Coupang Announces Results for Third Quarter 2026
Coupang, Inc. (CPNG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Coupang Announces Results for Third Quarter 2026 Net Revenues of $10 billion, up 7% YoY and 11% on a constant currency basis Product Commerce Segment Net Revenues of $8.4 billion, up 5% YoY and 8% on a constant currency basis Developing Offerings Segment Net Revenues
How this was made
The 30-second read
Why it matters
The earnings release highlights a shift from growth to loss, impacting investor sentiment.
Market read
First‑report earnings with material miss; likely to move the stock and related sector.
What to watch
Strong growth in the Developing Offerings segment and active customer base expansion.
Third-quarter total net revenues were $10.0 billion, up 7% YoY, while operating loss was $(450) million and net loss attributable to Coupang stockholders was $(501) million, reflecting Incheon FC Fire losses.
Revenue growth remained positive across both segments and Developing Offerings growth accelerated, but gross profit declined, operating results moved to a loss, adjusted EBITDA fell, and free cash flow turned negative amid the Incheon FC Fire losses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total net revenuesGAAP | $9.96B | – | 7% |
| Q3 2026 total net revenues growth, constant currencynon-GAAP | 11% | – | 11% |
| Q3 2026 net retail salesGAAP | $7.63B | – | 8% |
| Q3 2026 net other revenueGAAP | $2.34B | – | 7% |
| Q3 2026 gross profitGAAP | $2.56B | – | (6)% |
| Q3 2026 gross profit growth, constant currencynon-GAAP | (3)% | – | (3)% |
| Q3 2026 gross profit marginGAAP | 25.7% | – | a decrease of 364 bps YoY |
| Q3 2026 adjusted gross profit excluding the impact from the Incheon FC Fire lossesnon-GAAP | $2.66B | – | (2)% |
| Q3 2026 adjusted gross profit margin excluding the impact from the Incheon FC Fire lossesnon-GAAP | 26.7% | – | – |
| Q3 2026 operating, general and administrativeGAAP | $3.01B | – | – |
| Q3 2026 operating lossGAAP | −$450M | – | a decrease of $612 million |
| Q3 2026 adjusted operating loss excluding the impact from the Incheon FC Fire lossesnon-GAAP | −$202M | – | a decrease of $364 million |
| Q3 2026 net lossGAAP | −$501M | – | – |
| Q3 2026 net loss attributable to Coupang stockholdersGAAP | −$501M | – | a decrease of $596 million |
| Q3 2026 adjusted net loss attributable to Coupang stockholders excluding the impact from the Incheon FC Fire lossesnon-GAAP | −$321M | – | a decrease of $416 million |
| Q3 2026 basic and diluted earnings per shareGAAP | $(0.28) | – | down $0.33 YoY |
| Q3 2026 adjusted diluted earnings per share excluding the impact from the Incheon FC Fire lossesnon-GAAP | $(0.18) | – | down $0.23 YoY |
| Q3 2026 adjusted EBITDAnon-GAAP | $116M | – | (72)% |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 1.2% | – | down 329 bps versus last year |
| Q3 2026 net cash provided by operating activitiesGAAP | $212M | – | (73)% |
| Q3 2026 free cash flownon-GAAP | −$72M | – | – |
| Trailing twelve months ended September 30, 2026 net cash provided by operating activitiesGAAP | $845M | – | (64)% |
| Trailing twelve months ended September 30, 2026 free cash flownon-GAAP | −$409M | – | – |
| Nine months ended September 30, 2026 total net revenuesGAAP | $27.32B | – | – |
| Nine months ended September 30, 2026 gross profitGAAP | $7.35B | – | – |
| Nine months ended September 30, 2026 operating lossGAAP | −$1.25B | – | – |
| Nine months ended September 30, 2026 net loss attributable to Coupang stockholdersGAAP | −$1.34B | – | – |
| Nine months ended September 30, 2026 basic and diluted earnings per shareGAAP | $(0.74) | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $763M | – | – |
| Nine months ended September 30, 2026 purchases of property and equipmentGAAP | −$897M | – | – |
| Q3 2026 net revenues per Product Commerce Active Customerother | $332 | – | 3% |
| Q3 2026 net revenues per Product Commerce Active Customer, constant currencynon-GAAP | $342 | – | 6% |
| Q3 2026 Product Commerce Active Customersother | 25.2M | – | 2% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product CommerceNet revenues growth was 8% on a constant currency basis. Product Commerce Active Customers were 25.2 million, up 2% YoY, and net revenues per Product Commerce Active Customer were $332, up 3% YoY. | $8.37B | – | 5% |
| Developing OfferingsNet revenues growth was 27% on a constant currency basis. Gross profit was $185 million, up 19%, and segment adjusted EBITDA losses improved $23 million YoY to $(269) million. | $1.59B | – | 23% |
Capital returns
- 12.7 million shares of Class A common stock were repurchased during the quarter for an aggregate amount of $201 million.
- Nine months ended September 30, 2026 repurchase of Class A common stock was $(1,051) million, compared with $(81) million in the prior-year period.
What drove it
- Total net revenues increased 7% YoY on a reported basis and 11% YoY on a constant currency basis.
- Product Commerce net revenues increased 5% YoY on a reported basis and 8% YoY on a constant currency basis.
- Developing Offerings net revenues increased 23% YoY on a reported basis and 27% YoY on a constant currency basis.
- Product Commerce Active Customers increased to 25.2 million, up 2% YoY.
- Net revenues per Product Commerce Active Customer were $332, up 3% YoY, and were $342 on a constant currency basis, up 6% YoY.
- Developing Offerings gross profit increased 19% YoY to $185 million, while its adjusted EBITDA losses improved $23 million YoY.
Concerns
- Gross profit declined 6% YoY to $2,561 million and gross profit margin decreased 364 bps YoY to 25.7%.
- Product Commerce gross profit declined 7% YoY to $2,376 million, while gross profit margin decreased 376 bps YoY to 28.4%.
- The company reported an operating loss of $(450) million, compared with operating income of $162 million in the prior-year period.
- Net loss attributable to Coupang stockholders was $(501) million, compared with net income of $95 million in the prior-year period.
- Adjusted EBITDA declined 72% YoY to $116 million and adjusted EBITDA margin fell to 1.2% from 4.5%.
- Free cash flow was $(72) million in Q3 and $(409) million for the trailing twelve months.
- The July 2026 fire significantly damaged a leased fulfillment center in Incheon, Korea. Incheon FC Fire losses were $248 million in the Q3 adjusted EBITDA reconciliation.
What to watch
- Product Commerce gross profit margin, reported at 28.4%, and adjusted Product Commerce gross profit margin excluding the Incheon FC Fire losses, reported at 29.5%.
- The pace of recovery from the Incheon FC Fire and its impact on gross profit, operating income, net income, and adjusted diluted earnings per share.
- The relationship between 2% Product Commerce Active Customer growth and 3% growth in net revenues per Product Commerce Active Customer.
- Developing Offerings revenue growth of 23% and segment adjusted EBITDA loss of $(269) million.
- Operating cash flow and free cash flow after Q3 operating cash flow of $212 million and Q3 free cash flow of $(72) million.
- Further Class A common stock repurchases following $201 million repurchased during Q3.
Balance sheet and cash flow
- Cash and cash equivalents were $5,444 million as of September 30, 2026, compared with $6,318 million as of December 31, 2025.
- Restricted cash was $96 million as of September 30, 2026, compared with $94 million as of December 31, 2025.
- Short-term borrowings were $988 million as of September 30, 2026, compared with $960 million as of December 31, 2025.
- Current portion of long-term debt was $119 million as of September 30, 2026, compared with — as of December 31, 2025.
- Long-term debt was $654 million as of September 30, 2026, compared with $648 million as of December 31, 2025.
- Total liabilities were $15,457 million as of September 30, 2026, compared with $13,164 million as of December 31, 2025.
- Total equity was $2,837 million as of September 30, 2026, compared with $4,623 million as of December 31, 2025.
