MercadoLibre's Growth Strategy Puts Profit Margins to the Test

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MercadoLibre, Inc. MELI is prioritizing customer engagement and marketplace expansion even as these investments weigh on margins. In the third quarter of 2026, net revenues and financial income increased 45% year over year to $10,750 million, yet operating income slipped 6% to $676 million. Operating margin declined 40 basis points sequentially to 6.3%, reflecting the cost of more free shipping, expanded fulfillment capacity ahead of peak season and increased affiliate marketing spending in Brazil. Management identified a 60-basis-point sequential margin headwind from net shipping costs, including expenses associated with network expansion.