Net Revenues of $8.9 billion, up 4% YoY and 10% on a constant currency basis
Product Commerce Segment Net Revenues of $7.4 billion, up 1% YoY and 8% on a constant currency basis
Developing Offerings Segment Net Revenues of $1.4 billion, up 20% YoY and 24% on a constant currency basis
SEATTLE--(BUSINESS WIRE)--August 04, 2026--
Coupang, Inc. (NYSE: CPNG) today announced financial results for its second quarter ended June 30, 2026.
Q2 2026 Consolidated Highlights:
-- Total net revenues were $8.9 billion, up 4% YoY on a reported basis and
10% YoY on a constant currency basis.
-- Gross profit was $2.5 billion, decreasing 3% YoY on a reported basis
and increasing 3% YoY on a constant currency basis. Gross profit margin
was 28.2%, a decrease of 188 bps YoY.
-- Operating (loss) income was $(556) million, a decrease of $705 million
from the operating income last year. Excluding approximately $410 million
of certain administrative fines in Korea, operating (loss) income was
$(146) million, a decrease of $295 million from the operating income last
year.
-- Net (loss) income attributable to Coupang stockholders was $(570)
million, a decrease of $602 million from the same period last year.
Excluding the administrative fines in Korea, net (loss) income was $(160)
million, a decrease of $192 million from the same period last year.
-- Diluted EPS was $(0.32), down $0.34 YoY. Diluted EPS excluding the
administrative fines was $(0.09), down $0.11 YoY.
-- Adjusted EBITDA for the quarter was $163 million with a margin of 1.8%,
down 318 bps versus last year.
-- Operating cash flow for the trailing twelve months was $1.4 billion, a
decrease of $484 million YoY and free cash flow was $105 million for the
trailing twelve months, a decrease of $679 million YoY.
-- 23.2 million shares of Class A common stock were repurchased during the
quarter for an aggregate amount of $459 million.
Q2 2026 Segment Highlights:
-- Product Commerce segment net revenues were $7.4 billion, up 1% YoY on a
reported basis and 8% YoY on a constant currency basis.
-- Product Commerce gross profit was $2.3 billion, down 5% YoY on a
reported basis and up 1% YoY on a constant currency basis. Gross profit
margin was 30.5%, a decrease of 204 bps YoY.
-- Product Commerce segment adjusted EBITDA was $382 million, down $281
million YoY, with a margin of 5.1%, down 390 bps YoY.
-- Product Commerce Active Customers grew to 24.7 million, up 3% YoY.
-- Developing Offerings segment net revenues were $1.4 billion, up 20% YoY
on a reported basis and 24% YoY on a constant currency basis.
-- Developing Offerings segment adjusted EBITDA losses were $219 million,
improving $16 million YoY.
Second Quarter 2026 Results
Consolidated Financial Summary
Three Months Ended June 30,
------------------------- ----------------------------------- ----------
(in millions, except net
revenues per Product
Commerce Active Customer
and earnings per share) 2026 2025 % Change
------------------------- ------------------- -------------- ----------
Total net revenues $ 8,856 $ 8,524 4%
Total net revenues
growth, constant
currency(1) 10%
Net revenues per Product
Commerce Active
Customer $ 301 $ 307 (2)%
Net revenues per Product
Commerce Active
Customer, constant
currency $ 321 5%
Product Commerce Active
Customers 24.7 23.9 3%
Gross profit(2) $ 2,494 $ 2,561 (3)%
Gross profit growth,
constant currency(1)(2) 3%
Operating (loss) income $ (556) $ 149 NM(3)
Adjusted operating (loss)
income(1) $ (146) $ 149 NM(3)
Net (loss) income $ (570) $ 31 NM(3)
Net (loss) income
attributable to Coupang
stockholders $ (570) $ 32 NM(3)
Adjusted net (loss)
income attributable to
Coupang stockholders(1) $ (160) $ 32 NM(3)
Adjusted EBITDA(1) $ 163 $ 428 (62)%
Earnings per share, basic
and diluted $ (0.32) $ 0.02 NM(3)
Adjusted diluted earnings
per share(1) $ (0.09) $ 0.02 NM(3)
Net cash provided by
operating activities $ 367 $ 545 (33)%
Free cash flow(1) $ 51 $ 247 (79)%
------------------------- --- ---------- ---------- -----
Trailing Twelve Months Ended June 30,
---------------------------------------- -----
(in millions) 2026 2025 % Change
-------------- ------------------- --- -------------- ----------
Net cash
provided by
operating
activities $ 1,425 $ 1,909 (25)%
Free cash
flow(1) $ 105 $ 784 (87)%
-------------- ---- ------------- --- -------------- ---- ----- ---
Segment Information
Three Months Ended June 30,
----------------------------------- ----------
(in millions) 2026 2025 % Change
----------------------- ------------------ --------------- ----------
Product Commerce
Net revenues $ 7,425 $ 7,334 1%
Net revenues growth,
constant
currency(1) 8%
Gross profit(2) $ 2,268 $ 2,390 (5)%
Gross profit growth,
constant
currency(1)(2) 1%
Segment adjusted
EBITDA $ 382 $ 663 (42)%
Developing Offerings
Net revenues $ 1,431 $ 1,190 20%
Net revenues growth,
constant
currency(1) 24%
Gross profit(2) $ 226 $ 171 32%
Gross profit growth,
constant
currency(1)(2) 32%
Segment adjusted
EBITDA $ (219) $ (235) 7%
----------------------- ---------- ---------- -----
_________
(1) Net revenues growth, constant currency, gross profit growth, constant
