Form 8-K

8-K — Coupang, Inc.

Accession: 0001834584-26-000070

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0001834584

SIC: 5961 (RETAIL-CATALOG & MAIL-ORDER HOUSES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cpng-20260804.htm (Primary)

EX-99.1 (cpng-06302026ex991.htm)

GRAPHIC (cpng-20260804_g1.jpg)

GRAPHIC (logo.jpg)

GRAPHIC (profileimg-icon.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cpng-20260804.htm · Sequence: 1

cpng-20260804

0001834584FALSE00018345842026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 4, 2026

Date of Report

(Date of earliest event reported)

COUPANG, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-40115 27-2810505

(State or other jurisdiction of

incorporation)

(Commission File Number)

(I.R.S. Employer

Identification Number)

720 Olive Way, Suite 600

Seattle, Washington 98101

(Address of principal executive offices, including zip code)

(206) 333-3839

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock, par value $0.0001 per share CPNG New York Stock Exchange

(Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2026, Coupang, Inc. released its financial results for the second quarter 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description of Exhibit

99.1

Press Release dated August 4, 2026 announcing Coupang, Inc.’s Second Quarter 2026 Financial Results.

104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COUPANG, INC. (REGISTRANT)

By: /s/ Jonathan Lee

Jonathan Lee

Chief Accounting Officer

Dated: August 4, 2026

EX-99.1

Filename: cpng-06302026ex991.htm · Sequence: 2

Document

Exhibit 99.1

Coupang Announces Results for Second Quarter 2026

Net Revenues of $8.9 billion, up 4% YoY and 10% on a constant currency basis

Product Commerce Segment Net Revenues of $7.4 billion, up 1% YoY and 8% on a constant currency basis

Developing Offerings Segment Net Revenues of $1.4 billion, up 20% YoY and 24% on a constant currency basis

SEATTLE - (BUSINESS WIRE) August 4, 2026—Coupang, Inc. (NYSE: CPNG) today announced financial results for its second quarter ended June 30, 2026.

Q2 2026 Consolidated Highlights:

•Total net revenues were $8.9 billion, up 4% YoY on a reported basis and 10% YoY on a constant currency basis.

•Gross profit was $2.5 billion, decreasing 3% YoY on a reported basis and increasing 3% YoY on a constant currency basis. Gross profit margin was 28.2%, a decrease of 188 bps YoY.

•Operating (loss) income was $(556) million, a decrease of $705 million from the operating income last year. Excluding approximately $410 million of certain administrative fines in Korea, operating (loss) income was $(146) million, a decrease of $295 million from the operating income last year.

•Net (loss) income attributable to Coupang stockholders was $(570) million, a decrease of $602 million from the same period last year. Excluding the certain administrative fines in Korea, net (loss) income was $(160) million, a decrease of $192 million from the same period last year.

•Diluted EPS was $(0.32), down $0.34 YoY. Diluted EPS excluding the administrative fines was $(0.09), down $0.11 YoY.

•Adjusted EBITDA for the quarter was $163 million with a margin of 1.8%, down 318 bps versus last year.

•Operating cash flow for the trailing twelve months was $1.4 billion, a decrease of $484 million YoY and free cash flow was $105 million for the trailing twelve months, a decrease of $679 million YoY.

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

Q2 2026 Segment Highlights:

•Product Commerce segment net revenues were $7.4 billion, up 1% YoY on a reported basis and 8% YoY on a constant currency basis.

•Product Commerce gross profit was $2.3 billion, down 5% YoY on a reported basis and up 1% YoY on a constant currency basis. Gross profit margin was 30.5%, a decrease of 204 bps YoY.

•Product Commerce segment adjusted EBITDA was $382 million, down $281 million YoY, with a margin of 5.1%, down 390 bps YoY.

•Product Commerce Active Customers grew to 24.7 million, up 3% YoY.

•Developing Offerings segment net revenues were $1.4 billion, up 20% YoY on a reported basis and 24% YoY on a constant currency basis.

•Developing Offerings segment adjusted EBITDA losses were $219 million, improving $16 million YoY.

Coupang, Inc.

