Coupang, Inc. · NYSE:CPNG
Coupang — Q1 2026 Earnings Presentation
23 slides from Coupang's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results May 5, 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
Common Stock (0.3)% YoY Dilution 1,883M 1,878M 76M 69M 1,807M 1,809M Q1 25 Q2 25 Q3 25 Q4 25 Q1 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 8% YoY Up 8% YoY FX-neutral $8.5B $7.9B Q1 25 Q2 25 Q3 25 Q4 25 Q1 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 13% YoY Up 15% YoY FX-neutral $35.1B $31.1B Q1 25 Q1 26 | 4
Slide 6: Gross Profit
Gross Profit Down 1% YoY Flat YoY FX-neutral GPM down 228 bps $2.3B $2.3B 29.3% 27.0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Margin | 5
Slide 7: Net Income Attributable to Coupang Stockholders
Net Income (Loss) Attributable to Coupang Stockholders Down $373M YoY $107M Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 $(266M) | 6
Slide 8: Gross Profit and Net Income – TTM
Gross Profit – TTM Net Income (Loss) Attributable to Coupang Stockholders – TTM Up 10% YoY Down $421M YoY GPM down 86 bps YoY $10.1B $9.2B $256M 29.7% 28.8% Q1 25 Q1 26 Q1 25 Q1 26 Margin $(165M) | 7
Slide 9: Adjusted EBITDA
Adjusted EBITDA Down $353M YoY 0.3% margin, down 449 bps YoY $382M 4.8% $29M 0.3% Q1 25 Q2 25 Q3 25 Q4 25 Q1 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 $339M YoY 3.2% margin, down 152 bps YoY $1.5B 4.8% $1.1B 3.2% Q1 25 Q1 26 Margin | 9
Slide 11: Operating Cash Flow and Free Cash Flow
Operating Cash Flow – TTM Free Cash Flow – TTM Down $425M YoY Down $724M YoY $2.0B $1.0B $1.6B $301M Q1 25 Q1 26 Q1 25 Q1 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 4% YoY Up 10% YoY Up 5% YoY F/X neutral Up 13% YoY F/X neutral $6.9B $7.2B $29.9B $27.1B Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q1 26 | 11
Slide 13: Segment Results: Product Commerce – Adjusted EBITDA
Segment Results: Product Commerce – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – TTM Down $192M YoY Up $204M YoY 5.0% margin, down 302 bps YoY 7.7% margin, flat YoY $550M $2.3B $2.1B 8.0% $358M 7.7% 7.7% 5.0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q1 26 Margin | 12
Slide 14: Product Commerce Active Customers
Product Commerce Active Customers Up 2% YoY 23.9M 23.4M Q1 25 Q2 25 Q3 25 Q4 25 Q1 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 28% YoY Up 31% YoY Up 25% YoY F/X neutral Up 30% YoY F/X neutral $1.3B $5.2B $1.0B $4.0B Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q1 26 | 14
Slide 16: Segment Results: Developing Offerings – Adjusted EBITDA
Segment Results: Developing Offerings – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – TTM Down $161M YoY Down $543M YoY (16.2)% (15.4)% $(168M) $(613M) (22.1)% (24.8)% $(1.2B) $(329M) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q1 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 Growth
Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth Three Months Ended March 31, 2025 2026 Year over Year Growth Constant Constant Exchange Currency As Currency (in millions) As Reported As Reported Rate Effect Basis Reported Basis Net Revenues by Segment Product Commerc
Slide 20: Non-GAAP Measure: Constant Currency Gross Profit and Growth
Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Three Months Ended March 31, 2025 2026 Year over Year Growth Constant Constant Exchange Currency As Currency (in millions) As Reported As Reported Rate Effect Basis Reported Basis Gross Profit by Segment Produ
Slide 21: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Three Months Ended September 30, December 31, March 31, (in millions) March 31, 2025 June 30, 2025 2025 2025 2026 Total net revenues $ 7,908 $ 8,524 $ 9,267 $ 8,835 $ 8,504 Net income (loss) attributable to Coupang stockholders 107 32 95 (26) (266) Net income (loss)
Slide 22: Non-GAAP Measure: Adjusted EBITDA – TTM
Non-GAAP Measure: Adjusted EBITDA – TTM Trailing Twelve Months Ended (in millions) March 31, 2025 March 31, 2026 Total net revenues $ 31,062 $ 35,130 Net income (loss) attributable to Coupang stockholders 256 (165) Net loss attributable to noncontrolling interests (52) (1) Net income (loss) 204 (166
Slide 23: Non-GAAP Measure: Free Cash Flow – TTM
Non-GAAP Measure: Free Cash Flow – TTM Trailing Twelve Months Ended (in millions) March 31, 2025 March 31, 2026 Net cash provided by operating activities $ 2,028 $ 1,603 Adjustments: Purchases of land and buildings (284) (250) Purchases of equipment (727) (1,058) Total purchases of property and equi