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Coupang reported Q2 FY2026 revenue of $8.9 billion, or −0.07% against the consensus, although both reported revenue and the estimate rounded to $8.9 billion. Revenue was $8.5 billion a year earlier.
The company reported diluted EPS of −$0.32, compared with $0.02 a year earlier. Gross margin fell to 28.2% from 30.0%, while operating margin fell to −6.28% from 1.75%.
In its 10-Q, Coupang attributed growth in Product Commerce revenue for the three and six months ended June 30, 2026 primarily to higher revenue per active customer and an increase in active customers. The filing said growth was held back by the impact of what it calls the Incident and by foreign exchange rates.
Coupang said the Incident also increased supply-chain costs and customer discounts, contributing to lower gross profit. The filing attributed higher operating, general and administrative expenses partly to approximately $410 million in administrative fines. Free cash flow was $51.0 million, compared with $247.0 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $8.9 billion | $8.5 billion | 3.89% |
| Diluted EPS | −$0.32 | $0.02 | −1,700.0% |
| Gross margin | 28.2% | 30.0% | −1.9 percentage points |
| Operating margin | −6.28% | 1.75% | −8.0 percentage points |
| Free cash flow | $51.0 million | $247.0 million | −79.4% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Revenue | $8.9 billion | $8.9 billion | In line |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
In its 10-Q, Coupang said the Incident had increased the Korean government’s focus on its business and could lead to additional expenses from remediation, inquiries, enforcement actions and litigation. The company also said the Incident was the primary reason for slower year-over-year growth in Product Commerce active customers in the first and second quarters of 2026.
Guidance
In its 10-Q, Coupang said it expects cost of sales and operating, general and administrative expenses, each as a percentage of revenue, to remain elevated over the near term as it recovers from the Incident.