Key Highlights

● Net revenues rose 4% to $8,856 million, or 10% in constant currency.

● The operating loss was $556 million, including about $410 million of Korean fines.

● Product Commerce active customers reached 24.7 million, up 3%.

● Coupang repurchased 23.2 million Class A shares for $459 million in the quarter.

Coupang, Inc. (NYSE:CPNG) is a Delaware-incorporated e-commerce group whose Class A common stock trades on the New York Stock Exchange and whose operations are centered on South Korea. On August 4, 2026 it reported second-quarter results. Net revenues were $8,856 million, up 4% as reported and 10% in constant currency, from $8,524 million. Gross profit fell 3% to $2,494 million, a gross margin of 28.2%, down 188 basis points. The company recorded an operating loss of $556 million, against operating income of $149 million a year earlier. Excluding about $410 million of certain administrative fines in Korea, the adjusted operating loss was $146 million. Net loss attributable to stockholders was $570 million, or $0.32 per diluted share; on an adjusted basis the loss was $160 million, or $0.09 per share. Adjusted EBITDA was $163 million, a 1.8% margin, versus $428 million, or 5.0%, a year earlier.

Segments and customers

Product Commerce revenue was $7,425 million, up 1% reported and 8% in constant currency, with segment adjusted EBITDA of $382 million, down 42%. Developing Offerings revenue rose 20% to $1,431 million, or 24% in constant currency, with gross profit up 32% and a segment adjusted EBITDA loss of $219 million, which was $16 million better than a year earlier. Product Commerce active customers reached 24.7 million, up 3%, while net revenue per active customer was $301, down 2% reported but up 5% in constant currency. Chief Financial Officer Gaurav Anand said reported growth rates in US dollars understate underlying growth. Chairman Bom Kim said that spending by all customers, excluding those who left during the data incident and have not returned, is growing around 16%.

Cash flow and capital allocation

Trailing-twelve-month operating cash flow was $1,425 million, down 25%, and trailing free cash flow was $105 million, down 87%. Quarterly free cash flow was $51 million, compared with $247 million a year earlier. Even so, Coupang repurchased 23.2 million Class A shares for $459 million in the quarter and $850 million in the first half, which exceeded six-month operating cash flow of $551 million. Cash and cash equivalents were $6,110 million at June 30, 2026, down from $6,318 million at the end of 2025, while short-term borrowings rose to $1,985 million from $960 million; long-term debt was $618 million.

Index context

The S&P 500 offers a US large-cap yardstick for the group, and Coupang's 10% constant-currency revenue growth sits alongside a reported net loss.

Fines, Tax Audits and Deferred Tax Assets

The Personal Information Protection Commission imposed a record fine on Coupang in June for a November 2025 data breach, booked within selling, general and administrative expenses, and Coupang plans to appeal. The company says the fines remain subject to judicial review. Korea's National Tax Service issued audit notices in June seeking about $208 million, including penalties and interest, mainly over transfer pricing between Korean subsidiaries; Coupang disagrees and plans to contest them. The 10-Q also says an additional valuation allowance against US deferred tax assets could be needed within twelve months.