed Consolidated Balance Sheets as of March 3 1 , 202 6 and December 31, 2025			1

Interim Condensed Consolidated Statements of Income f or the three-month periods ended March 3 1 , 202 6 and 2025			2

Interim Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 3 1 , 202 6 and 2025			3

Interim Condensed Consolidated Statements of Equity for the three-month periods ended March 3 1 , 202 6 and 2025			4

Interim Condensed Consolidated Statements of Cash Flows for the three -month periods ended March 3 1 , 202 6 and 2025			5

Notes to Interim Condensed Consolidated Financial Statements (unaudited)			7

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			36

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			54

ITEM 4 — CONTROLS AND PROCEDURES			57

PART II. OTHER INFORMATION			57

ITEM 1 — LEGAL PROCEEDINGS			57

ITEM 1A — RISK FACTORS			57

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			58

ITEM 5 — OTHER INFORMATION			58

ITEM 6 — EXHIBITS			58

INDEX TO EXHIBITS			59

SIGNATURES			60

Table of Contents

MercadoLibre, Inc. - Interim Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025

(In millions of U.S. dollars, except par value) (Unaudited)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	3,677	$	3,670
Restricted cash and cash equivalents	11,464		9,867
Short-term investments	1,973		2,629
Accounts receivable, net	370		369
Credit card receivables and other means of payments, net	7,971		6,893
Loans receivable, net of allowances of $3,708 and $3,057	10,169		8,855
Inventories	677		570
Other assets	822		720
Total current assets	37,123		33,573
Non-current assets:
Long-term investments	1,696		1,764
Credit card receivables and other means of payments, net	163		153
Loans receivable, net of allowances of $112 and $86	566		510
Property and equipment, net	2,413		2,303
Operating lease right-of-use assets	2,402		2,201
Goodwill	165		163
Intangible assets, net	33		33

Deferred tax assets	1,890		1,541
Other assets	483		426
Total non-current assets	9,811		9,094
Total assets	$	46,934	$	42,667
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	5,037	$	4,502
Funds payable to customers	14,145		13,029
Amounts payable due to credit and debit card transactions	4,305		3,584
Salaries and social security payable	878		916
Taxes payable	1,298		1,140
Loans payable and other financial liabilities	5,316		4,623
Operating lease liabilities	472		430
Other liabilities	518		409
Total current liabilities	31,969		28,633
Non-current liabilities:
Amounts payable due to credit and debit card transactions	190		187
Loans payable and other financial liabilities	4,611		4,570
Operating lease liabilities	1,946		1,769
Deferred tax liabilities	386		372
Other liabilities	551		388
Total non-current liabilities	7,684		7,286
Total liabilities	$	39,653	$	35,919
Commitments and contingencies (Note 8)
Equity
Common stock, $0.001 par value, 110,000,000 shares authorized, 50,697,182 shares issued and outstanding	$	—	$	—
Additional paid-in capital	1,771		1,771
Treasury stock, 225,931 shares	(312)		(312)
Retained earnings	6,226		5,809
Accumulated other comprehensive loss	(404)		(520)
Total equity	7,281		6,748
Total liabilities and equity	$	46,934	$	42,667

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1 | MercadoLibre, Inc.

Table of Contents

MercadoLibre, Inc.

Interim Condensed Consolidated Statements of Income

For the three-month periods ended March 31, 2026 and 2025

(In millions of U.S. dollars, except for share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net service revenues and financial income	$	7,715	$	5,320
Net product revenues	1,130		615
Net revenues and financial income	8,845		5,935
Cost of net revenues and financial expenses	(4,983)		(3,164)
Gross profit	3,862		2,771
Operating expenses:
Product and technology development	(699)		(551)
Sales and marketing	(982)		(599)
Provision for doubtful accounts	(1,244)		(603)
General and administrative	(326)		(255)
Total operating expenses	(3,251)		(2,008)
Income from operations	611		763

Other income (expenses):
Interest income and other financial gains, net	27		37
Interest expense and other financial losses	(65)		(39)
Foreign currency gains (losses), net	6		(55)
Net income before income tax expense	579		706

Income tax expense	(162)		(212)

Net income	$	417	$	494


	Three Months Ended March 31,
		2026		2025
Basic earnings per share
Basic net income available to shareholders per common share		$	8.23	$	9.74
Weighted average of outstanding common shares		50,697,182		50,697,375

Diluted earnings per share
Diluted net income available to shareholders per common share		$	8.23	$	9.74
Weighted average of outstanding common shares		50,697,298		50,697,375

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

2 | MercadoLibre, Inc.

Table of Contents

MercadoLibre, Inc.

Interim Condensed Consolidated Statements of Comprehensive Income

For the three-month periods ended March 31, 2026 and 2025

(In millions of U.S. dollars)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	417	$	494
Other comprehensive income, net of tax:
Currency translation adjustment	127		161
Unrealized gains on investments	1		4
Tax expense on unrealized gains on investments	—		(1)
Unrealized losses on hedging activities	(58)		(8)
Tax benefit on unrealized losses on hedging activities	20		4
Less: Reclassification adjustment for (losses) gains on hedging activities included in cost of net revenues and financial expenses, Product and technology development expenses, interest expense and other financial losses and foreign currency losses, net	(39)		1
Less: Reclassification adjustment for estimated tax benefit on unrealized losses	13		—
Total other comprehensive income, net of tax	116		159
Total comprehensive income	$	533	$	653

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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MercadoLibre, Inc.

Interim Condensed Consolidated Statements of Equity

For the three-month periods ended March 31, 2026 and 2025

(In millions of U.S. dollars and share data)

(Unaudited)


	Common stock			Additional paid-in capital		Treasury Stock		Retained Earnings		Accumulated other comprehensive loss		Total Equity
	Shares	Amount
Balance as of December 31, 2025	50	$	—	$	1,771	$	(312)	$	5,809	$	(520)	$	6,748
Net income	—	—		—		—		417		—		417
Other comprehensive income	—	—		—		—		—		116		116
Balance as of March 31, 2026	50	$	—	$	1,771	$	(312)	$	6,226	$	(404)	$	7,281


	Common stock			Additional paid-in capital		Treasury Stock		Retained Earnings		Accumulated other comprehensive loss		Total Equity
	Shares	Amount
Balance as of December 31, 2024	50	$	—	$	1,770	$	(311)	$	3,812	$	(920)	$	4,351
Net income	—	—		—		—		494		—		494
Other comprehensive income	—	—		—		—		—		159		159
Balance as of March 31, 2025	50	$	—	$	1,770	$	(311)	$	4,306	$	(761)	$	5,004

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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MercadoLibre, Inc. - Interim Condensed Consolidated Statements of Cash Flows

For the three-month periods ended March 31, 2026 and 2025

(In millions of U.S. dollars)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operations:
Net income	$	417	$	494
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized foreign currency gains, net	(66)		(2)
Depreciation and amortization	246		172
Accrued interest, financial income and other revenues	(283)		(157)
Non cash interest expense and amortization of debt issuance costs and other charges	100		68
Provision for doubtful accounts	1,244		603
Provision for contingencies	39		23
Results on derivative instruments	95		28
Results on digital assets at fair value	—		12
Long term retention program (“LTRP”) accrued compensation	96		92
Deferred income taxes	(261)		(60)
Changes in assets and liabilities:

Receivables	(887)		(71)
Inventories	(88)		(46)
Other assets	(98)		(247)
Payables and accrued expenses	340		(191)
Funds payable to customers	585		58
Amounts payable due to credit and debit card transactions	523		87
Other liabilities	123		120
Operating lease liabilities	(118)		(79)
Interest received from investments	68		127
Net cash provided by operating activities	2,075		1,031
Cash flows from investing activities:
Purchases of investments	(2,824)		(4,242)
Proceeds from sale and maturity of investments	3,613		3,905

Proceeds from settlements of derivative instruments	4		2
Payments from settlements of derivative instruments	(44)		—
Changes in loans receivable, net	(1,949)		(1,235)
Investments in property and equipment, intangible assets and intangible assets at fair value	(271)		(272)

Net cash used in investing activities	(1,471)		(1,842)
Cash flows from financing activities:
Proceeds from loans payable and other financial liabilities	21,524		8,931
Payments on loans payable and other financing liabilities	(21,035)		(8,453)
Payments of finance lease liabilities	(16)		(13)

Net cash provided by financing activities	473		465
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents	527		145
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	1,604		(201)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period	13,537		4,699
Cash, cash equivalents, restricted cash and cash equivalents, end of the period	$	15,141	$	4,498

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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MercadoLibre, Inc. - Interim Condensed Consolidated Statements of Cash Flows

For the three-month periods ended March 31, 2026 and 2025

(In millions of U.S. dollars)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Non-cash transactions:
Right-of-use assets obtained under operating leases	$	242	$	210
Property and equipment obtained under finance leases	1		1
Investments in intangible assets not paid	—		27

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 1. NATURE OF BUSINESS

MercadoLibre, Inc. (“MercadoLibre,” and together with its consolidated entities, the “Company”) was incorporated in the state of Delaware, in the United States of America (“U.S.”), in October 1999. MercadoLibre is the leading online commerce and fintech ecosystem in Latin America. The Company’s ecosystem provides consumers and merchants with a complete portfolio of services to enable buying and selling online and processing payments online and offline, as well as a wide array of simple day-to-day financial services.

The Company enables commerce through its marketplace platform, which allows users to buy and sell in most of Latin America. Through Mercado Pago, the fintech platform, MercadoLibre offers a comprehensive set of financial technology services to users of its e-commerce platform, and to users outside of its e-commerce platform. These services include loans and credit cards, yield on funds deposited into accounts, payments, savings, investments, insurtech, crypto buy, hold & sell and processing services for online, in-store and QR payments. Through Mercado Envios, MercadoLibre facilitates the shipping of goods from the Company and sellers to buyers. Mercado Ads facilitates advertising services for sellers and brands to promote their products and services within and outside the Company’s ecosystem.

As of March 31, 2026, MercadoLibre, through its wholly-owned subsidiaries, operated online e-commerce platforms directed towards Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru, Mexico, Panama, Honduras, Nicaragua, El Salvador, Uruguay, Bolivia, Guatemala, Paraguay and Venezuela. Additionally, MercadoLibre’s fintech platform, Mercado Pago, is present in Argentina, Brazil, Mexico, Colombia, Chile, Peru, Uruguay and Ecuador.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries and consolidated Variable Interest Entities (“VIEs”). These unaudited interim condensed consolidated financial statements are stated in U.S. dollars, except for where otherwise indicated. Intercompany transactions and balances have been eliminated for consolidation purposes.

These unaudited interim condensed consolidated financial statements reflect the Company’s consolidated financial position as of March 31, 2026 and December 31, 2025. These unaudited interim condensed consolidated financial statements include the Company’s consolidated statements of income, comprehensive income, equity and cash flows for the three-month periods ended March 31, 2026 and 2025. These unaudited interim condensed consolidated financial statements include all normal recurring adjustments that Management believes are necessary to fairly state the Company’s financial position, operating results and cash flows.

Because all of the disclosures required by U.S. GAAP for annual consolidated financial statements are not included herein, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2025, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) (the “Company’s 2025 10-K”). The Company has evaluated all subsequent events through the date these unaudited interim condensed consolidated financial statements were issued. The interim condensed consolidated statements of income, comprehensive income, equity and cash flows for the periods presented herein are not necessarily indicative of results expected for any future period. For a more detailed discussion of the Company’s significant accounting policies, see Note 2 to the financial statements in the Company’s 2025 10-K. During the three-month period ended March 31, 2026, there were no material updates made to the Company’s significant accounting policies.