Q2 2026 Earnings Release

Second Quarter 2026 Results

Consolidated Financial Summary

(in millions, except net revenues per Product Commerce Active Customer and earnings per share)

Three Months Ended June 30,

2026 2025 % Change

Total net revenues $ 8,856 $ 8,524 4 %

Total net revenues growth, constant currency(1)

10 %

Net revenues per Product Commerce Active Customer

$ 301 $ 307 (2) %

Net revenues per Product Commerce Active Customer, constant currency

$ 321 5 %

Product Commerce Active Customers

24.7 23.9 3 %

Gross profit(2)

$ 2,494 $ 2,561 (3) %

Gross profit growth, constant currency(1)(2)

3 %

Operating (loss) income $ (556) $ 149

NM(3)

Adjusted operating (loss) income(1)

$ (146) $ 149

NM(3)

Net (loss) income $ (570) $ 31

NM(3)

Net (loss) income attributable to Coupang stockholders $ (570) $ 32

NM(3)

Adjusted net (loss) income attributable to Coupang stockholders(1)

$ (160) $ 32

NM(3)

Adjusted EBITDA(1)

$ 163 $ 428 (62) %

Earnings per share, basic and diluted

$ (0.32) $ 0.02

NM(3)

Adjusted diluted earnings per share(1)

$ (0.09) $ 0.02

NM(3)

Net cash provided by operating activities $ 367 $ 545 (33) %

Free cash flow(1)

$ 51 $ 247 (79) %

Trailing Twelve Months Ended June 30,

(in millions) 2026 2025 % Change

Net cash provided by operating activities

$ 1,425 $ 1,909 (25) %

Free cash flow(1)

$ 105 $ 784 (87) %

Segment Information

Three Months Ended June 30,

(in millions)

2026 2025 % Change

Product Commerce

Net revenues $ 7,425 $ 7,334 1 %

Net revenues growth, constant currency(1)

8 %

Gross profit(2)

$ 2,268 $ 2,390 (5) %

Gross profit growth, constant currency(1)(2)

1 %

Segment adjusted EBITDA $ 382 $ 663 (42) %

Developing Offerings

Net revenues $ 1,431 $ 1,190 20 %

Net revenues growth, constant currency(1)

24 %

Gross profit(2)

$ 226 $ 171 32 %

Gross profit growth, constant currency(1)(2)

32 %

Segment adjusted EBITDA $ (219) $ (235)

NM(3)

_________

(1)Net revenues growth, constant currency, gross profit growth, constant currency, adjusted operating (loss) income, adjusted net (loss) income attributable to Coupang stockholders, adjusted EBITDA, adjusted diluted earnings per share, and free cash flow are non-GAAP financial measures as defined by the Securities and Exchange Commission (the "SEC”). See the "Non-GAAP Financial Measures” and "Reconciliations of Non-GAAP Measures” sections herein for more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP”).

(2)Gross profit is calculated as total net revenues minus cost of sales.

(3)Non-meaningful.

Coupang, Inc.

Q2 2026 Earnings Release

Webcast and Conference Call

Coupang, Inc. will host a conference call to discuss second quarter results on August 4, 2026 at 2:30 PM PT/ 5:30 PM ET. A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP financial measures to their nearest comparable U.S. GAAP financial measures, as well as our second quarter earnings presentation, are also available on that site.

About Coupang

Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. It operates in over 190 countries and territories around the world.

Investor Contact: Media Contact:

Coupang IR Coupang PR

ir@coupang.com press@coupang.com

Coupang, Inc.

Q2 2026 Earnings Release

FORWARD-LOOKING STATEMENTS

This earnings release and related management commentary may contain statements that may be deemed to be "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (together, the "Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws.

