On August 5, 2026, Mercado Libre (NASDAQ: MELI) released its financial results for the second quarter of 2026. This earnings report marked a historic milestone: for the first time, quarterly net revenue surpassed the $10 billion mark, reaching $10.17 billion, a year-over-year increase of 50% (43% on a currency-neutral basis). GMV (Gross Merchandise Volume) totaled $21.9 billion, up 44% year-over-year (36% on a currency-neutral basis). Cross-border trade GMV grew by 60% (currency-neutral), while shipment volume at fulfillment centers in China increased by 170% quarter-over-quarter.

This is no ordinary quarterly growth. Breaking the $10 billion revenue mark in a single quarter means that Meituan’s business scale has now entered the top tier of global e-commerce platforms, on par with Amazon and Shopify. Meanwhile, the 60% growth rate in cross-border GMV and the 170% quarter-over-quarter increase in cargo volume at its Chinese fulfillment centers directly indicate that the penetration of the Chinese supply chain into the Latin American market is accelerating. For sellers still hesitating about whether to expand into Latin America, the message conveyed by this earnings report is clear: the platform is actively paving the way for Chinese sellers, but this window of opportunity won’t remain open forever. If you wish to gain a systematic understanding of the onboarding requirements and operational strategies for each Meitodo site, please contact Qicaiying Group to obtain a Meitodo onboarding assessment and operational coaching services. As a council member of the Shenzhen Cross-Border E-Commerce Association, Qicaiying Group boasts a professional team of approximately 400 people and its own accounting firm. Having served over 18,000 corporate clients, the group provides one-stop support for Mercato on-boarding, overseas warehouse planning, and tax compliance in Latin America.Hotline: 18676749275. Add us on WeChat: Qicaiyingjituan.

I. A Comprehensive Overview of Q2 Key Metrics: The Growth Engines Behind the $10 Billion

Net Revenue: $10.17 billion, up 50% year-over-year, surpassing $10 billion for the first time in a single quarter. Specifically, revenue from the e-commerce business grew by 50%, while fintech revenue increased by 49%—with these two major growth engines driving growth almost in tandem, indicating that Meikeduo’s ”e-commerce + finance” flywheel effect is accelerating.

GMV: $21.9 billion, up 44% year-over-year (36% on a currency-neutral basis). The number of items successfully sold reached 795 million, up 44.5% year-over-year. There were 89 million unique active buyers, up 25.4% year-over-year. The average number of items purchased per person was 8.9, up 14% year-over-year—with Brazil seeing a 19% increase in average items purchased per person, the fastest growth rate among all markets.

Total Payment Volume (TPV): $101 billion, up 561 TP3T year-over-year. FinTech monthly active users reached 88 million, a year-over-year increase of 29.4%. The loan portfolio totaled $16.4 billion, a year-over-year increase of 75%. The overall non-performing loan ratio (15–90 days) stood at 7.0%, while the credit card non-performing loan ratio was 4.6%; both figures were close to historical lows.

Advertising Revenue: Excluding currency effects, revenue grew by 62%, accounting for more than 10% of the Latin American digital advertising market for the first time. The strong growth in advertising revenue indicates that an increasing number of sellers are placing ads on the platform, and also suggests that competition for organic traffic is intensifying.

Operating Profit Margin: 6.71 TP3T, down 550 basis points year-over-year. CFO Martin de los Santos made it clear that the decline in profit margins was a deliberate choice—the company is reinvesting its profits into long-term growth areas such as free shipping, credit cards, cross-border trade, and user acquisition. In other words, the platform is trading short-term profits for long-term scale, and this is precisely the window of opportunity for Chinese sellers.

II. Country-by-Country Analysis: A Detailed Look at Growth Rates in Brazil, Mexico, and Argentina

Brazil: Net revenue for Q2 was $5.53 billion (accounting for 54.41% of total revenue), up 59% year-over-year, with currency-neutral growth of 42%. Brazil is MercadoLibre’s largest market and also the one with the strongest growth. The decision to lower the free shipping threshold a year ago has led to lasting behavioral changes—the average number of items purchased per person increased by 19%, the conversion rate rose by 1.1 percentage points, and the growth rate of daily active users has consistently outpaced that of monthly active users. Management believes this is not merely an expansion in user numbers, but a structural shift in consumer behavior.

