Filing Flows › Coupang (CPNG) › Q1 2026
Coupang (CPNG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Coupang (CPNG) reported revenue of $8.5B for the first quarter 2026 (Q1 2026), +8% from a year earlier and -4% from the quarter before. Operating margin was -2.8%, net loss $266M (3.1% of revenue).
Coupang, Q1 2026: revenue $8.5B (+8% year over year), operating margin -2.8%, net loss $266M, operating cash flow $184M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.5B | -4% | +8% |
| Operating profit | −$242M | -3125% | -257% |
| Net earnings | −$266M | — | -349% |
| Operating cash flow | $184M | +124% | -48% |
What changed
Revenue was $8.5B in Q1 2026, up 8% year over year and down 4% from the previous quarter. Net retail sales was the largest line at 76% of revenue. Net retail sales added $0.39B year over year (up 6%), 65% of the total change.
Gross margin was 27.0%, down 2.3 points from Q1 2025. Operating costs exceeded revenue by $0.24B, an operating margin of -2.8%. Operating expenses grew 17% against revenue growth of 8%. The quarter ended with a net loss of $0.27B, wider than the previous quarter's $0.03B loss.
Operating cash flow was $0.18B (down 48% year over year). Non-cash charges added back $0.14B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.30B exceeded it, leaving free cash flow of −$0.11B.
Questions
What was Coupang's revenue in the first quarter 2026?
Coupang (CPNG) reported revenue of $8.5B for the first quarter 2026 (Q1 2026), +8% from a year earlier and -4% from the quarter before.
Was Coupang profitable in the first quarter 2026?
Operating loss was $242M (-2.8% of revenue) and net loss $266M.
Source: Coupang 10-Q on SEC EDGAR.