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Coupang
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Latest analysis
Updated Aug 4, 2026
Coupang Q2 2026: $410M Korean regulatory fine drives operating loss as constant-currency growth of 10% masks reported margin compression
A $410 million administrative fine in Korea transformed what would have been adjusted operating loss of $146 million into a reported operating loss of $556 million, obscuring 10% constant-currency revenue growth and 24% constant-currency growth in Developing Offerings. Adjusted EBITDA collapsed to $163 million (1.8% margin) from $428 million (5.0%) a year ago, with Product Commerce segment adjusted EBITDA down 42% YoY to $382 million — a deterioration that predates the fine and signals genuine margin pressure in the core business. Developing Offerings continues to scale, with gross profit up 32% YoY, narrowing segment EBITDA losses by $16 million to $(219) million.
Tone: defensiveRevenue
$34.5B
CPNG 10-K · FY 2025
Employees
108,000
Revenue growth YoY
+14%
EBITDA margin
2.5%
Profile
CPNG 10-K Item 1 · Feb 26, 2026Coupang is a Korean-rooted technology and e-commerce conglomerate serving millions of customers in over 190 countries through retail, restaurant delivery, video streaming, and fintech services. The company operates an end-to-end integrated fulfillment and logistics network that enables same-day, dawn, and next-day delivery across millions of products. Its portfolio of brands includes Coupang, Eats, Play, Rocket Now, and Farfetch.
Read filing description ↓ Collapse description ↑
Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange that provides retail, restaurant delivery, video streaming, and fintech services to customers under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. We serve millions of customers in over 190 countries and territories around the world. We are committed to building a one-of-a-kind service for our customers designed to provide them with the best selection, savings, and service. Our approach focuses on controlling the entire end-to-end experience - from technology and automation to fulfillment and logistics - so we can continually raise the bar for what customers expect. The technology, infrastructure, and operational excellence we have built allow us to invest in customer experiences and new, adjacent services. Capabilities originally developed to deliver general merchandise at speed have evolved to support fresh grocery, food delivery, digital entertainment, payments, and other services - all designed to make our customers' lives easier. Customers benefit from fast, reliable delivery experience, ranging from next-day, dawn, and even same-day delivery, with order cutoffs as late as midnight; broad selection, spanning daily essentials, general merchandise, fresh groceries, luxury, and specialized niche categories; frictionless returns; and digital services such as streaming entertainment and secure payments. Through our WOW membership offerings, customers receive additional value - such as delivery benefits and service perks - further reinforcing a seamless, high-value experience. Small and medium-sized enterprises on Coupang form an essential part of our business, and we strive to make it easy for SMEs to reach customers all over the world with our comprehensive end-to-end support.
Primary products
- Rocket Delivery (next-day and same-day delivery)
- Rocket Fresh (fresh grocery delivery)
- Coupang Eats (restaurant ordering and delivery)
- Coupang Play (online content streaming)
- Coupang Pay (fintech and payments)
- Farfetch (global luxury fashion marketplace)
Business segments
End markets
Geographies
Revenue commentary · FY 2025
Total net revenues grew 14% year-over-year in 2025, or 18% on a constant currency basis, driven by growth in both Product Commerce and Developing Offerings.
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