We have based the forward-looking statements contained in this earnings release and related management commentary on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. All statements other than statements of historical facts contained in this earnings release and related management commentary, including statements about our business and growth strategies, anticipated or target revenues, growth rates, margins, cash flows, and other operating or financial results, future customer retention, spend and growth rates or trends, our planned investments in new products and offerings, future marketing spend and cost saving trends, future impacts of AI on our business and operating and financial results, and their anticipated outcomes, as well as our beliefs and expectations related to the impact of the recent data incident on our business and operating or financial results, the pace of recovery from the data incident, and our efforts to prevent future data incidents, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," "sustain," "plan," "run," "long-term," "potential," "more," "predict," "view," "project," "guide," "arrive," "manage," "should," "target," "toward," "think," "will," "shall," "keep," "goal," "grow," "generate," "objective," "represent," "seek," "see," "apply," "bring," "strategy," "future," "create," "opportunity," "runway," "trajectory," "roll," "work," "increase," "return," "continue," "expand," "extend," "build," "move," "climb," "pace," "restore," "raise," "improve," "refine," "add," "retain," "make," "on-going," "momentum," "compound," "prevent," "commit," "want," "can," or "would," or the negative of these words or other similar terms or expressions. Actual results and outcomes could differ materially from those expressed or contemplated by the forward-looking statements for a variety of reasons, including, among others, risks and uncertainties regarding the nature and scope of any past or future data incidents, investigations and administrative fines related to such data incidents, the impact of such data incidents on us, our customers, operations, and financial results; the continued growth of the retail market; changes in consumer preferences and spending patterns; the increased acceptance of online transactions by potential customers; competition in our industry; managing our growth, investment, and expansion into new markets and offerings; risks associated with current and future acquisitions, mergers, dispositions, joint ventures or investments; potential fluctuations in our financial performance; the extent to which we owe income or other taxes; our ability to retain existing suppliers and to add new suppliers on terms acceptable to us; our market position; our operation and management of our fulfillment and delivery infrastructure; legal and regulatory developments; the outcomes of any claims, litigation, audits, inspections and investigations; and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events (including the ongoing conflict in the Middle East), tariffs and other trade barriers, and outcomes from catastrophic occurrences. The forward-looking statements contained in this earnings release and related management commentary are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent SEC filings. All forward-looking statements in this earnings release and related management commentary are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

Additional information relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in this earnings release, including under "Non-GAAP Financial Measures” and "Reconciliations of Non-GAAP Measures” below, and at our website at ir.aboutcoupang.com.

Coupang, Inc.

Q2 2026 Earnings Release

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com) and through https://news.coupang.com, our filings with the SEC, webcasts, press releases (including those on our investor relations website and https://news.coupang.com), and conference calls. We use these mediums to communicate with investors and the general public about our company, our products, and other matters. It is possible that the information that we make available on our investor relations website or through https://news.coupang.com may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website and https://news.coupang.com. Notwithstanding the foregoing, the information contained on our investor relations website and https://news.coupang.com, as referenced in this paragraph, are not incorporated by reference into this release or any other report or document we file with the SEC.

Any updates to the list of disclosure channels through which we will announce information will be posted on our investor relations website or https://news.coupang.com.

Coupang, Inc.

Q2 2026 Earnings Release

COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

(in millions, except per share amounts)

2026 2025 2026 2025

Net retail sales $ 6,744 $ 6,507 $ 13,220 $ 12,595

Net other revenue 2,112 2,017 4,140 3,837

Total net revenues 8,856 8,524 17,360 16,432

Cost of sales 6,362 5,963 12,569 11,555

Operating, general and administrative 3,050 2,412 5,589 4,574

Total operating cost and expenses 9,412 8,375 18,158 16,129

Operating (loss) income (556) 149 (798) 303

Interest income 42 51 86 100

Interest expense (25) (25) (38) (48)

Other income (expense), net 6 19 (38) 55

(Loss) income before income taxes (533) 194 (788) 410

Income tax expense 37 163 48 265

Net (loss) income (570) 31 $ (836) $ 145

Net (loss) income attributable to noncontrolling interests — (1) — 6

Net (loss) income attributable to Coupang stockholders (570) 32 $ (836) $ 139

Earnings per share

Basic and diluted

$ (0.32) $ 0.02 $ (0.46) $ 0.08

Weighted-average shares outstanding

Basic 1,799 1,817 1,812 1,812

Diluted 1,799 1,855 1,812 1,847

Coupang, Inc.