Use of estimates

The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, accounting and disclosures for allowance for doubtful accounts and chargeback provisions, inventories valuation reserves, recoverability of goodwill, intangible assets with indefinite useful lives and deferred tax assets, impairment of cash and cash equivalents, short-term and long-term investments, impairment of long-lived assets, separation of lease and non lease components for aircraft leases, asset retirement obligation, compensation costs relating to the Company’s long term retention program, fair value of certain loans payable and other financial liabilities, fair value of loans receivable, fair value of derivative instruments, income taxes, contingencies and determination of the incremental borrowing rate at commencement date of lease operating agreements. Actual results could differ from those estimates.

Supplier finance programs

The Company and certain financial institutions participate in a supplier finance program that enables certain of the Company’s suppliers, at their own election, to request the payment of their invoices to the financial institutions earlier than the terms stated in the Company’s payment policies. As of March 31, 2026 and December 31, 2025, the obligations outstanding that the Company has confirmed as valid to the financial institutions amounted to $616 million and $616 million, respectively.

For further information related to Supplier Finance Programs please refer to Note 4 to the consolidated financial statements in the Company’s 2025 10-K.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

Revenue recognition

Revenue recognition criteria for the services provided and goods sold by the Company are described in Note 2 to the consolidated financial statements in the Company’s 2025 10-K.

The gain arising from sales of credit card receivables, net of the costs recognized on sale of such credit card receivables, is $367 million and $255 million, for the three-month periods ended March 31, 2026 and 2025, respectively. See Note 4 – Loans receivable, net of these interim condensed consolidated financial statements for further details on the sales of loans receivables.

Revenues recognized under ASC 606, Revenue from contracts with customers, amounted to $6,065 million and $4,191 million for the three-month periods ended March 31, 2026 and 2025, respectively. Revenues not recognized under ASC 606 amounted to $2,780 million and $1,744 million for the three-month periods ended March 31, 2026 and 2025, respectively.

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Receivables represent amounts invoiced and revenue recognized prior to invoicing when the Company has satisfied the performance obligation and has the unconditional right to payment. Accounts receivable and credit card receivables and other means of payments are presented net of allowance for doubtful accounts and chargebacks of $82 million and $63 million as of March 31, 2026 and December 31, 2025, respectively. See Note 4 – Loans receivable, net of these unaudited interim condensed consolidated financial statements for information related to the allowance for doubtful accounts with respect to the Company’s loans receivable.

Contract liabilities from contracts with customers consist of fees received related to unsatisfied performance obligations at the end of the period in accordance with ASC 606. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following months. Contract liabilities from contracts with customers as of December 31, 2025 was $133 million, of which $127 million was recognized as revenue during the three-month period ended March 31, 2026.

As of March 31, 2026, total contract liabilities from contracts with customers recognized within current other liabilities was $151 million, mainly due to fees related to classified advertising services billed, subscriptions and loyalty programs, shipping services and inventory sales that are expected to be recognized as revenue in the coming months.

As of March 31, 2026 and December 31, 2025, the assets under management of the Company related to mutual funds amount to $4,719 million and $4,536 million, respectively.

Foreign currency translation

All of the Company’s foreign operations have determined the local currency to be their functional currency, except for Argentina, which has used the U.S. dollar as its functional currency since July 1, 2018. Accordingly, the foreign subsidiaries with local currency as functional currency translate assets and liabilities from their local currencies into U.S. dollars by using period-end exchange rates while income and expense accounts are translated at the average monthly rates in effect during the period, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transaction are used. The resulting translation adjustment is recorded as a component of other comprehensive income (loss). Gains and losses resulting from transactions denominated in non-functional currencies are recognized in earnings. Net foreign currency transaction results are included in the interim condensed consolidated statements of income under the caption “Foreign currency gains (losses), net.”


	Three Months Ended March 31,
	2026		2025
	(In millions)
Balance at beginning of period	$	(507)	$	(926)
Gains on foreign currency translation	127		161
Balance at end of period	$	(380)	$	(765)

Argentine currency status and macroeconomic outlook

As of July 1, 2018, the Company transitioned its Argentine operations to highly inflationary status in accordance with U.S. GAAP, and changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars, which is the functional currency of their immediate parent company. Argentina’s inflation rate for the three-month periods ended March 31, 2026 and 2025 was 9.4% and 8.6%, respectively. Additionally, Argentina’s average inter-annual inflation rate for the three-month periods ended March 31, 2026 was 32.7%.

The Company uses Argentina’s official exchange rate to account for transactions in the Argentine segment, which as of March 31, 2026 and December 31, 2025 was 1,382.00 and 1,455.00 Argentine Pesos, respectively, against the U.S. dollar. During the three-month periods ended March 31, 2026 and 2025, Argentina’s official exchange rate against the U.S. dollar decreased by 5.0% and increased by 4.1%, respectively. The average exchange rate for the three-month periods ended March 31, 2026 and 2025 was 1,417.76 and 1,057.00, respectively, resulting in an increase of 34.1%.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

Argentine exchange regulations

In the second half of 2019, the Argentine government instituted exchange controls restricting the ability of companies and individuals to exchange Argentine Pesos for foreign currencies and their ability to remit foreign currency out of Argentina. An entity’s authorization request to the Central Bank of Argentina (“CBA”) to access the official exchange market to make foreign currency payments may be denied depending on the circumstances. As a result of these exchange controls, markets in Argentina developed trading mechanisms, in which an entity or individual buys U.S. dollar denominated securities in Argentina (i.e. shares, sovereign debt) using Argentine Pesos, and subsequently sells the securities for U.S. dollars, in Argentina, to access U.S. dollars locally, or outside Argentina, by transferring the securities abroad, prior to being sold (the latter commonly known as “Blue Chip Swap Rate”).

On April 11, 2025, the Argentine government announced a series of measures aimed at easing regulations related to access to the foreign exchange market. Among other modifications, these measures included the establishment of floating bands (which started between $1,000 and $1,400 Argentine Pesos, a range that was updated at a rate of 1% per month until December 2025) within which the dollar exchange rate in the foreign exchange market may fluctuate, the elimination of foreign exchange restrictions applicable to individuals, the ability of companies to transfer dividends abroad to non-resident shareholders related to fiscal years beginning on or after January 1, 2025 and provide greater flexibility to make payments abroad for imports of goods and services. Effective January 1, 2026, the floating bands were updated monthly in accordance with the most recently published monthly inflation rate.

On September 26, 2025, the CBA imposed a restriction that prohibits purchasing securities on the Argentina Stock Market that are to be settled in foreign currency for a period of 90 days following the purchase of foreign currency in the official exchange market. As of March 31, 2026 and December 31, 2025, the spread between the official exchange rate and the Blue Chip Swap Rate was 7.5% and 4.6%, respectively.

Income taxes

The Company's accounting policy for income taxes is described in Note 2 to the consolidated financial statements in the Company’s 2025 10-K.

The Company’s consolidated estimated effective tax rate for the three-month period ended March 31, 2026, as compared to the same period in 2025, decreased from 30.0% to 27.9%, 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.

A valuation allowance is recorded when, based on the available evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized. In accordance with ASC 740, Management periodically assesses the need to either establish or reverse a valuation allowance for deferred tax assets considering positive and negative objective evidence related to the realization of the deferred tax assets. In its assessment, Management considers, among other factors, the nature, frequency and magnitude of current and cumulative losses on an individual subsidiary basis, projections of future taxable income, the duration of statutory carryforward periods, as well as feasible tax planning strategies, which would be employed by the Company to prevent tax loss carry-forwards from expiring unutilized.

Knowledge-based economy promotional regime in Argentina

The Company recorded an income tax benefit related to the Knowledge-based economy promotional regime in Argentina (the “Regime”) of $13 million and $18 million, during the three-month periods ended March 31, 2026 and 2025, respectively. The aggregate per share effect of the income tax benefit amounted to $0.25 and $0.36 for the three-month periods ended March 31, 2026 and 2025, respectively. The Regime is effective until December 31, 2029.

Fair value option applied to certain financial instruments

Under ASC 825, U.S. GAAP provides an option to elect fair value with impact on the statement of income as an alternative measurement for certain financial instruments and other items on the balance sheet.

The Company has elected to measure certain financial assets at fair value with impact on the statement of income for several reasons including to avoid the mismatch generated by the recognition of certain linked instruments / transactions, separately, in the interim condensed consolidated statements of income and interim condensed consolidated statements of comprehensive income and to better reflect the financial model applied for selected instruments. The Company’s election of the fair value option applies to: i) foreign government debt securities and ii) U.S. government debt securities.

Additionally, the Company has elected to measure the liability related to the Meli Dólar program, which corresponds to the holding by third-parties of the Company’s stablecoin, at fair value.

Earnings per share

For the three-month period ended March 31, 2026, the weighted average of outstanding common shares for the diluted earnings per share includes the effect of 116 incremental shares of the Company's common stock issuable upon vesting of restricted stock units granted to non-employee directors.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

Recently Adopted Accounting Standards

On July 30, 2025, the FASB issued the ASU 2025-05 “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” The amendments in this update provide entities with a practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption was permitted in both interim and annual reporting periods in which financial statements had not yet been issued or made available for issuance. The practical expedient is applied prospectively. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

On November 4, 2024, the FASB issued the ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The amendments in this update improve financial reporting by requiring disclosure of additional information about certain costs and expenses in the notes to financial statements at interim and annual reporting, such as the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption; a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027 (as clarified by ASU 2025-01). Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its consolidated financial statements.

On September 18, 2025, the FASB issued the ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The amendments in this update remove all references to software development methods (prescriptive and sequential software development stages (referred to as “project stages”)) throughout Subtopic 350-40. Therefore, an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The amendment specifies that the property, plant and equipment disclosure requirements under ASC 360-10 apply to all capitalized software costs accounted for under ASC 350-40, regardless of how the costs are presented in the financial statements. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments can be applied on a prospective transition approach, a modified transition approach (based on the status of the project and whether software costs were capitalized before the date of adoption), or a retrospective transition approach. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its consolidated financial statements.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 3. CASH, CASH EQUIVALENTS, RESTRICTED CASH AND CASH EQUIVALENTS AND INVESTMENTS

The composition of cash, cash equivalents and restricted cash and cash equivalents is as follows:


	March 31, 2026		December 31, 2025
	(In millions)
Cash in bank accounts and digital wallets	$	1,664	$	2,182
Money market	920		856
Time deposits (1)	1,022		570
U.S. government debt securities	71		46
Foreign government debt securities	—		16
Total cash and cash equivalents	3,677		3,670

Securitization transactions (2)	461		387

Cash in bank accounts (Central Bank of Brazil mandatory guarantee)	9,465		7,865
Cash in bank accounts (Argentine Central Bank mandatory guarantee)	342		394
Cash in bank accounts (Mexican National Banking and Securities Commission mandatory guarantee)	64		127
Time deposits (Mexican National Banking and Securities Commission mandatory guarantee)	676		682
Cash in bank accounts (Chilean Commission for the Financial Market mandatory guarantee)	219		288
Time deposits (Chilean Commission for the Financial Market mandatory guarantee)	147		44


Time deposits (Central Bank of Uruguay mandatory guarantee)	—		1
Money market (Central Bank of Uruguay mandatory guarantee)	1		3
Foreign government debt securities (Central Bank of Uruguay mandatory guarantee)	17		14
Money market (held for Meli Dólar holders)	61		50
Cash in bank accounts and digital wallets (held for Meli Dólar holders)	11		12
Total restricted cash and cash equivalents	11,464		9,867
Total cash, cash equivalents, restricted cash and cash equivalents (3)	$	15,141	$	13,537

(1) Includes investments held by a consolidated VIE, in which the Company has determined that it has both the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits. As of March 31, 2026, includes $56 million of time deposits.

