Slides
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Q3 2026 Financial Results November 3, 2026
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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 data incident on our business and operating or financial results, and t he pace of recovery from the data incident 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,” conviction,” "predict," view,” "project," “guide,” “arrive,” “manage,” "should," "target," "toward," "think," "will," "shall," keep,” “goal," “grow,” “generate,” ”drive,” "objective," “represent,” "seek," “see,” “apply,” “bring,” "strategy," "future," “create,” ”widen,” ”scale,” ”gain,” "opportunity," "runway," "trajectory," “roll,” “work,” “in crease,” “return,” "continue," expand,” “extend,” “build,” ”find,” “move,” "climb,” "pace," "restore,” ”enable,” “raise,” “improve,” “refine,” “add,” “retain,” “remain,” “make,” "on -going," "momentum," “compound,” "prevent," "commit," "want," "can," or "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 impact 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 incr eased acceptance of online transactions by potential customers; competition in our industry; managing our growth, investment, and expansion into new markets and offerings; risks associated with current and fu ture acquisitions, mergers, 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 s uppliers and to add new suppliers 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 a ny tax assessments, claims, litigation, audits, inspections and investigations; and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events (including the on going conflict in the Middle East), tariffs and other trade barriers, and the losses, costs, and liabilities to third parties associated with any catastrophic occurrences. The forward -looking statements contained in this presentation are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted. For additional information on other potential risks and uncertainties that could cause act ual 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 obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intention s, 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.
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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 (1.7)% YoY Dilution Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards. 1,823M 1,787M 76M 81M Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Outstanding Common Stock Outstanding Equity-based Awards 1,899M 1,868M
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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 $9.3B $10.0B Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Up 7% YoY Up 11% 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. See Appendix for a reconciliation of constant currency measures with their comparable amounts prepared in accordance with U.S. GAAP.
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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 $33.7B $36.2B Q3 25 Q3 26 Up 7% YoY Up 11% YoY FX-neutral Total Net Revenues – TTM
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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 $2.7B $2.6B Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 29.4% 25.7% Down 6% YoY Down 3% YoY FX-neutral GPM down 364 bps $2.7B, excluding the $95M FC fire-related costs 26.7% excluding the $95M FC fire-related costs
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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 $95M $(501M) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Down $596M YoY $(321M) excluding $180M of tax-affected loss related to the FC fire
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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 $390M $(1.4B) Down 2% YoY GPM down 260 bps YoY Gross Profit – TTM $10.1B $9.9B Q3 25 Q3 26 30.0% 27.4% Margin Net Income (Loss) Attributable to Coupang Stockholders – TTM Down $1.8B YoY Includes certain administrative fines and FC fire-related costs Q3 25 Q3 26 $10.0B, excluding the $95M FC fire- related costs 27.6% excluding the $95M FC fire- related costs
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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 $413M $116M Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Down $297M YoY 1.2% margin, down 329 bps YoY 4.5% 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 1.2%
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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 $1.1B YoY 1.6% margin, down 329 bps YoY Adjusted EBITDA – TTM $1.6B $575M Q3 25 Q3 26 4.9% Margin 1.6%
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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 $2.4B $845M Q3 25 Q3 26 $1.3B $(409M) Q3 25 Q3 26 Down $1.5B YoY Operating Cash Flow – TTM Free Cash Flow – TTM Down $1.7B 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.
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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 $29.1B $30.4B Q3 25 Q3 26 $8.0B $8.4B Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Revenue Up 5% YoY Up 8% YoY F/X neutral Segment Results: Product Commerce – Net Revenue Net Revenue – TTM Up 5% YoY Up 8% YoY F/X neutral
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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 $2.5B $1.7B Q3 25 Q3 26 $705M $385M Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Adjusted EBITDA – TTM Down $765M YoY 5.6% margin, down 288 bps YoY 8.5% 5.6% Segment Results: Product Commerce – Adjusted EBITDA Adjusted EBITDA Down $320M YoY 4.6% margin, down 424 bps YoY 4.6% 8.8% Margin
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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 24.7M 25.2M Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Product Commerce Active Customers Up 2% 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.
