Jun 2026 (Q2 FY26) — Aug 4, 2026
Coupang Q2 FY26 — Strong Customer Reacquisition and Developing Offerings Growth
Read the full callCoupang (CPNG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Coupang earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,856 | +3.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -6.3 | −8.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -570 | −1881.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted EBITDA margin y/y contraction, quarterly guide | consolidated adjusted EBITDA margin y/y contraction of approximately 300 to 400 basis points | Mar 2026 | This represents a contraction of approximately 320 basis points year-over-year at the low end of the guidance range we provided. | Achieved |
| Consolidated adjusted EBITDA margin expansion, annual (y/y) | annual (year-over-year) consolidated adjusted EBITDA margin expansion | Dec 2025 | Looking beyond Q3, we expect the improvements to become increasingly more evident with product commerce adjusted EBITDA margins by mid-2027, returning to margin levels approximating those we generated prior to the data incident. | At Risk |
| Consolidated adjusted EBITDA margin y/y contraction, quarterly guide | consolidated adjusted EBITDA margin y/y contraction of approximately 300 to 400 basis points | Jun 2026 | we anticipate consolidated year-over-year adjusted EBITDA margin contraction in Q3 of 300 to 400 basis points, similar to the contraction we guided to for Q2. | New |
1 of Coupang, Inc.'s 18 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Consolidated revenue grew 10% year-over-year in constant currency, a sequential improvement from Q1.
- Product Commerce active customers increased to 24.7 million, growing 3% year-over-year and up from 23.9 million last quarter.
- Total WOW membership now exceeds pre-incident levels, with returning members spending at higher levels than before the incident.
- Developing Offerings revenue grew 24% in constant currency, with segment adjusted EBITDA losses improving by $110 million quarter-over-quarter.
- Eats has completed its investment cycle and is now sustainable, funding its successors like Rocket Now in Japan.
Qualified
- Consolidated adjusted EBITDA margin contracted 320 basis points year-over-year to 1.8%, at the low end of guidance.
- Product Commerce gross profit margin contracted approximately 210 basis points year-over-year due to supply chain headwinds and promotional activities.
- Product Commerce adjusted EBITDA margin contracted approximately 390 basis points year-over-year to 5.1%.
- Q3 consolidated constant currency revenue growth is guided to 8% to 9%, pressured by the timing of the Chuseok holiday.
- Q3 consolidated year-over-year adjusted EBITDA margin contraction is anticipated to be 300 to 400 basis points, similar to Q2.
Price
$14.34 +0.49% · +$0.07
Performance −54.1% 1Y
1Y: $31.21 on 17 Oct 2025 → $14.34. High $32.13 (4 Nov 2025), low $13.75 (28 Sept 2026).
- Previous close
- $14.27
- 52-week range
- $13.75 – $32.13
- One year
- −54.75%
Overview
- Symbol
- CPNG
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 8 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted EBITDA margin y/y contraction, quarterly guide | consolidated adjusted EBITDA margin y/y contraction of approximately 300 to 400 basis points | Mar 2026 | This represents a contraction of approximately 320 basis points year-over-year at the low end of the guidance range we provided. | Achieved |
| Consolidated adjusted EBITDA margin expansion, annual (y/y) | annual (year-over-year) consolidated adjusted EBITDA margin expansion | Dec 2025 | Looking beyond Q3, we expect the improvements to become increasingly more evident with product commerce adjusted EBITDA margins by mid-2027, returning to margin levels approximating those we generated prior to the data incident. | At Risk |
| Consolidated adjusted EBITDA margin y/y contraction, quarterly guide | consolidated adjusted EBITDA margin y/y contraction of approximately 300 to 400 basis points | Jun 2026 | we anticipate consolidated year-over-year adjusted EBITDA margin contraction in Q3 of 300 to 400 basis points, similar to the contraction we guided to for Q2. | New |
Claimed
- Consolidated revenue grew 10% year-over-year in constant currency, a sequential improvement from Q1.
- Product Commerce active customers increased to 24.7 million, growing 3% year-over-year and up from 23.9 million last quarter.
- Total WOW membership now exceeds pre-incident levels, with returning members spending at higher levels than before the incident.
- Developing Offerings revenue grew 24% in constant currency, with segment adjusted EBITDA losses improving by $110 million quarter-over-quarter.
- Eats has completed its investment cycle and is now sustainable, funding its successors like Rocket Now in Japan.
Qualified
- Consolidated adjusted EBITDA margin contracted 320 basis points year-over-year to 1.8%, at the low end of guidance.
- Product Commerce gross profit margin contracted approximately 210 basis points year-over-year due to supply chain headwinds and promotional activities.
- Product Commerce adjusted EBITDA margin contracted approximately 390 basis points year-over-year to 5.1%.
