cpng-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 001-40115

COUPANG, INC.

(Exact name of Registrant as specified in its charter)

Delaware

27-2810505

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

720 Olive Way, Suite 600

Seattle, Washington 98101

(206) 333-3839

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock, par value $0.0001 per share

CPNG

New York Stock Exchange

(Title of each class)

(Trading Symbol)

(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Small reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, there were 1,637,261,211 shares of the registrant’s Class A common stock and 157,802,990 shares of the registrant’s Class B common stock, each with a par value of $0.0001 per share, outstanding.

COUPANG, INC.

Form 10-Q

For the Quarterly Period Ended March 31, 2026

TABLE OF CONTENTS


	PART I. FINANCIAL INFORMATION	Page
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
	Note 1. Basis of Presentation and Summary of Significant Accounting Policies	9
	Note 2. Net Revenues	9
	Note 3. Segment Reporting	10
	Note 4. Defined Severance Benefits	12
	Note 5. Income Taxes	12
	Note 6. Earnings per Share	12
	Note 7. Fair Value Measurement	13

	Note 8. Supplemental Financial Information	13
	Note 9. Short-term Borrowings and Long-term Debt	14
	Note 10. Commitments and Contingencies	14


	Glossary	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	35
	Signatures	36

Coupang, Inc.

Q1 2026 Form 10-Q


Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “goal,” “objective,” “seek,” “strategy,” “future,” “opportunity,” “runway,” “trajectory,” “restore,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•our expectations regarding, and potential fluctuations in, our future operating and financial performance including our ability to maintain profitability and achieve long-term and future profitability;

•our ability to successfully execute our business and growth strategy;

•the continued growth of the retail market, changes in consumer preferences and spending patterns, and the increased acceptance of online and app-based transactions by potential customers;

•the size of our addressable market segments, market share, and market trends;

•the nature and scope of any cybersecurity or data incidents (including the data incident discussed in Item 1C. “Cybersecurity” of our Form 10-K) and the impact of such incidents on us, our customers, operations, relationships with governmental authorities, and financial results;

•our ability to compete in our industry;

•our ability to maintain and improve our market position;

•our ability to manage expansion into new geographies and offerings;

•our ability to effectively manage the continued growth of our workforce and operations;

•our anticipated investments in new products, offerings, and geographies, and the effect of these investments on our results of operations;

•our ability to effectively integrate acquisitions and realize the anticipated benefits of such transactions;

•the sufficiency of our cash and cash equivalents, and investments, to meet our liquidity needs;

•our ability to retain existing suppliers and merchants and to add new suppliers and merchants;

•our suppliers’ and merchants’ ability to supply high-quality and compliant merchandise to our customers;

•our relationship with our employees and the status of our workers;

•our ability to operate and manage the expansion of our fulfillment and logistics infrastructure;

•the effects of seasonal trends on our results of operations;

•our ability to implement, maintain, and improve our internal control over financial reporting;

•our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;

•our estimates and assumptions related to our effective tax rate, future cash taxes, and realization of certain deferred tax assets;

•the impact of world events such as natural disasters, acts of war or geopolitical conflicts (including the ongoing conflict in the Middle East), terrorism or disease outbreaks;

•the effects of global macroeconomic conditions, including, but not limited to, inflationary pressures, a general economic slowdown or recession, interest rate fluctuations, the imposition of additional or increased tariffs or other trade barriers, and changes in monetary policy;

•our ability to attract, retain, and motivate skilled personnel, including key members of our senior management;

•our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in Korea and internationally and our expectations regarding various laws, regulations, and restrictions that relate to our business;

•the outcomes of any claims, litigation, governmental audits, inspections, and investigations; and

•the other factors set forth in Part I, Item 1A, under the caption “Risk Factors,” of our 2025 Form 10-K.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Form 10-Q.

Coupang, Inc.

Q1 2026 Form 10-Q


Table of Contents

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, under the section titled “Risk Factors,” of our 2025 Form 10-K and elsewhere in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements such as “we believe,” “we expect,” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Company Website

Investors and others should note that we may announce material business and financial information using our investor relations website (https://ir.aboutcoupang.com) and through https://news.coupang.com, our filings with the SEC, webcasts, press releases (including those on our investor relations website and https://news.coupang.com), and conference calls. We use these mediums to communicate with investors and the general public about our company, our products, and other matters. It is possible that the information that we make available on our investor relations website, https://news.coupang.com, may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website, https://news.coupang.com. Notwithstanding the foregoing, the information contained on our investor relations website, https://news.coupang.com, as referenced in this paragraph are not incorporated by reference into this Form 10-Q or any other report or document we file with the SEC.

