MELI — what changed in the latest 10-Q
A section-by-section comparison of MELI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +52 | −67 | ~73 | 65 |
| Market risk (Item 3) | Text added/removed | +4 | −4 | ~13 | 8 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
Results of operations for the three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025
■subscription fees associated with MELI+ memberships and third party digital content subscriptions; and
See Note 6 – Segments of our unaudited interim condensed consolidated financial statements for further information regarding our net revenues and financial income disaggregated by similar products and services for the three-month periods ended March 31, 2026 and 2025.
Our Commerce revenues grew $1,565 million, or 47.4%, for the three-month period ended March 31, 2026, as compared to the same period in 2025. This increase in Commerce revenues was primarily attributable to:
■an increase of $1,055 million in our Commerce services revenues for the three-month period ended March 31, 2026, mainly related to a 42% increase in gross merchandise volume, and higher flat fee contributions for low gross merchandise volume transactions. Shipping carrier costs netted against reven…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
Mercado Shops is a service we offer to sellers to complement their business on our Marketplace. It is a digital storefront solution that allows sellers to set up, manage and promote their own digital stores, while using Mercado Libre’s logistics, advertising and payments services. In January 2025, w…
Results of operations for the nine and three-month periods ended September 30, 2025 compared to the nine and three-month periods ended September 30, 2024
(In millions, except percentages)(In millions, except percentages)
See Note 8 – Segments of our unaudited interim condensed consolidated financial statements for further information regarding our net revenues and financial income disaggregated by similar products and services for the nine and three-month periods ended September 30, 2025 and 2024.
Our Commerce revenues grew $2,711 million and $1,035 million, or 31.5% and 33.0%, for the nine and three-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. This increase in Commerce revenues was primarily attributable to:
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-08
See Note 13 – Derivative instruments of our unaudited interim condensed consolidated financial statements for further detail on derivative instruments.
Our board of directors, upon the recommendation of the compensation committee, approved the 2021, 2022, 2023, 2024, 2025 and 2026 Long Term Retention Programs (the “2021, 2022, 2023, 2024, 2025 and 2026 LTRPs,” respectively), under which certain eligible employees have the opportunity to receive cas…
■on each date we pay the respective Annual Fixed Payment to an eligible employee, he or she will also receive a payment (the “2021, 2022, 2023, 2024, 2025 or 2026 Variable Payment”) equal to the product of (i) 16.66% of half of the target 2021, 2022, 2023, 2024, 2025 and/or 2026 LTRP bonus and (ii) …
As of March 31, 2026, the total contractual obligation fair value of our outstanding LTRP Variable Payment obligation subject to equity price risk amounted to $664 million. As of March 31, 2026, the accrued liability related to the outstanding Variable Payment of the LTRP included in Salaries and so…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
Our Board, upon the recommendation of the compensation committee, approved the 2020, 2021, 2022, 2023, 2024 and 2025 Long Term Retention Programs (the “2020, 2021, 2022, 2023, 2024 and 2025 LTRPs,” respectively), under which certain eligible employees have the opportunity to receive cash payments an…
■on each date we pay the respective Annual Fixed Payment to an eligible employee, he or she will also receive a payment (the “2020, 2021, 2022, 2023, 2024 or 2025 Variable Payment”) equal to the product of (i) 16.66% of half of the target 2020, 2021, 2022, 2023, 2024 and/or 2025 LTRP bonus and (ii) …
As of September 30, 2025, the total contractual obligation fair value of our outstanding LTRP Variable Payment obligation subject to equity price risk amounted to $866 million. As of September 30, 2025, the accrued liability related to the outstanding Variable Payment of the LTRP included in Salarie…
Change in equity price in percentageAs of September 30, 2025
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice