Coupang, Inc. · NYSE:CPNG
Coupang — Q2 2026 Earnings Presentation
23 slides from Coupang's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Financial Results
Q2 2026 Financial Results August 4, 2026
Slide 2: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation 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 Ex
Slide 3: Common Stock: (1.1)% YoY Dilution
Common Stock (1.1)% YoY Dilution 1,900M 1,880M 81M 88M 1,819M 1,792M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Outstanding Common Stock Outstanding Equity-based Awards Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards. | 2
Slide 4: Total Net Revenues
Total Net Revenues Up 4% YoY Up 10% YoY FX-neutral $8.9B $8.5B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Note: FX-neutral, or constant currency, represents the change in net revenues as though the foreign exchange rates remained the same as those in effect in the comparable prior year period. | 3
Slide 5: Total Net Revenues – TTM
Total Net Revenues – TTM Up 10% YoY Up 13% YoY FX-neutral $35.5B $32.3B Q2 25 Q2 26 | 4
Slide 6: Gross Profit
Gross Profit Down 3% YoY Up 3% YoY FX-neutral GPM down 188 bps $2.6B $2.5B 30.0% 28.2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Margin | 5
Slide 7: Net Income (Loss) Attributable to Coupang Stockholders
Net Income (Loss) Attributable to Coupang Stockholders Down $602M YoY $32M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 $(160M) excluding $(570M) certain administrative fines of $410M | 6
Slide 8: Gross Profit – TTM Net Income (Loss) Attributable to Coupang Stockholders – TTM
Gross Profit – TTM Net Income (Loss) Attributable to Coupang Stockholders – TTM Up 4% YoY Down $1.1B YoY GPM down 152 bps YoY $10.1B $9.6B 29.9% 28.4% $365M Q2 25 Q2 26 Q2 25 Q2 26 Margin Includes certain administrative $(767M) fines of $410M | 7
Slide 9: Adjusted EBITDA
Adjusted EBITDA Down $265M YoY 1.8% margin, down 318 bps YoY $428M 5.0% $163M 1.8% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Margin Note: Adjusted EBITDA defined as net income (loss) excluding the effects of: depreciation and amortization, interest expense and income, other income (expense), income tax expense
Slide 10: Adjusted EBITDA – TTM
Adjusted EBITDA – TTM Down $702M YoY 2.5% margin, down 242 bps YoY $1.6B 4.9% $872M 2.5% Q2 25 Q2 26 Margin | 9
Slide 11: Operating Cash Flow – TTM Free Cash Flow – TTM
Operating Cash Flow – TTM Free Cash Flow – TTM Down $484M YoY Down $679M YoY $1.9B $784M $1.4B $105M Q2 25 Q2 26 Q2 25 Q2 26 Note: Free cash flow is defined as cash flow from operations less purchases of property and equipment, plus proceeds from sale of property and equipment. See Appendix for a re
Slide 12: Segment Results: Product Commerce – Net Revenue
Segment Results: Product Commerce – Net Revenue Net Revenue Net Revenue – TTM Up 1% YoY Up 7% YoY Up 8% YoY F/X neutral Up 11% YoY F/X neutral $7.3B $7.4B $30.0B $28.0B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q2 26 | 11
Slide 13: Segment Results: Product Commerce – Adjusted EBITDA
Segment Results: Product Commerce – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – TTM Down $281M YoY Down $210M YoY 5.1% margin, down 390 bps YoY 6.7% margin, down 123 bps YoY $663M $2.2B $2.0B 9.0% $382M 7.9% 6.7% 5.1% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q2 26 Margin | 12
Slide 14: Product Commerce Active Customers
Product Commerce Active Customers Up 3% YoY 24.7M 23.9M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Note: Product Commerce Active Customers are individual customers who have ordered at least once directly from our Product Commerce apps or websites during the quarter. | 13
Slide 15: Segment Results: Developing Offerings – Net Revenue
Segment Results: Developing Offerings – Net Revenue Net Revenue Net Revenue – TTM Up 20% YoY Up 28% YoY Up 24% YoY F/X neutral Up 28% YoY F/X neutral $1.4B $5.5B $1.2B $4.3B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q2 26 | 14
Slide 16: Segment Results: Developing Offerings – Adjusted EBITDA
Segment Results: Developing Offerings – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – TTM Improved $16M YoY Down $492M YoY (15.1)% (15.3)% (19.7)% (20.8)% $(648M) $(219M) $(235M) $(1.1B) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q2 26 Margin | 15
Slide 17: Our Operating Tenets
Our Operating Tenets One, we exist to deliver new moments of wow for customers. Two, we don’t start with what looks easy. We work backwards from imagining jaw-dropping customer experiences and we embrace the hard work required to challenge trade-offs that customers take for granted. Three, we will e
Slide 18: Appendix
Create a world where customers wonder “How did I ever live without Coupang?” Appendix | 17
Slide 19: Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth
Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth Three Months Ended June 30, 2025 2026 Year over Year Growth Constant Constant Exchange As Currency Currency (in millions) As Reported As Reported Rate Effect Reported Basis Basis Net Revenues by Segment Product Commerce
Slide 20: Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth
Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Three Months Ended June 30, 2025 2026 Year over Year Growth Constant Constant Exchange As Currency Currency (in millions) As Reported As Reported Rate Effect Reported Basis Basis Gross Profit by Segment Produc
Slide 21: Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin
Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended September 30, December 31, (in millions) June 30, 2025 2025 2025 March 31, 2026 June 30, 2026 Total net revenues $ 8,524 $ 9,267 $ 8,835 $ 8,504 $ 8,856 Net income (loss) attributable to Coupang stockholders 32 95 (26) (
Slide 22: Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin – TTM
Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin – TTM Trailing Twelve Months Ended (in millions) June 30, 2025 June 30, 2026 Total net revenues $ 32,263 $ 35,462 Net income (loss) attributable to Coupang stockholders 365 (767) Net loss attributable to noncontrolling interests (25) — Net
Slide 23: Non-GAAP Measure: Free Cash Flow – TTM
Non-GAAP Measure: Free Cash Flow – TTM Trailing Twelve Months Ended (in millions) June 30, 2025 June 30, 2026 Net cash provided by operating activities $ 1,909 $ 1,425 Adjustments: Purchases of land and buildings (300) (334) Purchases of equipment (832) (992) Total purchases of property and equipmen