second quarter 2026
Filed Aug 4, 2026Net Revenues of $8.9 billion, up 4% YoY and 10% on a constant currency basis
Reported revenue growth remained positive and Developing Offerings grew 20%, but gross margin contracted, adjusted EBITDA fell to $163 million, and the company reported operating and net losses that included approximately $410 million of certain administrative fines in Korea.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenuesGAAP | $ 8,856 | – | 4 % |
| Total net revenues growth, constant currencynon-GAAP | 10 % | – | 10 % |
| Net revenues per Product Commerce Active CustomerGAAP | $ 301 | – | (2) % |
| Net revenues per Product Commerce Active Customer, constant currencynon-GAAP | $ 321 | – | 5 % |
| Product Commerce Active Customersother | 24.7 | – | 3 % |
| Gross profitGAAP | $ 2,494 | – | (3) % |
| Gross profit growth, constant currencynon-GAAP | 3 % | – | 3 % |
| Gross profit marginGAAP | 28.2% | – | a decrease of 188 bps YoY |
| Operating (loss) incomeGAAP | $ (556) | – | a decrease of $705 million |
| Adjusted operating (loss) incomenon-GAAP | $ (146) | – | a decrease of $295 million |
| Net (loss) incomeGAAP | $ (570) | – | NM (3) |
| Net (loss) income attributable to Coupang stockholdersGAAP | $ (570) | – | a decrease of $602 million |
| Adjusted net (loss) income attributable to Coupang stockholdersnon-GAAP | $ (160) | – | a decrease of $192 million |
| Adjusted EBITDAnon-GAAP | $ 163 | – | (62) % |
| Adjusted EBITDA marginnon-GAAP | 1.8% | – | down 318 bps versus last year |
| Earnings per share, basic and dilutedGAAP | $ (0.32) | – | down $0.34 YoY |
| Adjusted diluted earnings per sharenon-GAAP | $ (0.09) | – | down $0.11 YoY |
| Net cash provided by operating activitiesGAAP | $ 367 | – | (33) % |
| Free cash flownon-GAAP | $ 51 | – | (79) % |
| Trailing Twelve Months net cash provided by operating activitiesGAAP | $ 1,425 | – | (25) % |
| Trailing Twelve Months free cash flownon-GAAP | $ 105 | – | (87) % |
| Product Commerce gross profitGAAP | $ 2,268 | – | (5) % |
| Product Commerce gross profit growth, constant currencynon-GAAP | 1 % | – | 1 % |
| Product Commerce gross profit marginGAAP | 30.5% | – | a decrease of 204 bps YoY |
| Product Commerce segment adjusted EBITDAnon-GAAP | $ 382 | – | (42) % |
| Product Commerce segment adjusted EBITDA marginnon-GAAP | 5.1% | – | down 390 bps YoY |
| Developing Offerings gross profitGAAP | $ 226 | – | 32 % |
| Developing Offerings gross profit growth, constant currencynon-GAAP | 32 % | – | 32 % |
| Developing Offerings segment adjusted EBITDAnon-GAAP | $ (219) | – | improving $16 million YoY |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product CommerceNet revenues growth, constant currency was 8 %; Product Commerce Active Customers grew to 24.7, up 3% YoY. | $ 7,425 | – | 1 % |
| Developing OfferingsNet revenues growth, constant currency was 24 %. | $ 1,431 | – | 20 % |
Capital returns
- 23.2 million shares of Class A common stock were repurchased during the quarter for an aggregate amount of $459 million.
What drove it
- Total net revenues grew 10 % on a constant currency basis.
- Developing Offerings net revenues grew 20 % on a reported basis and 24 % on a constant currency basis.
- Developing Offerings gross profit increased 32 % on both a reported and constant currency basis.
- Product Commerce Active Customers grew to 24.7, up 3% YoY.
Concerns
- Gross profit margin was 28.2%, a decrease of 188 bps YoY.
- Product Commerce gross profit margin was 30.5%, a decrease of 204 bps YoY.
- Adjusted EBITDA was $ 163, down (62) % from $ 428 in the prior-year period.
- Operating (loss) income was $ (556), including approximately $410 million of certain administrative fines in Korea.
- Free cash flow was $ 51, down (79) % from $ 247 in the prior-year period.
What to watch
- Product Commerce net revenues growth, which was 1 % on a reported basis and 8 % on a constant currency basis.
- Product Commerce segment adjusted EBITDA margin, which was 5.1%, down 390 bps YoY.
- The impact of certain administrative fines in Korea and any further investigations and administrative fines related to data incidents.
- Whether Developing Offerings can continue to improve segment adjusted EBITDA losses, which improved $16 million YoY to $ (219).
- Cash conversion, following trailing twelve months free cash flow of $ 105.
Balance sheet and cash flow
- Net cash provided by operating activities was $ 367, compared with $ 545 in the prior-year period.
- Free cash flow was $ 51, compared with $ 247 in the prior-year period.
- Trailing Twelve Months net cash provided by operating activities was $ 1,425, compared with $ 1,909 for the trailing twelve months ended June 30, 2025.
- Trailing Twelve Months free cash flow was $ 105, compared with $ 784 for the trailing twelve months ended June 30, 2025.
Analysis
Coupang reported second-quarter total net revenues of $ 8,856, up 4 % year over year on a reported basis and 10 % on a constant currency basis. Growth was led by Developing Offerings, where net revenues increased 20 % on a reported basis and 24 % on a constant currency basis. Product Commerce remained the substantially larger segment at $ 7,425 of net revenues, but its reported growth was 1 %, while Product Commerce Active Customers increased 3 % to 24.7.
Gross profit fell to $ 2,494 from $ 2,561, and consolidated gross profit margin was 28.2%, a decrease of 188 bps year over year. Product Commerce gross profit declined 5 % to $ 2,268 and its gross profit margin fell 204 bps to 30.5%. In contrast, Developing Offerings gross profit increased 32 % to $ 226. The segment mix therefore includes a faster-growing Developing Offerings business, while the larger Product Commerce business experienced lower gross profit and margin pressure.
Profitability declined materially. Operating (loss) income was $ (556), compared with operating income of $ 149 in the prior-year period, and net (loss) income attributable to Coupang stockholders was $ (570), compared with $ 32. The release states that operating (loss) income included approximately $410 million of certain administrative fines in Korea. Excluding those fines, adjusted operating (loss) income was $ (146), adjusted net (loss) income attributable to Coupang stockholders was $ (160), and adjusted diluted earnings per share was $ (0.09).
Adjusted EBITDA was $ 163, down from $ 428, and the adjusted EBITDA margin was 1.8%, down 318 bps versus last year. Product Commerce segment adjusted EBITDA declined to $ 382 from $ 663, with a 5.1% margin that was down 390 bps year over year. Developing Offerings adjusted EBITDA losses improved to $ (219) from $ (235), but those losses continued to offset profitability generated by Product Commerce.
Cash generation also weakened. Quarterly net cash provided by operating activities was $ 367, down from $ 545, while quarterly free cash flow was $ 51, down from $ 247. On a trailing-twelve-month basis, operating cash flow was $ 1,425 and free cash flow was $ 105, compared with $ 1,909 and $ 784, respectively. Despite the deterioration in reported profitability and cash flow, Coupang repurchased 23.2 million shares of Class A common stock for an aggregate amount of $459 million. The release provided no forward financial guidance.
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross margin guidance
- Forward operating expenses guidance
- Forward tax rate guidance
- Other forward guidance figures
- Previous-period outlook for comparison
- Prior-quarter comparisons for reported metrics
- Cash balance
- Debt balance
- Dividend information
- Operating expenses
- Tax rate
- Developing Offerings gross margin
- Named executive commentary or executive quotes
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.