Coupang Announces Results for Third Quarter 2026
Coupang reported Q3 2026 net revenues of $9.96 billion, up 7% YoY (11% constant currency), beating its 8-9% constant-currency guidance, with Developing Offerings up 23% and Product Commerce up 5%. The quarter swung to an operating loss of $450 million and a net loss of $501 million, including $248 million of Incheon FC Fire losses; even excluding the fire, the adjusted net loss of $321 million compares with $95 million of net income a year ago. Margins compressed across the board: gross margin fell 364 bps to 25.7%, adjusted EBITDA fell 72% to $116 million (1.2% margin), and trailing free cash flow turned negative at $(409) million.
Key figures
- Revenue
- 9962000000
- Guidance
- Prior guidance was 8-9% constant currency revenue growth and 0.5-1.5% adjusted EBITDA margin; actuals were 11% constant-currency growth and 1.2% adjusted EBITDA margin
- Revenue Yoy
- 7% (11% constant currency)
- Gross margin
- 25.7%
- Gross profit
- 2561000000
- Adjusted ebitda
- 116000000
- Shares repurchased q3
- 12.7 million Class A shares for $201 million
- Adjusted ebitda margin
- 1.2%
- Incheon fc fire losses
- 248000000
- Ttm operating cash flow
- 845000000
- Product commerce revenue
- 8374000000
- Developing offerings revenue
- 1588000000
- Developing offerings revenue yoy
- 23%
- Product commerce active customers
- 25.2 million (+2% YoY)
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.