Revenue: As of FY2026 Q1, the actual value is USD 8.504 B, missing the estimate of USD 8.616 B.EPS: As of FY2026 Q1, the actual value is USD -0.15.EBIT: As of FY2026 Q1, the actual value is USD -273 M.<h4>Overall Financial Performance (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Total Net Revenues: Coupang, Inc.’s total net revenues increased by 8% to $8,504 million in 2026 from $7,908 million in 2025. In constant currency, the increase was also 8% to $8,536 million in 2026.</li><li>Gross Profit: Gross profit decreased by -1% to $2,297 million in 2026 from $2,316 million in 2025.</li><li>Net (Loss) Income: The company reported a net loss of -$266 million in 2026, compared to a net income of $114 million in 2025.</li><li>Net (Loss) Income Margin: The net loss margin was -3.1% in 2026, down from a net income margin of 1.4% in 2025.</li><li>Adjusted EBITDA: Adjusted EBITDA decreased by -92% to $29 million in 2026 from $382 million in 2025.</li><li>Adjusted EBITDA Margin: The adjusted EBITDA margin was 0.3% in 2026, compared to 4.8% in 2025.</li><li>Operating (Loss) Income: Operating income shifted to a loss of -$242 million in 2026 from an income of $154 million in 2025.</li><li>Cost of Sales: Cost of sales increased by 11% to $6,207 million in 2026 from $5,592 million in 2025, representing 73.0% of revenues in 2026 compared to 70.7% in 2025.</li><li>Operating, General and Administrative Expenses: These expenses increased by 17% to $2,539 million in 2026 from $2,162 million in 2025, accounting for 29.9% of revenues in 2026 compared to 27.3% in 2025.</li></ul><h4>Segmented Performance (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Product Commerce Revenue: Increased by 4% to $7,176 million in 2026 from $6,870 million in 2025. In constant currency, this segment grew by 5%.</li><li>Product Commerce Gross Profit: Increased by 1% to $2,174 million in 2026 from $2,151 million in 2025.</li><li>Product Commerce Adjusted EBITDA: Decreased by -35% to $358 million in 2026 from $550 million in 2025, primarily due to slower gross profit growth from the Incident and increased supply chain management, fulfillment, technology, and marketing costs.</li><li>Developing Offerings Revenue: Increased by 28% to $1,328 million in 2026 from $1,038 million in 2025. In constant currency, this segment grew by 25%.</li><li>Developing Offerings Gross Profit: Decreased by -25% to $123 million in 2026 from $165 million in 2025.</li><li>Developing Offerings Adjusted EBITDA: The loss increased by 96% to -$329 million in 2026 from -$168 million in 2025, due to a decrease in gross profit and increased investments in initiatives such as Taiwan, Play, and Rocket Now.</li></ul><h4>Cash Flow and Liquidity (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Net Cash Provided by Operating Activities: Decreased by -48% to $184 million in 2026 from $354 million in 2025.</li><li>Free Cash Flow: Free cash flow was -$110 million in 2026, compared to $116 million in 2025.</li><li>Net Cash Used in Investing Activities: Increased to -$302 million in 2026 from -$213 million in 2025, mainly due to a $57 million increase in purchases of property and equipment.</li><li>Net Cash Provided by Financing Activities: Increased to $348 million in 2026 from $16 million in 2025, driven by a net increase of $710 million from debt and short-term borrowings, partially offset by a $391 million repurchase of Class A common stock.</li><li>Cash and Cash Equivalents and Restricted Cash: Totaled $6.4 billion as of March 31, 2026.</li></ul><h4>Unique Metrics</h4><ul><li>Product Commerce Active Customers: Increased by 2% to 23.9 million in 2026 from 23.4 million in 2025, with growth negatively affected by the Incident’s impact.</li><li>Net Revenues per Product Commerce Active Customer: Increased by 2% to $300 in 2026 from $294 in 2025. In constant currency, this metric increased by 3% to $303.</li></ul><h4>Future Outlook and Strategy</h4>Coupang, Inc. expects significant investment in its growth strategy, particularly within the Developing Offerings segment, focusing on new offerings and geographic expansion, as well as enhancing fulfillment, logistics, and technology capabilities. The company plans to acquire and build new fulfillment centers, with remaining capital expenditure commitments of $236 million as of March 31, 2026, and anticipates future infrastructure and workforce-related costs to exceed several billion dollars over the next few years. Coupang, Inc. believes its current liquidity sources will be sufficient for at least the next 12 months, but may seek additional financing for investment opportunities or changes in capital structure.

Coupang | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 8.504 B