Coupang, Inc. reported consolidated financial results for the second quarter of 2026.
Total net revenues for the quarter were $8.9 billion, representing growth of 4 percent on a reported basis and 10 percent in constant currency.
Consolidated gross profit for the quarter was $2.5 billion, with a gross profit margin of 28.2 percent, which contracted 188 basis points year-over-year but expanded 115 basis points quarter-over-quarter.
Operating loss for the quarter was $556 million, which included $410 million in administrative fines recently imposed by Korean regulatory authorities.
Excluding the fines, the adjusted operating loss for the quarter was approximately $146 million.
Net loss attributable to Coupang's stockholders for the quarter was $570 million, or approximately $160 million excluding the fines, resulting in a diluted loss per share for the quarter of $0.32, or approximately $0.09 excluding the fines.
Consolidated adjusted EBITDA for the quarter, which excludes the fines, was $163 million with an adjusted EBITDA margin of 1.8 percent. On a trailing 12-month basis, the company generated operating cash flow of $1.4 billion and free cash flow of $105 million.
Additionally, Coupang repurchased an additional 23 million shares of its Class A common stock during the quarter for approximately $459 million.In terms of segment performance and business updates, Product Commerce net revenues reached $7.4 billion for the quarter, growing 1 percent on a reported basis and 8 percent in constant currency.
Segment active customers for the quarter grew 3 percent year-over-year to 24.7 million.
Management noted that total WOW membership has recovered and now "exceeds its levels before the incident" following the prior year's data disruption.
Developing Offerings segment net revenue was $1.4 billion for the quarter, growing 20 percent on a reported basis and 24 percent in constant currency.
This segment's adjusted EBITDA losses for the quarter were $219 million, showing an improvement of $110 million compared to the previous quarter. In Taiwan, Coupang continues to expand its end-to-end network, delivering the vast majority of shipments next-day and launching its Dawn Delivery experience in its first neighborhood.
For on-demand delivery, the company's food delivery service Eats in Korea and Rocket Now in Japan are now "sustainable on a combined basis". Management also addressed a July fire at a fulfillment center in Korea, estimating the total carrying value of owned assets and seller obligations at "approximately $246 million" but stating that it has not had a significant impact on revenue or customer demand.
Looking ahead, Coupang provided forward guidance for the third quarter of 2026 and the full year.
The company expects consolidated constant currency revenue growth of 8% to 9% for the third quarter of 2026, with year-over-year comparisons pressured by the timing of the Chuseok holiday season in Korea. On margins, Coupang anticipates a consolidated year-over-year adjusted EBITDA margin contraction of 300 to 400 basis points in the third quarter of 2026 due to weather-related seasonality and holiday timing.
Over the longer term, management expects Product Commerce adjusted EBITDA margins to return to pre-incident levels by mid-2027.
For the Developing Offerings segment, Coupang continues to estimate full year adjusted EBITDA losses of between $950 million and $1 billion for 2026, primarily driven by long-term investments in Taiwan.🎧 We can turn these Q2 results into a polished audio overview debating Coupang's post-incident recovery efforts and the trajectory of their Taiwan investments.