Any updates to the list of disclosure channels through which we will announce information will be posted on our investor relations website or https://news.coupang.com.

Except where expressly noted or the context otherwise requires, all references in this Form 10-Q to “Coupang, Inc.,” “Coupang,” “the Company,” “our Company,” “we,” “us,” and “our” are to the Delaware corporation named “Coupang, Inc.” and, where appropriate, its subsidiaries.

We have defined certain terms and abbreviations used throughout our Form 10-Q in the "Glossary."

Coupang, Inc.

Q1 2026 Form 10-Q


Table of Contents

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended March 31,
(in millions, except per share amounts)		2026		2025
Net retail sales		$	6,476	$	6,088
Net other revenue		2,028		1,820
Total net revenues		8,504		7,908

Cost of sales		6,207		5,592


Operating, general and administrative		2,539		2,162
Total operating cost and expenses		8,746		7,754

Operating (loss) income		(242)		154

Interest income		44		49
Interest expense		(13)		(23)
Other (expense) income, net		(44)		36
(Loss) income before income taxes		(255)		216

Income tax expense		11		102

Net (loss) income		$	(266)	$	114
Net income attributable to noncontrolling interests		—		7
Net (loss) income attributable to Coupang stockholders		$	(266)	$	107

Earnings per share
Basic		$	(0.15)	$	0.06
Diluted		$	(0.15)	$	0.06
Weighted-average shares outstanding
Basic		1,825		1,806
Diluted		1,825		1,840

The accompanying notes are an integral part of these condensed consolidated financial statements.

Coupang, Inc.

Q1 2026 Form 10-Q


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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Three Months Ended March 31,
(in millions)		2026		2025
Net (loss) income		$	(266)	$	114

Other comprehensive loss:
Foreign currency translation adjustments, net of tax		(160)		(5)
Actuarial gain on defined severance benefits, net of tax		1		2
Total other comprehensive loss		(159)		(3)

Comprehensive (loss) income		(425)		111
Comprehensive income attributable to noncontrolling interests		—		4
Comprehensive (loss) income attributable to Coupang stockholders		$	(425)	$	107

The accompanying notes are an integral part of these condensed consolidated financial statements.

Coupang, Inc.

Q1 2026 Form 10-Q


Table of Contents

COUPANG, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in millions)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	6,301	$	6,318
Restricted cash	90		94
Accounts receivable, net	351		363
Inventories	2,037		2,256
Prepaids and other current assets	584		660
Total current assets	9,363		9,691

Property and equipment, net	3,632		3,722
Operating lease right-of-use assets	2,844		2,765
Intangible assets, net	178		190
Deferred tax assets	597		596
Long-term lease deposits and other	785		823
Total assets	$	17,399	$	17,787

Liabilities and equity
Accounts payable	$	5,965	$	6,298
Accrued expenses	406		515
Deferred revenue	183		188
Short-term borrowings	1,672		960

Current portion of long-term operating lease obligations	557		545
Other current liabilities	840		851
Total current liabilities	9,623		9,357

Long-term debt	617		648
Long-term operating lease obligations	2,550		2,482
Defined severance benefits and other	679		677
Total liabilities	13,469		13,164

Commitments and contingencies (Note 10)



Equity
Common stock	—		—
Class A — shares authorized 10,000, outstanding 1,651 and 1,665 Class B — shares authorized 250, outstanding 158 and 158
Additional paid-in capital	8,757		9,025
Accumulated other comprehensive loss	(540)		(381)
Accumulated deficit	(4,287)		(4,021)


Total equity	3,930		4,623
Total liabilities and equity	$	17,399	$	17,787

The accompanying notes are an integral part of these condensed consolidated financial statements.

Coupang, Inc.

