Filing Flows › Coupang (CPNG) › Q2 2026 › vs Q2 2025
Coupang (CPNG) Q2 2026 vs Q2 2025 (year over year)
Coupang's revenue rose $332M (+4%) from $8.5B in Q2 2025 to $8.9B in Q2 2026. The biggest changes: Net retail sales +$237M (+4%); Net other revenue +$95.0M (+5%).
Coupang, Q2 2026: revenue $8.9B (+4% year over year), operating margin -6.3%, net loss $570M, operating cash flow $367M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 0.6% | 2.9% | -2.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Third-party merchant services | $1.8B | $1.8B | $77.0M | +4% |
| Other revenue | $280M | $262M | $18.0M | +7% |
| Net other revenue | $2.1B | $2.0B | $95.0M | +5% |
| Net retail sales | $6.7B | $6.5B | $237M | +4% |
| Revenue | $8.9B | $8.5B | $332M | +4% |
| Net loss | $570M | −$31.0M | $601M | — |
| Costs & expenses | $9.4B | $8.6B | $880M | +10% |
| Operating costs | $9.4B | $8.4B | $1.0B | +12% |
| Income tax | $37.0M | $163M | −$126M | -77% |
| Cost of revenue | $6.4B | $6.0B | $399M | +7% |
| Operating expenses | $3.0B | $2.4B | $638M | +26% |
| Operating cash sources | $937M | $514M | $423M | +82% |
| Depreciation & amortization | $145M | $126M | $19.0M | +15% |
| Share-based compensation | $161M | $113M | $48.0M | +42% |
| Working capital & other | $631M | $275M | $356M | +129% |
| Net loss absorbed | $570M | −$31.0M | $601M | — |
| Operating cash flow | $367M | $545M | −$178M | -33% |
| Free cash flow (company-reported) | $51.0M | $247M | −$196M | -79% |
| Purchases of equipment, net | $183M | $249M | −$66.0M | -27% |
| Purchases of land and buildings | $133M | $49.0M | $84.0M | +171% |
Questions
How much did Coupang's revenue grow year over year in Q2 2026?
Coupang's revenue rose $332M (+4%) from $8.5B in Q2 2025 to $8.9B in Q2 2026.
What drove Coupang's revenue change in Q2 2026?
Net retail sales +$237M (+4%); Net other revenue +$95.0M (+5%).