(2) Cash, cash equivalents and investments from securitization transactions are restricted to the payment of amounts due to third-party investors.

(3) Cash, cash equivalents, restricted cash and cash equivalents as reported in the interim condensed consolidated statements of cash flows.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The composition of short-term and long-term investments is as follows:


	March 31, 2026		December 31, 2025
	(In millions)
U.S. government debt securities	$	1,410	$	1,519
Foreign government debt securities (1)	240		817
Foreign debt securities (2)	159		146
Time deposits (3)	92		93
Corporate debt securities	72		54
Total short-term investments	$	1,973	$	2,629

U.S. government debt securities	$	448	$	463
Foreign government debt securities (4) (5)	710		836
Securitization transactions (6)	9		8
Corporate debt securities	426		345
Equity securities at fair value	50		59
Equity securities held at cost	53		53
Total long-term investments	$	1,696	$	1,764

(1) As of March 31, 2026 and December 31, 2025, includes $194 million and $786 million, respectively, foreign government debt securities that are considered restricted due to the Central Bank of Brazil's mandatory guarantee. Also, as of March 31, 2026 and December 31, 2025, includes $6 million and $9 million, respectively, foreign government debt securities that are considered restricted due to the Central Bank of Uruguay’s mandatory guarantee.

(2) Corresponds to debt securities denominated in Brazilian Reais issued by the Instituto de Crédito Oficial of Spain and guaranteed by the Spanish government, considered restricted, which guarantee a line of credit.

(3) As of March 31, 2026 and December 31, 2025, includes $77 million and $74 million, respectively, of collateral as part of credit card scheme arrangement rules in Brazil, and which is considered restricted.

(4) Includes investments held by a consolidated VIE, in which the Company has determined that it has both the power to direct the activities that most significantly impact the VIE’s performance and the obligation to absorb losses or the right to receive benefits. As of March 31, 2026 and December 31, 2025, includes $313 million and $473 million of foreign government debt securities, respectively.

(5) As of March 31, 2026 and December 31, 2025, includes $10 million and $8 million, respectively, of foreign government debt securities considered restricted due to the Brazilian stock market's mandatory guarantee to operate with futures contracts. As of March 31, 2026 and December 31, 2025, includes $10 million and $9 million, respectively, of foreign government debt securities considered restricted, which guarantee lines of credit. Also, as of March 31, 2026, includes $12 million of loan collateral that is considered restricted.

(6) Investments from securitization transactions are restricted to the payment of amounts due to third-party investors. Corresponds to foreign government debt securities.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 4. LOANS RECEIVABLE, NET

The Company classifies loans receivable as “Merchant,” “Consumer,” “Credit cards” and “Asset-backed.” As of March 31, 2026 and December 31, 2025, the components of current and non-current Loans receivable, net were as follows:


	March 31, 2026
	Loans receivable		Allowance for doubtful accounts		Loans receivable, net
	(In millions)
Merchant	$	2,285	$	(901)	$	1,384
Consumer	5,319		(1,632)		3,687
Credit cards	6,622		(1,266)		5,356
Asset-backed	329		(21)		308
Total	$	14,555	$	(3,820)	$	10,735


	December 31, 2025
	Loans receivable		Allowance for doubtful accounts		Loans receivable, net
	(In millions)
Merchant	$	2,009	$	(747)	$	1,262
Consumer	4,559		(1,271)		3,288
Credit cards	5,656		(1,107)		4,549
Asset-backed	284		(18)		266
Total	$	12,508	$	(3,143)	$	9,365

The allowance for doubtful accounts with respect to the Company’s loans receivable amounts to $3,865 million and $3,179 million as of March 31, 2026 and December 31, 2025, respectively, which includes $45 million and $36 million related to unused agreed loan commitment on credit cards portfolio presented in Other liabilities of the interim condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, the Company is exposed to off-balance sheet unused agreed loan commitment on credit cards portfolio which exposes the Company to credit risks for $11,892 million and $9,001 million, respectively. For the three-month periods ended March 31, 2026 and 2025, the Company recognized in Provision for doubtful accounts a loss of $7 million and a gain of $13 million as expected credit losses, respectively.

From time to time, the Company sells loans receivable related to its lending solution. In this regard, during 2024, the Company signed a contract with a third party to sell an amount up to $100 million of its loans receivable, as part of its funding strategy. These loans were originated by its Mexican subsidiary and provided to its local users. This transaction is accounted for as a true sale and the Company has a continuing involvement related to a servicing fee charged to the purchaser for collection services and regarding a beneficial interest retained by the Company over the transferred assets. Such involvements did not preclude the fact that this operation qualified as a true sale because the purchaser had full control over the transferred assets. For the three months ended March 31, 2025, the Company sold $31 million of loans receivable and recorded a gain of $1 million related to the aforementioned contract. During 2025, the Company completed the sale of the total aforementioned amount.

Additionally, during the fourth quarter of 2025, the Company signed a contract to sell loans receivable related to its lending solution in Argentina with certain local financial institution for an amount up to $100 million, as part of its funding strategy. This transaction is accounted for as a true sale and the Company does not retain any continuing involvement. As of March 31, 2026, the Company sold $55 million of loans receivable and recorded a gain of $6 million regarding this sale.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The following tables summarize the allowance for doubtful accounts activity during the three-month periods ended March 31, 2026 and 2025:


	March 31, 2026
	Merchant		Consumer		Credit cards		Asset-backed		Total
	(In millions)
Balance at beginning of year	$	747	$	1,271	$	1,107	$	18	$	3,143
Net charged to Net Income	276		572		354		6		1,208
Currency translation adjustments	35		44		47		1		127
Write-offs (1)	(157)		(255)		(242)		(4)		(658)
Balance at end of period	$	901	$	1,632	$	1,266	$	21	$	3,820


	March 31, 2025
	Merchant		Consumer		Credit cards		Asset-backed		Total
	(In millions)
Balance at beginning of year	$	417	$	696	$	557	$	8	$	1,678
Net charged to Net Income	151		223		234		3		611
Currency translation adjustments	28		31		35		1		95
Write-offs (1)	(87)		(148)		(94)		(1)		(330)
Balance at end of period	$	509	$	802	$	732	$	11	$	2,054

(1) The Company writes off loans when customer balance becomes 360 days past due.

The Company closely monitors credit quality for all loans receivable on a recurring basis to assess and manage its exposure to credit risk. To assess merchants and consumers seeking a loan under the lending solution, the Company uses, among other indicators, risk models internally developed, as a credit quality indicator to help predict the merchant’s and consumer’s ability to repay the principal balance and interest related to the credit. The risk model uses multiple variables as predictors of the merchant’s and consumer’s ability to repay the credit, including external and internal indicators. Internal indicators consider user behavior related to credit/payment history, and with lower weight in the risk models, the Company uses number of transactions in the Company’s ecosystem and merchant’s annual sales volume, among other indicators. In addition, the Company considers external bureau information to enhance the model and the decision making process.

The amortized cost of the loans receivable classified by the Company’s credit quality internal indicator was as follows:


	March 31, 2026		December 31, 2025
	(In millions)
1-14 days past due	$	327	$	247
15-30 days past due	359		278
31-60 days past due	391		343
61-90 days past due	407		329
91-120 days past due	386		333
121-150 days past due	374		286
151-180 days past due	337		256
181-210 days past due	322		228
211-240 days past due	277		206
241-270 days past due	250		206
271-300 days past due	219		187
301-330 days past due	196		210
331-360 days past due	196		186
Total past due	4,041		3,295
To become due	10,514		9,213
Total	$	14,555	$	12,508

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

As of March 31, 2026 and December 31, 2025, renegotiations represented 1.4% and 1.6% of the loans receivable portfolio, respectively.

NOTE 5. GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets

The composition of goodwill and intangible assets is as follows:


	March 31, 2026		December 31, 2025
	(In millions)
Goodwill	$	165	$	163
Intangible assets with indefinite lives
Trademarks	4		4
Amortizable intangible assets
Naming rights	30		29
Licenses and others	19		18
Non-compete agreements	3		3
Customer lists	15		15
Trademarks	7		7
Hubs network	4		4
Others	4		4
Total intangible assets	86		84
Accumulated amortization	(53)		(51)
Total intangible assets, net	$	33	$	33

Goodwill

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2026 and the year ended December 31, 2025 are as follows:


	Three Months Ended March 31, 2026
	Brazil		Mexico		Argentina		Chile		Colombia		Other countries		Total
	(In millions)
Balance, beginning of the year	$	62	$	44	$	14	$	35	$	6	$	2	$	163
Currency translation adjustments	3		—		—		(1)		—		—		2
Balance, end of the period	$	65	$	44	$	14	$	34	$	6	$	2	$	165

	Year Ended December 31, 2025
	Brazil		Mexico		Argentina		Chile		Colombia		Other countries		Total
	(In millions)
Balance, beginning of the year	$	56	$	39	$	14	$	33	$	5	$	2	$	149

Currency translation adjustments	6		5		—		2		1		—		14
Balance, end of the year	$	62	$	44	$	14	$	35	$	6	$	2	$	163

Intangible assets with finite useful life

Intangible assets with finite useful life are comprised of naming rights, customer lists, non-compete and non-solicitation agreements, hubs network, acquired software licenses and other acquired intangible assets including developed technologies and trademarks. Aggregate amortization expense for intangible assets for the three-month periods ended March 31, 2026 and 2025 amounted to $2 million for each period.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The following table summarizes the remaining amortization of intangible assets (in millions) with finite useful life as of March 31, 2026:



For year to be ended December 31, 2026	$	7
For year to be ended December 31, 2027	7
For year to be ended December 31, 2028	7
For year to be ended December 31, 2029	7
Thereafter	1
	$	29

NOTE 6. SEGMENTS

The Company manages the business country-by-country to understand and focus on the specific needs and opportunities in those markets. The Company’s chief executive officer is responsible for allocating resources and assessing performance and is therefore its chief operating decision maker (“CODM”). The Company’s segments include Brazil, Mexico, Argentina and other countries (which includes Bermuda, Chile, China, Colombia, Costa Rica, Ecuador, Peru, Uruguay and the U.S.).

The CODM evaluates the performance of the Company’s operating segments based on their direct contribution. The CODM uses the direct contribution by segment to help with decision-making since it considers all business lines within a country as a whole, taking into account the synergies between the different lines in each of the countries’ integrated digital ecosystems.

Direct contribution consists of net revenues and financial income from external customers less segment costs, which include expenses, such as shipping operation costs (including warehousing costs), carrier and other operating costs, provision for doubtful accounts, cost of goods sold, collection fees, funding cost, salaries and wages, marketing expenses and hosting expenses. All corporate related costs have been excluded from the segment’s direct contribution.