currency, adjusted operating (loss) income, adjusted net (loss) income
attributable to Coupang stockholders, adjusted EBITDA, adjusted diluted
earnings per share, and free cash flow are non-GAAP financial measures as
defined by the Securities and Exchange Commission (the "SEC"). See the
"Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures"
sections herein for more information regarding our use of these measures
and reconciliations to the most directly comparable financial measures
calculated in accordance with accounting principles generally accepted in
the United States of America ("U.S. GAAP").
(2) Gross profit is calculated as total net revenues minus cost of sales.
(3) Non-meaningful.
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss second quarter results on August 4, 2026 at 2:30 PM PT/ 5:30 PM ET. A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP financial measures to their nearest comparable U.S. GAAP financial measures, as well as our second quarter earnings presentation, are also available on that site.
About Coupang
Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. It operates in over 190 countries and territories around the world.
FORWARD-LOOKING STATEMENTS
This earnings release and related management commentary may contain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (together, the "Act"), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws.
We have based the forward-looking statements contained in this earnings release and related management commentary on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. All statements other than statements of historical facts contained in this earnings release and related management commentary, including statements about our business and growth strategies, anticipated or target revenues, growth rates, margins, cash flows, and other operating or financial results, future customer retention, spend and growth rates or trends, our planned investments in new products and offerings, future marketing spend and cost saving trends, future impacts of AI on our business and operating and financial results, and their anticipated outcomes, as well as our beliefs and expectations related to the impact of the recent data incident on our business and operating or financial results, the pace of recovery from the data incident, and our efforts to prevent future data incidents, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate, " "could," "estimate," "expect," "intend," "may," "sustain," "plan," "run," "long-term," "potential," "more," "predict," "view," "project," "guide," "arrive," "manage," "should," "target," "toward," "think," "will," "shall," "keep," "goal," "grow," "generate," "objective," "represent," "seek," "see," "apply," "bring," "strategy," "future," "create," "opportunity," "runway," "trajectory," "roll," "work," "increase," "return," "continue," "expand," "extend," "build," "move," "climb," "pace," "restore," "raise," "improve," "refine," "add," "retain, " "make," "on-going," "momentum," "compound," "prevent," "commit," "want, " "can," or "would," or the negative of these words or other similar terms or expressions. Actual results and outcomes could differ materially from those expressed or contemplated by the forward-looking statements for a variety of reasons, including, among others, risks and uncertainties regarding the nature and scope of any past or future data incidents, investigations and administrative fines related to such data incidents, the impact of such data incidents on us, our customers, operations, and financial results; the continued growth of the retail market; changes in consumer preferences and spending patterns; the increased acceptance of online transactions by potential customers; competition in our industry; managing our growth, investment, and expansion into new markets and offerings; risks associated with current and future acquisitions, mergers, dispositions, joint ventures or investments; potential fluctuations in our financial performance; the extent to which we owe income or other taxes; our ability to retain existing suppliers and to add new suppliers on terms acceptable to us; our market position; our operation and management of our fulfillment and delivery infrastructure; legal and regulatory developments; the outcomes of any claims, litigation, audits, inspections and investigations; and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events (including the ongoing conflict in the Middle East), tariffs and other trade barriers, and outcomes from catastrophic occurrences. The forward-looking statements contained in this earnings release and related management commentary are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent SEC filings. All forward-looking statements in this earnings release and related management commentary are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Additional information relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in this earnings release, including under "Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" below, and at our website at ir.aboutcoupang.com.