- Q3 consolidated constant currency revenue growth is guided to 8% to 9%, pressured by the timing of the Chuseok holiday.
- Q3 consolidated year-over-year adjusted EBITDA margin contraction is anticipated to be 300 to 400 basis points, similar to Q2.
The full ledger
Open Coupang, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Coupang Q1 FY26 — Data-incident vouchers and network underutilization compress margins as WOW recovery builds
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Coupang Q4 FY25 — Data Incident Impacts Growth, Taiwan Hyper-Growth Continues
Read the full callEvery analysed call
Coupang earnings calls (CPNG)
Financials
What the filings say
Net profit, year on year: −1881% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 7,866 | 7,965 | 7,908 | 8,524 | 9,267 | 8,835 | 8,504 | 8,856 |
| Expenses | 7,757 | 7,653 | 7,754 | 8,375 | 9,105 | 8,827 | 8,746 | 9,412 |
| Operating profit | 109 | 312 | 154 | 149 | 162 | 8 | -242 | -556 |
| Operating margin | 1.4% | 3.9% | 1.9% | 1.8% | 1.8% | 0.1% | −2.9% | −6.3% |
| Interest | 36 | 40 | 23 | 25 | 22 | 16 | 13 | 25 |
| Profit before tax | 132 | 279 | 216 | 194 | 165 | 22 | -255 | -533 |
| Tax rate | 51.5% | 53.0% | 47.2% | 84.0% | 42.4% | 218.2% | −4.3% | −6.9% |
| Net profit | 70 | 156 | 107 | 32 | 95 | -26 | -266 | -570 |
| EPS ($ per share) | 0.04 | — | 0.06 | 0.02 | 0.05 | — | -0.15 | -0.32 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | -4,108 | -5,651 | -5,743 | -4,383 | -4,229 | -4,021 |
| Total liabilities | — | 5,671 | 6,466 | 7,099 | 9,242 | 11,167 | 13,164 |
| Fixed assets | — | 1,018 | 1,348 | 1,820 | 2,465 | 2,813 | 3,722 |
| Total assets | — | 5,067 | 8,642 | 9,513 | 13,346 | 15,344 | 17,787 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -312 | 302 | -411 | 565 | 2,652 | 1,886 | 1,773 |
| Cash from investing | -218 | -521 | -676 | -848 | -927 | -819 | -1,254 |
| Cash from financing | 1,184 | 179 | 3,577 | 247 | 199 | -69 | -247 |
| Net cash flow | 632 | 30 | 2,409 | -123 | 1,910 | 434 | 381 |
| Capital expenditure | -218 | -485 | -674 | -824 | -896 | -879 | -1,251 |
| Free cash flow | -530 | -183 | -1,085 | -259 | 1,756 | 1,007 | 522 |
CPNG revenue by segment
Developing Offerings grew from 12% to 16% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product Commerce | 88% | 86% | 87% | 86% | 86% | 84% | 84% | 84% | +1.2% |
| Developing Offerings | 12% | 14% | 13% | 14% | 14% | 16% | 16% | 16% | +20.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CPNG operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Active Customers Product Commerce | 24.6MProduct Commerce Active Customers for the quarter were 24.6 million, growing 8% year-over-year but down slightly from 24.7 million active customers reported last quarter.Source: earnings call transcript | 23.9MProduct Commerce active customers for the quarter were 23.9 million, growing 2% year-over-year but down 3% over last quarter.Source: earnings call transcript | 24.7MProduct Commerce active customers for the quarter were 24.7 million, growing 3% year-over-year and up from 23.9 million last quarter.Source: earnings call transcript | +3.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
25 filings between Nov 3, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$136.56M
3 purchases by 1 insider
Sales
$5.89M
6 sales by 4 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 16
- Award — granted as compensation
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MEHTA NEIL | $136.56M | — | Mar 13, 2026 |
| Rogers Harold | — | $3.11M | Aug 10, 2026 |
| Anand Gaurav | — | $2.19M | Nov 10, 2025 |
| Kolari Pranam | — | $372.6K | Nov 3, 2025 |
| Lee Jonathan D. | — | $227.5K | Oct 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Lee Jonathan D. Chief Accounting Officer | Sale 10b5-1 plan | 5,519 | $75.3K |
