What is being compared
Sea operates Shopee commerce across Southeast Asia and Taiwan, with a presence in Brazil. Monee offers financial services centered on Southeast Asia and expanding in Latin America; Garena adds gaming. MercadoLibre's Latin American commerce and Mercado Pago financial services have a different mix and geography. The companies' two reports cover the same three months ended September 30, 2026, but their revenue captions differ: Sea reports GAAP revenue; MercadoLibre reports net revenues and financial income. Those should be read in full, rather than used as a simple larger-is-better score.
Matched Q3 reported results
Sea's GAAP revenue was $8.582 billion, up 43.4% year over year. Its GAAP operating income was $664.2 million, up 39.5%, and GAAP net income was $502.5 million, up 34.0%. Shopee GMV of $39.7 billion rose 23.3%, while its total segment revenue, including goods sales, was $6.070 billion, up 41.3%. GMV is not recognized revenue.
MercadoLibre's net revenues and financial income totaled $10.750 billion, up 45.1%. Its GAAP operating income was $676 million, down from $724 million a year earlier; GAAP net income was $448 million, up from $421 million. Commerce net revenues and financial income were $6.141 billion, up 47.2%, and Fintech $4.609 billion, up 42.5%, according to its filing. These segment captions include the company's financial-income presentation.
Credit growth needs its own denominator
Sea reported $12.6 billion of Monee consumer and SME loan principal outstanding, including on-book and off-book loans. Its consolidated credit-loss provision increased from $373.8 million to $681.5 million, up 82.3%. The share of loan principal more than 90 days past due was 1.3%, compared with 1.1% a year earlier.
MercadoLibre reported a $17.884 billion gross credit portfolio, a $4.844 billion allowance, and $13.040 billion net loans receivable at September 30. Its Q3 provision for doubtful accounts was $1.342 billion, versus $815 million a year earlier. A balance-sheet allowance is a stock of expected losses, while a quarterly provision is a period expense. Sea's on/off-book principal and MercadoLibre's gross on-book receivables are not interchangeable loan-denominator measures. MercadoLibre also holds customer funds and restricted cash, so a simple cash-minus-debt bar would misstate its fintech balance sheet. These figures show exposure and cost; they do not by themselves establish which lender has better underwriting.
Separate completed-session price tests
SE closed the November 9 U.S. regular session at $77.96, up 2.94%, below its $94.03 50-day and $97.23 200-day simple averages. MELI closed at $1,532.68, up 1.50%, below its $1,799.37 50-day and $1,798.80 200-day averages. Each chart has its own price scale; the two share prices say nothing about relative valuation. For either stock, a daily reclaim requires a completed close above the relevant average and a later daily retest and close above it. Neither average is a guaranteed target or floor.
What would change the comparison
Future reported commerce demand, take rates, credit provision and delinquency can test whether each business is turning growth into durable earnings. Sea's Garena bookings and MercadoLibre's customer-funds economics require separate treatment. The November 9 charts show both stocks below their averages before Sea's Q3 report; they do not prove a Q3 price reaction or identify the cause of any later move. On the current evidence, neither is a simple winner: operating growth, credit risk and chart repair point to distinct questions.
See Sea Stock of the Day, November 9 Daily Levels, and the Earnings Week board. Market research only, not a recommendation to buy or sell.
Sources: Sea Q3 2026 company-issued release; MercadoLibre Q3 2026 SEC earnings exhibit; MercadoLibre Q3 Form 10-Q; TradingView NYSE:SE; TradingView NASDAQ:MELI.