Coupang swings to $501M net loss in Q3 2026
Revenue rose 7% year over year, while gross profit, adjusted EBITDA and trailing-twelve-month cash flow declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Coupang, Inc. reported third-quarter 2026 results for the quarter ended September 30, 2026, with total net revenues of $9.962 billion, up 7% year over year (11% on a constant currency basis). Product Commerce revenue was $8.374 billion, up 5%, while Developing Offerings revenue was $1.588 billion, up 23%. Product Commerce Active Customers reached 25.2 million, up 2%.
Gross profit declined 6% to $2.561 billion, and operating results shifted from $162 million income to a $450 million loss. Net loss attributable to Coupang stockholders was $501 million versus $95 million income a year earlier; adjusted EBITDA fell 72% to $116 million. Excluding the Incheon FC Fire costs, operating loss was $202 million and net loss was $321 million. Operating cash flow was $212 million, down 73%; trailing-twelve-month operating cash flow was $845 million and free cash flow was negative $409 million. Coupang repurchased 12.7 million Class A shares for $201 million in the quarter.
1 point · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet revenue grew 7% year over year to $9.962 billion.
Negative
- Moderate pointOperating results shifted to a $450 million loss from $162 million income.
- Moderate pointAdjusted EBITDA fell 72% to $116 million.
- Moderate pointQuarterly operating cash flow declined 73% to $212 million.
Filing Explained
At September 30, Coupang reported cash and equivalents alongside short-term borrowings and long-term debt.
Coupang's Form 8-K reports third-quarter results and provides a September 30 snapshot of cash, debt and outstanding shares, establishing the reported quarter-end liquidity, obligations and share base.
Class A shares outstanding were 1,629 million at September 30, compared with 1,665 million at December 31, 2025.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total net revenues: $9.962 billion
Gross profit: $2.561 billion
Operating loss: $450 million loss
+4 more
7 metrics
Total net revenues
$9.962 billion
Q3 2026; up 7% year over year
Gross profit
$2.561 billion
Q3 2026; down 6% year over year
Operating loss
$450 million loss
Q3 2026; compared with $162 million operating income in Q3 2025
Net loss attributable to Coupang stockholders
$501 million loss
Q3 2026; compared with $95 million net income in Q3 2025
Adjusted EBITDA
$116 million
Q3 2026; down 72% year over year
Net cash provided by operating activities
$212 million
Q3 2026; down 73% year over year
Class A common stock repurchases
12.7 million shares; $201 million aggregate amount
During Q3 2026
Key Terms
constant currency, Adjusted EBITDA, free cash flow, Product Commerce Active Customers
4 terms
constant currency financial
"11% on a constant currency basis"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
Adjusted EBITDA financial
"Adjusted EBITDA for the quarter was $116 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"free cash flow was $(409) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Product Commerce Active Customers financial
"Product Commerce Active Customers grew to 25.2 million"
Earnings Snapshot
Total net revenues: $9.962 billion
Third quarter 2026
Total net revenues
$9.962 billion
Up 7% year over year; up 11% on a constant currency basis
Gross profit
$2.561 billion
Down 6% year over year
Operating loss
$450 million loss
Compared with $162 million operating income in Q3 2025
Net loss attributable to Coupang stockholders
$501 million loss
Compared with $95 million net income in Q3 2025
Adjusted EBITDA
$116 million
Down 72% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did CPNG report in Q3 2026?
Coupang reported $9.962 billion in total net revenues, up 7% year over year and 11% on a constant currency basis. Product Commerce revenue was $8.374 billion, up 5%, and Developing Offerings revenue was $1.588 billion, up 23%.
What was CPNG's net loss in Q3 2026?
Net loss attributable to Coupang stockholders was $501 million, compared with net income of $95 million in Q3 2025. Excluding the impact of the Incheon FC Fire, adjusted net loss attributable to stockholders was $321 million.
What were CPNG's Q3 2026 results excluding the Incheon FC Fire?
Excluding the impact of the Incheon FC Fire, adjusted gross profit was $2.656 billion, adjusted operating loss was $202 million, adjusted net loss attributable to Coupang stockholders was $321 million, and adjusted diluted EPS was $(0.18).
