Coupang Inc

Latest Results (16.07.2026):

Coupang, Inc. reported results for the first quarter of 2026 (Q1 2026). Consolidated net revenues were $8.5 billion, up 8% year-over-year (constant currency +8%), while the company swung to an operating loss of $242 million and a net loss attributable to Coupang stockholders of $266 million (diluted EPS $(0.15)). Gross profit was $2.3 billion (27.0% margin), adjusted EBITDA was $29 million (0.3% margin), and the company repurchased $391 million of Class A shares during the quarter with an additional $1 billion repurchase authorization approved by the board.

Revenue

Total net revenues: $8.504B, +8% YoY (constant currency +8%). Product Commerce: $7.176B, +4% YoY (+5% constant currency). Developing Offerings: $1.328B, +28% YoY (+25% constant currency).

Profitability & Margins

Gross profit: $2.297B, down 1% YoY; gross margin 27.0% (down 228 bps YoY). Product Commerce gross profit $2.174B (margin 30.3%, down 101 bps). Developing Offerings gross profit declined to $123M.

Operating & Net Results

Operating (loss) income: $(242)M vs operating income $154M in Q1 2025. Net (loss) income attributable to Coupang stockholders: $(266)M (decline of $373M vs prior year). Diluted EPS: $(0.15), down $0.21 YoY.

Adjusted EBITDA

Adjusted EBITDA: $29M (margin 0.3%), a decline of $353M versus Q1 2025 and down ~449 bps in margin year-over-year.

Cash Flow & Capital allocation

Trailing twelve months operating cash flow: $1.603B (down $425M YoY). Trailing twelve months free cash flow: $301M (down $724M YoY). Repurchased 20.4M Class A shares for $391M this quarter; board approved an additional $1B for the buyback program.

Segment dynamics — Product Commerce

Product Commerce adjusted EBITDA: $358M (margin 5.0%), down $192M YoY. Active customers: 23.9M, +2% YoY. Net revenues per Product Commerce Active Customer: $300, +2% YoY (constant currency ~$303).

Segment dynamics — Developing Offerings

Developing Offerings revenue growth strong at +28% YoY, but segment adjusted EBITDA loss widened to $(329)M (an increase in loss of $161M YoY) and gross profit declined significantly.

Balance sheet & liquidity

Cash and cash equivalents: $6.301B (as of March 31, 2026). Total assets: $17.399B; total current liabilities: $9.623B. Short-term borrowings increased to $1.672B.