The following tables summarize the financial performance of the Company’s reporting segments:


	Three Months Ended March 31, 2026
	Brazil		Mexico		Argentina		Other Countries		Total
	(In millions)
Net service revenues and financial income	$	3,987	$	1,774	$	1,607	$	347	$	7,715
Net product revenues	787		202		91		50		1,130
Net revenues and financial income	4,774		1,976		1,698		397		8,845

Local operating expenses	(4,278)		(1,546)		(1,065)		(320)		(7,209)
Depreciation and amortization	(107)		(86)		(26)		(13)		(232)
Total segment costs	(4,385)		(1,632)		(1,091)		(333)		(7,441)
Direct contribution	389		344		607		64		1,404
Operating expenses and indirect costs of net revenues and financial expenses									(793)
Income from operations									611
Other income (expenses):
Interest income and other financial gains, net									27
Interest expense and other financial losses									(65)
Foreign currency gains, net									6
Net income before income tax expense									$	579

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements


	Three Months Ended March 31, 2025
	Brazil		Mexico		Argentina		Other Countries		Total
	(In millions)
Net service revenues and financial income	$	2,673	$	1,107	$	1,313	$	227	$	5,320
Net product revenues	409		115		69		22		615
Net revenues and financial income	3,082		1,222		1,382		249		5,935

Local operating expenses	(2,457)		(960)		(714)		(193)		(4,324)
Depreciation and amortization	(83)		(45)		(20)		(11)		(159)
Total segment costs	(2,540)		(1,005)		(734)		(204)		(4,483)
Direct contribution	542		217		648		45		1,452
Operating expenses and indirect costs of net revenues and financial expenses									(689)
Income from operations									763
Other income (expenses):
Interest income and other financial gains, net									37
Interest expense and other financial losses									(39)
Foreign currency losses, net									(55)
Net income before income tax expense									$	706

The following table summarizes net revenues and financial income per reporting segment, which have been disaggregated by similar products and services for the three-month periods ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	Brazil				Mexico				Argentina				Other Countries (6)				Total
	2026		2025		2026		2025		2026		2025		2026		2025		2026		2025
	(In millions)
Commerce services (1)	$	2,047	$	1,471	$	1,000	$	667	$	483	$	406	$	226	$	157	$	3,756	$	2,701
Commerce product sales (2)	779		402		195		111		90		68		48		21		1,112		602
Total commerce revenues	2,826		1,873		1,195		778		573		474		274		178		4,868		3,303
Financial services and income (3)	816		606		303		166		715		634		113		67		1,947		1,473
Credit revenues (4)	1,124		596		471		274		409		273		8		3		2,012		1,146
Fintech product sales (5)	8		7		7		4		1		1		2		1		18		13
Total fintech revenues	1,948		1,209		781		444		1,125		908		123		71		3,977		2,632
Total net revenues and financial income	$	4,774	$	3,082	$	1,976	$	1,222	$	1,698	$	1,382	$	397	$	249	$	8,845	$	5,935

(1) Includes final value fees and flat fees paid by sellers derived from intermediation services and related shipping and storage fees, classified fees derived from classified advertising services, ad sales and membership subscription fees.

(2) Includes revenues from inventory sales and related shipping fees.

(3) Includes revenues from commissions the Company charges for transactions off-platform derived from use of the Company’s payment solution and asset management product, revenues as a result of offering installments for the payment to its Mercado Pago users, either when the Company finances the transactions directly or when the Company sells the corresponding financial assets, interest earned on cash and investments as part of Mercado Pago activities, including those required due to fintech regulations, net of interest gains pass through our Brazilian users in connection with our asset management product, Mercado Pago debit card commissions and insurtech fees.

(4) Includes interest earned on loans and advances granted to users, and interest and commissions earned on Mercado Pago credit card transactions.

(5) Includes sales of mobile point of sales devices.

(6) Revenues from external customers in the U.S. amounted to $16 million and $10 million for the three-month periods ended March 31, 2026 and 2025, respectively.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The following table summarizes the allocation of property and equipment, net based on geography:


	March 31, 2026
	Brazil		Mexico		Argentina		U.S.		Other Countries		Total
	(In millions)
Property and equipment	$	1,733	$	1,410	$	587	$	10	$	249	$	3,989
Accumulated depreciation	(726)		(447)		(269)		(8)		(126)		(1,576)
Total property and equipment, net	$	1,007	$	963	$	318	$	2	$	123	$	2,413


	December 31, 2025
	Brazil		Mexico		Argentina		U.S.		Other Countries		Total
	(In millions)
Property and equipment	$	1,583	$	1,341	$	552	$	10	$	241	$	3,727
Accumulated depreciation	(644)		(403)		(250)		(8)		(119)		(1,424)
Total property and equipment, net	$	939	$	938	$	302	$	2	$	122	$	2,303

The following table summarizes the allocation of the operating lease right-of-use assets based on geography:


	March 31, 2026
	Brazil		Mexico		Argentina		U.S.		Other Countries		Total
	(In millions)
Right of use asset	$	1,245	$	1,458	$	173	$	4	$	177	$	3,057
Accumulated amortization	(278)		(272)		(47)		(2)		(56)		(655)
Total right of use asset, net	$	967	$	1,186	$	126	$	2	$	121	$	2,402


	December 31, 2025
	Brazil		Mexico		Argentina		U.S.		Other Countries		Total
	(In millions)
Right of use asset	$	1,140	$	1,347	$	153	$	4	$	159	$	2,803
Accumulated amortization	(262)		(243)		(44)		(1)		(52)		(602)
Total right of use asset, net	$	878	$	1,104	$	109	$	3	$	107	$	2,201

The following table summarizes the allocation of the goodwill and intangible assets based on geography:


	March 31, 2026
	Brazil		Mexico		Argentina		Other Countries		Total
	(In millions)

Goodwill and intangible assets	$	106	$	49	$	23	$	73	$	251
Accumulated amortization	(14)		(5)		(9)		(25)		(53)
Total goodwill and intangible assets, net	$	92	$	44	$	14	$	48	$	198

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements


	December 31, 2025
	Brazil		Mexico		Argentina		Other Countries		Total
	(In millions)

Goodwill and intangible assets	$	101	$	49	$	23	$	74	$	247
Accumulated amortization	(12)		(5)		(8)		(26)		(51)
Total goodwill and intangible assets, net	$	89	$	44	$	15	$	48	$	196

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 7. FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

Assets and liabilities measured and recorded at fair value on a recurring basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:


	Balances as of March 31, 2026		Quoted Prices in active markets for identical Assets (Level 1)		Significant other observable inputs (Level 2)		Unobservable inputs (Level 3)		Balances as of December 31, 2025		Quoted Prices in active markets for identical Assets (Level 1)		Significant other observable inputs (Level 2)		Unobservable inputs (Level 3)
	(In millions)
Cash and Cash Equivalents:
Money Market	$	920	$	920	$	—	$	—	$	856	$	856	$	—	$	—
U.S. government debt securities (1)	71		71		—		—		46		46		—		—
Foreign government debt securities (1)	—		—		—		—		16		16		—		—
Restricted Cash and Cash Equivalents:
Money Market (2)	328		328		—		—		259		259		—		—
Foreign government debt securities (1)	17		17		—		—		14		14		—		—
Investments:
U.S. government debt securities (1)	1,858		1,858		—		—		1,982		1,982		—		—
Foreign government debt securities (1) (3)	959		959		—		—		1,661		1,661		—		—
Corporate debt securities	498		498		—		—		399		399		—		—
Equity securities at fair value	50		50		—		—		59		59		—		—
Other Assets:
Derivative Instruments	43		—		43		—		41		—		41		—
USDC	—		—		—		—		3		3		—		—

Total Assets	$	4,744	$	4,701	$	43	$	—	$	5,336	$	5,295	$	41	$	—
Salaries and social security payable:
Long-term retention program	$	39	$	—	$	39	$	—	$	176	$	—	$	176	$	—
Other Liabilities:
Meli Dólar liability (1)	67		—		67		—		61		—		61		—
Derivative Instruments	164		—		164		—		83		—		83		—
Contingent consideration	4		—		—		4		4		—		—		4

Total Liabilities	$	274	$	—	$	270	$	4	$	324	$	—	$	320	$	4

(1) Measured at fair value with impact on the statement of income for the application of the fair value option. (See Note 2 – Summary of significant accounting policies – Fair value option applied to certain financial instruments).

(2) As of March 31, 2026 and December 31, 2025, includes $266 million and $206 million, respectively, of money market funds from securitization transactions. (See Note 3 – Cash, cash equivalents, restricted cash and cash equivalents and investments).

(3) As of March 31, 2026 and December 31, 2025, includes $9 million and $8 million, respectively, of investments from securitization transactions. (See Note 3 – Cash, cash equivalents, restricted cash and cash equivalents and investments).

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The Company’s assets and liabilities measured and recorded at fair value on a recurring basis were valued using i) Level 1 inputs: unadjusted quoted prices in active markets (Level 1 instrument valuations are obtained from observable inputs that reflect quoted prices (unadjusted) for identical assets in active markets); ii) Level 2 inputs: obtained from readily-available pricing sources for comparable instruments as well as instruments with inactive markets at the measurement date; and iii) Level 3 inputs: valuations based on unobservable inputs reflecting Company’s assumptions. The unobservable inputs of the fair value of contingent considerations classified as Level 3 refer to the amounts to be paid according to the agreement of an acquisition, the likelihood of achievement of the targets included in that arrangement (expected to be 100%), and the Company’s historical experience with similar arrangements. Reasonable variation on those unobservable inputs would not significantly change the fair value of those instruments. As of March 31, 2026 and December 31, 2025, the Company had not changed the methodology nor the assumptions used to estimate the fair value of the financial instruments.

There were no transfers to and from Levels 1, 2 and 3 during the three-month period ended March 31, 2026, nor during the year ended December 31, 2025.

The Company’s election of the fair value option applies to: i) foreign government debt securities, ii) U.S. government debt securities and iii) Meli Dólar liability. The Company recognized fair value changes of foreign and U.S. government debt securities, which include the related interest income of those instruments, in net service revenues and financial income if it is related to Mercado Pago’s operations or in interest income and other financial gains, net if not. Such fair value changes and interest income amount to gains of $39 million and $125 million in net service revenues and financial income for the three-month periods ended March 31, 2026 and 2025, respectively, and $10 million and $20 million in interest income and other financial gains, net for the three-month periods ended March 31, 2026 and 2025, respectively. The Meli Dólar liability has not presented changes in its fair value for the three-month periods ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, the amortized cost of the Company’s investment in corporate debt securities classified as available for sale amounted to $497 million and $392 million, respectively, and the estimated fair value amounted to $498 million and $399 million, respectively. The cost of these securities is determined under a specific identification basis. As of March 31, 2026 and December 31, 2025, the gross unrealized gains accumulated amounted to $3 million and $7 million, respectively, and as of March 31, 2026 the gross unrealized loss accumulated amounted to $2 million. For the three-month periods ended March 31, 2026 and 2025, the proceeds from sales of corporate debt securities amounted to $12 million and $24 million, respectively.