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Date of Report
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| (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 November 3, 2026, Coupang, Inc. released its financial results for the third 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 November 3, 2026 announcing Coupang, Inc.’s Third 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: November 3, 2026
Exhibit 99.1
Coupang Announces Results for Third Quarter 2026
Net Revenues of $10 billion, up 7% YoY and 11% on a constant currency basis
Product Commerce Segment Net Revenues of $8.4 billion, up 5% YoY and 8% on a constant currency basis
Developing Offerings Segment Net Revenues of $1.6 billion, up 23% YoY and 27% on a constant currency basis
SEATTLE - (BUSINESS WIRE) November 3, 2026—Coupang, Inc. (NYSE: CPNG) today announced financial results for its third quarter ended September 30, 2026.
Q3 2026 Consolidated Highlights:
•Total net revenues were $10.0 billion, up 7% YoY on a reported basis and 11% YoY on a constant currency basis.
•Gross profit was $2.6 billion, decreasing 6% YoY on a reported basis and 3% YoY on a constant currency basis. Gross profit margin was 25.7%, a decrease of 364 bps YoY. Excluding FC fire-related costs in Korea, gross profit was $2.7 billion, and gross profit margin was 26.7%.
•Operating (loss) income was $(450) million, a decrease of $612 million from the operating income last year. Excluding FC fire-related costs, operating (loss) income was $(202) million, a decrease of $364 million from the operating income last year.
•Net (loss) income attributable to Coupang stockholders was $(501) million, a decrease of $596 million from the same period last year. Excluding FC fire-related costs, net (loss) income was $(321) million, a decrease of $416 million from the same period last year.
•Diluted EPS was $(0.28), down $0.33 YoY. Diluted EPS excluding FC fire-related costs was $(0.18), down $0.23 YoY.
•Adjusted EBITDA for the quarter was $116 million with a margin of 1.2%, down 329 bps versus last year.
•Operating cash flow for the trailing twelve months was $845 million, a decrease of $1.5 billion YoY and free cash flow was $(409) million for the trailing twelve months, a decrease of $1.7 billion YoY.
•12.7 million shares of Class A common stock were repurchased during the quarter for an aggregate amount of $201 million.
Q3 2026 Segment Highlights:
•Product Commerce segment net revenues were $8.4 billion, up 5% YoY on a reported basis and 8% YoY on a constant currency basis.
•Product Commerce gross profit was $2.4 billion, down 7% YoY on a reported basis and 5% YoY on a constant currency basis. Gross profit margin was 28.4%, a decrease of 376 bps YoY. Excluding FC fire-related costs, gross profit was $2.5 billion, and gross profit margin was 29.5%.
•Product Commerce segment adjusted EBITDA was $385 million, down $320 million YoY, with a margin of 4.6%, down 424 bps YoY.
•Product Commerce Active Customers grew to 25.2 million, up 2% YoY.
•Developing Offerings segment net revenues were $1.6 billion, up 23% YoY on a reported basis and 27% YoY on a constant currency basis.
•Developing Offerings segment adjusted EBITDA losses were $269 million, improving $23 million YoY.
| Coupang, Inc. |  | Q3 2026 Earnings Release | 1 | |||||||||||
Third Quarter 2026 Results
Consolidated Financial Summary
| (in millions, except net revenues per Product Commerce Active Customer and earnings per share) | Three Months Ended September 30, | |||||||||||||||||||||||||
| As Reported | Excluding the Impact from the Incheon FC Fire Losses | |||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026(4) | % Change | ||||||||||||||||||||||
| Total net revenues | $ | 9,962 | $ | 9,267 | 7 | % | ||||||||||||||||||||
Total net revenues growth, constant currency(1) | 11 | % | ||||||||||||||||||||||||
Net revenues per Product Commerce Active Customer | $ | 332 | $ | 323 | 3 | % | ||||||||||||||||||||
Net revenues per Product Commerce Active Customer, constant currency | $ | 342 | 6 | % | ||||||||||||||||||||||
| Product Commerce Active Customers | 25.2 | 24.7 | 2 | % | ||||||||||||||||||||||
Gross profit(2) | $ | 2,561 | $ | 2,720 | (6) | % | $ | 2,656 | (2) | % | ||||||||||||||||
Gross profit growth, constant currency(1)(2) | (3) | % | ||||||||||||||||||||||||
Product Commerce gross profit(1)(2) | $ | 2,376 | $ | 2,564 | (7) | % | $ | 2,471 | (4) | % | ||||||||||||||||
| Operating (loss) income | $ | (450) | $ | 162 | NM(3) | $ | (202) | NM(3) | ||||||||||||||||||
| Net (loss) income | $ | (501) | $ | 95 | NM(3) | |||||||||||||||||||||
| Net (loss) income attributable to Coupang stockholders | $ | (501) | $ | 95 | NM(3) | $ | (321) | NM(3) | ||||||||||||||||||
Adjusted EBITDA(1) | $ | 116 | $ | 413 | (72) | % | ||||||||||||||||||||
| Earnings per share, basic and diluted | $ | (0.28) | $ | 0.05 | NM(3) | $ | (0.18) | NM(3) | ||||||||||||||||||
| Net cash provided by operating activities | $ | 212 | $ | 792 | (73) | % | ||||||||||||||||||||
Free cash flow(1) | $ | (72) | $ | 442 | NM(3) | |||||||||||||||||||||
| Trailing Twelve Months Ended September 30, | |||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | ||||||||||||||
Net cash provided by operating activities | $ | 845 | $ | 2,367 | (64) | % | |||||||||||
Free cash flow(1) | $ | (409) | $ | 1,268 | NM(3) | ||||||||||||
Segment Information
| Three Months Ended September 30, | |||||||||||||||||
| (in millions) | 2026 | 2025 | % Change | ||||||||||||||
| Product Commerce | |||||||||||||||||
| Net revenues | $ | 8,374 | $ | 7,980 | 5 | % | |||||||||||
Net revenues growth, constant currency(1) | 8 | % | |||||||||||||||
Gross profit(2) | $ | 2,376 | $ | 2,564 | (7) | % | |||||||||||
Gross profit growth, constant currency(1)(2) | (5) | % | |||||||||||||||
| Segment adjusted EBITDA | $ | 385 | $ | 705 | (45) | % | |||||||||||
| Developing Offerings | |||||||||||||||||
| Net revenues | $ | 1,588 | $ | 1,287 | 23 | % | |||||||||||
Net revenues growth, constant currency(1) | 27 | % | |||||||||||||||
Gross profit(2) | $ | 185 | $ | 156 | 19 | % | |||||||||||
Gross profit growth, constant currency(1)(2) | 19 | % | |||||||||||||||
| Segment adjusted EBITDA | $ | (269) | $ | (292) | NM(3) | ||||||||||||
_________
(1)Net revenues growth, constant currency, gross profit growth, constant currency, adjusted gross profit, adjusted Product Commerce gross profit, 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. | | Q3 2026 Earnings Release | 2 | |||||||||||
(4)Adjusted gross profit, adjusted Product Commerce gross profit, adjusted operating (loss) income, adjusted net (loss) income attributable to Coupang stockholders, and adjusted diluted earnings per share exclude the impact of the July 2026 fire that significantly damaged our leased fulfillment center in Incheon, Korea (the “Incheon FC Fire”).
| Coupang, Inc. | | Q3 2026 Earnings Release | 3 | |||||||||||
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss third quarter results on November 3, 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 third 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. | | Q3 2026 Earnings Release | 4 | |||||||||||
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 data incident on our business and operating or financial results, and the pace of recovery from the data incident, 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," “conviction,” "predict," "view," "project," "guide," "arrive," "manage," "should," "target," "toward," "think," "will," "shall," "keep," "goal," "grow," "generate," "drive," "objective," "represent," "seek," "see," "apply," "bring," "strategy," "future," "create," "widen," "scale," "gain," "opportunity," "runway," "trajectory," "roll," "work," "increase," "return," "continue," "expand," "extend," "build," "find," "move," "climb," "pace," "restore," "enable," "raise," "improve," "refine," "add," "retain," "remain," "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 tax assessments, 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 the losses, costs, and liabilities to third parties associated with any 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. | | Q3 2026 Earnings Release | 5 | |||||||||||
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. | | Q3 2026 Earnings Release | 6 | |||||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net retail sales | $ | 7,626 | $ | 7,081 | $ | 20,846 | $ | 19,676 | |||||||||||||||
| Net other revenue | 2,336 | 2,186 | 6,476 | 6,023 | |||||||||||||||||||
| Total net revenues | 9,962 | 9,267 | 27,322 | 25,699 | |||||||||||||||||||
| Cost of sales | 7,401 | 6,547 | 19,970 | 18,102 | |||||||||||||||||||
| Operating, general and administrative | 3,011 | 2,558 | 8,600 | 7,132 | |||||||||||||||||||
| Total operating cost and expenses | 10,412 | 9,105 | 28,570 | 25,234 | |||||||||||||||||||
| Operating (loss) income | (450) | 162 | (1,248) | 465 | |||||||||||||||||||
| Interest income | 45 | 52 | 131 | 152 | |||||||||||||||||||
| Interest expense | (22) | (22) | (60) | (70) | |||||||||||||||||||
| Other (expense) income, net | (87) | (27) | (125) | 28 | |||||||||||||||||||
| (Loss) income before income taxes | (514) | 165 | (1,302) | 575 | |||||||||||||||||||
Income tax (benefit) expense | (13) | 70 | 35 | 335 | |||||||||||||||||||
| Net (loss) income | $ | (501) | $ | 95 | $ | (1,337) | $ | 240 | |||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | 6 | |||||||||||||||||||
| Net (loss) income attributable to Coupang stockholders | $ | (501) | $ | 95 | $ | (1,337) | $ | 234 | |||||||||||||||
| Earnings per share | |||||||||||||||||||||||
Basic and diluted | $ | (0.28) | $ | 0.05 | $ | (0.74) | $ | 0.13 | |||||||||||||||
| Weighted-average shares outstanding | |||||||||||||||||||||||
| Basic | 1,795 | 1,823 | 1,806 | 1,816 | |||||||||||||||||||
| Diluted | 1,795 | 1,864 | 1,806 | 1,853 | |||||||||||||||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 7 | |||||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) | September 30, 2026 | December 31, 2025 | |||||||||
Assets | |||||||||||
| Cash and cash equivalents | $ | 5,444 | $ | 6,318 | |||||||
| Restricted cash | 96 | 94 | |||||||||
| Accounts receivable, net | 357 | 363 | |||||||||
| Inventories | 2,423 | 2,256 | |||||||||
| Prepaids and other current assets | 707 | 660 | |||||||||
| Total current assets | 9,027 | 9,691 | |||||||||
| Property and equipment, net | 4,227 | 3,722 | |||||||||
| Operating lease right-of-use assets | 2,989 | 2,765 | |||||||||
| Intangible assets, net | 162 | 190 | |||||||||
| Deferred tax assets | 845 | 596 | |||||||||
| Long-term lease deposits and other | 1,044 | 823 | |||||||||
| Total assets | $ | 18,294 | $ | 17,787 | |||||||
Liabilities and equity | |||||||||||
| Accounts payable | $ | 7,532 | $ | 6,298 | |||||||
| Accrued expenses | 572 | 515 | |||||||||
| Deferred revenue | 239 | 188 | |||||||||
| Short-term borrowings | 988 | 960 | |||||||||
| Current portion of long-term debt | 119 | — | |||||||||
| Current portion of long-term operating lease obligations | 645 | 545 | |||||||||
| Other current liabilities | 1,243 | 851 | |||||||||
| Total current liabilities | 11,338 | 9,357 | |||||||||
| Long-term debt | 654 | 648 | |||||||||
| Long-term operating lease obligations | 2,651 | 2,482 | |||||||||
| Defined severance benefits and other | 814 | 677 | |||||||||
| Total liabilities | 15,457 | 13,164 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Common stock | — | — | |||||||||
Class A — shares authorized 10,000, outstanding 1,629 and 1,665 Class B — shares authorized 250, outstanding 158 and 158 | |||||||||||
| Additional paid-in capital | 8,419 | 9,025 | |||||||||
| Accumulated other comprehensive loss | (224) | (381) | |||||||||
| Accumulated deficit | (5,358) | (4,021) | |||||||||
| Total equity | 2,837 | 4,623 | |||||||||
| Total liabilities and equity | $ | 18,294 | $ | 17,787 | |||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 8 | |||||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Nine Months Ended September 30, | |||||||||||
(in millions) | 2026 | 2025 | |||||||||
| Operating activities | |||||||||||
| Net (loss) income | $ | (1,337) | $ | 240 | |||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 437 | 381 | |||||||||
| Provision for severance benefits | 204 | 177 | |||||||||
| Equity-based compensation | 450 | 352 | |||||||||
| Non-cash operating lease expense | 442 | 369 | |||||||||
| Deferred income taxes | (218) | (4) | |||||||||
| Other | 499 | 178 | |||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||
| Accounts receivable, net | 6 | 9 | |||||||||
| Inventories | (144) | (408) | |||||||||
| Other assets | (389) | (405) | |||||||||
| Accounts payable | 945 | 935 | |||||||||
| Accrued expenses | 21 | (9) | |||||||||
| Other liabilities | (153) | (124) | |||||||||
| Net cash provided by operating activities | 763 | 1,691 | |||||||||
| Investing activities | |||||||||||
| Purchases of property and equipment | (897) | (891) | |||||||||
| Proceeds from sale of property and equipment | 3 | 5 | |||||||||
| Other investing activities | (31) | 8 | |||||||||
| Net cash used in investing activities | (925) | (878) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of common stock, equity-based compensation plan | 2 | 4 | |||||||||
| Repurchase of Class A common stock | (1,051) | (81) | |||||||||
| Proceeds from short-term borrowings and long-term debt | 4,331 | 2,182 | |||||||||
| Repayment of short-term borrowings and long-term debt | (4,201) | (1,817) | |||||||||
| Other financing activities | (1) | (28) | |||||||||
| Net cash (used in) provided by financing activities | (920) | 260 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 210 | 220 | |||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (872) | 1,293 | |||||||||
| 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 | $ | 5,540 | $ | 7,324 | |||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 9 | |||||||||||
Supplemental Financial Information
Share Information
As of September 30, | |||||||||||
(in millions) | 2026 | 2025 | |||||||||
Outstanding common stock | 1,787 | 1,823 | |||||||||
Outstanding equity-based awards | 81 | 76 | |||||||||
| Outstanding common stock and equity-based awards | 1,868 | 1,899 | |||||||||
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 September 30, | |||||||||||||||||
(in millions, except net revenues per Product Commerce Active Customer) | 2026 | 2025 | % Change | ||||||||||||||
| Net revenues per Product Commerce Active Customer | $ | 332 | $ | 323 | 3 | % | |||||||||||
| Net revenues per Product Commerce Active Customer (Constant Currency) | $ | 342 | 6 | % | |||||||||||||
| Product Commerce Active Customers | 25.2 | 24.7 | 2 | % | |||||||||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 10 | |||||||||||
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. | ||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 11 | |||||||||||
| 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, (such as the Incheon FC Fire), 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 Gross Profit | • Gross profit excluding the impact of the Incheon FC Fire. | • We believe adjusted gross profit, adjusted Product Commerce gross profit, adjusted operating, general and administrative, adjusted operating (loss) income, adjusted net (loss) income before income taxes, 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. These non-GAAP financial measures are performance measures and should not be used as measures of liquidity. | ||||||
| Adjusted Product Commerce Gross Profit | • Product Commerce gross profit excluding the impact of the Incheon FC Fire. | |||||||
Adjusted Operating, General and Administrative | • Operating, general and administrative expenses excluding the impact of certain administrative fines and the Incheon FC Fire. | |||||||
| Adjusted Operating (Loss) Income | • Operating (loss) income excluding the impact of certain administrative fines and the Incheon FC Fire. | |||||||
Adjusted Net (Loss) Income Before Income Taxes | • (Loss) income before income taxes excluding the impact of certain administrative fines and the Incheon FC Fire. | |||||||
| Adjusted Net (Loss) Income Attributable to Coupang Stockholders | • Net (loss) income attributable to Coupang stockholders excluding the impact of certain administrative fines and the Incheon FC Fire. | |||||||
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. | | Q3 2026 Earnings Release | 12 | |||||||||||
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 September 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 | $ | 7,626 | $ | 225 | $ | 7,851 | $ | 7,081 | 8 | % | 11 | % | ||||||||
| Net other revenue | 2,336 | 65 | 2,401 | 2,186 | 7 | % | 10 | % | ||||||||||||
| Total net revenues | $ | 9,962 | $ | 290 | $ | 10,252 | $ | 9,267 | 7 | % | 11 | % | ||||||||
| Net Revenues by Segment | ||||||||||||||||||||
| Product Commerce | $ | 8,374 | $ | 248 | $ | 8,622 | $ | 7,980 | 5 | % | 8 | % | ||||||||
| Developing Offerings | 1,588 | 42 | 1,630 | 1,287 | 23 | % | 27 | % | ||||||||||||
| Total net revenues | $ | 9,962 | $ | 290 | $ | 10,252 | $ | 9,267 | 7 | % | 11 | % | ||||||||
Gross Profit, Constant Currency and Gross Profit Growth, Constant Currency
| Three Months Ended September 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 | $ | 2,376 | $ | 70 | $ | 2,446 | $ | 2,564 | (7) | % | (5) | % | ||||||||
Developing Offerings | 185 | 1 | 186 | 156 | 19 | % | 19 | % | ||||||||||||
Gross profit | $ | 2,561 | $ | 71 | $ | 2,632 | $ | 2,720 | (6) | % | (3) | % | ||||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 13 | |||||||||||
Free Cash Flow
Three Months Ended September 30, | Trailing Twelve Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Net cash provided by operating activities | $ | 212 | $ | 792 | $ | 845 | $ | 2,367 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Purchases of land and buildings | (72) | (78) | (328) | (190) | |||||||||||||||||||
| Purchases of equipment | (212) | (275) | (929) | (915) | |||||||||||||||||||
| Total purchases of property and equipment | (284) | (353) | (1,257) | (1,105) | |||||||||||||||||||
| Proceeds from sale of property and equipment | — | 3 | 3 | 6 | |||||||||||||||||||
| Total adjustments | $ | (284) | $ | (350) | $ | (1,254) | $ | (1,099) | |||||||||||||||
| Free cash flow | $ | (72) | $ | 442 | $ | (409) | $ | 1,268 | |||||||||||||||
| Net cash used in investing activities | $ | (297) | $ | (366) | $ | (1,301) | $ | (1,019) | |||||||||||||||
Net cash (used in) provided by financing activities | $ | (1,134) | $ | 152 | $ | (1,427) | $ | 280 | |||||||||||||||
Adjusted EBITDA and Adjusted EBITDA Margin
| Three Months Ended September 30, | Trailing Twelve Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Total net revenues | $ | 9,962 | $ | 9,267 | $ | 36,157 | $ | 33,664 | |||||||||||||||
Net (loss) income attributable to Coupang stockholders | (501) | 95 | (1,363) | 390 | |||||||||||||||||||
| Net loss attributable to noncontrolling interests | — | — | — | (19) | |||||||||||||||||||
Net (loss) income | (501) | 95 | (1,363) | 371 | |||||||||||||||||||
Net (loss) income margin | (5.0) | % | 1.0 | % | (3.8) | % | 1.1 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 149 | 133 | 573 | 501 | |||||||||||||||||||
| Interest expense | 22 | 22 | 76 | 110 | |||||||||||||||||||
| Interest income | (45) | (52) | (178) | (205) | |||||||||||||||||||
| Income tax (benefit) expense | (13) | 70 | 83 | 483 | |||||||||||||||||||
| Other expense, net | 87 | 27 | 142 | 18 | |||||||||||||||||||
