Coupang (CPNG) Q2 2026 earnings summary

Executive summary

• Net revenues reached $8.9 billion, up 4% year-over-year and 10% in constant currency, with Product Commerce revenue up 1% (8% constant currency) and Developing Offerings up 20% (24% constant currency).

• Net loss attributable to stockholders was $570 million, or $160 million excluding $410 million in administrative fines; diluted EPS was $(0.32), or $(0.09) excluding fines.

• Adjusted EBITDA was $163 million, margin 1.8%, down over 300 bps year-over-year.

• Customer spend, excluding those lost during the data incident, is growing at 16% year-over-year; WOW membership and customer cohorts are at record highs.

• Major data incident, regulatory scrutiny, and a fulfillment center fire impacted results, but operations and customer demand remain resilient.

Financial highlights

• Product Commerce segment net revenues were $7.4 billion, up 1% year-over-year (8% constant currency); Developing Offerings net revenue was $1.4 billion, up 20% (24% constant currency).

• Gross profit was $2.5 billion, down 3% year-over-year, with gross margin at 28.2%, down 188 bps year-over-year.

• Operating loss was $556 million, or $146 million excluding fines.

• Free cash flow for the trailing twelve months was $105 million, down $679 million year-over-year.

• 23.2 million shares of Class A common stock repurchased for $459 million during the quarter.

Outlook and guidance

• Q3 consolidated constant currency revenue growth expected at 8%-9%, with margin contraction of 300-400 bps year-over-year due to holiday timing and seasonality.

• Product Commerce-adjusted EBITDA margins expected to return to pre-incident levels by mid-2027.

• Full-year Developing Offerings adjusted EBITDA losses estimated at $950 million to $1 billion, mainly from Taiwan investments.

• Cost of sales and operating expenses as a percentage of revenue are expected to remain elevated in the near term as recovery from the data incident continues.

• Management prioritizes long-term cash flow growth and disciplined capital allocation.