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Mercado Libre MELI Brazil — Local Operating Expenses

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Other financials

Income statement

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Revenue$8.8B+49.0%
Gross profit$3.9B+39.4%
Operating income$611.0M-19.9%
Net income$417.0M-15.6%
EPS (diluted)$8.23-15.5%

Balance sheet

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Cash & equivalents$15.1B+237%
Total debt$12.5B+59.0%
Total equity$7.3B+45.5%
Total assets$46.9B+69.5%

Cash flow

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Operating cash flow$2.1B+101%
CapEx$271.0M-0.4%
Free cash flow$1.8B+138%

Valuation

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Market cap$96.26B-20.7%
Enterprise value$93.59B-24.3%
P/E50.1×-9.0×
P/S-2.0×

Profitability

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Gross margin43.9%-2.3pp
Operating margin9.6%-3.2pp
Net margin6%-3.2pp
FCF margin37.2%+8.3pp

Returns & leverage

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Return on equity31.3%-17.8pp
Debt / equity1.7×+0.1×
Current ratio1.2×0.0×

Where this comes from

Reported directly by Mercado Libre in its filing.

Tagged under the XBRL concept meli:LocalOperatingExpenses.

The source filing: Mercado Libre’s 10-Q, filed May 8, 2026.

Filed
May 8, 2026, 4:03 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001099590-26-000017
Line itemBrazilMexicoArgentinaOther CountriesTotal
Net service revenues and financial income$3,987$1,774$1,607$347$7,715
Net product revenues78720291501,130
Net revenues and financial income4,7741,9761,6983978,845
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 contribution389344607641,404
Operating expenses and indirect costs of net revenues and financial expenses(793)

ITEM 1 — UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [1](#i84f3433ca70e43aba43b2c42eb8a2df8_16)

FAQ

What is Mercado Libre's brazil — local operating expenses?
Mercado Libre (MELI) reported brazil — local operating expenses of $4.28B in Q1 2026.
How has Mercado Libre's brazil — local operating expenses changed year-over-year?
Mercado Libre's brazil — local operating expenses increased by 74.1% year-over-year, from $2.46B to $4.28B.
What is the long-term trend for Mercado Libre's brazil — local operating expenses?
Over 3 years (2022 to 2025), Mercado Libre's brazil — local operating expenses has grown at a 39.5% compound annual growth rate (CAGR), from $4.69B to $12.74B.
What does brazil — local operating expenses mean?
This metric captures the recurring costs associated with running day-to-day operations in the Brazilian segment, excluding direct costs of goods sold. It includes expenditures related to marketing, customer support, technology infrastructure, and administrative overhead required to maintain the local platform.

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