Mexico: Q2 net revenue was $2.34 billion (accounting for 22.98%), up 55% year-over-year, with currency-neutral growth of 38%. Growth in Mexico was hampered by both headwinds from tax reform and a softening macroeconomic environment. However, management emphasized that even amid these headwinds, Mercado Libre continues to gain market share in Mexico.

Argentina: Net revenue for Q2 was $1.84 billion (accounting for 18.11% of total revenue), up 20.1% year-over-year, with currency-neutral growth of 48.1%. Exchange rate fluctuations acted as a headwind to reported growth, but underlying consumer demand remained strong.

Other markets (including Chile, Colombia, Uruguay, etc.): Net revenue for Q2 was $463 million, representing a year-over-year increase of 63%. Cross-border trade continues to make a significant contribution to product variety. Chile and Colombia are currently in the early stages of reaping the benefits, with low competition and significant room for growth.

III. Cross-Border Trade: Growth Rate of 60% and Month-over-Month Growth of 170% at the China Fulfilment Center

One of the most noteworthy figures in the Q2 earnings report is the performance of cross-border trade (CBT):

Cross-border GMV grew by 60% (on a currency-neutral basis). In particular, cross-border GMV in Brazil and Argentina saw triple-digit growth (more than doubling). This indicates that demand for Chinese goods in the Latin American market is experiencing explosive growth.

Cargo volume at the China Compliance Center increased by 1,701 TP3T month-over-month. The volume of orders processed by Meike Duo’s fulfillment centers in China increased by 1,701 TP3T month-over-month—a quarterly growth rate—indicating that Chinese sellers’ capacity to ship orders through the official logistics network is expanding rapidly. The increase in shipment volume at fulfillment centers has brought two direct benefits: faster delivery speeds and lower order cancellation rates.

Management's Strategic Intent: CEO Ariel Szarfsztejn made it clear during the earnings call that cross-border trade is one of the company’s core growth areas. The platform is actively lowering the barriers for Chinese sellers to enter the Latin American market—under the semi-managed model, sellers can ship directly from warehouses in China to sell across five Latin American countries with a single click; under the fully managed model, the official “Full” badge ensures priority exposure in search results; and the profit guarantee model simplifies pricing.

For sellers, the growth rate of cross-border trade 60% indicates that Latin American consumers” demand for Chinese goods is far from being met, and sellers who enter the market early are reaping the benefits of a ”blue ocean” where demand exceeds supply.

IV. The Mercado Pago Ecosystem Flywheel: A $16.4 Billion Credit Portfolio

Meikeduo’s competitive advantage lies not only in e-commerce, but also in its ”e-commerce + finance” ecosystem flywheel.

Loan portfolio of $16.4 billion, a year-over-year increase of 75%. This quarter, 2.6 million credit cards were issued (compared to 1.6 million during the same period last year). Credit card users significantly exceed regular users in both purchase frequency and average order value, and they are 2 to 3 times more likely than regular users to become ”ecosystem users” (active on both Marketplace and Mercado Pago).

Value to Ecosystem Users: Users who are active on both Marketplace and Mercado Pago have a GMV that is 70% higher, payment volumes that are nearly 90% higher, and assets under management (AUM) that are twice that of users on a single platform. This demonstrates that the core of the ecosystem flywheel is not simply ”an additional feature,” but rather ”a qualitative transformation in user retention and value density.”

Tips for Sellers: Sellers who accept Mercado Pago payments and participate in the Mercado Pago installment plan feature can enjoy higher conversion rates and average order values. This is especially true on the Brazil site—installment payments (cuotas) are a core spending habit for Latin American consumers, and sellers who do not support installment plans are effectively forgoing a large number of orders.

V. AI Investment and Advertising Revenue: The Hidden Dividends of Improved Platform Efficiency

According to its Q2 earnings report, Meikeduo invested approximately $80 million in AI, focusing on three areas: search optimization, customer service efficiency, and developer productivity.