Q2 2026 Earnings Release

COUPANG, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions)

June 30, 2026 December 31, 2025

Assets

Cash and cash equivalents $ 6,110 $ 6,318

Restricted cash 94 94

Accounts receivable, net 363 363

Inventories 2,067 2,256

Prepaids and other current assets 626 660

Total current assets 9,260 9,691

Property and equipment, net 3,753 3,722

Operating lease right-of-use assets 2,762 2,765

Intangible assets, net 167 190

Deferred tax assets 626 596

Long-term lease deposits and other 826 823

Total assets $ 17,394 $ 17,787

Liabilities and equity

Accounts payable $ 6,328 $ 6,298

Accrued expenses 876 515

Deferred revenue 204 188

Short-term borrowings 1,985 960

Current portion of long-term operating lease obligations 560 545

Other current liabilities 686 851

Total current liabilities 10,639 9,357

Long-term debt 618 648

Long-term operating lease obligations 2,470 2,482

Defined severance benefits and other 680 677

Total liabilities 14,407 13,164

Commitments and contingencies

Equity

Common stock

— —

Class A — shares authorized 10,000, outstanding 1,634 and 1,665

Class B — shares authorized 250, outstanding 158 and 158

Additional paid-in capital 8,453 9,025

Accumulated other comprehensive loss (609) (381)

Accumulated deficit (4,857) (4,021)

Total equity 2,987 4,623

Total liabilities and equity $ 17,394 $ 17,787

Coupang, Inc.

Q2 2026 Earnings Release

COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Six Months Ended June 30,

(in millions)

2026 2025

Operating activities

Net (loss) income $ (836) $ 145

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization 288 248

Provision for severance benefits 133 115

Equity-based compensation 283 234

Non-cash operating lease expense 286 237

Deferred income taxes (70) 23

Other 137 89

Change in operating assets and liabilities, net of acquisition:

Accounts receivable, net (26) (80)

Inventories 77 (110)

Other assets (192) (276)

Accounts payable 520 370

Accrued expenses 378 (55)

Other liabilities (427) (41)

Net cash provided by operating activities 551 899

Investing activities

Purchases of property and equipment (613) (538)

Proceeds from sale of property and equipment 3 2

Other investing activities (18) 24

Net cash used in investing activities (628) (512)

Financing activities

Proceeds from issuance of common stock, equity-based compensation plan 1 3

Repurchase of Class A common stock (850) —

Proceeds from short-term borrowings and long-term debt 3,082 781

Repayment of short-term borrowings and long-term debt (2,019) (649)

Other financing activities — (27)

Net cash provided by financing activities 214 108

Effect of exchange rate changes on cash and cash equivalents and restricted cash (345) 363

Net (decrease) increase in cash and cash equivalents and restricted cash (208) 858

Cash and cash equivalents and restricted cash, as of beginning of period 6,412 6,031

Cash and cash equivalents and restricted cash, as of end of period $ 6,204 $ 6,889

Coupang, Inc.

Q2 2026 Earnings Release

Supplemental Financial Information

Share Information

As of June 30,

(in millions)

2026 2025

Outstanding common stock

1,792 1,819

Outstanding equity-based awards

88 81

Outstanding common stock and equity-based awards 1,880 1,900

Key Business Metrics and Non-GAAP Financial Measures

We review the key business and financial metrics discussed below. We use these measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

Key Business Metrics

Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer

Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce Active Customers are added in a recent period.

Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.

Product Commerce Active Customers

A customer is anyone who has created an account on our apps or websites, identified by a unique email address. As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.

Three Months Ended June 30,

(in millions, except net revenues per Product Commerce Active Customer)

2026 2025 % Change

Net revenues per Product Commerce Active Customer $ 301 $ 307 (2) %

Net revenues per Product Commerce Active Customer (Constant Currency) $ 321 5 %

Product Commerce Active Customers 24.7 23.9 3 %

Coupang, Inc.

Q2 2026 Earnings Release

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP financial measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.

Non-GAAP Measure Definition How We Use The Measure

Total Net Revenues, Constant Currency and Gross Profit, Constant Currency

• Constant currency information compares results between periods as if exchange rates had remained constant.

• We define total net revenues, constant currency and gross profit, constant currency as total revenue and gross profit, respectively, excluding the effect of foreign exchange rate movements, and use it to determine the total net revenues growth, constant currency and gross profit growth, constant currency on a comparative basis.

• Total net revenues, constant currency and gross profit, constant currency are calculated by translating current period total net revenues and gross profit using the prior period exchange rate.