The following table summarizes the net carrying amount of the corporate debt securities classified as available for sale, classified by its contractual maturities:


	March 31, 2026		December 31, 2025
	(In millions)
One year or less	$	72	$	54
One year to two years	134		73
Two years to three years	169		145
Three years to four years	83		99
Four years to five years	40		28

Total available for sale investments	$	498	$	399

The following table summarizes the net carrying amount of the debt securities not classified as available for sale (U.S. and foreign government debt securities), classified by its contractual maturities or Management’s expectation to convert the investments into cash:


	March 31, 2026		December 31, 2025
	(In millions)
One year or less	$	1,738	$	2,412
One year to two years	120		174
Two years to three years	63		168
Three years to four years	405		385
Four years to five years	377		248
More than five years	202		332
Total debt securities not classified as available for sale	$	2,905	$	3,719

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

Financial assets and liabilities not measured and recorded at fair value

The following table summarizes the estimated fair value of the financial assets and liabilities of the Company not measured at fair value as of March 31, 2026 and December 31, 2025:


	Balances as of March 31, 2026		Estimated fair value as of March 31, 2026		Balances as of December 31, 2025		Estimated fair value as of December 31, 2025
	(In millions)
Cash and cash equivalents	$	2,686	$	2,686	$	2,752	$	2,752
Restricted cash and cash equivalents	11,119		11,119		9,594		9,594
Investments	251		251		239		239
Accounts receivables, net	370		370		369		369
Credit card receivables and other means of payment, net	8,134		8,134		7,046		7,046
Loans receivable, net	10,735		10,505		9,365		9,166
Other assets	157		157		300		300
Total Assets	$	33,452	$	33,222	$	29,665	$	29,466
Accounts payable and accrued expenses	$	5,037	$	5,037	$	4,502	$	4,502
Funds payable to customers	14,145		14,145		13,029		13,029
Amounts payable due to credit and debit card transactions	4,495		4,495		3,771		3,771
Salaries and social security payable	839		839		740		740
Loans payable and other financial liabilities	9,807		9,755		9,063		9,014
Other liabilities	491		491		340		340
Total Liabilities	$	34,814	$	34,762	$	31,445	$	31,396

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s investment in foreign debt securities held to maturity amounted to $159 million and $146 million, respectively, and its contractual maturity is less than a year.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s financial assets with determinable fair value (except for loans receivable) not measured at fair value approximated their fair value mainly because of their short-term maturity. If these financial assets were measured at fair value in the financial statements, cash and cash equivalents and restricted cash and cash equivalents would be classified as Level 1 (where cost and fair value are aligned), foreign debt securities held to maturity would be classified as Level 3 and the remaining financial assets would be classified as Level 2. The estimated fair value of the loans receivable would be classified as Level 3 based on the Company’s assumptions.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s financial liabilities (except for the 3.125% Notes due 2031 (the “2031 Notes”) and the 4.900% Notes due 2033 (the "2033 Notes")) not measured at fair value approximated their fair value mainly because of their short-term maturity or because the effective interest rates are not materially different from market interest rates. If these financial liabilities were measured at fair value in the financial statements, these would be classified as Level 2. As of March 31, 2026 and December 31, 2025, the estimated fair value of the 2031 Notes would have been $492 million and $501 million, respectively. As of March 31, 2026 and December 31, 2025, the estimated fair value of the 2033 Notes would have been $737 million and $726 million, respectively, which is based on Level 2 inputs.

NOTE 8. COMMITMENTS AND CONTINGENCIES

Litigation and Other Legal Matters

The Company is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings. The Company accrues liabilities when it considers that future costs will probably be incurred and such costs can be reasonably estimated. Proceeding-related liabilities are based on developments to date and historical information related to actions filed against the Company. As of March 31, 2026, the Company had accounted for estimated liabilities involving proceeding-related contingencies and other estimated contingencies of $148 million (net of judicial deposits) within non current other liabilities to cover legal actions against the Company for which Management has assessed the likelihood of a final adverse outcome as probable. Expected legal costs related to litigations are accrued when the legal service is actually provided.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

In addition, as of March 31, 2026, the Company and its subsidiaries are subject to certain legal actions considered by the Company’s Management and its legal counsels to be reasonably possible of resulting in a loss for an estimated aggregate amount up to $513 million. No loss amounts have been accrued for such reasonably possible legal actions.

For further information related to contingent liabilities please refer to Note 14 to the consolidated financial statements in the Company’s 2025 10-K.

Tax Claims

Withholding Tax in the Brazil-Argentina Double Taxation Convention

The tax claims related to the withholding income tax (“IRRF”) over payments remitted by certain Brazilian subsidiaries to MercadoLibre S.R.L. for the provision of intercompany management and IT services are described in Note 14 to the consolidated financial statements in the Company’s 2025 10-K.

In February 2026, the first-instance judge denied the writ of mandamus filed by the subsidiary Mercado Crédito Sociedade de Crédito, Financiamento e Investimento S.A. and therefore an appeal was filed, which is currently pending before the Federal Regional Court of the Third Region. The Company continues to make judicial deposits of the amounts under dispute.

Management’s opinion, based on the opinion of external legal counsel, is that the risk of losing the cases is probable based on the technical merits of the Company’s tax position and the existence of adverse decisions issued by the Superior Court of Justice. For that reason, the Company has recorded a provision for the disputed amounts, which was $592 million as of March 31, 2026, and which was recorded in non-current other liabilities in the consolidated balance sheets, net of the corresponding judicial deposits for $571 million (which includes $127 million of interest income).

Exclusion of ICMS tax benefits from federal taxes base

The tax claims related to the exclusion of ICMS tax benefits from the tax base of the Corporate Income Tax (“IRPJ”) and of the Social Contribution on Net Profits (“CSLL”) and the federal contributions PIS and COFINS are described in Note 14 to the consolidated financial statements in the Company’s 2025 10-K.

Regarding the writ of mandamus filed to set aside the federal contributions IRPJ and CSLL under Law 14,789 (from January 2024 onwards), on March 16, 2026, the Brazilian Superior Court of Justice (“STJ”) selected three Special Appeals for adjudication under the binding precedent’s rule, establishing Repetitive Theme No. 1416 which will determine whether ICMS presumed credits should be excluded from the IRPJ and CSLL tax bases, both before and after the enactment of Federal Law no. 14,789/2023. STJ’s final ruling may affect the outcome of the Company’s writ of mandamus. Management’s opinion, based on the opinion of external legal counsel, is that the risk of losing the case remains not more likely than not based on the technical merits of the Company’s tax position. Accordingly, the Company has not recorded any expense or liability for the disputed amounts. As of March 31, 2026, the total disputed amount was $131 million.

Buyer protection program

The buyer protection program (“BPP”) is designed to protect buyers in the Marketplace from losses due primarily to fraud or counterparty non-performance for all transactions completed through the Company’s online payment solution Mercado Pago (except for certain excluded categories). The Company’s BPP provides protection to consumers by reimbursing them for the total value of a purchased item and the value of any shipping service paid if it does not arrive, arrives incomplete or damaged, does not match the seller’s description or if the buyer regrets the purchase. The Company is entitled to recover from the third-party carrier companies performing the shipping service certain amounts paid under the BPP. Furthermore, in some specific circumstances, the Company enters into insurance contracts with third-party insurance companies in order to cover contingencies that may arise from the BPP.

The maximum potential exposure under this program is estimated to be the volume of payments on the Marketplace, for which claims may be made under the terms and conditions of the Company’s BPP. Based on historical losses to date, the Company does not believe that the maximum potential exposure is representative of the actual potential exposure. The Company records a liability with respect to losses under this program when they are probable and the amount can be reasonably estimated.

As of March 31, 2026 and December 31, 2025, Management’s estimate of the maximum potential exposure related to the Company’s buyer protection program is $8,100 million and $7,953 million, respectively, for which the Company recorded a provision of $20 million and $19 million, respectively.

Commitments

The Company has signed two and five-year agreements with certain providers, pursuant to which the Company committed to purchase cloud platform and other technology services (including artificial intelligence capabilities) for a total minimum aggregate purchase commitment of $3,459 million. As of March 31, 2026, the remaining purchase commitment is $2,359 million.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The Company has signed a ten-year agreement with Gol Linhas Aereas S.A. under which the Company committed to contract a minimum amount of air logistics services for a total cost of $378 million (portion allocated to the services component of the agreement). As of March 31, 2026, the remaining purchase commitment is $282 million.

Since October 2023, the Company has signed three-year agreements with certain shipping companies in Brazil, under which the Company committed to contract a minimum amount of logistics services for a total cost of $60 million. As of March 31, 2026, the remaining purchase commitment amounted to $23 million.

As of March 31, 2026, the Company has lease agreements for new warehouses in Brazil, Mexico, Argentina and Chile, for a total amount of $2,122 million, that have not yet commenced. Lease terms under the agreements are between 5 to 16 years.

The Company has unconditional purchase obligations related to capital expenditures for a total amount of $34 million. As of March 31, 2026, the remaining purchase commitment is $6 million.

NOTE 9. LONG TERM RETENTION PROGRAM

The following table summarizes the long term retention program accrued compensation expense for the three-month periods ended March 31, 2026 and 2025, which are payable in cash according to the decisions made by the Board of Directors (the “Board”):


	Three Months Ended March 31,
	2026		2025
	(In millions)
LTRP 2019	$	—	$	2
LTRP 2020	2		9
LTRP 2021	7		8
LTRP 2022	12		14
LTRP 2023	20		23
LTRP 2024	18		20
LTRP 2025	20		16
LTRP 2026	17		—
Total LTRP	$	96	$	92

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Table of Contents

MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 10. LOANS PAYABLE AND OTHER FINANCIAL LIABILITIES

The following tables summarize the Company’s Loans payable and other financial liabilities as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	(In millions)
Loans from banks	$	1,051	$	909
Bank overdrafts	10		16
Secured lines of credit	259		239
Financial Bills and Deposit Certificates	1,873		1,700
Commercial Notes	192		143
Finance lease liabilities	48		48
Collateralized debt	1,674		1,039
2026 Sustainability Notes	—		367
2031 Notes	4		8
2033 Notes	11		2
Promissory Notes	148		127
Other lines of credit	46		25
Current loans payable and other financial liabilities	$	5,316	$	4,623

Loans from banks	$	762	$	627
Secured lines of credit	1		1
Financial Bills and Deposit Certificates	644		582
Commercial Notes	211		198
Finance lease liabilities	72		82
Collateralized debt	1,653		1,813
2031 Notes	533		533
2033 Notes	733		733
Other lines of credit	2		1
Non-Current loans payable and other financial liabilities	$	4,611	$	4,570

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

Type of instrument

Currency

Interest

Weighted Average Interest Rate

Maturity

March 31, 2026

December 31, 2025

(In millions)

Loans from banks:

Chilean Subsidiaries

Chilean Pesos

Fixed

5.46%

April - October 2026

278

246

Brazilian Subsidiary

Brazilian Reais

Variable

CDI + 0.25% - 0.39%

June 2026 - January 2027

Brazilian Subsidiaries (1)

US Dollar

Fixed

4.86%

October 2026 - March 2027

298

332

Brazilian Subsidiaries (1)

Euros

Fixed

3.75%

November 2026 - February 2027

180

154

Brazilian Subsidiary

Brazilian Reais

Variable

TJLP + 0.80%

April 2026 - May 2031

Mexican Subsidiaries

Mexican Pesos

Variable

TIIE + 1.55% - 2.60%

April 2026 - March 2030

811

636

Mexican Subsidiary

Mexican Pesos

Variable

TIIEF + 1.20%

April 2026 - March 2027

—

Uruguayan Subsidiary

Uruguayan Pesos

Fixed

5.87%

April 2026 - February 2027

Bank overdrafts

Uruguayan Subsidiary

—

Chilean Subsidiary

Chilean Pesos

Variable

TIB + 0.9%

April 2026

Secured lines of credit:

Argentine Subsidiaries (2)

Argentine Pesos

Fixed

29.06%

April 2026

124

100

Mexican Subsidiary

Mexican Pesos

Fixed

11.25%

April 2026 - July 2027

Brazilian Subsidiary

Euros

Fixed

3.26%

December 2026

130

132

Financial Bills and Deposit Certificates:

Brazilian Subsidiary

Brazilian Reais

Variable

CDI + 0.20% - 0.95%

April 2026 - October 2029

1,052

894

Brazilian Subsidiary

Brazilian Reais

Variable

95.4% to 150.0% of CDI

April 2026 - March 2029

1,442

1,366

Brazilian Subsidiary

Brazilian Reais

Fixed

13.00% - 15.17%

April 2026 - April 2029

Commercial Notes:

Brazilian Subsidiary

Brazilian Reais

Variable

DI + 0.88%

April 2026 - August 2027

Brazilian Subsidiary

Brazilian Reais

Variable

IPCA + 6.41%

April 2026 - August 2029

148

136

Argentine Subsidiary

Argentine Pesos

Variable

TAMAR + 2.85%

April - July 2026

Argentine Subsidiary

Argentine Pesos

Variable

TAMAR + 3.50%

May 2026 - February 2027

—

Argentine Subsidiary

US Dollar

Fixed

4.98%

June 2026

Finance lease liabilities

120

130

Collateralized debt

3,327

2,852

2026 Sustainability Notes

—

367

2031 Notes

US Dollar

Fixed

3.125%

July 2026 - January 2031

537

541

2033 Notes

US Dollar

Fixed

4.900%

July 2026 - January 2033

744

735

Promissory Notes

Argentine Pesos

Fixed

33.83%

April - May 2026

148

127

Other lines of credit

9,927

9,193

(1) The carrying amount includes the effect of the derivative instruments that qualified for fair value hedge accounting. See Note 13 – Derivative instruments for further detail.

