# MercadoLibre (MELI) Current Events, Through the Third Quarter of 2026

## Filings that contain financial statements

MercadoLibre files 8-Ks (a domestic filer). Each quarterly earnings release is furnished as Exhibit 99.1 and carries condensed consolidated financial statements:

- 8-K filed November 4, 2026 (accession 0001099590-26-000027): third quarter ended September 30, 2026. Interim balance sheet (September 30, 2026 vs. December 31, 2025), income statement (nine and three months), cash flow statement (nine months), segment results and non-GAAP reconciliations.
- 8-K filed August 5, 2026 (accession 0001099590-26-000021): second quarter ended June 30, 2026. Balance sheet, income statement (six and three months), cash flow statement (six months).
- 8-K filed May 7, 2026 (accession 0001099590-26-000014): first quarter ended March 31, 2026. Balance sheet, income statement and cash flow statement (three months).
- 8-K filed February 24, 2026 (accession 0001099590-26-000003): fourth quarter and full year ended December 31, 2025. Balance sheets, income statements (year and quarter) and cash flow statement (year).
- 8-K filed October 29, 2025 (accession 0001099590-25-000048): third quarter ended September 30, 2025 (nine and three months).
- 8-K filed August 4, 2025 (accession 0001099590-25-000041): second quarter ended June 30, 2025 (six and three months).

## Quarterly results

- **November 4, 2026, third quarter 2026** (0001099590-26-000027): Net revenues and financial income of $10,750 million, up 45% year over year (41% FX-neutral). Income from operations of $676 million, a 6.3% margin, down 6% year over year and 40 basis points below the second quarter. Net income of $448 million (4.2% margin). Total payment volume of $109 billion, up 53%; gross merchandise volume of $23 billion, up 38%. Management attributes the margin pressure to more free shipping, new fulfillment capacity added ahead of peak season, and higher affiliate marketing spend in Brazil. The release describes the September 2026 bond issue (below). The filing does not give numeric forward guidance.
- **August 5, 2026, second quarter 2026** (0001099590-26-000021): Net revenues and financial income of $10,169 million, up 50% (43% FX-neutral), the fastest pace in four years. Income from operations of $683 million, down 17%, a 6.7% margin. Net income of $466 million. Total payment volume of $101 billion; gross merchandise volume of $21.9 billion.
- **May 7, 2026, first quarter 2026** (0001099590-26-000014): Net revenues and financial income of $8,845 million, up 49%. Income from operations of $611 million, down 20%, a 6.9% margin. Net income of $417 million. Total payment volume of $87.2 billion; gross merchandise volume of $19.0 billion.
- **February 24, 2026, fourth quarter 2025** (0001099590-26-000003): Net revenues and financial income of $8,759 million, up 45%. Income from operations of $889 million, a 10.1% margin. Net income of $559 million. Total payment volume of $83.7 billion; gross merchandise volume of $19.9 billion. For full-year 2025, revenue grew 39% and income from operations grew 22%.
- **October 29, 2025, third quarter 2025** (0001099590-25-000048): Net revenues and financial income of $7,409 million, up 39%. Income from operations of $724 million (9.8% margin). Net income of $421 million.
- **August 4, 2025, second quarter 2025** (0001099590-25-000041): Net revenues and financial income of $6,790 million, up 34%. Income from operations of $825 million (12.2% margin). Net income of $523 million.

The trend across these releases is fast revenue growth with a falling operating margin, from 12.2% in the second quarter of 2025 to 6.3% in the third quarter of 2026. Management says it is choosing to invest in free shipping, logistics, credit and Fintech growth ahead of near-term profitability.

