Slides
Page 1
coupang Q2 2026 Financial Results August 4 , 2026
Page 2
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 1 Disclaimer Forward-Looking Statements This presentation may contain statements that may be deemed to be "forward -looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (together, the “Act”), that are intended to en joy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. We have based the forward -looking statements contained in this presentation on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. All statements othe r than statements of historical facts contained in this presentation, including statements about our business and growth strategies, anticipated or target revenues, growth rates, margins, cash flows, and other operating or financial results, future customer retention, spend and growth rates or trends, our planned investments in new products and offerings, future marketing spend and cost saving trends, future impacts of AI on our busines s and operating and financial results, and their anticipated outcomes, as well as our beliefs and expectations related to the impact of the recent data incident on our business and operating or financial results , the pace of recovery from the data incident, and our efforts to prevent future data incidents, are forward-looking statements. In some cases, you can identify forward -looking statements because they contain words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," sustain,” "plan," “run,” "long-term," "potential," more,” "predict," view,” "project," “guide,” “arrive,” “manage,” "shou ld," "target," "toward," "think," "will," "shall," keep,” “goal," “grow,” “generate,” "objective," “represent,” "seek," “see,” “apply,” “bring,” "strategy," "future," “create,” "opportunity," "runway," "trajectory," “roll,” “work,” “increase,” “return,” "continue," expand,” “extend,” “build,” “move,” "climb,” "pace," "restore," “raise,” “improve,” “refine,” “add,” “retain,” “make,” "on -going," "momentum," “compound,” "prevent," "commit," "want," "can," o r "would," or the negative of these words or other similar terms or expressions. Actual results and outcomes could differ materially from those expressed or contemplated by the forward -looking statements for a variety of reasons, including, among others, risks and uncertainties regarding the nature and scope of any past or future data incidents, investigations and administrative fines related to such data incidents, the i mpact of such data incidents on us, our customers, operations, and financial results; the continued growth of the retail market; changes in consumer preferences and spending patterns; the increased acceptance of onl ine transactions by potential customers; competition in our industry; managing our growth, investment, and expansion into new markets and offerings; risks associated with current and future acquisitions, merg ers, dispositions, joint ventures or investments; potential fluctuations in our financial performance; the extent to which we owe income or other taxes; our ability to retain existing suppliers and to add new suppli ers on terms acceptable to us; our market position; our operation and management of our fulfillment and delivery infrastructure; legal and regulatory developments; the outcomes of any claims, litigation, audit s, inspections and investigations; and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events (including the ongoing conflict in the Middle East), tariffs and other trade barriers, and outcomes from catastrophic occurrences. The forward -looking statements contained in this presentation are also subject to other risks and uncertainties that could cause actual results t o differ from the results predicted. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent SEC filings. All forward-looking statements in this presentation are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligati on to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Additional information relating to certain of our financial measures contained herein, including non -GAAP financial measures, is available in the appendix to this presentation, in our most recent earnings release and at our website at ir.aboutcoupang.com. Investors and others should note that we may announce material business and financial information using our investor relations website (https://ir.aboutcoupang.com) and through https://news.coupang.com, our filings with the SEC, webcasts, press releases (including those on our investor relatio ns website and https://news.coupang.com), and conference calls. We use these mediums to communicate with investors and the general public about our Company, our products, and other matters. It is possible that the information that we make available on our investo r relations website or through https://news.coupang.com may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website and https://news.coupang.com. Notwithstanding the foregoing, the information contained on our investor rela tions website and https://news.coupang.com, as referenced in this paragraph, are not incorporated by reference into this presentation or any other report or document we file with the SEC. Any updates to the lis t of disclosure channels through which we will announce information will be posted on our investor relations website or https://news.coupang.com
Page 3
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 2 Common Stock (1.1)% YoY Dilution Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards. 1,819M 1,792M 81M 88M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Outstanding Common Stock Outstanding Equity-based Awards 1,900M 1,880M
Page 4
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 3 $8.5B $8.9B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Up 4% YoY Up 10% YoY FX-neutral Total Net Revenues Note: FX-neutral, or constant currency, represents the change in net revenues as though the foreign exchange rates remained the same as those in effect in the comparable prior year period.