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com) and through https://news.coupang.com, our filings with the SEC, webcasts, press releases (including those on our investor relations website and https://news.coupang.com), and conference calls. We use these mediums to communicate with investors and the general public about our company, our products, and other matters. It is possible that the information that we make available on our investor relations website or through https://news.coupang.com may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website and https://news.coupang.com. Notwithstanding the foregoing, the information contained on our investor relations website and https://news.coupang.com, as referenced in this paragraph, are not incorporated by reference into this release or any other report or document we file with the SEC.
Any updates to the list of disclosure channels through which we will announce information will be posted on our investor relations website or https://news.coupang.com.
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- --------------------
(in millions,
except per share
amounts) 2026 2025 2026 2025
----------------- ---------- ------- -------- ----------
Net retail sales $ 6,744 $6,507 $13,220 $12,595
Net other revenue 2,112 2,017 4,140 3,837
----------------- ----- ----- ------ ------
Total net
revenues 8,856 8,524 17,360 16,432
Cost of sales 6,362 5,963 12,569 11,555
Operating,
general and
administrative 3,050 2,412 5,589 4,574
----------------- ----- ----- ------ ------
Total operating
cost and
expenses 9,412 8,375 18,158 16,129
Operating (loss)
income (556) 149 (798) 303
Interest income 42 51 86 100
Interest expense (25) (25) (38) (48)
Other income
(expense), net 6 19 (38) 55
----------------- ----- ----- ------ ------
(Loss) income
before income
taxes (533) 194 (788) 410
Income tax
expense 37 163 48 265
Net (loss) income (570) 31 $ (836) $ 145
Net (loss) income
attributable to
noncontrolling
interests -- (1) -- 6
----------------- ----- ----- ------ ------
Net (loss) income
attributable to
Coupang
stockholders (570) 32 $ (836) $ 139
----------------- ----- ----- ------ ------
Earnings per
share
Basic and
diluted $ (0.32) $ 0.02 $ (0.46) $ 0.08
----------------- ----- ----- ------ ------
Weighted-average
shares
outstanding
Basic 1,799 1,817 1,812 1,812
----------------- ----- ----- ------ ------
Diluted 1,799 1,855 1,812 1,847
----------------- ----- ----- ------ ------
COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) June 30, 2026 December 31, 2025
---------------------------------- --------------- ---------------------
Assets
Cash and cash equivalents $ 6,110 $ 6,318
Restricted cash 94 94
Accounts receivable, net 363 363
Inventories 2,067 2,256
Prepaids and other current assets 626 660
---------------------------------- ---------- --- ------------
Total current assets 9,260 9,691
Property and equipment, net 3,753 3,722
Operating lease right-of-use
assets 2,762 2,765
Intangible assets, net 167 190
Deferred tax assets 626 596
Long-term lease deposits and other 826 823
---------------------------------- ---------- --- ------------
Total assets $ 17,394 $ 17,787
---------------------------------- ---------- --- ------------
Liabilities and equity
Accounts payable $ 6,328 $ 6,298
Accrued expenses 876 515
Deferred revenue 204 188
Short-term borrowings 1,985 960
Current portion of long-term
operating lease obligations 560 545
Other current liabilities 686 851
---------------------------------- ---------- --- ------------
Total current liabilities 10,639 9,357
Long-term debt 618 648
Long-term operating lease
obligations 2,470 2,482
Defined severance benefits and
other 680 677
---------------------------------- ---------- --- ------------
Total liabilities 14,407 13,164
Commitments and contingencies
Equity
Common stock -- --
Class A -- shares authorized
10,000, outstanding 1,634 and
1,665 Class B -- shares authorized
250, outstanding 158 and 158
Additional paid-in capital 8,453 9,025
Accumulated other comprehensive
loss (609) (381)
