MercadoLibre's Biggest 2026 Risk Isn't Growth -- It's Margins

MercadoLibre is still expanding fast. But heading into 2026, the real question isn't how quickly revenue grows -- it's whether that growth can translate into durable margins.When investors think about MercadoLibre (MELI 6.77%), the conversation usually starts with growth. Revenue continues to expand above 30%. Gross merchandise volume is climbing. Mercado Pago is scaling rapidly across Latin America.So growth is not going to be the problem. But margins might be.As MercadoLibre heads into 2026, the most sign ...