Bloomberg Businessweek MercadoLibre Tumbles After Net Income Miss on Spending Boost
Feb 25, 2026
Martin de los Santos, CFO of MercadoLibre and finance leader for Latin America’s biggest tech company. He discusses Q4 results and why heavy spending pressured margins. He talks about scaling Mercado Pago and boosting financial inclusion. He outlines e-commerce growth drivers like free shipping in Brazil and credit offerings. He also addresses logistics, marketing spend, and regional risks.
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Consistent High Growth Across Commerce And Fintech
- MercadoLibre delivered 45% year-on-year revenue growth driven by free shipping and fintech uptake.
- This was their 28th consecutive quarter with >30% annual revenue growth, showing consistent expansion across commerce and payments.
Low E Commerce Penetration Creates Large Upside
- E-commerce penetration in Latin America is only ~15%, roughly half of the U.S., indicating significant room to grow.
- MercadoLibre built its own payments and logistics to remove regional frictions and accelerate online adoption.
Fintech Drives Inclusion And Platform Loyalty
- MercadoPago targets financial inclusion where credit penetration is low, using fintech to deepen customer ties.
- In Mexico fewer than 15% have a credit card, so MercadoLibre uses credit products to increase platform spending and loyalty.