Accumulated deficit (4,857) (4,021)
---------------------------------- ---------- --- ------------
Total equity 2,987 4,623
---------------------------------- ---------- --- ------------
Total liabilities and equity $ 17,394 $ 17,787
---------------------------------- ---------- --- ------------
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June 30,
---------------------------------
(in millions) 2026 2025
--------------------------------------- ------------------- ------------
Operating activities
Net (loss) income $ (836) $ 145
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Depreciation and amortization 288 248
Provision for severance benefits 133 115
Equity-based compensation 283 234
Non-cash operating lease expense 286 237
Deferred income taxes (70) 23
Other 137 89
Change in operating assets and
liabilities, net of acquisition:
Accounts receivable, net (26) (80)
Inventories 77 (110)
Other assets (192) (276)
Accounts payable 520 370
Accrued expenses 378 (55)
Other liabilities (427) (41)
--------------------------------------- ----------- --------
Net cash provided by operating
activities 551 899
--------------------------------------- ----------- --------
Investing activities
Purchases of property and equipment (613) (538)
Proceeds from sale of property and
equipment 3 2
Other investing activities (18) 24
--------------------------------------- ----------- --------
Net cash used in investing activities (628) (512)
--------------------------------------- ----------- --------
Financing activities
Proceeds from issuance of common stock,
equity-based compensation plan 1 3
Repurchase of Class A common stock (850) --
Proceeds from short-term borrowings and
long-term debt 3,082 781
Repayment of short-term borrowings and
long-term debt (2,019) (649)
Other financing activities -- (27)
--------------------------------------- ----------- --------
Net cash provided by financing
activities 214 108
--------------------------------------- ----------- --------
Effect of exchange rate changes on cash
and cash equivalents and restricted
cash (345) 363
Net (decrease) increase in cash and
cash equivalents and restricted cash (208) 858
Cash and cash equivalents and
restricted cash, as of beginning of
period 6,412 6,031
--------------------------------------- ----------- --------
Cash and cash equivalents and
restricted cash, as of end of period $ 6,204 $ 6,889
--------------------------------------- ----------- --------
Supplemental Financial Information
Share Information
As of June 30,
----------------
(in millions) 2026 2025
------------------------------------------------- ------- -------
Outstanding common stock 1,792 1,819
Outstanding equity-based awards 88 81
------------------------------------------------- ------- -------
Outstanding common stock and equity-based awards 1,880 1,900
------------------------------------------------- ------- -------
Key Business Metrics and Non-GAAP Financial Measures
We review the key business and financial metrics discussed below. We use these measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.
Key Business Metrics
Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer
Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce Active Customers are added in a recent period.
Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.
Product Commerce Active Customers
A customer is anyone who has created an account on our apps or websites, identified by a unique email address. As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.
Three Months Ended June 30,
--------------------------------------
(in millions, except net revenues
per Product Commerce Active
Customer) 2026 2025 % Change
---------------------------------- ------------ ------------ ----------
Net revenues per Product Commerce
Active Customer $ 301 $ 307 (2)%
Net revenues per Product Commerce
Active Customer (Constant
Currency) $ 321 5%
Product Commerce Active Customers 24.7 23.9 3%
---------------------------------- -------- -------- -----
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.
Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP financial measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.
Non-GAAP Measure Definition How We Use The Measure
------------------------- ------------------------- ------------------------
Total Net Revenues, -- Constant currency -- The effect of
Constant Currency and information compares currency exchange rates
Gross Profit, Constant results between periods on our business is an
Currency as if exchange rates had important factor in
remained constant. -- We understanding
define total net period-to-period
revenues, constant comparisons. Our
currency and gross financial reporting
profit, constant currency currency is the U.S.
as total revenue and dollar ("USD") and
gross profit, changes in foreign
respectively, excluding exchange rates can
the effect of foreign significantly affect our
exchange rate movements, reported results and
and use it to determine consolidated trends. For
the total net revenues example, our business
growth, constant currency generates sales
and gross profit growth, predominantly in Korean
constant currency on a Won ("KRW"), which are
comparative basis. -- favorably affected as
Total net revenues, the USD weakens relative
constant currency and to the KRW, and
gross profit, constant unfavorably affected as
currency are calculated the USD strengthens
by translating current relative to the KRW. --
period total net revenues We use total net
and gross profit using revenues, constant
the prior period exchange currency and total net
rate. revenues growth,
constant currency, gross
profit, constant
currency and gross
profit growth, constant
currency for financial
and operational
decision-making and as a
means to evaluate
comparisons between
periods. We believe the
presentation of our
results on a constant
currency basis in
addition to U.S. GAAP
results helps improve
the ability to
understand our
performance because they
exclude the effects of
foreign currency
volatility that are not
indicative of our actual
results of operations.
------------------------
Total Net Revenues -- Total net revenues
Growth, Constant Currency growth, constant currency
and Gross Profit Growth, and gross profit growth,
Constant Currency constant currency (as
percentages) are
calculated by determining
the increase in current
period revenue and gross
profit, respectively,
over prior period revenue
and gross profit,
respectively, where
current period foreign
currency revenue and
gross profit are
translated using prior
period exchange rates.
------------------------- ------------------------- ------------------------
Free Cash Flow -- Net cash provided by -- Provides information
(used in) operating to management and
activities Less: investors about the
purchases of property and amount of cash generated
equipment, Plus: proceeds from our ongoing
from sale of property and operations that, after
equipment. purchases and sales of
property and equipment,
can be used for
strategic initiatives,
including investing in
our business and
strengthening our
balance sheet, including
paying down debt,
repurchasing shares of
our Class A common
stock, and paying
dividends to
stockholders.
------------------------- ------------------------- ------------------------
Adjusted EBITDA -- Net income (loss), -- Provides information
excluding the effects of: to management to
- depreciation and evaluate and assess our
amortization, - interest performance and allocate
expense, - interest internal resources. --
income, - other income We believe Adjusted
(expense), net, - income EBITDA and Adjusted
tax expense (benefit), - EBITDA Margin are
equity-based frequently used by
compensation, - investors and other
acquisition and interested parties in
restructuring-related evaluating companies in
costs, net, - the retail industry for
impairments, and - other period-to-period
items not reflective of comparisons as they
our ongoing operations, remove the impact of
such as certain certain items that are
administrative fines and not representative of
catastrophic our ongoing business,
occurrences. such as material
non-cash items,
acquisition-related
transaction and
restructuring costs,
significant costs
related to certain
non-ordinary course
legal and regulatory
matters, catastrophic
losses, and certain
variable charges.
Administrative fines
include only certain
significant regulatory
fines and penalties that
Coupang does not
consider to be normal
operating expenses
related to the Company's
ongoing operations,
revenue generating
activities, business
strategy, industry, and
regulatory environment.
------------------------
Adjusted EBITDA Margin -- Adjusted EBITDA as a
percentage of total net
revenues.