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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 $4.6B $5.8B Q3 25 Q3 26 $1.3B $1.6B Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Revenue Up 23% YoY Up 27% YoY F/X neutral Segment Results: Developing Offerings – Net Revenue Net Revenue – TTM Up 26% YoY Up 27% YoY F/X neutral
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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 $(813M) $(1.1B) Q3 25 Q3 26 $(292M) $(269M) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 (17.7)% (19.3)% Segment Results: Developing Offerings – Adjusted EBITDA Adjusted EBITDA – TTM Down $304M YoY (16.9)% (22.7)% Adjusted EBITDA Improved $23M YoY Margin
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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
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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
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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 September 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 $ 7,980 $ 8,374 $ 248 $ 8,622 5 % 8 % Developing Offerings 1,287 1,588 42 1,630 23 % 27 % Total net revenues $ 9,267 $ 9,962 $ 290 $ 10,252 7 % 11 % Trailing Twelve Months September 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 $ 29,067 $ 30,383 $ 1,092 $ 31,475 5 % 8 % Developing Offerings 4,597 5,774 51 5,825 26 % 27 % Total net revenues $ 33,664 $ 36,157 $ 1,143 $ 37,300 7 % 11 %
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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 September 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 $ 2,564 $ 2,376 $ 70 $ 2,446 (7) % (5) % Developing Offerings 156 185 1 186 19 % 19 % Gross profit $ 2,720 $ 2,561 $ 71 $ 2,632 (6) % (3) %
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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. (1) 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. Three Months Ended (in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total net revenues $ 9,267 $ 8,835 $ 8,504 $ 8,856 $ 9,962 Net income (loss) attributable to Coupang stockholders 95 (26) (266) (570) (501) Net loss attributable to noncontrolling interests — — — — — Net income (loss) 95 (26) (266) (570) (501) Net income (loss) margin 1.0 % (0.3) % (3.1) % (6.4) % (5.0) % Adjustments: Depreciation and amortization 133 136 143 145 149 Interest expense 22 16 13 25 22 Interest income (52) (47) (44) (42) (45) Income tax expense (benefit) 70 48 11 37 (13) Other expense (income), net 27 17 44 (6) 87 Acquisition and restructuring related losses, net — — — — — Certain administrative fines(1) — — — — — 410 — Incheon FC Fire losses — — — — 248 Equity-based compensation 118 123 128 164 169 Adjusted EBITDA $ 413 $ 267 $ 29 $ 163 $ 116 Adjusted EBITDA margin 4.5 % 3.0 % 0.3 % 1.8 % 1.2 %
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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) September 30, 2025 September 30, 2026 Total net revenues $ 33,664 $ 36,157 Net income (loss) attributable to Coupang stockholders 390 (1,363) Net loss attributable to noncontrolling interests (19) — Net income (loss) 371 (1,363) Net income (loss) margin 1.1 % (3.8) % Adjustments: Depreciation and amortization 501 573 Interest expense 110 76 Interest income (205) (178) Income tax expense 483 83 Other (income) expense, net 18 142 Acquisition and restructuring related losses, net 67 — Certain administrative fines(1) — 410 Fulfillment Center Fire insurance gain (175) — Incheon FC Fire losses — 248 Equity-based compensation 474 584 Adjusted EBITDA $ 1,644 $ 575 Adjusted EBITDA margin 4.9 % 1.6 % (1) 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.
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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) September 30, 2025 September 30, 2026 Net cash provided by operating activities $ 2,367 $ 845 Adjustments: Purchases of land and buildings (190) (328) Purchases of equipment (915) (929) Total purchases of property and equipment (1,105) (1,257) Proceeds from sale of property and equipment 6 3 Total adjustments $ (1,099) $ (1,254) Free cash flow $ 1,268 $ (409) Net cash used in investing activities $ (1,019) $ (1,301) Net cash provided by (used in) financing activities $ 280 $ (1,427)