MercadoLibre is strengthening its Latin American e-commerce position, with second-quarter 2026 GMV rising 44% year over year to $21.9 billion (36% on an FX-neutral basis), items sold up 45%, and unique active buyers up 26% to 89.3 million. Brazil remains a key growth driver, with FX-neutral GMV up 39% and items sold up 56%, while cross-border GMV rose 60% FX-neutral and same-day and next-day shipments increased 38% to 225 million. Weaker consumer demand in Mexico and Argentina presents challenges to growth. Its shares have fallen 0.5% over the past three months against the industry's 2.3% growth, and its forward 12-month P/E of 34.75 is above the industry average of 19.70 and Amazon's 22.53. The Zacks consensus implies 44.5% sales growth in the current fiscal year but a 3.3% decline in EPS, with the next fiscal year expecting 29% sales growth and 44.9% earnings growth.
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