• The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar ("USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won ("KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW.

• We use total net revenues, constant currency and total net revenues growth, constant currency, gross profit, constant currency and gross profit growth, constant currency for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations.

Total Net Revenues Growth, Constant Currency and Gross Profit Growth, Constant Currency • Total net revenues growth, constant currency and gross profit growth, constant currency (as percentages) are calculated by determining the increase in current period revenue and gross profit, respectively, over prior period revenue and gross profit, respectively, where current period foreign currency revenue and gross profit are translated using prior period exchange rates.

Free Cash Flow

• Net cash provided by (used in) operating activities

Less: purchases of property and equipment,

Plus: proceeds from sale of property and equipment.

• Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, repurchasing shares of our Class A common stock, and paying dividends to stockholders.

Adjusted EBITDA

• Net income (loss), excluding the effects of:

- depreciation and amortization,

- interest expense,

- interest income,

- other income (expense), net,

- income tax expense (benefit),

- equity-based compensation,

- acquisition and restructuring-related costs, net,

- impairments, and

- other items not reflective of our ongoing operations, such as certain administrative fines and catastrophic occurrences.

• Provides information to management to evaluate and assess our performance and allocate internal resources.

• We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, catastrophic losses, and certain variable charges.

Administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.

Adjusted EBITDA Margin • Adjusted EBITDA as a percentage of total net revenues.

Adjusted Operating (Loss) Income • Operating (loss) income excluding the impact of certain administrative fines. • We believe adjusted operating (loss) income, adjusted net (loss) income attributable to Coupang stockholders, and adjusted diluted earnings per share provide useful supplemental information for investors to compare our current earnings results from one period to another. Adjusted operating (loss) income, adjusted net (loss) income attributable to Coupang stockholders, and adjusted diluted earnings per share are performance measures and should not be used as measures of liquidity.

Adjusted Net (Loss) Income Attributable to Coupang Stockholders

• Net (loss) income attributable to Coupang stockholders excluding the impact of certain administrative fines.

Adjusted Diluted Earnings Per Share

• Adjusted net (loss) income attributable to Coupang stockholders divided by the weighted average dilutive shares outstanding for the period.

Coupang, Inc.

Q2 2026 Earnings Release

Reconciliations of Non-GAAP Measures

In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided the most directly comparable forward-looking U.S. GAAP measure to our total net revenues growth, constant currency guidance and adjusted EBITDA margin guidance or a reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable U.S. GAAP measures as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation, income tax, and currency exchange rates. Accordingly, a reconciliation is not available without unreasonable effort due to the uncertainty of these reconciling items. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. However, it is important to note that these factors could be material to Coupang’s results computed in accordance with U.S. GAAP. Certain amounts may not foot due to rounding.

The following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted.

Total Net Revenues, Constant Currency and Total Net Revenues Growth, Constant Currency

Three Months Ended June 30, Year over Year Growth

2026 2025

(in millions)

As Reported Exchange Rate Effect Constant Currency Basis As Reported As Reported Constant Currency Basis

Consolidated

Net retail sales $ 6,744 $ 417 $ 7,161 $ 6,507 4 % 10 %

Net other revenue 2,112 131 2,243 2,017 5 % 11 %

Total net revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4 % 10 %

Net Revenues by Segment

Product Commerce $ 7,425 $ 505 $ 7,930 $ 7,334 1 % 8 %

Developing Offerings 1,431 43 1,474 1,190 20 % 24 %

Total net revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4 % 10 %

Gross Profit, Constant Currency and Gross Profit Growth, Constant Currency

Three Months Ended June 30, Year over Year Growth

2026 2025

(in millions) As Reported Exchange Rate Effect Constant Currency Basis As Reported As Reported Constant Currency Basis

Gross Profit by Segment

Product Commerce

$ 2,268 $ 154 $ 2,422 $ 2,390 (5) % 1 %

Developing Offerings

226 (1) 225 171 32 % 32 %

Gross profit

$ 2,494 $ 153 $ 2,647 $ 2,561 (3) % 3 %

Coupang, Inc.