Q1 2026 Form 10-Q


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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

(unaudited)


	Redeemable Noncontrolling Interests		Class A and Class B Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interests		Total Equity
(in millions)			Shares	Amount
Balance as of December 31, 2024	$	75	1,801	$	—	$	8,736	$	(404)	$	(4,229)	$	(1)	$	4,102
Net income	4		—	—		—		—		107		3		110
Foreign currency translation adjustments, net of tax	(3)		—	—		—		(2)		—		—		(2)
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		2		—		—		2
Issuance of common stock upon settlement of restricted stock units	—		6	—		—		—		—		—		—
Re-measurement of noncontrolling interest	3		—	—		(3)		—		—		—		(3)
Equity-based compensation	—		—	—		121		—		—		—		121
Acquisition of noncontrolling interest	(51)		—	—		44		—		—		—		44
Dividends paid to noncontrolling interest	(4)		—	—		—		—		—		—		—
Balance as of March 31, 2025	$	24	1,807	$	—	$	8,898	$	(404)	$	(4,122)	$	2	$	4,374


		Class A and Class B Common Stock				Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Equity
(in millions)	Shares		Amount
Balance as of December 31, 2025		1,823		$	—	$	9,025	$	(381)	$	(4,021)	$	4,623
Net loss		—		—		—		—		(266)		(266)
Foreign currency translation adjustments, net of tax		—		—		—		(160)		—		(160)
Actuarial gain on defined severance benefits, net of tax		—		—		—		1		—		1
Issuance of common stock upon exercise of stock options		—		—		1		—		—		1
Issuance of common stock upon settlement of restricted stock units		6		—		—		—		—		—

Repurchase of Class A common stock		(20)		—		(391)		—		—		(391)
Equity-based compensation		—		—		122		—		—		122


Balance as of March 31, 2026		1,809		$	—	$	8,757	$	(540)	$	(4,287)	$	3,930

The accompanying notes are an integral part of these condensed consolidated financial statements.

Coupang, Inc.

Q1 2026 Form 10-Q


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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Operating activities
Net (loss) income	$	(266)	$	114
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	143		122
Provision for severance benefits	67		56
Equity-based compensation	122		121
Non-cash operating lease expense	143		116
Deferred income taxes	(28)		11
Other	98		1
Change in operating assets and liabilities, net of acquisition:
Accounts receivable, net	(8)		(80)
Inventories	128		(18)
Other assets	(41)		(111)
Accounts payable	53		111
Accrued expenses	(97)		(93)
Other liabilities	(130)		4
Net cash provided by operating activities	184		354

Investing activities
Purchases of property and equipment	(296)		(239)
Proceeds from sale of property and equipment	2		1

Other investing activities	(8)		25
Net cash used in investing activities	(302)		(213)

Financing activities
Proceeds from issuance of common stock, equity-based compensation plan	1		—
Repurchase of Class A common stock	(391)		—
Proceeds from short-term borrowings and long-term debt	1,936		295
Repayment of short-term borrowings and long-term debt	(1,198)		(267)
Other financing activities	—		(12)
Net cash provided by financing activities	348		16
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(251)		12
Net (decrease) increase in cash and cash equivalents and restricted cash	(21)		169
Cash and cash equivalents and restricted cash, as of beginning of period	6,412		6,031
Cash and cash equivalents and restricted cash, as of end of period	$	6,391	$	6,200

The accompanying notes are an integral part of these condensed consolidated financial statements.

Coupang, Inc.

Q1 2026 Form 10-Q


Table of Contents

COUPANG, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Coupang (collectively, “we,” “us,” or “our”) have been prepared in accordance with U.S. GAAP and applicable rules and regulations of SEC regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.

The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2025 Form 10-K.

Recent Accounting Pronouncements Yet To Be Adopted

In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”, which requires public entities to disaggregate significant expense categories within functional line items to enhance transparency and comparability in financial reporting. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date and provides additional implementation guidance for ASU 2024-03 to ensure consistent application. Both standards are effective for annual reporting periods beginning with the fiscal year ending December 31, 2027, and interim reporting periods beginning with the period ending March 31, 2028, with early adoption permitted. We are evaluating the effect of adopting these standards on our financial reporting and disclosures.

In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 207) - Narrow-Scope Improvements”, which clarifies interim disclosure requirements and the applicability of Topic 270. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of adopting the standard on our financial reporting and disclosures.

2. Net Revenues

Details of total net revenues were as follows:


	Three Months Ended March 31,
(in millions)		2026		2025
Net retail sales		$	6,476	$	6,088
Third-party merchant services		1,767		1,562
Other revenue		261		258
Total net revenues		$

SEC Form 10-Q filed by Coupang Inc.