Coupang — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total net revenues were $10.0 billion, up 7% year-over-year (YoY) on a reported basis and 11% YoY on a constant currency basis.
• Gross profit was $2.6 billion, a 6% decrease YoY on a reported basis and 3% decrease YoY on a constant currency basis; gross profit margin was 25.7%, a decline of 364 basis points YoY. Excluding Incheon FC fire-related costs, gross profit was $2.7 billion with a margin of 26.7%.
• Operating loss was $(450) million, a decrease of $612 million from the prior year; excluding fire-related costs, the operating loss was $(202) million.
• Net loss attributable to Coupang stockholders was $(501) million, a decrease of $596 million from the prior year; excluding fire-related costs, the net loss was $(321) million.
• Diluted earnings per share (EPS) was $(0.28), down $0.33 YoY; excluding fire-related costs, diluted EPS was $(0.18), down $0.23 YoY.
• Adjusted EBITDA was $116 million with a margin of 1.2%, down 329 basis points versus the prior year.
• Operating cash flow for the trailing twelve months was $845 million, a decrease of $1.5 billion YoY.
• Free cash flow for the trailing twelve months was $(409) million, a decrease of $1.7 billion YoY.

Business Segments and Product Lines:

• Product Commerce segment net revenues were $8.4 billion, up 5% YoY on a reported basis and 8% YoY on a constant currency basis.
• Product Commerce gross profit was $2.4 billion, down 7% YoY on a reported basis and 5% YoY on a constant currency basis; gross profit margin was 28.4%, a decrease of 376 basis points YoY. Excluding fire-related costs, gross profit was $2.5 billion with a margin of 29.5%.
• Product Commerce segment adjusted EBITDA was $385 million, down $320 million YoY, with a margin of 4.6%, down 424 basis points YoY.
• Product Commerce Active Customers grew to 25.2 million, up 2% YoY.
• Developing Offerings segment net revenues were $1.6 billion, up 23% YoY on a reported basis and 27% YoY on a constant currency basis.
• Developing Offerings segment adjusted EBITDA losses were $269 million, an improvement of $23 million YoY.

Other Key Points:

• Coupang repurchased 12.7 million shares of Class A common stock during the quarter for an aggregate amount of $201 million.
• The company reported significant financial impacts from the July 2026 fire that damaged its leased fulfillment center in Incheon, Korea, which is excluded from various non-GAAP adjusted metrics including gross profit, operating income, net income, and EPS.
• The company provided reconciliations for non-GAAP measures such as Free Cash Flow, Adjusted EBITDA, and Adjusted Gross Profit, noting that forward-looking constant currency guidance and adjusted EBITDA margin guidance do not include reconciliations due to uncertainty regarding variable reconciling items like stock-based compensation and currency exchange rates.