01—Abstract
Summary
Summary of the 10-Q filed November 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Coupang, Inc. reported a net loss of $501 milliona for the three months ended September 30, 2026, a significant shift from a net income of $95 million in the same period last year.
This quarterly performance contributed to a year-to-date net loss of $1,337 millionb, compared to a profit of $240 million in the first nine months of 2025. The company experienced a 7% increase in total net revenues to $9,962 million for the quarter, driven by growth in both its Product Commerce and Developing Offerings segments. However, cost of sales and operating expenses also increased, leading to a negative operating income of $450 million for the quarter.
The primary drivers for the net loss and decreased profitability include significant one-time charges and ongoing operational challenges. Notably, the company recognized $410 millionc in administrative fines and $248 million in losses related to the Incheon fulfillment center fire in the third quarter.
The impact of a past data incident also continued to affect customer acquisition rates. Despite these headwinds, the company maintained a solid liquidity position with $5.5 billiond in cash, cash equivalents, and restricted cash as of September 30, 2026, though net cash provided by operating activities significantly decreased.
02—Key points
Key Highlights
- Total net revenues increased by 7% to $9,962 million for the three months ended September 30, 2026, compared to $9,267 million in the prior year period.
- The company reported a net loss of $501 million for the three months ended September 30, 2026, a substantial decline from a net income of $95 million in the same period of 2025.
- Cost of sales increased by 13% year-over-year, partly due to a $95 million inventory loss from the Incheon fulfillment center fire.
- Operating, general, and administrative expenses rose by 18% year-over-year, impacted by $153 million in losses related to the Incheon FC Fire and $410 million in administrative fines for the nine-month period.
- Product Commerce segment's adjusted EBITDA decreased by 45% to $385 million, reflecting challenges from a past data incident and increased operational costs.
- Developing Offerings segment's adjusted EBITDA loss widened to $269 million from $292 million due to increased investments.
- Cash and cash equivalents, and restricted cash stood at $5.5 billion as of September 30, 2026, indicating a strong liquidity position.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2026, Coupang lost $0.05.
- Revenue$9.96B100.0%
- Cost of revenue−$7.40B74.3%
- Gross profit$2.56B25.7%
- Operating costs−$3.01B30.2%
- Operating income−$450.0M4.5%
- Interest, other & tax−$51.0M0.5%
- Net income−$501.0M5.0%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 3, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $9.96B$9.27B | +7.5% |
| Cost of Revenue | $7.40B$6.55B | +13.0% |
| Gross Profit | $2.56B$2.72B | −5.8% |
| Operating Expenses | $10.41B$9.11B | +14.4% |
| Operating Income | -$450.00M$162.00M | −377.8% |
| Net Income | -$501.00M$95.00M | −627.4% |
| EPS (Basic) | $-0.28$0.05 | −660.0% |
| EPS (Diluted) | $-0.28$0.05 | −660.0% |
| Shares Outstanding (Basic) | 1.79B1.82B | −1.5% |
| Shares Outstanding (Diluted) | 1.79B1.86B | −3.7% |
05—Questions
Frequently Asked Questions
What were the main reasons for Coupang's net loss in the third quarter of 2026?
The net loss of $501 million for the three months ended September 30, 2026, was primarily driven by significant charges including $153 million in losses related to the Incheon fulfillment center fire and $410 million in administrative fines recognized in the nine-month period. The impact of a previous data incident also continued to affect customer acquisition and operational costs.
How did the Incheon fulfillment center fire impact the company's financial results?
The Incheon FC Fire, which occurred in July 2026, resulted in a total recognized loss of $248 million for the three and nine months ended September 30, 2026. This includes $95 million in inventory losses within 'Cost of sales' and $153 million in fixed asset impairments and other related losses within 'Operating, general and administrative' expenses.
What is the current liquidity position of Coupang?
As of September 30, 2026, Coupang maintained a strong liquidity position with $5.5 billion in cash, cash equivalents, and restricted cash. The company also had $2.2 billion available under its credit facilities, indicating sufficient resources to meet its short-term and long-term operational needs.
How are Coupang's different business segments performing?
The Product Commerce segment saw a 5% increase in net revenues but its adjusted EBITDA decreased by 45% due to increased operational costs and the impact of the data incident. The Developing Offerings segment experienced a revenue increase of 23% but its adjusted EBITDA loss widened due to ongoing investments in growth initiatives like Taiwan, Play, and Rocket Now.
06—Continue