v3.26.1
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Performance of Company's Reporting Segments
The following tables summarize the financial performance of the Company’s reporting segments:
Six Months Ended June 30, 2026
BrazilMexicoArgentinaOther CountriesTotal
(In millions)
Net service revenues and financial income$8,579 $3,770 $3,324 $734 $16,407 
Net product revenues1,725 543 213 126 2,607 
Net revenues and financial income10,304 4,313 3,537 860 19,014 
Local operating expenses (9,123)(3,482)(2,252)(704)(15,561)
Depreciation and amortization(242)(181)(55)(27)(505)
Total segment costs(9,365)(3,663)(2,307)(731)(16,066)
Direct contribution 939 650 1,230 129 2,948 
Operating expenses and indirect costs of net revenues and financial expenses(1,654)
Income from operations1,294 
Other income (expenses):
Interest income and other financial gains, net57 
Interest expense and other financial losses(127)
Foreign currency losses, net(39)
Net income before income tax expense$1,185 
Six Months Ended June 30, 2025
BrazilMexicoArgentinaOther CountriesTotal
(In millions)
Net service revenues and financial income$5,632 $2,418 $2,759 $475 $11,284 
Net product revenues923 310 150 58 1,441 
Net revenues and financial income6,555 2,728 2,909 533 12,725 
Local operating expenses (5,291)(2,138)(1,561)(438)(9,428)
Depreciation and amortization(181)(105)(39)(22)(347)
Total segment costs(5,472)(2,243)(1,600)(460)(9,775)
Direct contribution 1,083 485 1,309 73 2,950 
Operating expenses and indirect costs of net revenues and financial expenses(1,362)
Income from operations1,588 
Other income (expenses):
Interest income and other financial gains, net81 
Interest expense and other financial losses(75)
Foreign currency losses, net(172)
Net income before income tax expense$1,422 
Three Months Ended June 30, 2026
BrazilMexicoArgentinaOther CountriesTotal
(In millions)
Net service revenues and financial income$4,592 $1,996 $1,717 $387 $8,692 
Net product revenues938 341 122 76 1,477 
Net revenues and financial income5,530 2,337 1,839 463 10,169 
Local operating expenses (4,845)(1,936)(1,187)(384)(8,352)
Depreciation and amortization(135)(95)(29)(14)(273)
Total segment costs(4,980)(2,031)(1,216)(398)(8,625)
Direct contribution 550 306 623 65 1,544 
Operating expenses and indirect costs of net revenues and financial expenses(861)
Income from operations683 
Other income (expenses):
Interest income and other financial gains, net30 
Interest expense and other financial losses(62)
Foreign currency losses, net(45)
Net income before income tax expense$606 
Three Months Ended June 30, 2025
BrazilMexicoArgentinaOther CountriesTotal
(In millions)
Net service revenues and financial income$2,959 $1,311 $1,446 $248 $5,964 
Net product revenues514 195 81 36 826 
Net revenues and financial income3,473 1,506 1,527 284 6,790 
Local operating expenses (2,834)(1,178)(847)(245)(5,104)
Depreciation and amortization(98)(60)(19)(11)(188)
Total segment costs(2,932)(1,238)(866)(256)(5,292)
Direct contribution 541 268 661 28 1,498 
Operating expenses and indirect costs of net revenues and financial expenses(673)
Income from operations825 
Other income (expenses):
Interest income and other financial gains, net44 
Interest expense and other financial losses(36)
Foreign currency losses, net(117)
Net income before income tax expense$716 
Schedule of Consolidated Net Revenues by Similar Products and Services
The following table summarizes net revenues and financial income per reporting segment, which have been disaggregated by similar products and services for the six and three-month periods ended June 30, 2026 and 2025:
Six Months Ended June 30,
BrazilMexicoArgentina
Other Countries (6)
Total
2026202520262025202620252026202520262025
(In millions)
Commerce services (1)
$4,447 $3,087 $2,114 $1,470 $1,019 $846 $477 $326 $8,057 $5,729 
Commerce product sales (2)
1,709 909 531 300 211 148 122 56 2,573 1,413 
Total commerce revenues6,156 3,996 2,645 1,770 1,230 994 599 382 10,630 7,142 
Financial services and income (3)
1,711 1,251 657 366 1,455 1,322 237 144 4,060 3,083 
Credit revenues (4)
2,421 1,294 999 582 850 591 20 5 4,290 2,472 
Fintech product sales (5)
16 14 12 10 2 2 4 2 34 28 
Total fintech revenues4,148 2,559 1,668 958 2,307 1,915 261 151 8,384 5,583 
Total net revenues and financial income$10,304 $6,555 $4,313 $2,728 $3,537 $2,909 $860 $533 $19,014 $12,725 
Three Months Ended June 30,
BrazilMexicoArgentina
Other Countries (6)
Total
2026202520262025202620252026202520262025
(In millions)
Commerce services (1)
$2,400 $1,616 $1,114 $803 $536 $440 $251 $169 $4,301 $3,028 
Commerce product sales (2)
930 507 336 189 121 80 74 35 1,461 811 
Total commerce revenues3,330 2,123 1,450 992 657 520 325 204 5,762 3,839 
Financial services and income (3)
895 645 354 200 740 688 124 77 2,113 1,610 
Credit revenues (4)
1,297 698 528 308 441 318 12 2 2,278 1,326 
Fintech product sales (5)
8 7 5 6 1 1 2 1 16 15 
Total fintech revenues2,200 1,350 887 514 1,182 1,007 138 80 4,407 2,951 
Total net revenues and financial income$5,530 $3,473 $2,337 $1,506 $1,839 $1,527 $463 $284 $10,169 $6,790 
(1) Includes final value fees and flat fees paid by sellers derived from intermediation services and related shipping and storage fees, classified fees derived from classified, advertising services, ad sales and membership subscription fees.
