MercadoLibre Outlines 20% Fulfillment Expansion as Credit Portfolio Grows

MercadoLibre outlined a 20% fulfillment expansion in its Q3 2026 management view as its credit portfolio grew 62%, while its 15-to-90-day nonperforming-loan ratio stayed at 7%.

Executive Vice President and CFO Martin de Los Santos said, “MercadoLibre delivered another quarter of strong growth with net revenue and financial income up 41% year-on-year on an FX-neutral basis.” Monthly active users rose 29%, and assets under management increased 67%.

Management said it prioritizes risk management over growth. The 15-to-90-day nonperforming-loan ratio held at 7% as the credit portfolio expanded.

Operating margin fell 0.4 percentage point sequentially to 6.3%. Higher net shipping expenses, including energy and transportation costs, and increased spending on the affiliate program weighed on the margin.

Orders through the affiliate channel rose 240% year over year, and the program had more than 12 million affiliates. Management said incremental revenue more than covers the program’s costs, but gave no specific short-term margin target.