Coupang (CPNG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Coupang published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Coupang reports EPS two ways: GAAP, under the accounting rules every US filer follows, and excluding Incheon FC Fire losses, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• A July 2026 fire significantly damaged Coupang's leased fulfillment center in Incheon, Korea. It added $248 million to the Q3 2026 operating loss, $180 million net of taxes. Coupang's adjusted EPS of $(0.18) excludes it, and the release gives no year-ago figure on that basis.
• Coupang reports in U.S. dollars while its Product Commerce revenue comes primarily from Korea, so it also reports growth at constant currency: 11% for total net revenues this quarter, against 7% as reported.

Source: Coupang Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Coupang splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Coupang's Product Commerce revenue was $8.4 billion in Q3 2026, up 5% from $8.0 billion in Q3 2025, 84% of total revenue.
• Coupang's Developing Offerings revenue was $1.6 billion in Q3 2026, up 23% from $1.3 billion in Q3 2025, 16% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total net revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Coupang's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Coupang reports two segments. Product Commerce, $8,374 million of $9,962 million in Q3 2026, is its core Korean retail and marketplace business plus Rocket Fresh, earning money from owned-inventory sales in Korea, merchant commissions and fulfillment fees, and the Korean WOW membership program. Developing Offerings, $1,588 million, covers Eats in Korea, Rocket Now in Japan, Play, fintech, retail in Taiwan and Farfetch, and its revenue comes primarily from Farfetch, Eats and Taiwan. (Coupang Q3 2026 release, Nov 3, 2026; Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

By type of revenue, net retail sales from Coupang's owned inventory were $7,626 million, third-party merchant services $2,030 million and other revenue $306 million. Net other revenue also carries restaurant delivery, advertising and WOW membership subscription revenue. (Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

Total net revenues rose 7% as reported and 11% at constant currency. In Product Commerce, which grew 5% (8% at constant currency), the 10-Q credits a 6% rise in net revenues per active customer excluding currency effects and a 2% increase in active customers, and says growth was held back by the data incident and by 3% from foreign exchange. Developing Offerings grew 23%, or 27% at constant currency. (Coupang Q3 2026 release, Nov 3, 2026; Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

In November 2025 Coupang became aware of a data incident involving unauthorized access to customer accounts by a former employee. Coupang says it is the main reason active customer growth slowed in each quarter of 2026, and that it pushed Product Commerce cost of sales from 67.9% to 71.6% of revenue through higher supply chain costs and a higher rate of customer discounts. (Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

The July 2026 Incheon fulfillment center fire did not have a material impact on Q3 revenue generation or on Coupang's ability to meet customer demand, according to the 10-Q, and the lost capacity is being absorbed by its other facilities. (Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

Coupang's basic and diluted EPS was $(0.28) in Q3 2026, against $0.05 a year earlier, on a net loss attributable to stockholders of $(501) million. The Incheon fire added $248 million to the operating loss: $95 million of inventory losses in cost of sales and $153 million of fixed asset impairments and other losses in operating, general and administrative expense. Excluding the fire, Coupang put diluted EPS at $(0.18). (Coupang Q3 2026 release, Nov 3, 2026; Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

Gross profit margin fell 364 basis points to 25.7%, and operating, general and administrative expense rose to 30.2% of revenue from 27.6%. The result was an operating loss of $(450) million, against operating income of $162 million in Q3 2025. Equity-based compensation was $169 million. (Coupang Q3 2026 release, Nov 3, 2026; Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

Weighted-average shares were 1,795 million, against 1,864 million diluted a year earlier. Coupang repurchased 12.7 million Class A shares for $201 million in the quarter and 56.4 million for $1.1 billion over nine months, leaving $706 million under its program. The nine-month net loss also includes about $410 million of administrative fines. (Coupang Q3 2026 release, Nov 3, 2026; Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Coupang does not state an outlook in its earnings release. The release refers to its guidance for constant currency total net revenue growth and adjusted EBITDA margin only to explain why it gives no GAAP reconciliation for them, and Coupang discussed results on a conference call on November 3, 2026. (Coupang Q3 2026 release, Nov 3, 2026)

In its 10-Q, Coupang says it expects Product Commerce cost of sales as a percentage of revenue to remain elevated over the near term as it recovers from the data incident. (Coupang Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Coupang, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Coupang's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CPNG is on is CPNG a buy or a sell?, what analysts expect next is on the CPNG forecast, and what the company does is on the Coupang (CPNG) stock page.

Every number on this page can be traced to a document Coupang published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.