------------------------- ------------------------- ------------------------
Adjusted Operating (Loss) -- Operating (loss) -- We believe adjusted
Income income excluding the operating (loss) income,
impact of certain adjusted net (loss)
administrative fines. income attributable to
Coupang stockholders,
and adjusted diluted
earnings per share
provide useful
supplemental information
for investors to compare
our current earnings
results from one period
to another. Adjusted
operating (loss) income,
adjusted net (loss)
income attributable to
Coupang stockholders,
and adjusted diluted
earnings per share are
performance measures and
should not be used as
measures of liquidity.
------------------------
Adjusted Net (Loss) -- Net (loss) income
Income Attributable to attributable to Coupang
Coupang Stockholders stockholders excluding
the impact of certain
administrative fines.
------------------------
Adjusted Diluted Earnings -- Adjusted net (loss)
Per Share income attributable to
Coupang stockholders
divided by the weighted
average dilutive shares
outstanding for the
period.
------------------------- ------------------------- ------------------------
Reconciliations of Non-GAAP Measures
In reliance on the exception provided by Item 10(e)(1)(i)$(B)$ of Regulation S-K, we have not provided the most directly comparable forward-looking U.S. GAAP measure to our total net revenues growth, constant currency guidance and adjusted EBITDA margin guidance or a reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable U.S. GAAP measures as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation, income tax, and currency exchange rates. Accordingly, a reconciliation is not available without unreasonable effort due to the uncertainty of these reconciling items. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. However, it is important to note that these factors could be material to Coupang's results computed in accordance with U.S. GAAP. Certain amounts may not foot due to rounding.
The following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted.
Total Net Revenues, Constant Currency and Total Net Revenues Growth, Constant
Currency
Three Months Ended June 30,
-------------------------------------------- ---
2026 2025 Year over Year Growth
-------------------------------- ---------- ----------------------
Exchange Constant Constant
As Rate Currency As As Currency
(in millions) Reported Effect Basis Reported Reported Basis
-------------- --------- --------- ---------- ---------- ---------- ----------
Consolidated
Net retail
sales $ 6,744 $ 417 $ 7,161 $ 6,507 4% 10%
Net other
revenue 2,112 131 2,243 2,017 5% 11%
-------------- -------- -------- ------ ------ --- ---- --- ----
Total net
revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4% 10%
-------------- -------- -------- ------ ------ --- ---- --- ----
Net Revenues by Segment
Product
Commerce $ 7,425 $ 505 $ 7,930 $ 7,334 1% 8%
Developing
Offerings 1,431 43 1,474 1,190 20% 24%
-------------- -------- -------- ------ ------ --- ---- --- ----
Total net
revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4% 10%
-------------- -------- -------- ------ ------ --- ---- --- ----
Gross Profit, Constant Currency and Gross Profit Growth, Constant Currency
Three Months Ended June 30,
-----------------------------------------------
2026 2025 Year over Year Growth
----------------------------------- ---------- ----------------------
Constant Constant
As Exchange Currency As As Currency
(in millions) Reported Rate Effect Basis Reported Reported Basis
-------------- --------- ------------ ---------- ---------- ---------- ----------
Gross Profit by Segment
Product
Commerce $ 2,268 $ 154 $ 2,422 $ 2,390 (5)% 1%
Developing
Offerings 226 (1) 225 171 32% 32%
-------------- -------- ---- ------ ------ ----- --- ----
Gross profit $ 2,494 $ 153 $ 2,647 $ 2,561 (3)% 3%
-------------- -------- ---- ------ ------ ---- --- ----
Free Cash Flow
Three Months Trailing Twelve Months Ended
Ended June 30, June 30,
----------------- -------------------------------
(in millions) 2026 2025 2026 2025
-------------- --------- ------ --------------- --------------
Net cash
provided by
operating
activities $ 367 $ 545 $ 1,425 $ 1,909
Adjustments:
Purchases