Q2 2026 Earnings Release

Free Cash Flow

Three Months Ended

June 30,

Trailing Twelve Months Ended June 30,

(in millions)

2026 2025 2026 2025

Net cash provided by operating activities

$ 367 $ 545 $ 1,425 $ 1,909

Adjustments:

Purchases of land and buildings (133) (49) (334) (300)

Purchases of equipment (184) (250) (992) (832)

Total purchases of property and equipment (317) (299) (1,326) (1,132)

Proceeds from sale of property and equipment 1 1 6 7

Total adjustments $ (316) $ (298) $ (1,320) $ (1,125)

Free cash flow $ 51 $ 247 $ 105 $ 784

Net cash used in investing activities $ (326) $ (299) $ (1,370) $ (1,036)

Net cash (used in) provided by financing activities

$ (134) $ 92 $ (141) $ 119

Adjusted EBITDA and Adjusted EBITDA Margin

Three Months Ended June 30, Trailing Twelve Months Ended June 30,

(in millions)

2026 2025 2026 2025

Total net revenues $ 8,856 $ 8,524 $ 35,462 $ 32,263

Net (loss) income attributable to Coupang stockholders

(570) 32 (767) 365

Net loss attributable to noncontrolling interests — (1) — (25)

Net (loss) income

(570) 31 (767) 340

Net (loss) income margin

(6.4) % 0.4 % (2.2) % 1.1 %

Adjustments:

Depreciation and amortization 145 126 557 480

Interest expense 25 25 76 124

Interest income (42) (51) (185) (208)

Income tax expense

37 163 166 481

Other (income) expense, net (6) (19) 82 (13)

Acquisition and restructuring-related losses, net — 40 — 75

Certain administrative fines(1)

410 — 410 —

Fulfillment Center Fire insurance gain — — — (175)

Equity-based compensation 164 113 533 470

Adjusted EBITDA $ 163 $ 428 $ 872 $ 1,574

Adjusted EBITDA margin 1.8 % 5.0 % 2.5 % 4.9 %

_________

(1)Administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.

Coupang, Inc.

Q2 2026 Earnings Release

Adjusted Operating (Loss) Income

Three Months Ended

June 30,

Six Months Ended

June 30,

(in millions) 2026 2025 2026 2025

Operating (loss) income $ (556) $ 149 $ (798) $ 303

Adjustments:

Certain administrative fines(1)

410 — 410 —

Adjusted operating (loss) income $ (146) $ 149 $ (388) $ 303

Adjusted Net (Loss) Income Attributable to Coupang Stockholders

Three Months Ended

June 30,

Six Months Ended

June 30,

(in millions) 2026 2025 2026 2025

Net (loss) income attributable to Coupang stockholders $ (570) $ 32 $ (836) $ 139

Adjustments:

Certain administrative fines(1)

410 — 410 —

Adjusted net (loss) income attributable to Coupang stockholders $ (160) $ 32 $ (426) $ 139

Adjusted Diluted Earnings Per Share

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Diluted earnings per share $ (0.32) $ 0.02 $ (0.46) $ 0.08

Adjustments:

Certain administrative fines(1)

0.23 — 0.23 —

Adjusted Diluted Earnings Per Share $ (0.09) $ 0.02 $ (0.24) $ 0.08

_________

Coupang, Inc.

Q2 2026 Earnings Release

GRAPHIC

Filename: cpng-20260804_g1.jpg · Sequence: 6

Binary file (10553 bytes)

Download cpng-20260804_g1.jpg

GRAPHIC

Filename: logo.jpg · Sequence: 7

Binary file (10553 bytes)

Download logo.jpg

GRAPHIC

Filename: profileimg-icon.jpg · Sequence: 8

Binary file (112163 bytes)

Download profileimg-icon.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 10

v3.26.1

Cover

Aug. 04, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 04, 2026

Entity Registrant Name

COUPANG, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-40115

Entity Address, Postal Zip Code

98101

City Area Code

206

Local Phone Number

333-3839

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Class A Common Stock, par value $0.0001 per share

Trading Symbol

CPNG

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0001834584

Amendment Flag

false

Entity Tax Identification Number

27-2810505

Entity Address, Address Line One

720 Olive Way

Entity Address, Address Line Two

Suite 600

Entity Address, City or Town

Seattle

Entity Address, State or Province

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration