non-gaap financial measures<\/p>\n
financial<\/p>\n
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08\/04\/2026 – 04:05 PM<\/p>\n
\nNet Revenues of $8.9 billion, up 4% YoY and 10% on a constant currency basis<\/p>\n
\nProduct Commerce Segment Net Revenues of $7.4 billion, up 1% YoY and 8% on a constant currency basis<\/p>\n
\nDeveloping Offerings Segment Net Revenues of $1.4 billion, up 20% YoY and 24% on a constant currency basis<\/p>\n
SEATTLE–(BUSINESS WIRE)– \nQ2 2026 Consolidated Highlights:<\/p>\n Total net revenues were $8.9 billion, up 4% YoY on a reported basis and 10% YoY on a constant currency basis.<\/p>\n 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.<\/p>\n 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.<\/p>\n Net (loss) income attributable to Coupang stockholders was $(570) million, a decrease of $602 million from the same period last year. Excluding the administrative fines in Korea, net (loss) income was $(160) million, a decrease of $192 million from the same period last year.<\/p>\n Diluted EPS was $(0.32), down $0.34 YoY. Diluted EPS excluding the administrative fines was $(0.09), down $0.11 YoY.<\/p>\n Adjusted EBITDA for the quarter was $163 million with a margin of 1.8%, down 318 bps versus last year.<\/p>\n 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.<\/p>\n 23.2 million shares of Class A common stock were repurchased during the quarter for an aggregate amount of $459 million.<\/p>\n \nQ2 2026 Segment Highlights:<\/p>\n Product Commerce segment net revenues were $7.4 billion, up 1% YoY on a reported basis and 8% YoY on a constant currency basis.<\/p>\n 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.<\/p>\n Product Commerce segment adjusted EBITDA was $382 million, down $281 million YoY, with a margin of 5.1%, down 390 bps YoY.<\/p>\n Product Commerce Active Customers grew to 24.7 million, up 3% YoY.<\/p>\n Developing Offerings segment net revenues were $1.4 billion, up 20% YoY on a reported basis and 24% YoY on a constant currency basis.<\/p>\n Developing Offerings segment adjusted EBITDA losses were $219 million, improving $16 million YoY.<\/p>\n \nSecond Quarter 2026 Results<\/p>\n \nConsolidated Financial Summary<\/p>\n \u00a0<\/p>\n \n(in millions, except net revenues per Product Commerce Active Customer and earnings per share)<\/p>\n \nThree Months Ended June 30,<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n% Change<\/p>\n \nTotal net revenues<\/p>\n \n$<\/p>\n \n8,856<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n8,524<\/p>\n \n\u00a0<\/p>\n \n4<\/p>\n \n%<\/p>\n \nTotal net revenues growth, constant currency(1)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n10<\/p>\n \n%<\/p>\n \nNet revenues per Product Commerce Active Customer<\/p>\n \n$<\/p>\n \n301<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n307<\/p>\n \n\u00a0<\/p>\n \n(2<\/p>\n \n)%<\/p>\n \nNet revenues per Product Commerce Active Customer, constant currency<\/p>\n \n$<\/p>\n \n321<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n5<\/p>\n \n%<\/p>\n \nProduct Commerce Active Customers<\/p>\n \n\u00a0<\/p>\n \n24.7<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n23.9<\/p>\n \n\u00a0<\/p>\n \n3<\/p>\n \n%<\/p>\n \nGross profit(2)<\/p>\n \n$<\/p>\n \n2,494<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n2,561<\/p>\n \n\u00a0<\/p>\n \n(3<\/p>\n \n)%<\/p>\n \nGross profit growth, constant currency(1)(2)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n3<\/p>\n \n%<\/p>\n \nOperating (loss) income<\/p>\n \n$<\/p>\n \n(556<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n149<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nAdjusted operating (loss) income(1)<\/p>\n \n$<\/p>\n \n(146<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n149<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nNet (loss) income<\/p>\n \n$<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n31<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nNet (loss) income attributable to Coupang stockholders<\/p>\n \n$<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nAdjusted net (loss) income attributable to Coupang stockholders(1)<\/p>\n \n$<\/p>\n \n(160<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nAdjusted EBITDA(1)<\/p>\n \n$<\/p>\n \n163<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n428<\/p>\n \n\u00a0<\/p>\n \n(62<\/p>\n \n)%<\/p>\n \nEarnings per share, basic and diluted<\/p>\n \n$<\/p>\n \n(0.32<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.02<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nAdjusted diluted earnings per share(1)<\/p>\n \n$<\/p>\n \n(0.09<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.02<\/p>\n \n\u00a0<\/p>\n \nNM(3)<\/p>\n \nNet cash provided by operating activities<\/p>\n \n$<\/p>\n \n367<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n545<\/p>\n \n\u00a0<\/p>\n \n(33<\/p>\n \n)%<\/p>\n \nFree cash flow(1)<\/p>\n \n$<\/p>\n \n51<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n247<\/p>\n \n\u00a0<\/p>\n \n(79<\/p>\n \n)%<\/p>\n \n\u00a0<\/p>\n \nTrailing Twelve Months Ended June 30,<\/p>\n \n\u00a0<\/p>\n \n% Change<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n 2025<\/p>\n \n\u00a0<\/p>\n \nNet cash provided by operating activities<\/p>\n \n$<\/p>\n \n1,425<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n1,909<\/p>\n \n\u00a0<\/p>\n \n(25<\/p>\n \n)%<\/p>\n \nFree cash flow(1)<\/p>\n \n$<\/p>\n \n105<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n784<\/p>\n \n\u00a0<\/p>\n \n(87<\/p>\n \n)%<\/p>\n \nSegment Information<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended June 30,<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n% Change<\/p>\n \nProduct Commerce<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet revenues<\/p>\n \n$<\/p>\n \n7,425<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n7,334<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1<\/p>\n \n%<\/p>\n \nNet revenues growth, constant currency(1)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n8<\/p>\n \n%<\/p>\n \nGross profit(2)<\/p>\n \n$<\/p>\n \n2,268<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n2,390<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(5<\/p>\n \n)%<\/p>\n \nGross profit growth, constant currency(1)(2)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1<\/p>\n \n%<\/p>\n \nSegment adjusted EBITDA<\/p>\n \n$<\/p>\n \n382<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n663<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(42<\/p>\n \n)%<\/p>\n \nDeveloping Offerings<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet revenues<\/p>\n \n$<\/p>\n \n1,431<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n1,190<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n20<\/p>\n \n%<\/p>\n \nNet revenues growth, constant currency(1)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n24<\/p>\n \n%<\/p>\n \nGross profit(2)<\/p>\n \n$<\/p>\n \n226<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n171<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n32<\/p>\n \n%<\/p>\n \nGross profit growth, constant currency(1)(2)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n32<\/p>\n \n%<\/p>\n \nSegment adjusted EBITDA<\/p>\n \n$<\/p>\n \n(219<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(235<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n7<\/p>\n \n%<\/p>\n _________<\/p>\n \n(1)<\/p>\n \nNet 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\u201d). See the “Non-GAAP Financial Measures\u201d and “Reconciliations of Non-GAAP Measures\u201d 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\u201d).<\/p>\n \n(2)<\/p>\n \nGross profit is calculated as total net revenues minus cost of sales.<\/p>\n \n(3)<\/p>\n \nNon-meaningful.<\/p>\n \nWebcast and Conference Call<\/p>\n \nCoupang, 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.<\/p>\n \nAbout Coupang<\/p>\n \nCoupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG<\/a>) 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.<\/p>\n \nFORWARD-LOOKING STATEMENTS<\/p>\n \nThis earnings release and related management commentary may contain statements that may be deemed to be “forward-looking statements\u201d 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\u201d), 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.<\/p>\n \nWe 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.<\/p>\n \nAdditional 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\u201d and “Reconciliations of Non-GAAP Measures\u201d below, and at our website at ir.aboutcoupang.com.<\/p>\n \nInvestors 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<\/a>, our filings with the SEC, webcasts, press releases (including those on our investor relations website and https:\/\/news.coupang.com<\/a>), 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<\/a> 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<\/a>. Notwithstanding the foregoing, the information contained on our investor relations website and https:\/\/news.coupang.com<\/a>, as referenced in this paragraph, are not incorporated by reference into this release or any other report or document we file with the SEC.<\/p>\n \nAny 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<\/a>.<\/p>\n \u00a0<\/p>\n \nCOUPANG, INC.<\/p>\n \nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/p>\n \n(unaudited)<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended<\/p>\n \nJune 30,<\/p>\n \n\u00a0<\/p>\n \nSix Months Ended<\/p>\n \nJune 30,<\/p>\n \n(in millions, except per share amounts)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nNet retail sales<\/p>\n \n$<\/p>\n \n6,744<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n6,507<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n13,220<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n12,595<\/p>\n \n\u00a0<\/p>\n \nNet other revenue<\/p>\n \n\u00a0<\/p>\n \n2,112<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2,017<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n4,140<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n3,837<\/p>\n \n\u00a0<\/p>\n \nTotal net revenues<\/p>\n \n\u00a0<\/p>\n \n8,856<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n8,524<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n17,360<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n16,432<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCost of sales<\/p>\n \n\u00a0<\/p>\n \n6,362<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n5,963<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n12,569<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n11,555<\/p>\n \n\u00a0<\/p>\n \nOperating, general and administrative<\/p>\n \n\u00a0<\/p>\n \n3,050<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2,412<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n5,589<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n4,574<\/p>\n \n\u00a0<\/p>\n \nTotal operating cost and expenses<\/p>\n \n\u00a0<\/p>\n \n9,412<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n8,375<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n18,158<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n16,129<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nOperating (loss) income<\/p>\n \n\u00a0<\/p>\n \n(556<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n149<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(798<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n303<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nInterest income<\/p>\n \n\u00a0<\/p>\n \n42<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n51<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n86<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n100<\/p>\n \n\u00a0<\/p>\n \nInterest expense<\/p>\n \n\u00a0<\/p>\n \n(25<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(25<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(38<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(48<\/p>\n \n)<\/p>\n \nOther income (expense), net<\/p>\n \n\u00a0<\/p>\n \n6<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n19<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(38<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n55<\/p>\n \n\u00a0<\/p>\n \n(Loss) income before income taxes<\/p>\n \n\u00a0<\/p>\n \n(533<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n194<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(788<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nIncome tax expense<\/p>\n \n\u00a0<\/p>\n \n37<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n163<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n48<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n265<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income<\/p>\n \n\u00a0<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n31<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(836<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n145<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income attributable to noncontrolling interests<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(1<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n6<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income attributable to Coupang stockholders<\/p>\n \n\u00a0<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(836<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n139<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nEarnings per share<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nBasic and diluted<\/p>\n \n$<\/p>\n \n(0.32<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.02<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(0.46<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.08<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nWeighted-average shares outstanding<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nBasic<\/p>\n \n\u00a0<\/p>\n \n1,799<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,817<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,812<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,812<\/p>\n \n\u00a0<\/p>\n \nDiluted<\/p>\n \n\u00a0<\/p>\n \n1,799<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,855<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,812<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1,847<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCOUPANG, INC.<\/p>\n \nCONDENSED CONSOLIDATED BALANCE SHEETS<\/p>\n \n(unaudited)<\/p>\n \u00a0<\/p>\n \n(in millions)<\/p>\n \nJune 30, 2026<\/p>\n \n\u00a0<\/p>\n \nDecember 31, 2025<\/p>\n \nAssets<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCash and cash equivalents<\/p>\n \n$<\/p>\n \n6,110<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n6,318<\/p>\n \n\u00a0<\/p>\n \nRestricted cash<\/p>\n \n\u00a0<\/p>\n \n94<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n94<\/p>\n \n\u00a0<\/p>\n \nAccounts receivable, net<\/p>\n \n\u00a0<\/p>\n \n363<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n363<\/p>\n \n\u00a0<\/p>\n \nInventories<\/p>\n \n\u00a0<\/p>\n \n2,067<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2,256<\/p>\n \n\u00a0<\/p>\n \nPrepaids and other current assets<\/p>\n \n\u00a0<\/p>\n \n626<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n660<\/p>\n \n\u00a0<\/p>\n \nTotal current assets<\/p>\n \n\u00a0<\/p>\n \n9,260<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n9,691<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nProperty and equipment, net<\/p>\n \n\u00a0<\/p>\n \n3,753<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n3,722<\/p>\n \n\u00a0<\/p>\n \nOperating lease right-of-use assets<\/p>\n \n\u00a0<\/p>\n \n2,762<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2,765<\/p>\n \n\u00a0<\/p>\n \nIntangible assets, net<\/p>\n \n\u00a0<\/p>\n \n167<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n190<\/p>\n \n\u00a0<\/p>\n \nDeferred tax assets<\/p>\n \n\u00a0<\/p>\n \n626<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n596<\/p>\n \n\u00a0<\/p>\n \nLong-term lease deposits and other<\/p>\n \n\u00a0<\/p>\n \n826<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n823<\/p>\n \n\u00a0<\/p>\n \nTotal assets<\/p>\n \n$<\/p>\n \n17,394<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n17,787<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nLiabilities and equity<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nAccounts payable<\/p>\n \n$<\/p>\n \n6,328<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n6,298<\/p>\n \n\u00a0<\/p>\n \nAccrued expenses<\/p>\n \n\u00a0<\/p>\n \n876<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n515<\/p>\n \n\u00a0<\/p>\n \nDeferred revenue<\/p>\n \n\u00a0<\/p>\n \n204<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n188<\/p>\n \n\u00a0<\/p>\n \nShort-term borrowings<\/p>\n \n\u00a0<\/p>\n \n1,985<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n960<\/p>\n \n\u00a0<\/p>\n \nCurrent portion of long-term operating lease obligations<\/p>\n \n\u00a0<\/p>\n \n560<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n545<\/p>\n \n\u00a0<\/p>\n \nOther current liabilities<\/p>\n \n\u00a0<\/p>\n \n686<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n851<\/p>\n \n\u00a0<\/p>\n \nTotal current liabilities<\/p>\n \n\u00a0<\/p>\n \n10,639<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n9,357<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nLong-term debt<\/p>\n \n\u00a0<\/p>\n \n618<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n648<\/p>\n \n\u00a0<\/p>\n \nLong-term operating lease obligations<\/p>\n \n\u00a0<\/p>\n \n2,470<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2,482<\/p>\n \n\u00a0<\/p>\n \nDefined severance benefits and other<\/p>\n \n\u00a0<\/p>\n \n680<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n677<\/p>\n \n\u00a0<\/p>\n \nTotal liabilities<\/p>\n \n\u00a0<\/p>\n \n14,407<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n13,164<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCommitments and contingencies<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nEquity<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCommon stock<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \nClass A \u2014 shares authorized 10,000, outstanding 1,634 and 1,665<\/p>\n \nClass B \u2014 shares authorized 250, outstanding 158 and 158<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nAdditional paid-in capital<\/p>\n \n\u00a0<\/p>\n \n8,453<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n9,025<\/p>\n \n\u00a0<\/p>\n \nAccumulated other comprehensive loss<\/p>\n \n\u00a0<\/p>\n \n(609<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(381<\/p>\n \n)<\/p>\n \nAccumulated deficit<\/p>\n \n\u00a0<\/p>\n \n(4,857<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(4,021<\/p>\n \n)<\/p>\n \nTotal equity<\/p>\n \n\u00a0<\/p>\n \n2,987<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n4,623<\/p>\n \n\u00a0<\/p>\n \nTotal liabilities and equity<\/p>\n \n$<\/p>\n \n17,394<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n17,787<\/p>\n \n\u00a0<\/p>\n \nCOUPANG, INC.<\/p>\n \nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/p>\n \n(unaudited)<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nSix Months Ended June 30,<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nOperating activities<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income<\/p>\n \n$<\/p>\n \n(836<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n145<\/p>\n \n\u00a0<\/p>\n \nAdjustments to reconcile net (loss) income to net cash provided by operating activities:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nDepreciation and amortization<\/p>\n \n\u00a0<\/p>\n \n288<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n248<\/p>\n \n\u00a0<\/p>\n \nProvision for severance benefits<\/p>\n \n\u00a0<\/p>\n \n133<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n115<\/p>\n \n\u00a0<\/p>\n \nEquity-based compensation<\/p>\n \n\u00a0<\/p>\n \n283<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n234<\/p>\n \n\u00a0<\/p>\n \nNon-cash operating lease expense<\/p>\n \n\u00a0<\/p>\n \n286<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n237<\/p>\n \n\u00a0<\/p>\n \nDeferred income taxes<\/p>\n \n\u00a0<\/p>\n \n(70<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n23<\/p>\n \n\u00a0<\/p>\n \nOther<\/p>\n \n\u00a0<\/p>\n \n137<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n89<\/p>\n \n\u00a0<\/p>\n \nChange in operating assets and liabilities, net of acquisition:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nAccounts receivable, net<\/p>\n \n\u00a0<\/p>\n \n(26<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(80<\/p>\n \n)<\/p>\n \nInventories<\/p>\n \n\u00a0<\/p>\n \n77<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(110<\/p>\n \n)<\/p>\n \nOther assets<\/p>\n \n\u00a0<\/p>\n \n(192<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(276<\/p>\n \n)<\/p>\n \nAccounts payable<\/p>\n \n\u00a0<\/p>\n \n520<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n370<\/p>\n \n\u00a0<\/p>\n \nAccrued expenses<\/p>\n \n\u00a0<\/p>\n \n378<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(55<\/p>\n \n)<\/p>\n \nOther liabilities<\/p>\n \n\u00a0<\/p>\n \n(427<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(41<\/p>\n \n)<\/p>\n \nNet cash provided by operating activities<\/p>\n \n\u00a0<\/p>\n \n551<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n899<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nInvesting activities<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nPurchases of property and equipment<\/p>\n \n\u00a0<\/p>\n \n(613<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(538<\/p>\n \n)<\/p>\n \nProceeds from sale of property and equipment<\/p>\n \n\u00a0<\/p>\n \n3<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2<\/p>\n \n\u00a0<\/p>\n \nOther investing activities<\/p>\n \n\u00a0<\/p>\n \n(18<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n24<\/p>\n \n\u00a0<\/p>\n \nNet cash used in investing activities<\/p>\n \n\u00a0<\/p>\n \n(628<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(512<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nFinancing activities<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nProceeds from issuance of common stock, equity-based compensation plan<\/p>\n \n\u00a0<\/p>\n \n1<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n3<\/p>\n \n\u00a0<\/p>\n \nRepurchase of Class A common stock<\/p>\n \n\u00a0<\/p>\n \n(850<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \nProceeds from short-term borrowings and long-term debt<\/p>\n \n\u00a0<\/p>\n \n3,082<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n781<\/p>\n \n\u00a0<\/p>\n \nRepayment of short-term borrowings and long-term debt<\/p>\n \n\u00a0<\/p>\n \n(2,019<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(649<\/p>\n \n)<\/p>\n \nOther financing activities<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(27<\/p>\n \n)<\/p>\n \nNet cash provided by financing activities<\/p>\n \n\u00a0<\/p>\n \n214<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n108<\/p>\n \n\u00a0<\/p>\n \nEffect of exchange rate changes on cash and cash equivalents and restricted cash<\/p>\n \n\u00a0<\/p>\n \n(345<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n363<\/p>\n \n\u00a0<\/p>\n \nNet (decrease) increase in cash and cash equivalents and restricted cash<\/p>\n \n\u00a0<\/p>\n \n(208<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n858<\/p>\n \n\u00a0<\/p>\n \nCash and cash equivalents and restricted cash, as of beginning of period<\/p>\n \n\u00a0<\/p>\n \n6,412<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n6,031<\/p>\n \n\u00a0<\/p>\n \nCash and cash equivalents and restricted cash, as of end of period<\/p>\n \n$<\/p>\n \n6,204<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n6,889<\/p>\n \n\u00a0<\/p>\n \u00a0<\/p>\n \nSupplemental Financial Information<\/p>\n \nShare Information<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nAs of June 30,<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nOutstanding common stock<\/p>\n \n1,792<\/p>\n \n\u00a0<\/p>\n \n1,819<\/p>\n \nOutstanding equity-based awards<\/p>\n \n88<\/p>\n \n\u00a0<\/p>\n \n81<\/p>\n \nOutstanding common stock and equity-based awards<\/p>\n \n1,880<\/p>\n \n\u00a0<\/p>\n \n1,900<\/p>\n \nKey Business Metrics and Non-GAAP Financial Measures<\/p>\n \nWe 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.<\/p>\n \nKey Business Metrics<\/p>\n \nNet Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer<\/p>\n \nNet 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.<\/p>\n \nConstant 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.<\/p>\n \nProduct Commerce Active Customers<\/p>\n \nA 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.<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended June 30,<\/p>\n \n(in millions, except net revenues per Product Commerce Active Customer)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n% Change<\/p>\n \nNet revenues per Product Commerce Active Customer<\/p>\n \n$<\/p>\n \n301<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n307<\/p>\n \n\u00a0<\/p>\n \n(2<\/p>\n \n)%<\/p>\n \nNet revenues per Product Commerce Active Customer (Constant Currency)<\/p>\n \n$<\/p>\n \n321<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n5<\/p>\n \n%<\/p>\n \nProduct Commerce Active Customers<\/p>\n \n\u00a0<\/p>\n \n24.7<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n23.9<\/p>\n \n\u00a0<\/p>\n \n3<\/p>\n \n%<\/p>\n \nNon-GAAP Financial Measures<\/p>\n \nWe 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.<\/p>\n \nOur 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.<\/p>\n \nNon-GAAP Measure<\/p>\n \nDefinition<\/p>\n \nHow We Use The Measure<\/p>\n \nTotal Net Revenues, Constant Currency and Gross Profit, Constant Currency<\/p>\n \n\u2022 Constant currency information compares results between periods as if exchange rates had remained constant.<\/p>\n \n\u2022 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.<\/p>\n \n\u2022 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.<\/p>\n \n\u2022 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\u201d) 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\u201d), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW.<\/p>\n \n\u2022 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.<\/p>\n \nTotal Net Revenues Growth, Constant Currency and Gross Profit Growth, Constant Currency<\/p>\n \n\u2022 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.<\/p>\n \nFree Cash Flow<\/p>\n \n\u2022 Net cash provided by (used in) operating activities<\/p>\n \nLess: purchases of property and equipment,<\/p>\n \nPlus: proceeds from sale of property and equipment.<\/p>\n \n\u2022 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.<\/p>\n \nAdjusted EBITDA<\/p>\n \n\u2022 Net income (loss), excluding the effects of:<\/p>\n \n– depreciation and amortization,<\/p>\n \n– interest expense,<\/p>\n \n– interest income,<\/p>\n \n– other income (expense), net,<\/p>\n \n– income tax expense (benefit),<\/p>\n \n– equity-based compensation,<\/p>\n \n– acquisition and restructuring-related costs, net,<\/p>\n \n– impairments, and<\/p>\n \n– other items not reflective of our ongoing operations, such as certain administrative fines and catastrophic occurrences.<\/p>\n \n\u2022 Provides information to management to evaluate and assess our performance and allocate internal resources.<\/p>\n \n\u00a0<\/p>\n \n\u2022 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.<\/p>\n \n\u00a0<\/p>\n \nAdministrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company\u2019s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.<\/p>\n \nAdjusted EBITDA Margin<\/p>\n \n\u2022 Adjusted EBITDA as a percentage of total net revenues.<\/p>\n \nAdjusted Operating (Loss) Income<\/p>\n \n\u2022 Operating (loss) income excluding the impact of certain administrative fines.<\/p>\n \n\u2022 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.<\/p>\n \nAdjusted Net (Loss) Income Attributable to Coupang Stockholders<\/p>\n \n\u2022 Net (loss) income attributable to Coupang stockholders excluding the impact of certain administrative fines.<\/p>\n \nAdjusted Diluted Earnings Per Share<\/p>\n \n\u2022 Adjusted net (loss) income attributable to Coupang stockholders divided by the weighted average dilutive shares outstanding for the period.<\/p>\n \nReconciliations of Non-GAAP Measures<\/p>\n \nIn 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\u2019s results computed in accordance with U.S. GAAP. Certain amounts may not foot due to rounding.<\/p>\n \nThe following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted.<\/p>\n \u00a0<\/p>\n \nTotal Net Revenues, Constant Currency and Total Net Revenues Growth, Constant Currency<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended June 30,<\/p>\n \nYear over Year Growth<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n2025<\/p>\n \n(in millions)<\/p>\n \nAs Reported<\/p>\n \nExchange \nConstant \nAs Reported<\/p>\n \nAs \nConstant \nConsolidated<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet retail sales<\/p>\n \n$<\/p>\n \n6,744<\/p>\n \n$<\/p>\n \n417<\/p>\n \n$<\/p>\n \n7,161<\/p>\n \n$<\/p>\n \n6,507<\/p>\n \n4<\/p>\n \n%<\/p>\n \n10<\/p>\n \n%<\/p>\n \nNet other revenue<\/p>\n \n\u00a0<\/p>\n \n2,112<\/p>\n \n\u00a0<\/p>\n \n131<\/p>\n \n\u00a0<\/p>\n \n2,243<\/p>\n \n\u00a0<\/p>\n \n2,017<\/p>\n \n5<\/p>\n \n%<\/p>\n \n11<\/p>\n \n%<\/p>\n \nTotal net revenues<\/p>\n \n$<\/p>\n \n8,856<\/p>\n \n$<\/p>\n \n548<\/p>\n \n$<\/p>\n \n9,404<\/p>\n \n$<\/p>\n \n8,524<\/p>\n \n4<\/p>\n \n%<\/p>\n \n10<\/p>\n \n%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet Revenues by Segment<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nProduct Commerce<\/p>\n \n$<\/p>\n \n7,425<\/p>\n \n$<\/p>\n \n505<\/p>\n \n$<\/p>\n \n7,930<\/p>\n \n$<\/p>\n \n7,334<\/p>\n \n1<\/p>\n \n%<\/p>\n \n8<\/p>\n \n%<\/p>\n \nDeveloping Offerings<\/p>\n \n\u00a0<\/p>\n \n1,431<\/p>\n \n\u00a0<\/p>\n \n43<\/p>\n \n\u00a0<\/p>\n \n1,474<\/p>\n \n\u00a0<\/p>\n \n1,190<\/p>\n \n20<\/p>\n \n%<\/p>\n \n24<\/p>\n \n%<\/p>\n \nTotal net revenues<\/p>\n \n$<\/p>\n \n8,856<\/p>\n \n$<\/p>\n \n548<\/p>\n \n$<\/p>\n \n9,404<\/p>\n \n$<\/p>\n \n8,524<\/p>\n \n4<\/p>\n \n%<\/p>\n \n10<\/p>\n \n%<\/p>\n \nGross Profit, Constant Currency and Gross Profit Growth, Constant Currency<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended June 30,<\/p>\n \nYear over Year Growth<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n2025<\/p>\n \n(in millions)<\/p>\n \nAs Reported<\/p>\n \nExchange \nConstant \nAs Reported<\/p>\n \nAs \nConstant \nGross Profit by Segment<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nProduct Commerce<\/p>\n \n$<\/p>\n \n2,268<\/p>\n \n$<\/p>\n \n154<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n2,422<\/p>\n \n$<\/p>\n \n2,390<\/p>\n \n(5<\/p>\n \n)%<\/p>\n \n1<\/p>\n \n%<\/p>\n \nDeveloping Offerings<\/p>\n \n\u00a0<\/p>\n \n226<\/p>\n \n\u00a0<\/p>\n \n(1<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n225<\/p>\n \n\u00a0<\/p>\n \n171<\/p>\n \n32<\/p>\n \n%<\/p>\n \n32<\/p>\n \n%<\/p>\n \nGross profit<\/p>\n \n$<\/p>\n \n2,494<\/p>\n \n$<\/p>\n \n153<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n2,647<\/p>\n \n$<\/p>\n \n2,561<\/p>\n \n(3<\/p>\n \n)%<\/p>\n \n3<\/p>\n \n%<\/p>\n \u00a0<\/p>\n \nFree Cash Flow<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended<\/p>\n \nJune 30,<\/p>\n \n\u00a0<\/p>\n \nTrailing Twelve Months Ended June 30,<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nNet cash provided by operating activities<\/p>\n \n$<\/p>\n \n367<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n545<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n1,425<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n1,909<\/p>\n \n\u00a0<\/p>\n \nAdjustments:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nPurchases of land and buildings<\/p>\n \n\u00a0<\/p>\n \n(133<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(49<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(334<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(300<\/p>\n \n)<\/p>\n \nPurchases of equipment<\/p>\n \n\u00a0<\/p>\n \n(184<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(250<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(992<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(832<\/p>\n \n)<\/p>\n \nTotal purchases of property and equipment<\/p>\n \n\u00a0<\/p>\n \n(317<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(299<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(1,326<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(1,132<\/p>\n \n)<\/p>\n \nProceeds from sale of property and equipment<\/p>\n \n\u00a0<\/p>\n \n1<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n6<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n7<\/p>\n \n\u00a0<\/p>\n \nTotal adjustments<\/p>\n \n$<\/p>\n \n(316<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(298<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(1,320<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(1,125<\/p>\n \n)<\/p>\n \nFree cash flow<\/p>\n \n$<\/p>\n \n51<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n247<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n105<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n784<\/p>\n \n\u00a0<\/p>\n \nNet cash used in investing activities<\/p>\n \n$<\/p>\n \n(326<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(299<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(1,370<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(1,036<\/p>\n \n)<\/p>\n \nNet cash (used in) provided by financing activities<\/p>\n \n$<\/p>\n \n(134<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n92<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(141<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n119<\/p>\n \u00a0<\/p>\n Adjusted EBITDA and Adjusted EBITDA Margin<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended June 30,<\/p>\n \n\u00a0<\/p>\n \nTrailing Twelve Months Ended June 30,<\/p>\n \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nTotal net revenues<\/p>\n \n$<\/p>\n \n8,856<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n8,524<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n35,462<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n32,263<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income attributable to Coupang stockholders<\/p>\n \n\u00a0<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(767<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n365<\/p>\n \n\u00a0<\/p>\n \nNet loss attributable to noncontrolling interests<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(1<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(25<\/p>\n \n)<\/p>\n \nNet (loss) income<\/p>\n \n\u00a0<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n31<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(767<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n340<\/p>\n \n\u00a0<\/p>\n \nNet (loss) income margin<\/p>\n \n\u00a0<\/p>\n \n(6.4<\/p>\n \n)%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n0.4<\/p>\n \n%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(2.2<\/p>\n \n)%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n1.1<\/p>\n \n%<\/p>\n \nAdjustments:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nDepreciation and amortization<\/p>\n \n\u00a0<\/p>\n \n145<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n126<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n557<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n480<\/p>\n \n\u00a0<\/p>\n \nInterest expense<\/p>\n \n\u00a0<\/p>\n \n25<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n25<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n76<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n124<\/p>\n \n\u00a0<\/p>\n \nInterest income<\/p>\n \n\u00a0<\/p>\n \n(42<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(51<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(185<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(208<\/p>\n \n)<\/p>\n \nIncome tax expense<\/p>\n \n\u00a0<\/p>\n \n37<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n163<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n166<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n481<\/p>\n \n\u00a0<\/p>\n \nOther (income) expense, net<\/p>\n \n\u00a0<\/p>\n \n(6<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(19<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n82<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(13<\/p>\n \n)<\/p>\n \nAcquisition and restructuring-related losses, net<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n40<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n75<\/p>\n \n\u00a0<\/p>\n \nCertain administrative fines(1)<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \nFulfillment Center Fire insurance gain<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n(175<\/p>\n \n)<\/p>\n \nEquity-based compensation<\/p>\n \n\u00a0<\/p>\n \n164<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n113<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n533<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n470<\/p>\n \n\u00a0<\/p>\n \nAdjusted EBITDA<\/p>\n \n$<\/p>\n \n163<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n428<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n872<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n1,574<\/p>\n \n\u00a0<\/p>\n \nAdjusted EBITDA margin<\/p>\n \n\u00a0<\/p>\n \n1.8<\/p>\n \n%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n5.0<\/p>\n \n%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n2.5<\/p>\n \n%<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n4.9<\/p>\n \n%<\/p>\n _________<\/p>\n \n(1)<\/p>\n \nAdministrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company\u2019s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.