(2) As of March 31, 2026, includes $24 million secured by a compensating balance agreement signed by MercadoLibre S.R.L.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

See Note 11 – Securitization transactions and Note 12 – Leases to these unaudited interim condensed consolidated financial statements for details regarding the Company’s collateralized debt securitization transactions and finance lease obligations, respectively.

Senior Notes

On January 14, 2021, the Company 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, the Company 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.

Certain of the Company’s subsidiaries (the “Subsidiary Guarantors”) fully and unconditionally guarantee the payment of principal, premium, if any, interest, and all other amounts in respect of the 2031 Notes and the 2033 Notes (the “Subsidiary Guarantees”). The initial Subsidiary Guarantors were MercadoLibre S.R.L., Ibazar.com Atividades de Internet Ltda., eBazar.com.br Ltda., Mercado Envios Servicos de Logistica Ltda., Mercado Pago Instituição de Pagamento Ltda (formerly known as “MercadoPago.com Representações Ltda.”), MercadoLibre Chile Ltda., MercadoLibre, S.A. de C.V., Institución de Fondos de Pago Electrónico (formerly known as “MercadoLibre, S. de R.L. de C.V.”), DeRemate.com de México, S. de R.L. de C.V. and MercadoLibre Colombia Ltda. On October 27, 2021, MercadoLibre, S.A. de C.V., Institución de Fondos de Pago Electrónico became an excluded subsidiary pursuant to the terms of the Notes and it was released from its Subsidiary Guaranty. On October 27, 2021, MP Agregador, S. de R.L. de C.V. became a Subsidiary Guarantor under the Notes. On July 1, 2022 and October 1, 2022, Ibazar.com Atividades de Internet Ltda. and Mercado Envios Servicos de Logistica Ltda. were merged into eBazar.com.br Ltda, respectively. On May 2, 2025, as a result of the spin-off of DeRemate.com de México, S. de R.L. de C.V. completed in January 2025 (the “DeRemate Spinoff”), MPFS, S. de R.L. de C.V. became a Subsidiary Guarantor under the Notes. On April 28, 2026, Mercado Pago Instituição de Pagamento Ltda. was released from its Subsidiary Guaranty pursuant to the terms of the indenture governing the Notes.

During the three-month periods ended March 31, 2026 and 2025, the Company did not repurchase any Notes or any 2026 Sustainability Notes.

For additional information regarding the Notes please refer to Note 16 to the audited consolidated financial statements for the year ended December 31, 2025, contained in the Company’s 2025 10-K.

Revolving Credit Agreement

On September 27, 2024, the Company entered into a $400 million amended and restated revolving credit agreement (the “Amended and Restated Revolving Credit Agreement”) with the lenders party thereto, Citibank, N.A., as administrative agent, and the Company’s subsidiaries MercadoLibre S.R.L., eBazar.com.br Ltda., Mercado Pago Instituição de Pagamento Ltda., DeRemate.com de Mexico S. de R.L. de C.V., MP Agregador, S. de R.L. de C.V., MercadoLibre Chile Ltda., and MercadoLibre Colombia Ltda. as initial guarantors. The Company’s obligations under the Amended and Restated Credit Agreement are guaranteed by certain subsidiaries of the Company. On July 23, 2025, as a result of the DeRemate Spinoff, MPFS, S. de R.L. de C.V. became a guarantor under the Amended and Restated Credit Agreement in accordance with its terms. On April 28, 2026, Mercado Pago Instituição de Pagamento Ltda. was released from its guarantee pursuant to the terms of the Amended and Restated Credit Agreement.

On September 12, 2025, the Company entered into Amendment No. 1 (the “First Amendment”) to the Amended and Restated Revolving Credit Agreement with the administrative agent and the guarantors. The First Amendment permits the Company to request, at one or more times, that existing and/or new lenders provide, at their election, up to $400 million of additional commitments, for an aggregate principal amount of credit commitments of up to $800 million.

On April 28, 2026, the Company entered into Amendment No. 2 (the “Second Amendment”) to the Amended and Restated Revolving Credit Agreement (as amended by the First Amendment and the Second Amendment, the “Amended Credit Agreement”) with the administrative agent and the guarantors. The Second Amendment requires that the aggregate revenues of guarantors that guarantee loans drawn from the facility represent at least 60% of the revenues of the Company, down from 75%.

The interest rates under the Amended Credit Agreement are based on Term SOFR (“Secured Overnight Funding Rate”) plus an interest margin of 1.00% per annum, which may be decreased to 0.90% per annum or increased to 1.15% per annum depending on the Company’s debt rating, as further provided under the Amended Credit Agreement. Any loans drawn from the Amended Credit Agreement must be repaid on or prior to September 27, 2028, which will be automatically extended to September 27, 2029 upon satisfaction, on or prior to August 28, 2027, of the Maturity Extension Conditions (as defined in the Amended Credit Agreement), as further provided in the Amended Credit Agreement. The Company is also obligated to pay a commitment fee on the unused amounts of the facility at a rate per annum equal to 25% of the then Applicable Margin, depending on the Company’s debt rating, as further provided under the Amended Credit Agreement.

As of March 31, 2026, no amounts have been borrowed under the facility.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 11. SECURITIZATION TRANSACTIONS

The process of securitization consists of the issuance of securities collateralized by a pool of assets through a special purpose entity (“SPEs”), often under a VIE.

The Company securitizes financial assets associated with its credit card receivables and loans receivable portfolio. The Company’s securitization transactions typically involve the legal transfer of financial assets to bankruptcy remote SPEs. The Company generally retains economic interests in the collateralized securitization transactions, which are retained in the form of subordinated interests. For accounting purposes, the Company is generally precluded from recording the transfers of assets in securitization transactions as sales and is required to consolidate the SPE.

Additionally, the Company securitizes certain credit card receivables related to users’ purchases through Brazilian SPEs. Under the SPE contracts, the Company has determined that it has the obligation to absorb losses or the right to receive benefits of the SPEs that could be significant because it retains subordinated interest in the SPEs. As the Company controls the vehicles, the assets, liabilities and related results are consolidated in its financial statements.

The Company securitizes certain loans receivable through Brazilian, Argentine, Mexican and Chilean SPEs, formed to securitize loans receivable provided by the Company to its users or purchased from financial institutions that grant loans to the Company’s users through Mercado Pago. According to the SPE contracts, the Company has determined that it has both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant because it retains the equity certificates of participation and would therefore also be consolidated.

When the Company controls the vehicle, it accounts for the securitization transactions as if they were secured financing and therefore the assets, liabilities and related results are consolidated in its financial statements. The secured debt is issued by the SPEs and includes collateralized securities used to fund the Company’s fintech business. The third-party investors in the securitization transactions have legal recourse only to the assets securing the debt and do not have recourse to the Company. Additionally, the cash flows generated by the SPEs are restricted to the payment of amounts due to third-party investors, but the Company retains the right to residual cash flows.

The following table summarizes the Company’s collateralized debt under securitization transactions, as of March 31, 2026:

SPEs

Collateralized debt
(In millions)

Interest rate

Currency

Maturity

Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados

CDI + 2.25%

Brazilian Reais

March 2027

Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados

CDI + 5.25%

Brazilian Reais

June 2029

Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado

CDI + 2.50%

Brazilian Reais

March 2029

Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados

230

CDI + 1.75%

Brazilian Reais

October 2031

Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados

CDI + 5.25%

Brazilian Reais

June 2028

Mercado Crédito Estructurado Fundo De Investimento Em Direitos Creditórios

CDI + 4.50%

Brazilian Reais

November 2027

Seller Fundo De Investimento Em Direitos Creditórios

102

CDI + 1.80%

Brazilian Reais

May 2026

Seller Fundo De Investimento Em Direitos Creditórios

CDI + 1.40%

Brazilian Reais

September 2026

Seller Fundo De Investimento Em Direitos Creditórios

CDI + 1.60%

Brazilian Reais

November 2026

Seller Fundo De Investimento Em Direitos Creditórios

303

CDI + 0.85%

Brazilian Reais

May 2028

Seller II Fundo De Investimento Em Direitos Creditórios Segmento Meios De Pagamento De Resp Ltda

193

CDI + 0.85%

Brazilian Reais

July 2027

Seller III Fundo De Investimento Em Direitos Creditórios Segmento Meios De Pagamento De Resp Ltda

292

CDI + 0.65%

Brazilian Reais

February 2029

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

SPEs

Collateralized debt
(In millions)

Interest rate

Currency

Maturity

Mercado Crédito XXXVI

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

March - July 2026 (1)

Mercado Crédito XXXVII

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

April - August 2026 (1)

Mercado Crédito XXXVIII

TAMAR rates plus 100 basis points with a min 15% and a max 50%

Argentine Pesos

May - August 2026 (1)

Mercado Crédito XXXIX

TAMAR rates plus 100 basis points with a min 25% and a max 50%

Argentine Pesos

July - October 2026 (1)

Mercado Crédito XL

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

July - November 2026 (1)

Mercado Crédito XLI

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

August - December 2026 (1)

Mercado Crédito XLII

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

September - December 2026 (1)

Mercado Crédito XLIII

TAMAR rates plus 100 basis points with a min 20% and a max 75%

Argentine Pesos

October - December 2026 (1)

Mercado Crédito XLIV

TAMAR rates plus 100 basis points with a min 17% and a max 55%

Argentine Pesos

December 2026 - February 2027 (1)

Mercado Crédito XLV

TAMAR rates plus 100 basis points with a min 17% and a max 55%

Argentine Pesos

January - May 2027 (1)

Mercado Crédito XLVI

TAMAR rates plus 100 basis points with a min 17% and a max 50%

Argentine Pesos

February - May 2027 (1)

Mercado Crédito XLVII (2)

TAMAR rates plus 100 basis points with a min 17% and a max 50%

Argentine Pesos

March - August 2027 (1)

Fideicomiso Irrevocable de Administración y Fuente de Pago F/6203

287

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20%

Mexican Pesos

November 2029

Fideicomiso Irrevocable de Administración y Fuente de Pago 6189

214

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.55%

Mexican Pesos

April 2027

Fideicomiso Irrevocable de Administración y Fuente de Pago Número F/6279

251

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.50%

Mexican Pesos

August 2027

Fideicomiso Irrevocable de Administración y Fuente de Pago F/6191

524

The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20%

Mexican Pesos

June 2027

Frontal Trust Mercado Pago Créditos Fondo de Inversión

TAB 30 + 2.10%

Chilean Pesos

November 2029

Frontal Trust Mercado Pago Créditos Fondo de Inversión

TAB 30 + 3.90%

Chilean Pesos

November 2029

Frontal Trust Mercado Pago Créditos Fondo de Inversión

TAB 30 + 4.25%

Chilean Pesos

November 2029

3,327

(1) Minimum and maximum maturity depending on the applicable interest rate within the range.

