Coupang, Inc. Reports Q3 2026 Financial Results

Coupang, Inc. (NYSE: CPNG) Q3 2026 Earnings Summary

Overview

On November 3, 2026, Coupang, Inc. submitted a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its financial results for the third quarter ended September 30, 2026.

Key Consolidated Financial Metrics

• Net Revenues: $9,962 million ($10.0 billion), up 7% year-over-year on a reported basis and up 11% on a constant currency basis.
• Gross Profit: $2,561 million, down 6% YoY (down 3% constant currency); gross margin compressed by 364 basis points to 25.7%. Excluding fire-related losses at the Incheon fulfillment center (FC), gross profit was $2,656 million (26.7% margin).
• Operating (Loss) Income: $(450) million, down from an operating income of $162 million in Q3 2025. Excluding FC fire-related expenses, operating loss was $(202) million.
• Net (Loss) Income: Net loss attributable to stockholders was $(501) million, down from net income of $95 million in Q3 2025. Excluding fire costs, net loss was $(321) million.
• Diluted EPS: $(0.28) per share compared to $0.05 in Q3 2025 (or $(0.18) excluding fire costs).
• Adjusted EBITDA: $116 million (1.2% margin), down 72% YoY from $413 million.

Segment Performance

• Product Commerce:
  • Net revenues of $8,374 million, up 5% YoY reported (8% constant currency).
  • Gross profit of $2,376 million (or $2,471 million excluding fire impact), down 7% YoY reported.
  • Segment adjusted EBITDA was $385 million, declining 45% YoY from $705 million.
  • Active Customers reached 25.2 million, up 2% YoY, with revenue per active customer increasing 3% to $332 (6% constant currency to $342).
• Developing Offerings:
  • Net revenues of $1,588 million, up 23% YoY reported (27% constant currency).
  • Gross profit grew 19% YoY to $185 million.
  • Segment adjusted EBITDA loss was $(269) million, improving by $23 million YoY.

Cash Flow & Capital Allocation

• Operating Cash Flow (TTM): $845 million, down $1.5 billion YoY.
• Free Cash Flow (TTM): $(409) million, down $1.7 billion YoY.
• Share Repurchases: Coupang repurchased 12.7 million shares of Class A common stock during the quarter for an aggregate total of $201 million.