## Debt financing

- **November 4, 2026, $735 million IFC term loans** (Form 10-Q, accession 0001099590-26-000029, Part II Item 5 and Note 10; no 8-K was filed for it): Subsidiaries Mercado Livre Brasil Ltda. and Mercado Pago Instituição de Pagamento Ltda. each signed loan agreements with the International Finance Corporation (IFC) for senior unsecured term loans totaling $735 million, split equally. The loans are $250 million of A loans funded by IFC, maturing 5 years after first disbursement, and $485 million of B loans funded by participating institutions, maturing in 3 years, each repayable in a single installment at maturity. They bear interest at six-month Term SOFR plus 1.05% and are guaranteed by MercadoLibre, Inc. Proceeds will finance early settlement of card receivables of small businesses in Brazil's Amazon Region. Signed but not drawn: no amounts had been disbursed as of the report date, and first disbursement was expected in November 2026.
- **September 9 to 14, 2026, $1,000 million 5.850% Notes due 2036** (0001140361-26-036136 and 0001140361-26-036495): On September 9, 2026 the company entered into an underwriting agreement for $1,000 million of senior unsecured notes. The offering closed on September 14, 2026 under an SEC-registered shelf. The Notes are guaranteed by operating subsidiaries. The pricing release says proceeds are for general corporate purposes and to strengthen liquidity, and gives the issuer ratings as BBB- (S&P), Baa3 (Moody's) and BBB- (Fitch). The company says it priced the 10-year note at the same spread as its 7-year issue.
- **December 4 to 9, 2025, $750 million 4.900% Notes due 2033** (0001140361-25-044457 and 0001140361-25-045035): Underwriting agreement dated December 4, 2025; offering closed December 9, 2025. The company describes it as its first issue since achieving investment grade and says it was 3.6x oversubscribed. Proceeds are for general corporate purposes.
- **September 12, 2025, revolving credit amendment** (0001099590-25-000046): Amendment No. 1 to the Amended and Restated Revolving Credit Agreement lets the company request up to $400 million of additional lender commitments, at the lenders' election, raising the facility's aggregate commitments to up to $800 million. The company's 10-Q describes the agreement as providing an $800 million credit commitment, undrawn at September 30, 2026. Amendment No. 2 (April 28, 2026, disclosed in the Form 10-Q, accession 0001099590-26-000029, Note 10; no 8-K was filed for it) lowered the guarantor-revenue threshold to 60% from 75%.

## Capital allocation and governance

- **July 29, 2025, share repurchase authorization** (0001099590-25-000038, filed August 1, 2025): The board authorized repurchases of common stock for aggregate consideration of "up to $4,050,000", as the filing states it. The program expires June 30, 2027. The same filing adopts a compensation plan for independent directors: a $90,000 annual cash retainer and a $150,000 annual equity award, for service years beginning at the 2025, 2026 and 2027 annual meetings.
- **March 31, 2026, executive compensation** (0001999371-26-007656, filed April 3, 2026): The board set 2026 bonus goals for the named executive officers, based on net revenues and financial income, income from operations, adjusted total payment volume and competitive Net Promoter Score. Target bonus is four months of base salary. It also adopted the 2026 Long Term Retention Program, which pays cash annually over six years, with the first payment between January 1 and April 30, 2027. Target awards: $14.0 million for Chief Executive Officer Ariel Szarfsztejn, $10.0 million each for Osvaldo Giménez and Daniel Rabinovich, $4.0 million for Chief Financial Officer Martin de los Santos and $3.5 million for Executive Chairman Marcos Galperin. The filing names Szarfsztejn as Chief Executive Officer and Galperin as Executive Chairman.
- **June 9, 2026, annual meeting** (0001999371-26-012770, filed June 12, 2026): All Class I director nominees were elected, but Stelleo Passos Tolda received 13,399,536 votes for and 25,650,098 withheld. Susan Segal (36,780,151 for) and Alejandro Nicolás Aguzin (38,488,792 for) were elected with large majorities. Advisory say-on-pay passed, 34,371,581 for to 4,445,767 against, and the auditor appointment was ratified. The June 17, 2025 annual meeting (0001999371-25-008001) was routine.

## Not reflected in these filings

No 8-K in this period reports an acquisition or divestiture, a dividend, a stock split, a restructuring or impairment, or a change of auditor.