| Acquisition and restructuring-related losses, net | — | — | — | 67 | |||||||||||||||||||
Certain administrative fines(1) | — | — | 410 | — | |||||||||||||||||||
| Fulfillment center fire insurance gain | — | — | — | (175) | |||||||||||||||||||
| Incheon FC Fire losses | 248 | — | 248 | — | |||||||||||||||||||
| Equity-based compensation | 169 | 118 | 584 | 474 | |||||||||||||||||||
| Adjusted EBITDA | $ | 116 | $ | 413 | $ | 575 | $ | 1,644 | |||||||||||||||
| Adjusted EBITDA margin | 1.2 | % | 4.5 | % | 1.6 | % | 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. | | Q3 2026 Earnings Release | 14 | |||||||||||
Adjusted Gross Profit
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Gross profit | $ | 2,561 | $ | 2,720 | $ | 7,352 | $ | 7,597 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
| Incheon FC Fire losses | 95 | — | 95 | — | |||||||||||||||||||
| Adjusted gross profit | $ | 2,656 | $ | 2,720 | $ | 7,447 | $ | 7,597 | |||||||||||||||
| Adjusted gross profit margin | 26.7 | % | 29.4 | % | 27.3 | % | 29.6 | % | |||||||||||||||
Adjusted Product Commerce Gross Profit
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Product Commerce gross profit | $ | 2,376 | $ | 2,564 | $ | 6,818 | $ | 7,105 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
| Incheon FC Fire losses | 95 | — | 95 | — | |||||||||||||||||||
| Adjusted Product Commerce gross profit | $ | 2,471 | $ | 2,564 | $ | 6,913 | $ | 7,105 | |||||||||||||||
| Adjusted Product Commerce gross profit margin | 29.5 | % | 32.1 | % | 30.1 | % | 32.0 | % | |||||||||||||||
Adjusted Operating, General and Administrative
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating, general and administrative | $ | 3,011 | $ | 2,558 | $ | 8,600 | $ | 7,132 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Certain administrative fines(1) | — | — | (410) | — | |||||||||||||||||||
| Incheon FC Fire losses | (153) | — | (153) | — | |||||||||||||||||||
| Adjusted operating, general and administrative | $ | 2,858 | $ | 2,558 | $ | 8,037 | $ | 7,132 | |||||||||||||||
Adjusted Operating (Loss) Income
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating (loss) income | $ | (450) | $ | 162 | $ | (1,248) | $ | 465 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Certain administrative fines(1) | — | — | 410 | — | |||||||||||||||||||
| Incheon FC Fire losses | 248 | — | 248 | — | |||||||||||||||||||
| Adjusted operating (loss) income | $ | (202) | $ | 162 | $ | (590) | $ | 465 | |||||||||||||||
Adjusted Net (Loss) Income Before Income Taxes
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income before income taxes | $ | (514) | $ | 165 | $ | (1,302) | $ | 575 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Certain administrative fines(1) | — | — | 410 | — | |||||||||||||||||||
| Incheon FC Fire losses | 248 | — | 248 | — | |||||||||||||||||||
| Adjusted (loss) income before income taxes | $ | (266) | $ | 165 | $ | (644) | $ | 575 | |||||||||||||||
| Coupang, Inc. | | Q3 2026 Earnings Release | 15 | |||||||||||
Adjusted Net (Loss) Income Attributable to Coupang Stockholders
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net (loss) income attributable to Coupang stockholders | $ | (501) | $ | 95 | $ | (1,337) | $ | 234 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Certain administrative fines(1) | — | — | 410 | — | |||||||||||||||||||
| Incheon FC Fire losses | 248 | — | 248 | — | |||||||||||||||||||
| Incheon FC Fire tax effect | (68) | — | (68) | — | |||||||||||||||||||
| Adjusted net (loss) income attributable to Coupang stockholders | $ | (321) | $ | 95 | $ | (747) | $ | 234 | |||||||||||||||
Adjusted Diluted Earnings Per Share
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Diluted earnings per share | $ | (0.28) | $ | 0.05 | $ | (0.74) | $ | 0.13 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Certain administrative fines(1) | — | — | 0.23 | — | |||||||||||||||||||
| Incheon FC Fire losses | 0.14 | — | 0.14 | — | |||||||||||||||||||
| Incheon FC Fire tax effect | (0.04) | — | (0.04) | — | |||||||||||||||||||
| Adjusted Diluted Earnings Per Share | $ | (0.18) | $ | 0.05 | $ | (0.41) | $ | 0.13 | |||||||||||||||
_________
(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. | | Q3 2026 Earnings Release | 16 | |||||||||||