The Impact of AI on E-commerce: AI-enhanced search is boosting conversion rates, product sales, and ad click-through rates. The system is now available in the five largest markets, and the incremental e-commerce and advertising revenue generated exceeds the cost of third-party models.

Advertising revenue increased by 62% (on a currency-neutral basis)...for the first time, it accounted for over 10% of the Latin American digital advertising market. For sellers, this strong growth in advertising revenue has two implications: First, more and more sellers on the platform are running ads, intensifying competition for organic traffic; second, the platform’s advertising tools are becoming increasingly sophisticated, leading to higher ROI from targeted campaigns.

Improved Developer Productivity: 20,000 developers are using AI, with code commits up 90% year-over-year; manually written code has become the exception. Product R&D expenses as a percentage of revenue fell from 8.4% to 7.2%; AI-driven efficiency gains are reducing the platform’s operating costs, which will help lower seller fees in the long term.

VI. Qicaiying Professional Service Package: From Establishing a Presence in Latin America to Operational Support

In response to the opportunity for expansion into Latin America revealed in Meitodo’s Q2 earnings report, Qicaiying Group offers end-to-end service solutions for sellers planning to enter the market as well as those already operating there:

(1) Registering on the Meike Duoduo platform. Assist in completing onboarding applications for marketplaces in Brazil, Mexico, Chile, Colombia, Argentina, and other locations, and match the optimal marketplace and fulfillment model (overseas fulfillment centers, self-fulfillment, U.S. transshipment centers, semi-managed, or fully managed) based on product category and average order value.

(2) Overseas Warehouses and Logistics Planning. Assist with FULL warehouse intake planning, coordination with U.S. transshipment warehouses, and optimization of shipping times for direct shipments; design first-leg shipping solutions in conjunction with the official logistics routes of the China fulfillment center.

(3) Tax Compliance in Latin America. Brazilian revenue-sharing payments (requires linking a local CPF/CNPJ and a Brazilian bank account), Mexican RFC tax ID registration and verification, CBS/IBS dual VAT compliance, and establishment of local tax structures in Chile and Colombia.

(4) Mercado Pago Payments and Credit Allocation. Assist with setting up Mercado Pago for payment processing, configuring installment payment options, and optimizing advertising strategies, while leveraging the ecosystem flywheel to increase conversion rates and average order value.

As a board member of the Shenzhen Cross-Border E-Commerce Association, Qicaiying Group operates its own accounting firm and a licensed corporate secretarial company. With a professional team of approximately 400 people, the group has served more than 18,000 corporate clients across more than 40 countries and regions, including Brazil, Mexico, Chile, Colombia, and Hong Kong, China. From market entry in Latin America to ongoing operational support, we provide a comprehensive path for businesses expanding overseas.Hotline: 18676749275. Add us on WeChat: Qicaiyingjituan.

VII. Conclusion: The Window of Opportunity Behind the $10 Billion

Meike Duo’s Q2 revenue exceeded $10 billion, cross-border GMV grew by 60%, and the volume of goods at its Chinese fulfillment centers increased by 170% quarter-over-quarter—taken together, these three figures point to one fact: Demand for Chinese supply chains in the Latin American market is exploding, and the platform is paving the way for Chinese sellers with unprecedented vigor.

However, the flip side of this window of opportunity is intensified competition. When platforms proactively lower barriers to entry and the volume of goods at fulfillment centers increases by 1,701 TP3T quarter-over-quarter, the number of new entrants is bound to rise. Sellers who have already ”mastered” the entire process—from onboarding to product selection, logistics, and tax compliance—will solidify their advantages into barriers to entry before the window closes; meanwhile, sellers who have been sitting on the sidelines will often face fiercer competition and thinner profit margins.

If you would like the system to evaluate the optimal timing for market entry, product category selection, and compliance costs for various locations in Latin America, please contact Qicaiying Group to receive a one-on-one Latin American expansion plan and cost estimate.For inquiries, call 18676749275 or add us on WeChat: Qicaiyingjituan.