(2) As of March 31, 2026, Loans payables owned by this trust were obtained through private placements. Mercado Crédito XLVII trust made a public bond offering in the Argentine stock market on April 9, 2026.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

In June 2025, the Company renegotiated key terms of several collateralized debt structures in Brazil to reduce funding costs and increase flexibility in asset eligibility. As a result, the Company achieved interest rate reductions across three SPEs in Brazil: Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados reduced its interest rate spread from 2.50% to 2.25%, Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado from 3.50% to 3.00% (and extended its maturity from August 2025 to April 2028), and Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizado from 2.35% to 1.75% (while also extending its maturity from January 2030 to October 2031).

During the first quarter of 2026, the Company achieved interest rate reductions across one SPE in Brazil: Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado reduced its interest rate spread from 3.00% to 2.50% (and extended its maturity from April 2028 to March 2029) and one SPE in Mexico: Fideicomiso Irrevocable de Administración y Fuente de Pago 6189 reduced its interest rate spread from 2.80% to 2.55%.

The assets and liabilities of the SPEs through which the Company securitizes financial assets as of March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026		December 31, 2025
Assets	(In millions)
Current assets:
Restricted cash and cash equivalents (1)	$	532	$	422
Loans receivable, net of allowances	2,816		2,632
Intercompany receivables	1,984		1,419
Total current assets	5,332		4,473
Non-current assets:
Long-term investments	9		8
Loans receivable, net of allowances	241		218
Total non-current assets	250		226
Total assets	$	5,582	$	4,699
Liabilities
Current liabilities:
Loans payable and other financial liabilities	$	1,674	$	1,039
Intercompany liabilities	331		147
Total current liabilities	2,005		1,186
Non-current liabilities:
Loans payable and other financial liabilities	1,653		1,813
Total non-current liabilities	1,653		1,813
Total liabilities	$	3,658	$	2,999

(1) Restricted cash and cash equivalents from the SPEs include balances maintained in digital wallets that are eliminated for consolidation purposes.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

NOTE 12. LEASES

The Company leases certain fulfillment, cross-docking and service centers, office space, aircraft, aircraft hangars, machines, and vehicles in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to leases was as follows:


	March 31, 2026		December 31, 2025
	(In millions)
Operating Leases
Operating lease right-of-use assets	$	2,402	$	2,201

Operating lease liabilities	$	2,418	$	2,199

Finance Leases
Property and equipment, at cost	$	261	$	257
Accumulated depreciation	(141)		(126)
Property and equipment, net	$	120	$	131

Loans payable and other financial liabilities	$	120	$	130

The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating leases and the weighted average discount rate for finance leases as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term
Operating leases	8 Years		8 Years
Finance leases	3 Years		3 Years

Weighted average discount rate (1)
Operating leases	10	%	10	%
Finance leases	12	%	14	%

(1) Includes discount rates of leases in local currency and U.S. dollar.

The components of lease expense were as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Operating lease cost	$	133	$	84

Finance lease cost:
Depreciation of property and equipment	$	13	$	10
Interest on lease liabilities	4		3
Total finance lease cost	$	17	$	13

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates and internal rates of return to calculate the lease liabilities for the operating and finance leases, respectively:


Period Ending	Operating Leases		Finance Leases
	(In millions)
One year or less	$	496	$	54
One year to two years	477		48
Two years to three years	451		29
Three years to four years	406		7
Four years to five years	346		—
Thereafter	1,318		—
Total lease payments	3,494		138
Less imputed interest	(1,076)		(18)
Total	$	2,418	$	120

NOTE 13. DERIVATIVE INSTRUMENTS

Cash flow hedges

The Company uses foreign currency exchange contracts to hedge the foreign currency effects related to the forecasted purchase of MPOS devices in U.S. dollars, hosting, licenses, fraud prevention, LTRP expenses, air logistics services and lease payments, which are payable in U.S. dollars (or in local currency linked to the U.S. dollar exchange rate) owed by Brazilian and Mexican subsidiaries, whose functional currencies are the Brazilian Real and the Mexican Peso, respectively. The Company designated the foreign currency exchange contracts as cash flow hedges, the derivatives’ gain or loss is initially reported as a component of accumulated other comprehensive loss and subsequently reclassified into the consolidated statements of income in the “Cost of net revenues and financial expenses,” “Product and technology development,” “Sales and marketing," “General and administrative expenses" and “Foreign currency gains (losses), net” line items, in the same period the forecasted transaction affects earnings. As of March 31, 2026, the Company estimated that the whole amount of net derivative gains or losses related to its cash flow hedges included in accumulated other comprehensive loss will be reclassified into the consolidated statements of income within the next 12 months.

The Company has also entered into a currency swap contract to hedge the foreign currency exchange effects related to a foreign currency financial debt issued by one of its Brazilian subsidiaries. The Company designated the currency swap contract as cash flow hedge, the derivative’s gain or loss is initially reported as a component of accumulated other comprehensive loss and subsequently reclassified into the consolidated statements of income in the “Cost of net revenues and financial expenses” and “Foreign currency gains (losses), net” line items in the same period the forecasted transaction affects earnings. The derivative’s gain or loss is initially reported as a component of accumulated other comprehensive loss and subsequently reclassified into earnings within the next 12 months.

Fair value hedges

The Company has entered into swap contracts to hedge the interest rate and the foreign currency exposure of its fixed-rate, foreign currency financial debt held by its Brazilian subsidiaries. The Company designated the swap contracts as fair value hedges. The derivatives’ gain or loss is reported in the consolidated statements of income in the same line items as the change in the value of the financial debt due to the hedged risks. Since the terms of the interest rate swaps match the terms of the hedged debts, changes in the fair value of the interest rate swaps are offset by changes in the fair value of the hedged debts attributable to changes in interest rates. Accordingly, the net impact in current earnings is that the interest expense associated with the hedged debts is recorded at the floating rates.

The Company also uses future contracts to hedge the interest rate exposure of its asset-backed loan portfolio originated in Brazil. In these cases, where the assets included in the portfolio share the same risk exposure, the Company designated the future contracts as fair value hedges under the portfolio layer method. The derivatives’ gain or loss is reported in the consolidated statements of income in the same line item as the change in the value of the financial assets due to the hedged risk. Accordingly, the Company unlocks its portfolio’s fixed-rate to mitigate the effect of interest rate fluctuations.

Derivative instruments not designated as hedging instruments

The Company entered into certain foreign currency exchange contracts to hedge the foreign currency fluctuations related to certain transactions and balances denominated in U.S. dollars of certain of its Brazilian and Mexican subsidiaries, whose functional currencies are the Brazilian Real and the Mexican Peso, respectively. These transactions were not designated as hedges for accounting purposes.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The Company entered into certain foreign currency exchange contracts to hedge the foreign currency fluctuations related to commercial notes denominated in U.S. dollars issued by a certain Argentine subsidiary. As explained through Note 2. Summary of significant accounting policies, the Company changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars under US GAAP, as a consequence of hyperinflation status, so these transactions were not designated as hedges for accounting purposes, as no foreign exchange risk exists under U.S. GAAP related to U.S. dollar denominated commercial notes in Argentina.

Finally, as of March 31, 2026, the Company entered into swap contracts to hedge the interest rate fluctuation of a certain portion of its financial debt in one of its Brazilian subsidiaries. These transactions were not designated as hedges for accounting purposes.

The following table presents the notional amounts of the Company’s outstanding derivative instruments:


	Notional Amount as of
	March 31, 2026		December 31, 2025
	(In millions)
Designated as hedging instrument
Foreign exchange contracts	$	1,103	$	789
Cross currency swap contracts	600		611
Future contracts	406		328

Not designated as hedging instrument
Interest rate swap contracts	$	122	$	116
Foreign exchange contracts	414		100

Derivative instrument contracts

The fair values of the Company’s outstanding derivative instruments as of March 31, 2026 and December 31, 2025 were as follows:


Derivative instruments	Balance sheet location	March 31,		December 31,
		2026		2025
		(In millions)
Foreign exchange contracts designated as cash flow hedges	Other current assets	$	4	$	4
Foreign exchange contracts not designated as hedging instruments	Other current assets	3		—
Interest rate swap contracts not designated as hedging instruments	Other current assets	14		14
Cross currency swap contracts designated as fair value hedge	Other current assets	—		4
Interest rate swap contracts not designated as hedging instruments	Other non-current assets	22		19
Cross currency swap contracts designated as fair value hedge	Other current liabilities	40		12
Interest rate swap contracts not designated as hedging instruments	Other current liabilities	24		23
Foreign exchange contracts not designated as hedging instruments	Other current liabilities	22		7
Future contracts designated as fair value hedges	Other current liabilities	1		—
Cross currency swap contracts designated as cash flow hedges	Other current liabilities	13		—
Foreign exchange contracts designated as cash flow hedges	Other current liabilities	57		36
Interest rate swap contracts not designated as hedging instruments	Other non-current liabilities	7		5

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The effects of derivative contracts on the interim condensed consolidated statement of comprehensive income for the three-month periods ended March 31, 2026 and 2025 were as follows:


	December 31, 2025		Amount of loss recognized in other comprehensive income		Amount of loss reclassified from accumulated other comprehensive loss		March 31, 2026
	(In millions)
Derivative contracts designated as cash flow hedges	$	(30)	$	(58)	$	39	$	(49)
	$	(30)	$	(58)	$	39	$	(49)


	December 31, 2024		Amount of loss recognized in other comprehensive income		Amount of gain reclassified from accumulated other comprehensive loss		March 31, 2025
	(In millions)
Derivative contracts designated as cash flow hedges	$	5	$	(8)	$	(1)	$	(4)
	$	5	$	(8)	$	(1)	$	(4)

The effect of the Company’s fair value hedge relationships over its fixed-rate financial debt on the interim condensed consolidated statements of income for the three-month periods ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Cost of net revenues and financial expenses	$	(8)	$	(8)
Interest expense and other financial losses	(5)		—
Foreign currency losses, net	(31)		(22)
	$	(44)	$	(30)

The carrying amount of the hedged items for fair value hedges over its fixed-rate financial debt included in the “Loans payable and other financial liabilities” line items of the interim condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was $478 million and $486 million, respectively.

The effects of the Company’s fair value hedge relationships over its fixed-rate financial debt on the interim condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges as of March 31, 2026 and December 31, 2025 are $2 million and less than $1 million, respectively, reducing the carrying value of the hedged debt as of March 31, 2026 and December 31, 2025.

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MercadoLibre, Inc.