Page 5
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 4 $32.3B $35.5B Q2 25 Q2 26 Up 10% YoY Up 13% YoY FX-neutral Total Net Revenues – TTM
Page 6
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 5 Gross Profit Margin $2.6B $2.5B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 30.0% 28.2% Down 3% YoY Up 3% YoY FX-neutral GPM down 188 bps
Page 7
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 6 Net Income (Loss) Attributable to Coupang Stockholders $32M $(570M) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Down $602M YoY $(160M) excluding certain administrative fines of $410M
Page 8
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 7 Up 4% YoY GPM down 152 bps YoY Gross Profit – TTM $9.6B $10.1B Q2 25 Q2 26 29.9% 28.4% Margin Net Income (Loss) Attributable to Coupang Stockholders – TTM $365M $(767M) Down $1.1B YoY Includes certain administrative fines of $410M Q2 25 Q2 26
Page 9
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 8 $428M $163M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Down $265M YoY 1.8% margin, down 318 bps YoY 5.0% Adjusted EBITDA Note: Adjusted EBITDA defined as net income (loss) excluding the effects of: depreciation and amortization, interest expense and income, other income (expense), income tax expense (benefit), equity-based compensation, acquisition and restructuring related costs, net impairments, and other items not reflective of our ongoing operations. See Appendix for a reconciliation of net income (loss) to adjusted EBITDA. Margin 1.8%
Page 10
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 9 Down $702M YoY 2.5% margin, down 242 bps YoY Adjusted EBITDA – TTM $1.6B $872M Q2 25 Q2 26 4.9% Margin 2.5%
Page 11
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 10 $1.9B $1.4B Q2 25 Q2 26 $784M $105M Q2 25 Q2 26 Down $484M YoY Operating Cash Flow – TTM Free Cash Flow – TTM Down $679M YoY Note: Free cash flow is defined as cash flow from operations less purchases of property and equipment, plus proceeds from sale of property and equipment. See Appendix for a reconciliation of cash flow from operations to free cash flow.
Page 12
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 11 $28.0B $30.0B Q2 25 Q2 26 $7.3B $7.4B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Revenue Up 1% YoY Up 8% YoY F/X neutral Segment Results: Product Commerce – Net Revenue Net Revenue – TTM Up 7% YoY Up 11% YoY F/X neutral
Page 13
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 12 $2.2B $2.0B Q2 25 Q2 26 $663M $382M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Adjusted EBITDA – TTM Down $210M YoY 6.7% margin, down 123 bps YoY 7.9% 6.7% Segment Results: Product Commerce – Adjusted EBITDA Adjusted EBITDA Down $281M YoY 5.1% margin, down 390 bps YoY 5.1% 9.0% Margin
Page 14
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 13 23.9M 24.7M Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Product Commerce Active Customers Up 3% YoY Note: Product Commerce Active Customers are individual customers who have ordered at least once directly from our Product Commerce apps or websites during the quarter.
