CPNG 8-K — Smart Summary

Coupang, Inc. reported Q1 2026 financial results on May 5, 2026, with total net revenues of $8.5 billion, up 8% YoY, while swinging to an operating loss of $(242) million and a net loss of $(266) million compared to profitability in Q1 2025. The company repurchased 20.4 million shares for $391 million during the quarter and received Board approval for an additional $1 billion to its share repurchase program.

• Total net revenues: $8,504 million, up 8% YoY on both reported and constant currency basis
• Gross profit: $2,297 million, down 1% YoY (flat on constant currency); gross profit margin of 27.0%, a decrease of 228 bps YoY
• Operating (loss) income: $(242) million, a decrease of $396 million from operating income of $154 million in Q1 2025
• Net (loss) income attributable to Coupang stockholders: $(266) million, a decrease of $373 million from $107 million in Q1 2025
• Diluted EPS: $(0.15), down $0.21 YoY from $0.06
• Adjusted EBITDA: $29 million with a margin of 0.3%, down 449 bps YoY from $382 million / 4.8% margin
• Net cash provided by operating activities (Q1): $184 million, down 48% YoY from $354 million; trailing twelve months operating cash flow: $1,603 million, down 21% YoY
• Free cash flow (Q1): $(110) million vs. $116 million in Q1 2025; trailing twelve months free cash flow: $301 million, down 71% YoY from $1,025 million

• Product Commerce net revenues: $7,176 million, up 4% YoY reported and 5% YoY on constant currency basis
• Product Commerce gross profit: $2,174 million, up 1% YoY (2% constant currency); gross profit margin 30.3%, down 101 bps YoY
• Product Commerce segment adjusted EBITDA: $358 million, down $192 million YoY (down 35%); margin 5.0%, down 302 bps YoY
• Product Commerce Active Customers: 23.9 million, up 2% YoY; net revenues per active customer $300, up 2% YoY ($303 on constant currency, up 3%)
• Developing Offerings net revenues: $1,328 million, up 28% YoY reported and 25% YoY on constant currency basis
• Developing Offerings gross profit: $123 million, down 25% YoY (down 32% constant currency)
• Developing Offerings segment adjusted EBITDA: $(329) million, losses increasing $161 million YoY (96% increase in losses)

• Cash and cash equivalents: $6,301 million as of March 31, 2026 vs. $6,318 million as of December 31, 2025
• Short-term borrowings: $1,672 million as of March 31, 2026, up from $960 million as of December 31, 2025
• Long-term debt: $617 million as of March 31, 2026
• Share repurchases: 20.4 million shares of Class A common stock repurchased during Q1 2026 for an aggregate amount of $391 million
• Board approved an additional $1 billion added to the stock repurchase program as part of ongoing capital allocation strategy
• Class A shares outstanding: 1,651 million as of March 31, 2026, down from 1,665 million as of December 31, 2025