Coupang (CPNG) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was $9.962B, up 7% YoY reported and 11% in constant currency; GAAP operating loss was $450M and net loss was $501M.

• Adjusted EBITDA fell 72% YoY to $116M, with a 1.2% margin; excluding the $180M tax-affected Incheon fire loss, net loss was $321M.

• Results reflected data-incident impacts, customer discounts, supply-chain costs, and $248M of Incheon fulfillment-center fire losses.

Financial highlights

• Gross profit was $2.561B, down 6% reported and 3% in constant currency; excluding $95M of fire-related costs, gross profit was $2.656B and gross margin was 26.7%.

• Net loss attributable to stockholders was $501M versus $95M net income a year earlier; diluted loss per share was $0.28, or $0.18 excluding fire losses.

• TTM operating cash flow was $845M and free cash flow was negative $409M, versus $2.4B and positive $1.3B a year earlier.

• Nine-month operating cash flow was $763M versus $1.691B; free cash flow was negative $131M versus positive $805M.

Outlook and guidance

• Q4 constant-currency revenue growth guidance is 13%-14%; consolidated adjusted EBITDA margin is expected to rise 50-150 bps QoQ, including reduced marketing spend.

• Product Commerce adjusted EBITDA margins are expected to recover to approximately pre-incident levels by mid-2027; Q3 was described as the low point, with quarterly progress subject to seasonality and recovery pace.

• Developing Offerings full-year loss guidance increased at the top end by $50M-$100M, primarily for accelerated Taiwan infrastructure and supply-chain investment; next-year guidance is expected with Q4 results.

• Korea and Japan Eats are expected to remain at break-even in the foreseeable future.

• Product Commerce expense ratios are expected to remain elevated near term while recovering from the Incident; infrastructure and workforce investment is expected to exceed several billion dollars over the next several years.