| Aug 10, 2026 | Lee Jonathan D. Chief Accounting Officer | Sale 10b5-1 plan | 5,519 | $88.9K |
| Aug 10, 2026 | Rogers Harold See Remarks | Sale | 192,110 | $3.11M |
| Jun 11, 2026 | Sharma Asha Director | Award | 17,971 | $0 |
| Jun 11, 2026 | Sun Benjamin Director | Award | 19,275 | $0 |
| Jun 11, 2026 | Toubassy Ambereen Director | Award | 19,565 | $0 |
| Jun 11, 2026 | Child Jason Director | Award | 21,304 | $0 |
| Jun 11, 2026 | Franceschi Pedro Director | Award | 17,971 | $0 |
| Jun 11, 2026 | MEHTA NEIL Director | Award | 17,391 | $0 |
| May 14, 2026 | Toubassy Ambereen Director | Award | 69 | $0 |
| Apr 1, 2026 | Lee Jonathan D. Chief Accounting Officer | Award | 47,181 | $0 |
| Apr 1, 2026 | Anand Gaurav Chief Financial Officer | Award | 260,402 | $0 |
| Apr 1, 2026 | Rogers Harold See Remarks | Award | 213,884 | $0 |
| Apr 1, 2026 | Lee Jonathan D. Chief Accounting Officer | Award | 18,157 | $0 |
| Mar 18, 2026 | Sun Benjamin Director | Award | 706 | $0 |
| Mar 18, 2026 | Child Jason Director | Award | 1,147 | $0 |
| Mar 13, 2026 | MEHTA NEIL Director | Purchase | 2,332,863 | $42.92M |
| Mar 12, 2026 | MEHTA NEIL Director | Purchase | 3,000,000 | $56.04M |
| Mar 11, 2026 | MEHTA NEIL Director | Purchase | 2,017,241 | $37.60M |
| Feb 11, 2026 | Rogers Harold See Remarks | Award | 247,916 | $0 |
| Feb 11, 2026 | Anand Gaurav Chief Financial Officer | Award | 190,738 | $0 |
| Feb 11, 2026 | Rogers Harold See Remarks | Award | 21,672 | $0 |
| Jan 2, 2026 | Lee Jonathan D. Chief Accounting Officer | Sale | 2,679 | $63.3K |
| Nov 10, 2025 | Anand Gaurav Chief Financial Officer | Sale 10b5-1 plan | 75,350 | $2.19M |
| Nov 3, 2025 | Kolari Pranam VP, Search and Recommendations | Sale | 11,653 | $372.6K |
| Sep 11, 2025 | Franceschi Pedro Director | Sale | 21,428 | $686.8K |
| Sep 11, 2025 | Rogers Harold See Remarks | Sale | 64,755 | $2.08M |
| Sep 9, 2025 | Sun Benjamin Director | Sale | 785,915 | $25.04M |
| Sep 9, 2025 | Sun Benjamin Director | Sale | 29,882 | $966.8K |
| Aug 20, 2025 | SVF Investments (UK) Ltd 10% owner | Sale | 20,000,000 | $560.00M |
| Aug 11, 2025 | Anand Gaurav Chief Financial Officer | Sale 10b5-1 plan | 75,350 | $2.09M |
| Aug 4, 2025 | Kolari Pranam VP, Search and Recommendations | Sale | 11,653 | $339.6K |
| Jun 13, 2025 | SVF Investments (UK) Ltd 10% owner | Sale | 10,000,000 | $282.50M |
| Jun 12, 2025 | Toubassy Ambereen Director | Award | 353 | $0 |
| Jun 12, 2025 | Child Jason Director | Award | 353 | $0 |
| Jun 12, 2025 | Franceschi Pedro Director | Award | 10,950 | $0 |
| Jun 12, 2025 | Warsh Kevin M Director | Award | 11,480 | $0 |
| Jun 12, 2025 | Toubassy Ambereen Director | Award | 11,038 | $0 |
| Jun 12, 2025 | Sun Benjamin Director | Award | 11,303 | $0 |
| Jun 12, 2025 | Sharma Asha Director | Award | 10,950 | $0 |
| Jun 12, 2025 | Child Jason Director | Award | 11,480 | $0 |
| Jun 12, 2025 | MEHTA NEIL Director | Award | 12,451 | $0 |
| May 29, 2025 | Anand Gaurav Chief Financial Officer | Sale | 175,000 | $4.92M |
| May 28, 2025 | Sun Benjamin Director | Sale | 200,000 | $5.67M |
| May 12, 2025 | Anand Gaurav Chief Financial Officer | Sale | 75,350 | $1.97M |
| May 8, 2025 | GREENOAKS CAPITAL PARTNERS LLC Director | Other | 4,660,361 | — |
| May 8, 2025 | Kolari Pranam VP, Search and Recommendations | Sale | 6,777 | $177.4K |
| May 8, 2025 | Lee Jonathan D. Chief Accounting Officer | Sale | 8,105 | $212.1K |
| May 8, 2025 | Kang Hanseung Rep Director, Business Mngmt | Sale | 69,931 | $1.83M |
| May 8, 2025 | Sun Benjamin Director | Sale | 200,000 | $5.21M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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