Coupang, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Read the filing

Key takeaways

• Total revenue rose 8%: Net revenues were $8.5 billion, up 8% YoY on both a reported and constant currency basis. Net revenues were $8,504 million against $7,908 million a year earlier. Source
• Product Commerce profit fell 35%: Product Commerce segment adjusted EBITDA was $358 million against $550 million a year earlier. The margin was 5.0%, down 302 bps. Source
• Developing Offerings losses widened: Developing Offerings segment adjusted EBITDA was a loss of $329 million, against a loss of $168 million a year earlier. Source
• Consolidated gross margin fell 228 bps: Consolidated gross profit margin was 27.0%, down 228 bps year over year. Source
• Operating result turned to loss: Operating loss was $242 million, against operating income of $154 million a year earlier. Source
• Net loss attributable to stockholders: Net loss attributable to Coupang stockholders was $266 million, against net income of $107 million a year earlier. Source
• Adjusted EBITDA fell to $29 million: Adjusted EBITDA was $29 million, a 0.3% margin. A year earlier it was $382 million, a 4.8% margin. Source
• Free cash flow turned negative: Free cash flow was $(110) million, against $116 million a year earlier. Source

“Our Board of Directors have recently approved an additional $1 billion to be added to our stock repurchase program as part of our ongoing capital allocation strategy.”

Coupang, Inc., press release

Guidance

What changed from last quarter

• New: An additional $1 billion was approved for the stock repurchase program. Source

Revenue growth and customers

• Total revenue rose 8%: Net revenues were $8.5 billion, up 8% YoY on both a reported and constant currency basis. Net revenues were $8,504 million against $7,908 million a year earlier. Source
• Other revenue outpaced retail sales: Net other revenue rose to $2,028 million from $1,820 million. Net retail sales rose to $6,476 million from $6,088 million. Source
• Currency added $32 million to revenue: The exchange rate effect added $32 million to total net revenues. Growth was 8% both as reported and in constant currency. Source
• Spend per customer rose 2%: Net revenues per Product Commerce Active Customer were $300, against $294 a year earlier. In constant currency the figure was $303, up 3%. Source

Segment results

• Product Commerce revenue grew 4%: Product Commerce net revenues were $7,176 million against $6,870 million, up 5% in constant currency. Source
• Product Commerce profit fell 35%: Product Commerce segment adjusted EBITDA was $358 million against $550 million a year earlier. The margin was 5.0%, down 302 bps. Source
• Developing Offerings revenue rose 28%: Developing Offerings net revenues were $1,328 million against $1,038 million. Constant currency growth was 25%. Source
• Developing Offerings losses widened: Developing Offerings segment adjusted EBITDA was a loss of $329 million, against a loss of $168 million a year earlier. Source

“Total net revenues were $8.5 billion, up 8% YoY on both a reported and constant currency basis.”

Coupang, Inc., press release

Gross margin and operating costs

• Gross profit flat in constant currency: Gross profit was $2,297 million against $2,316 million. In constant currency, gross profit was flat year over year. Source
• Consolidated gross margin fell 228 bps: Consolidated gross profit margin was 27.0%, down 228 bps year over year. Source
• Product Commerce margin fell 101 bps: Product Commerce gross profit margin was 30.3%, down 101 bps year over year. Product Commerce gross profit was $2,174 million. Source
• Developing Offerings gross profit fell 25%: Developing Offerings gross profit was $123 million against $165 million. It was down 25% as reported and 32% in constant currency. Source
• Operating and G&A costs increased: Operating, general and administrative expenses were $2,539 million against $2,162 million. Total operating costs and expenses were $8,746 million against $7,754 million. Source

Profit and EBITDA

• Operating result turned to loss: Operating loss was $242 million, against operating income of $154 million a year earlier. Source
• Net loss attributable to stockholders: Net loss attributable to Coupang stockholders was $266 million, against net income of $107 million a year earlier. Source
• Diluted loss per share: Diluted EPS was $(0.15), against $0.06 a year earlier. Diluted weighted-average shares were 1,825 million. Source
• Adjusted EBITDA fell to $29 million: Adjusted EBITDA was $29 million, a 0.3% margin. A year earlier it was $382 million, a 4.8% margin. Source
• Other items swung to expense: Other expense, net was $44 million, against other income of $36 million a year earlier. Income tax expense was $11 million against $102 million. Source
• Trailing adjusted EBITDA declined: Trailing twelve-month adjusted EBITDA was $1,137 million, against $1,476 million. The trailing margin was 3.2%, against 4.8%. Source

Cash flow and working capital

• Operating cash flow fell 48%: Net cash provided by operating activities was $184 million, against $354 million a year earlier. Source
• Free cash flow turned negative: Free cash flow was $(110) million, against $116 million a year earlier. Source
• Trailing free cash flow fell 71%: Trailing twelve-month free cash flow was $301 million, down 71%. Trailing operating cash flow was $1.6 billion, down 21%. Source
• Capital spending rose: Purchases of property and equipment were $296 million, against $239 million. Equipment purchases were $233 million. Source
• Inventory and payables declined: Inventories were $2,037 million at March 31, 2026, against $2,256 million at December 31, 2025. Accounts payable were $5,965 million, against $6,298 million. Source

Capital returns and borrowing

• Repurchased $391 million of shares: The company repurchased 20.4 million Class A shares for $391 million during the quarter. Source
• Board added $1 billion to buyback: The Board recently approved an additional $1 billion for the stock repurchase program, described as part of ongoing capital allocation. Source
• Short-term borrowings rose: Short-term borrowings were $1,672 million, against $960 million at December 31, 2025. Cash and cash equivalents were $6,301 million, against $6,318 million. Source

Customers and business scope

• Active customers rose 2%: Product Commerce Active Customers were 23.9 million, against 23.4 million a year earlier. Source
• Active customers below fourth quarter: The fourth quarter release reported 24.6 million Product Commerce Active Customers, above the first quarter count of 23.9 million.
• Brands span four service lines: The company describes its services as retail, restaurant delivery, video streaming and fintech, sold under brands including Coupang, Eats, Play, Rocket Now and Farfetch. Source

Risks management discussed

• External: Most sales are in Korean won, so a stronger US dollar reduces reported results and a weaker dollar increases them. Source

Earlier plans management reported on

• Not stated: The fourth quarter release said growth impacts from the data incident were beginning to recover in Q1 2026. The first quarter release does not assess this.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.