of land
and
buildings (133) (49) (334) (300)
Purchases
of
equipment (184) (250) (992) (832)
-------------- ---- ---- ------ ------
Total
purchases of
property and
equipment (317) (299) (1,326) (1,132)
Proceeds from
sale of
property and
equipment 1 1 6 7
-------------- ---- ---- ------ --- ------
Total
adjustments $ (316) $(298) $ (1,320) $ (1,125)
-------------- ---- ---- ------ ------
Free cash flow $ 51 $ 247 $ 105 $ 784
-------------- ---- ---- ------ --- ------
Net cash used
in investing
activities $ (326) $(299) $ (1,370) $ (1,036)
Net cash (used
in) provided
by financing
activities $ (134) $ 92 $ (141) $ 119
-------------- ---- ---- ------ --------
Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended June Trailing Twelve Months Ended
30, June 30,
------------------------- ----------------------------
(in millions) 2026 2025 2026 2025
------------------------- ------------ ----------- ------------- -------------
Total net revenues $8,856 $8,524 $35,462 $32,263
Net (loss) income
attributable to Coupang
stockholders (570) 32 (767) 365
Net loss attributable to
noncontrolling
interests -- (1) -- (25)
------------------------- ----- ---- ----- ------ ---- ------ ---
Net (loss) income (570) 31 (767) 340
Net (loss) income margin (6.4)% 0.4% (2.2)% 1.1%
Adjustments:
Depreciation and
amortization 145 126 557 480
Interest expense 25 25 76 124
Interest income (42) (51) (185) (208)
Income tax expense 37 163 166 481
Other (income)
expense, net (6) (19) 82 (13)
Acquisition and
restructuring-related
losses, net -- 40 -- 75
Certain administrative
fines(1) 410 -- 410 --
Fulfillment Center
Fire insurance gain -- -- -- (175)
Equity-based
compensation 164 113 533 470
------------------------- ----- ---- ----- --- ------ ---- ------ ----
Adjusted EBITDA $ 163 $ 428 $ 872 $ 1,574
------------------------- ----- ---- ----- --- ------ ---- ------ ----
Adjusted EBITDA margin 1.8% 5.0% 2.5% 4.9%
------------------------- ----- --- ----- ------ --- ------ ---
_________
(1) Administrative fines include only certain significant regulatory fines
and penalties that Coupang does not consider to be normal operating
expenses related to the Company's ongoing operations, revenue generating
activities, business strategy, industry, and regulatory environment.
Adjusted Operating (Loss) Income
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ----------------------
(in millions) 2026 2025 2026 2025
------------------ ---------------- ------ --------------- -----
Operating (loss)
income $ (556) $ 149 $ (798) $ 303
Adjustments:
Certain
administrative
fines(1) 410 -- 410 --
------------------ -------- ----- ------- ----
Adjusted operating
(loss) income $ (146) $ 149 $ (388) $ 303
------------------ -------- ----- ------- ----
Adjusted Net (Loss) Income Attributable to Coupang Stockholders
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ----------------------
(in millions) 2026 2025 2026 2025
------------------ ---------------- -------- --------------- -----
Net (loss) income
attributable to
Coupang
stockholders $ (570) $ 32 $ (836) $ 139
Adjustments:
Certain
administrative
fines(1) 410 -- 410 --
------------------ -------- ---- ------- ----
Adjusted net
(loss) income
attributable to
Coupang
stockholders $ (160) $ 32 $ (426) $ 139
------------------ -------- ---- ------- ----
Adjusted Diluted Earnings Per Share
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- --------------------
2026 2025 2026 2025
------------------ ------------- ------- ------------ ------
Diluted earnings
per share $ (0.32) $ 0.02 $ (0.46) $ 0.08
Adjustments:
Certain
administrative
fines(1) 0.23 -- 0.23 --
------------------ -------- ------ ------- -----
Adjusted Diluted
Earnings Per
Share $ (0.09) $ 0.02 $ (0.24) $ 0.08
------------------ -------- ------ ------- -----
_________
(1) Administrative fines include only certain significant regulatory fines
and penalties that Coupang does not consider to be normal operating
expenses related to the Company's ongoing operations, revenue generating
activities, business strategy, industry, and regulatory environment.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804778038/en/
CONTACT: Investor Contact:
Coupang IR
ir@coupang.com
Media Contact:
Coupang PR
press@coupang.com