Notes to unaudited interim condensed consolidated financial statements

The effects of derivative contracts not designated as hedging instruments on the interim condensed consolidated statements of income for the three-month periods ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
	(In millions)
Foreign exchange contracts not designated as hedging instruments recognized in Foreign currency losses, net	$	3	$	—
Interest rate contracts not designated as hedging instruments recognized in Interest expense and other financial losses	1		1
Foreign exchange contracts not designated as hedging instruments recognized in Interest expense and other financial losses	(16)		—
	$	(12)	$	1

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

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.

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.

Many of these risks are beyond our ability to control or predict. New risk factors emerge from time to time and it is not possible for Management to predict all such risk factors, nor can it assess the impact of all such risk factors on our Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on our forward-looking statements. These statements are not guarantees of future performance.

The discussion and analysis of our financial condition and results of operations has been organized to present the following:

■a brief overview of our Company;

■a review of our critical accounting policies and estimates;

■a discussion of our principal trends and results of operations for the three-month periods ended March 31, 2026 and 2025;

■a discussion of the principal factors that influence our results of operations, financial condition and liquidity;

■a discussion of our liquidity and capital resources and a discussion of our capital expenditures;

■a description of our key performance indicators; and

■a description of our non-GAAP financial measures.

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.

Other Information

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.

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Business Overview

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.

We offer our users an ecosystem of integrated e-commerce and digital financial services, which includes: the Mercado Libre Marketplace, the Mercado Pago fintech platform, the Mercado Envios logistics service, the Mercado Ads solution and the Mercado Libre Classifieds service.

Our e-commerce platform provides buyers and sellers with a robust and safe environment that fosters the development of a large e-commerce community in Latin America, a region with a population of over 650 million people where penetration of e-commerce over total retail significantly lags benchmarks such as the United States of America (“U.S.”), the United Kingdom (“U.K.”) and China. We believe that we offer world-class technological and commercial solutions that address the distinctive cultural and geographic challenges of operating a digital commerce platform in Latin America.

The Mercado Libre Marketplace is a user-friendly online commerce platform that can be accessed through our mobile app or website. Third-party sellers (“3P”) account for most of the GMV transacted on the Marketplace. We complement this by selling directly to consumers on a first-party basis (“1P”) in selected categories where we can enhance price competitiveness and assortment; this accounts for less than 10% of GMV. The Marketplace has an extensive assortment of products, with a wide range of categories including consumer electronics, apparel and beauty, home goods, automotive accessories, toys, books and entertainment and consumer packaged goods. We also have a selection of international products available, primarily from sellers in China and the U.S., through our cross-border trade (“CBT”) operations. Our users can also list vehicles, properties and services they are looking to sell via Mercado Libre Classifieds. These listings differ from our Marketplace listings because we charge placing fees only, not final value fees.

Mercado Envios is a logistics solution that is one of the value-added services that we offer to our sellers and buyers on our platform. The logistics services we offer are an integral and crucial part of our value proposition as they reduce friction between buyers and sellers, allow us to have greater control over the full user experience and enable faster deliveries at a more competitive cost than would otherwise be available with third-party carriers. Sellers that use Mercado Envios are eligible to access shipping subsidies that enable free or discounted shipping for consumers that buy sellers’ goods on our Marketplace. Our logistics network is built around fulfillment centers (which account for more than half of shipments), where sellers place their inventory in our warehouses, and cross-docking, where we collect items sold from sellers directly or via a network of thousands of partner stores (“MELI Places”) where sellers drop off sold items that need to be fed into our logistics network. MELI Places are also enabled for pick up of items purchased and processing of returns. Our transportation network includes dedicated aircraft, trucks and thousands of last-mile delivery vans, the vast majority of which are owned and operated by our third-party carriers.

Our advertising platform, Mercado Ads, is another value-added service that we offer to sellers on our platform and brands both on- and off-platform. The platform enables sellers and brands to access the millions of consumers who browse and purchase on our Marketplace, as well as the first-party data that all of these engagements generate. This enables advertisers to target highly granular audiences. The products we offer are Product Ads (sponsored listings), Brands Ads (product carrousels), Display Ads (banners) and Video Ads, the last two of which we are able to offer inventory off-platform as well as on our own Marketplace and fintech platform.

Mercado Pago was initially designed to facilitate transactions on Mercado Libre’s Marketplace by providing a mechanism that allowed our users to securely, easily and promptly send and receive payments. This brought trust to the merchant-consumer relationship. In the countries in which Mercado Pago operates, it processes and settles all transactions on our Marketplace.

Beyond facilitating Marketplace transactions, over the years we have expanded our array of Mercado Pago services to third parties outside Mercado Libre’s Marketplace. We began first by satisfying the growing demand for online-based payment solutions by providing merchants the necessary digital payment infrastructure for e-commerce to flourish in Latin America.

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.

Our asset management product, which is available in Argentina, Brazil, Mexico and Chile, is a critical pillar of our financial services offering that enables us to compete with large banks. This product offers remuneration on balances held in the Mercado Pago digital account that is greater than traditional checking and savings accounts. This enables our users to earn a return with funds remaining available for withdrawal or to make payments without their funds being tied up in a time deposit.

As an extension of our asset management and savings solutions for users, we launched a digital assets feature as part of the Mercado Pago account in Brazil, Mexico and Chile, in 2021, 2022 and 2023, respectively. This service allows our millions of users to purchase, hold and sell selected digital assets through our interface without leaving the Mercado Pago application, while a partner acts as the custodian and offers the blockchain infrastructure platform. This feature is available for all users through their Mercado Pago account. In 2024 and 2025 we launched “Meli Dólar,” a stablecoin that is pegged to the US dollar, in Brazil, Mexico and Chile. Members of our loyalty program receive their cashback in Meli Dólar and all Mercado Pago users can buy, hold and sell the stablecoin without charging any fees.

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Reporting Segments and Geographic Information

Our segment reporting is based on geography, which is the criterion our Management currently uses to evaluate our segment performance. Our geographic segments are Brazil, Mexico, Argentina and Other Countries (including Bermuda, Chile, China, Colombia, Costa Rica, Ecuador, Peru, Uruguay and the U.S.). Although we discuss long-term trends in our business, it is our policy not to provide earnings guidance in the traditional sense. We believe that uncertain conditions make the forecasting of near-term results difficult. Further, we seek to make decisions focused primarily on the long-term welfare of our Company and believe focusing on short-term earnings does not best serve the interests of our stockholders. We believe that execution of key strategic initiatives as well as our expectations for long-term growth in our markets will best create stockholder value. A long-term focus may make it more difficult for industry analysts and the market to evaluate the value of our Company, which could reduce the value of our common stock or permit competitors with short-term tactics to grow more rapidly than us. We, therefore, encourage potential investors to consider this strategy before making an investment in our common stock.

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:


	Three Months Ended March 31,
(% of total consolidated net revenues and financial income)	2026		2025
Brazil	54.0	%	51.9	%
Mexico	22.3		20.6
Argentina	19.2		23.3
Other Countries	4.5		4.2

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.

Critical Accounting Policies and Estimates

There have been no significant changes in our critical accounting policies, Management estimates or accounting policies since the year ended December 31, 2025 and disclosed in the Company’s 2025 10-K under the heading “Critical Accounting Policies and Estimates.”

Results of operations for the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025

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.

Principal trends in results of operations

Net revenues and financial income

We disaggregate revenues into four geographical reporting segments. Within each of our segments, the services we provide and the products we sell generally fall into two distinct revenue streams: “Commerce” and “Fintech.”

Commerce revenues are mainly generated from:

■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;

■first party sales, which are generated when control of the good is transferred, upon delivery to our customers;

■shipping fees, which are generated when an item is delivered through our shipping service. When we act as an agent, revenues derived from the shipping services are recognized at the time the transaction is successfully concluded for third-party sales, and presented net of the transportation costs charged by third-party carriers. When we act as principal, revenues derived from shipping services are recognized upon delivery of the good to the customer, and presented on a gross basis. In addition, the Company generates storage fees, which are charged to the seller for the utilization of the Company’s fulfillment facilities;

■ad sales fees due to advertising services provided to sellers, vendors, brands and others, through product searches (product ads and brand ads) and display formats (including video ads and display programmatic), which are recognized based on the number of clicks and impressions, respectively;

■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;

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■subscription fees associated with MELI+ memberships and third party digital content subscriptions; and

■fees from other ancillary businesses.

Fintech revenues and financial income are attributable to:

■commissions representing a percentage of the payment volume processed that are charged to sellers in connection with off-Marketplace platform transactions;

■commissions from additional fees we charge when a buyer elects to pay in installments through our Mercado Pago platform, for transactions that occur either on or off our Marketplace platform;

■interest, cash advances and fees from credit cards, merchant, consumer and asset-backed loans granted under our lending solution;

■revenues from our asset management product;

■interest earned on investments as part of Mercado Pago activities, including those required due to fintech regulations, net of interest gains passed through to our Brazilian users in connection with our asset management product;

■commissions that we charge from transactions carried out with Mercado Pago debit cards;

■revenues from the sale of mobile points of sale products;

■revenues from insurtech fees;

■commissions from additional fees we charge when our sellers elect to withdraw cash; and

■fees from other ancillary services.

Although we also process payments on the Marketplace, we do not charge sellers an added commission for this service, as it is already included in the Marketplace final value fee that we charge.

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.

Our net revenues and financial income are generated in multiple foreign currencies and then translated into U.S. dollars at the average monthly exchange rate. The functional currency for each country’s operations is the country’s local currency, except for Argentina, where the functional currency is the U.S. dollar due to Argentina’s status as a highly inflationary economy. Please refer to Note 2 – Summary of significant accounting policies to our unaudited interim condensed consolidated financial statements for further detail on foreign currency translation.

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.

The following table summarizes our consolidated net revenues and financial income for the three-month periods ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Change from 2025 to 2026
	2026		2025		in Dollars		in %
	(In millions, except percentages)
Net revenues and financial income	$	8,845	$	5,935	$	2,910	49.0	%

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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:


Consolidated net revenues and financial income	Three Months Ended March 31,				Change from 2025 to 2026
	2026		2025		in Dollars		in %
	(In millions, except percentages)
Brazil
Commerce	$	2,826	$	1,873	$	953	50.9	%
Fintech	1,948		1,209		739		61.1
	4,774		3,082		1,692		54.9
Mexico
Commerce	1,195		778		417		53.7
Fintech	781		444		337		75.7
	1,976		1,222		754		61.7
Argentina
Commerce	573		474		99		21.0
Fintech	1,125		908		217		24.0
	1,698		1,382		316		22.9
Other countries
Commerce	274		178		96		53.9
Fintech	123		71		52		72.1
	397		249		148		59.1
Consolidated
Commerce	4,868		3,303		1,565		47.4
Fintech	3,977		2,632		1,345		51.1
Total	$	8,845	$	5,935	$	2,910	49.0	%

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.

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:

■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

■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.

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:

■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

■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.

Brazil

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.

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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%.

Mexico

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.

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%.

Argentina

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.

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%.

The following table sets forth our total net revenues and financial income and the sequential quarterly variation of these net revenues and financial income for the periods described below:


	Quarter Ended
	March 31,			June 30,		September 30,	December 31,
	(In millions, except percentages)
2026
Net revenues and financial income	$	8,845		n/a		n/a	n/a
Percent change from prior quarter	1		%
2025
Net revenues and financial income	$	5,935		$	6,790

MERCADOLIBRE INC 10-Q