MercadoLibre: 3 Key Takeaways for Long-Term Investors

MercadoLibre reported Q3 2026 results with 41% FX-neutral revenue growth and $676M operating income. The company sacrificed 40 basis points of operating margin to invest in logistics expansion (20% increase in fulfillment capacity) and affiliate marketing in Brazil (240% YoY order growth). Despite upfront costs, shipping per unit in Brazil fell 5% YoY. The credit portfolio grew 62% YoY with stable non-performing loans at 7%, leveraging first-party marketplace data for risk assessment.