- Nine months ended September 30, 2026 net cash used in investing activities was $(925) million, compared with $(878) million in the prior-year period.
- Nine months ended September 30, 2026 net cash used in financing activities was $(920) million, compared with $260 million provided by financing activities in the prior-year period.
- Cash and cash equivalents and restricted cash were $5,540 million as of September 30, 2026, compared with $7,324 million as of September 30, 2025.
Analysis
Coupang reported Q3 2026 total net revenues of $9,962 million, up 7% YoY on a reported basis and 11% on a constant currency basis. Product Commerce generated $8,374 million of revenue, up 5%, while Developing Offerings generated $1,588 million, up 23%. Product Commerce Active Customers increased to 25.2 million, up 2%, and net revenues per Product Commerce Active Customer rose 3% to $332. The reported revenue growth was therefore accompanied by higher spend per active customer and substantially faster growth in Developing Offerings.
Profitability weakened materially. Consolidated gross profit declined 6% to $2,561 million and gross profit margin was 25.7%, a decrease of 364 bps YoY. Product Commerce gross profit declined 7% to $2,376 million, with its gross profit margin down 376 bps YoY to 28.4%. Excluding the impact from the Incheon FC Fire losses, consolidated adjusted gross profit was $2,656 million and adjusted gross profit margin was 26.7%; adjusted Product Commerce gross profit was $2,471 million and its adjusted margin was 29.5%.
The company moved from operating income of $162 million in the prior-year quarter to an operating loss of $(450) million. Excluding FC fire-related costs, adjusted operating loss was $(202) million. Net loss attributable to Coupang stockholders was $(501) million, compared with net income of $95 million a year earlier, while adjusted net loss attributable to Coupang stockholders excluding FC fire-related costs was $(321) million. Adjusted EBITDA fell 72% to $116 million, and margin declined from 4.5% to 1.2%.
Cash generation also declined. Q3 operating cash flow was $212 million versus $792 million in the prior-year period, and Q3 free cash flow was $(72) million versus $442 million. Trailing-twelve-month operating cash flow was $845 million and trailing-twelve-month free cash flow was $(409) million. The company had $5,444 million of cash and cash equivalents as of September 30, 2026, while long-term debt was $654 million, current portion of long-term debt was $119 million, and short-term borrowings were $988 million.
Capital allocation remained active despite the weaker cash-flow results. Coupang repurchased 12.7 million shares of Class A common stock for an aggregate $201 million during the quarter. For the nine months ended September 30, 2026, repurchases of Class A common stock were $(1,051) million. The release did not provide forward guidance, so the reported period leaves attention centered on the impact and recovery from the Incheon FC Fire, Product Commerce margin recovery, and whether Developing Offerings can sustain revenue growth while narrowing its adjusted EBITDA loss.
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expenses, tax rate, adjusted EBITDA, or other financial guidance was not provided.
- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Prior-quarter comparisons were not provided for the reported metrics.
- A dividend amount or dividend declaration was not provided.
- Named executive commentary and attributable executive quotes were not provided.
- Q3 2026 GAAP gross margin prior-year percentage was not printed on the gross profit margin line; only the decrease of 364 bps YoY was provided.
- Q3 2026 Product Commerce gross profit margin prior-year percentage was not printed on the gross profit margin line; only the decrease of 376 bps YoY was provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Coupang is a NYSE‑listed technology and e‑commerce company operating globally.
Ticker impact
Coupang reported Q3 2026 results with revenue up 7% YoY but a net loss of $501M and declining margins.
likely pressure as the market prices in weaker earnings and lower cash flow.
Revenue growth was modest while losses widened and cash flow turned negative, which typically triggers sell‑offs.
Market effects
E‑commerce and logistics sector may see broader scrutiny on profitability.
Korean logistics and fulfillment providers could face heightened risk perception.
Large-cap US‑listed e‑commerce stocks may experience spillover volatility.
Counterpoint
If the fire‑related costs are excluded, margins improve, suggesting a potential rebound.
Key entities
- companyCoupang, Inc.
US‑listed e‑commerce and logistics provider.