Page 15
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 14 $4.3B $5.5B Q2 25 Q2 26 $1.2B $1.4B Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Revenue Up 20% YoY Up 24% YoY F/X neutral Segment Results: Developing Offerings – Net Revenue Net Revenue – TTM Up 28% YoY Up 28% YoY F/X neutral
Page 16
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 15 $(648M) $(1.1B) Q2 25 Q2 26 $(235M) $(219M) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 (15.1)% (20.8)% Segment Results: Developing Offerings – Adjusted EBITDA Adjusted EBITDA – TTM Down $492M YoY (15.3)% (19.7)% Adjusted EBITDA Improved $16M YoY Margin
Page 17
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 16 One, we exist to deliver new moments of wow for customers. Two, we don’t start with what looks easy. We work backwards from imagining jaw-dropping customer experiences and we embrace the hard work required to challenge trade-offs that customers take for granted. Three, we will employ technology, process innovation and economies of scale to create amazing customer experiences and drive operating leverage and significant cash flows over time. Four, we always prioritize growth in long-term cash flows. Five, we are disciplined capital allocators. We start with small investments, then test and iterate rigorously. We invest more capital over time in opportunities that have the best long-term cash flow potential. Our Operating Tenets
Page 18
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 17 Create a world where customers wonder “How did I ever live without Coupang?” Appendix
Page 19
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 18 Note: Certain amounts may not foot due to rounding. Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth Three Months Ended June 30, Year over Year Growth 2025 2026 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Net Revenues by Segment Product Commerce $ 7,334 $ 7,425 $ 505 $ 7,930 1 % 8 % Developing Offerings 1,190 1,431 43 1,474 20 % 24 % Total net revenues $ 8,524 $ 8,856 $ 548 $ 9,404 4 % 10 % Trailing Twelve Months June 30, Year over Year Growth 2025 2026 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Net Revenues by Segment Product Commerce $ 27,978 $ 29,989 $ 999 $ 30,988 7 % 11 % Developing Offerings 4,285 5,473 (1) 5,472 28 % 28 % Total net revenues $ 32,263 $ 35,462 $ 998 $ 36,460 10 % 13 %
Page 20
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 19 Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Note: Certain amounts may not foot due to rounding. Three Months Ended June 30, Year over Year Growth 2025 2026 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Gross Profit by Segment Product Commerce $ 2,390 $ 2,268 $ 154 $ 2,422 (5) % 1 % Developing Offerings 171 226 (1) 225 32 % 32 % Gross profit $ 2,561 $ 2,494 $ 153 $ 2,647 (3) % 3 %
Page 21
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 20 Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin Note: Certain amounts may not foot due to rounding. Three Months Ended (in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Total net revenues $ 8,524 $ 9,267 $ 8,835 $ 8,504 $ 8,856 Net income (loss) attributable to Coupang stockholders 32 95 (26) (266) (570) Net loss attributable to noncontrolling interests (1) — — — — Net income (loss) 31 95 (26) (266) (570) Net income (loss) margin 0.4 % 1.0 % (0.3) % (3.1) % (6.4) % Adjustments: Depreciation and amortization 126 133 136 143 145 Interest expense 25 22 16 13 25 Interest income (51) (52) (47) (44) (42) Income tax expense 163 70 48 11 37 Other (income) expense, net (19) 27 17 44 (6) Acquisition and restructuring related losses, net 40 — — — — Certain administrative fines(1) — — — — — 410 Equity-based compensation 113 118 123 128 164 Adjusted EBITDA $ 428 $ 413 $ 267 $ 29 $ 163 Adjusted EBITDA margin 5.0 % 4.5 % 3.0 % 0.3 % 1.8 % (1) Certain administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.
Page 22
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 21 Non-GAAP Measure: Adjusted EBITDA and Adjusted EBITDA Margin – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) June 30, 2025 June 30, 2026 Total net revenues $ 32,263 $ 35,462 Net income (loss) attributable to Coupang stockholders 365 (767) Net loss attributable to noncontrolling interests (25) — Net income (loss) 340 (767) Net income (loss) margin 1.1 % (2.2) % Adjustments: Depreciation and amortization 480 557 Interest expense 124 76 Interest income (208) (185) Income tax expense 481 166 Other (income) expense, net (13) 82 Acquisition and restructuring related losses, net 75 — Certain administrative fines(1) — 410 Fulfillment Center Fire insurance gain (175) — Equity-based compensation 470 533 Adjusted EBITDA $ 1,574 $ 872 Adjusted EBITDA margin 4.9 % 2.5 % (1) Certain administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment.
Page 23
Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 22 Non-GAAP Measure: Free Cash Flow – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) June 30, 2025 June 30, 2026 Net cash provided by operating activities $ 1,909 $ 1,425 Adjustments: Purchases of land and buildings (300) (334) Purchases of equipment (832) (992) Total purchases of property and equipment (1,132) (1,326) Proceeds from sale of property and equipment 7 6 Total adjustments $ (1,125) $ (1,320) Free cash flow $ 784 $ 105 Net cash used in investing activities $ (1,036) $ (1,370) Net cash provided by (used in) financing activities $ 119 $ (141)