<\/p>\n \u00a0<\/p>\n \nAdjusted Operating (Loss) Income<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended \n\u00a0<\/p>\n \nSix Months Ended \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nOperating (loss) income<\/p>\n \n$<\/p>\n \n(556<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n149<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(798<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n303<\/p>\n \nAdjustments:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCertain administrative fines(1)<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \nAdjusted operating (loss) income<\/p>\n \n$<\/p>\n \n(146<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n149<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(388<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n303<\/p>\n \u00a0<\/p>\n \nAdjusted Net (Loss) Income Attributable to Coupang Stockholders<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended \n\u00a0<\/p>\n \nSix Months Ended \n(in millions)<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nNet (loss) income attributable to Coupang stockholders<\/p>\n \n$<\/p>\n \n(570<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(836<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n139<\/p>\n \nAdjustments:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCertain administrative fines(1)<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n410<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \nAdjusted net (loss) income attributable to Coupang stockholders<\/p>\n \n$<\/p>\n \n(160<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n32<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(426<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n139<\/p>\n \u00a0<\/p>\n \nAdjusted Diluted Earnings Per Share<\/p>\n \u00a0<\/p>\n \n\u00a0<\/p>\n \nThree Months Ended \n\u00a0<\/p>\n \nSix Months Ended \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \n\u00a0<\/p>\n \n2026<\/p>\n \n\u00a0<\/p>\n \n2025<\/p>\n \nDiluted earnings per share<\/p>\n \n$<\/p>\n \n(0.32<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.02<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(0.46<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.08<\/p>\n \nAdjustments:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \nCertain administrative fines(1)<\/p>\n \n\u00a0<\/p>\n \n0.23<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n0.23<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u2014<\/p>\n \nAdjusted Diluted Earnings Per Share<\/p>\n \n$<\/p>\n \n(0.09<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.02<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n(0.24<\/p>\n \n)<\/p>\n \n\u00a0<\/p>\n \n$<\/p>\n \n0.08<\/p>\n _________<\/p>\n \n(1)<\/p>\n \nAdministrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company\u2019s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.<\/p>\n \n\u00a0<\/p>\n View source version on businesswire.com: https:\/\/www.businesswire.com\/news\/home\/20260804778038\/en\/<\/a><\/p>\n \nInvestor Contact:
\nCoupang, Inc. (NYSE: CPNG<\/a>) today announced financial results for its second quarter ended June 30, 2026.<\/p>\n
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Rate Effect<\/p>\n
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Currency
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Basis<\/p>\n
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Reported<\/p>\n
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Currency
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Basis<\/p>\n
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Rate Effect<\/p>\n
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Currency
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Basis<\/p>\n
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Reported<\/p>\n
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Currency
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Basis<\/p>\n
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June 30,<\/p>\n
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June 30,<\/p>\n
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June 30,<\/p>\n
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June 30,<\/p>\n
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June 30,<\/p>\n
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June 30,<\/p>\n<\/p>\n
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Coupang IR
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ir@coupang.com<\/a><\/p>\n