(2) Includes revenues from inventory sales and related shipping fees.
(3) Includes revenues from commissions the Company charges for transactions off-platform derived from use of the Company’s payment solution and asset management product, revenues as a result of offering installments for the payment to its Mercado Pago users, either when the Company finances the transactions directly or when the Company sells the corresponding financial assets, interest earned on cash and investments as part of Mercado Pago activities, including those required due to fintech regulations, net of interest gains pass through our Brazilian users in connection with our asset management product, Mercado Pago debit card commissions and insurtech fees.
(4) Includes interest earned on loans and advances granted to users, and interest and commissions earned on Mercado Pago credit card transactions.
(5) Includes sales of mobile point of sales devices.
(6) Revenues from external customers in the U.S. amounted to $37 million and $21 million for the six and three-month periods ended June 30, 2026, respectively, and $20 million and $10 million for the six and three-month periods ended June 30, 2025, respectively.
Schedule of Allocation of Property and Equipment Based on Geography
The following table summarizes the allocation of property and equipment, net based on geography:
June 30, 2026
BrazilMexicoArgentinaU.S.
Other Countries
Total
(In millions)
Property and equipment$1,921 $1,603 $638 $10 $280 $4,452 
Accumulated depreciation(792)(508)(284)(8)(135)(1,727)
Total property and equipment, net$1,129 $1,095 $354 $2 $145 $2,725 
December 31, 2025
BrazilMexicoArgentinaU.S.
Other Countries
Total
(In millions)
Property and equipment$1,583 $1,341 $552 $10 $241 $3,727 
Accumulated depreciation(644)(403)(250)(8)(119)(1,424)
Total property and equipment, net$939 $938 $302 $2 $122 $2,303 
Schedule of Operating Lease Right of Use Assets Based on Geography
The following table summarizes the allocation of the operating lease right-of-use assets based on geography:
June 30, 2026
BrazilMexicoArgentinaU.S.
Other Countries
Total
(In millions)
Right of use asset$1,407 $1,536 $179 $4 $183 $3,309 
Accumulated amortization
(318)(315)(51)(2)(63)(749)
Total right of use asset, net$1,089 $1,221 $128 $2 $120 $2,560 
December 31, 2025
BrazilMexicoArgentinaU.S.
Other Countries
Total
(In millions)
Right of use asset$1,140 $1,347 $153 $4 $159 $2,803 
Accumulated amortization
(262)(243)(44)(1)(52)(602)
Total right of use asset, net$878 $1,104 $109 $3 $107 $2,201 
Schedule of Allocation of Goodwill and Intangible Assets Based on Geography
The following table summarizes the allocation of goodwill and intangible assets based on geography:
June 30, 2026
BrazilMexicoArgentina
Other Countries
Total
(In millions)
Goodwill and intangible assets$106 $51 $23 $76 $256 
Accumulated amortization
(16)(5)(9)(28)(58)
Total goodwill and intangible assets, net$90 $46 $14 $48 $198 
December 31, 2025
BrazilMexicoArgentina
Other Countries
Total
(In millions)
Goodwill and intangible assets$101 $49 $23 $74 $247 
Accumulated amortization
(12)(5)(8)(26)(51)
Total goodwill and intangible assets, net$89 $44 $15 $48 $196