Q2 2026 Coupang Inc Earnings Call Transcript
Key Points
- Product Commerce revenue growth accelerated to 8% in constant currency, up from 5% in Q1, with underlying customer spend (excluding non-returned incident cohort) growing 16% year-over-year.
- WOW membership reached an all-time high, exceeding pre-incident levels, with returning members spending at record levels and growing at similar high rates as before.
- Developing Offerings revenue grew 24% in constant currency, with segment adjusted EBITDA losses improving by $110 million quarter-over-quarter and gross margin expanding both year-over-year and quarter-over-quarter.
- Eats has completed its investment cycle and, combined with Rocket Now, is now sustainable on a combined basis, demonstrating the success of the disciplined investment playbook.
- Taiwan is progressing faster than Korea did, launching Dawn Delivery in just one year (vs. four years in Korea), with early cohorts showing retention and spend growth tracing Korea's curve.
- Product Commerce adjusted EBITDA margin contracted 390 basis points year-over-year to 5.1%, due to supply chain headwinds, elevated promotional activity, and fixed costs built against a pre-incident demand curve.
- Consolidated adjusted EBITDA margin contracted 320 basis points year-over-year, with Q3 guidance expecting a similar 300-400 basis point contraction due to holiday timing and seasonal costs.
- The company recorded $410 million in administrative fines from Korean regulators, which negatively impacted reported results and are not tax-deductible.
- A fire at a Korean fulfillment center in July caused an estimated $246 million in owned inventory and fixed asset losses, with financial impact still to be assessed and recognized in future quarters.
- A minority of customers who left during the data incident have not returned, and their absence continues to distort reported revenue growth, with full recovery expected only after lapping the affected period in Q2 2027.
Hello, everyone. My name is Emily, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coupang 2026 second-quarter earnings conference call. (Operator Instructions)
Now I'd like to turn the call over to Mike Parker, Vice President of Investor Relations. You may begin your conference.
Thanks, operator. Welcome, everyone, to Coupang's second-quarter 2026 earnings conference call. I'm pleased to be joined on the call today by our Founder and CEO, Bom Kim; and our CFO, Gaurav Anand. The following discussion, including responses to your questions, reflects management's views as of today's date only. We do not undertake any obligation to update or revise this information except as required by law.
Certain statements made on today's call may include forward-looking statements including statements regarding future financial and operational results. Actual results may differ materially. Additional information about factors that could
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