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Coupang (CPNG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Coupang (CPNG) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $10.0B · 5¢ of every $1 of revenue lost · operating margin -4.5%

Coupang made $10.0B in Q3 2026 (+8% Y/Y): Net retail sales $7.6B, Net other revenue $2.3B. Operating margin -4.5%, net loss $501M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$10.0B
Year over year+8%
Operating margin-4.5%
Net earnings−$501M
Operating cash flow$212M

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Coupang Q3 2026 revenue breakdown: Sankey diagram of revenue (Net retail sales, Net other revenue), costs, profit and cash flow
Coupang Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $10.0B in Q3 2026, up 7% year over year and up 12% from the previous quarter. Net retail sales was the largest line at 77% of revenue. Net retail sales added $0.55B year over year (up 8%), 78% of the total change.

Gross margin was 25.7%, down 3.6 points from Q3 2025. Operating costs exceeded revenue by $0.45B, an operating margin of -4.5%. Operating expenses grew 18% against revenue growth of 7%. The quarter ended with a net loss of $0.50B, narrower than the previous quarter's $0.57B loss.

Operating cash flow was $0.21B (down 73% year over year). Non-cash charges added back $0.15B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items added $0.40B. Capital expenditures of $0.28B exceeded it, leaving free cash flow of −$0.07B.

Quarterly history

Coupang revenue by quarterCoupang revenue by quarter$7.9BQ1 2025$8.5BQ2 2025$9.3BQ3 2025$8.8BQ4 2025$8.5BQ1 2026$8.9BQ2 2026$10.0BQ3 2026
Coupang net earnings by quarterCoupang net earnings by quarter$107MQ1 2025$32.0MQ2 2025$95.0MQ3 2025−$26.0MQ4 2025−$266MQ1 2026−$570MQ2 2026−$501MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$10.0B+8%-4.5%−$501M$212M
Q2 202610-QAug 4, 2026$8.9B+4%-6.3%−$570M$367M
Q1 202610-QMay 5, 2026$8.5B+8%-2.8%−$266M$184M
Q4 202510-KFeb 26, 2026$8.8B+11%0.1%−$26.0M$82.0M
Q3 202510-QNov 4, 2025$9.3B+18%1.7%$95.0M$792M
Q2 202510-QAug 5, 2025$8.5B+16%1.7%$32.0M$545M
Q1 202510-QMay 6, 2025$7.9B+11%1.9%$107M$354M

Charts

Coupang: revenue growth, year over year and quarter over quarterCoupang: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q1 2025+16%+8%Q2 2025+18%+9%Q3 2025+11%-5%Q4 2025+8%-4%Q1 2026+4%+4%Q2 2026+8%+12%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +12%.
Coupang: where the cash came from (+) and went (−), TTM to Q3 2026Coupang: where the cash came from (+) and went (−), TTM to Q3 2026Cash drawn (+) / kept (−)$1.8BCapital spending−$1.3BBuybacks−$1.2BOperating cash flow$845MNet borrowing (+) / repaid (−)−$216MExchange rates$99.0MOther investing−$47.0MAsset & business sales$3.0MShares issued$3.0MOther financing−$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Coupang: profit against cash, quarter by quarterCoupang: profit against cash, quarter by quarterNet incomeOperating cash flow$131M$676MQ4 2024$114M$354MQ1 2025$31.0M$545MQ2 2025$95.0M$792MQ3 2025−$26.0M$82.0MQ4 2025−$266M$184MQ1 2026−$570M$367MQ2 2026−$501M$212MQ3 2026
Latest (Q3 2026): Net income −$501M, Operating cash flow $212M.
Coupang: diluted shares by fiscal yearCoupang: diluted shares by fiscal year29MFY20201.42BFY20211.76BFY20221.80BFY20231.83BFY20241.85BFY2025
+6293.9% since FY2020: more shares outstanding (issuance, stock pay).
Coupang: long-term debt falling due (FY2025)Coupang: long-term debt falling due (FY2025)$187M2027$463M2028
Cash $6.3B, short-term investments —, long-term debt $648M at 2025-12-31.
Coupang in its industry: growth against margin (23 companies, SIC 5961)Coupang in its industry: growth against margin (23 companies, SIC 5961)revenue growth, year over year →↑ operating marginmedian +8%median 1%AMZNCDWWCHWYNSITOld QVC Group, Inc.QVCGPTRNNXHGCTRVLVSFIXAKATDUPHNSTLVLUGROVHOURDIBSGIFTAMZECAHOCPNG (+8%, -4%)
Retail-Catalog & Mail-Order Houses; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Coupang

Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. It operates in over 190 countries and territories around the world.

In its own words, from its 8-K, filed Aug 4, 2026.

Coupang against its Retail-Catalog & Mail-Order Houses peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +10%. Operating margin: -4.5% against the peers' median 3.1%.

CompanyQuarterRevenueY/YOp. margin
CPNG CoupangQ3 2026$10.0B+8%-4.5%
AMZN Amazon.comQ3 2026$201.9B+12%13.9%
CDW CDWQ3 2026$6.8B+18%7.2%
W WayfairQ3 2026$3.4B+10%3.1%
CHWY ChewyQ2 FY27$3.3B+7%2.8%
NSIT Insight EnterprisesQ3 2026$2.4B+22%2.8%
Old QVC GroupQ2 2026$2.0B-11%2.6%
QVCG QVC GroupQ2 2026$1.8B-11%3.5%
PTRN Pattern GroupQ3 2026$886M+38%4.2%

Source: Coupang 10-Q on SEC EDGAR · CIK 1834584 · Retail-Catalog & Mail-Order Houses

Guidance and outlook

Coupang: what its forward-looking statements are about (10-Q filed 2026-11-03)Coupang: what its forward-looking statements are about (10-Q filed 2026-11-03)Demand4Tax1Supply chain1Other1Costs1Financing1
9 statements; tone +0.44 (−1 all cautious, +1 all confident); 0 hedged.
Coupang: outlook statements against the filing beforeCoupang: outlook statements against the filing beforeConfident5Cautious1

13F: who owns CPNG and who is buying

Largest holders of CPNG (13F)Largest holders of CPNG (13F)SB Investment Advisers (uk)$5.0BBaillie Gifford$1.4BDodge & COX$1.3BBlackRock$1.1BArtisan Partners Limited Partners…$876MMorgan Stanley$869MVanguard Group$697MTiger Global Management LLC$633MMassachusetts Institute of Techno…$506MGreenoaks Capital Partners LLC$446M
Funds' net buying of CPNG by quarter (13F)Funds' net buying of CPNG by quarter (13F)−$65.4M2024-09−$348M2024-12$829M2025-03$346M2025-06$724M2025-09−$168M2025-12−$293M2026-03−$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CPNG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Coupang（CPNG）财报

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