CPNG Q1 2026 Earnings

Call Details

• Call Title: Coupang Q1 2026 Earnings Call
• Date: May 5, 2026 at 9:30 PM UTC
• Management Team:
  • Mike Parker (Vice President of Investor Relations)
  • Bom Kim (Chief Executive Officer)
  • Gaurav Anand (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated net revenues were $8.5B in Q1 2026, representing growth of 8% on both a reported and constant currency basis.
• Product commerce segment net revenues were $7.2B, growing 4% on a reported basis and 5% in constant currency.
• Product commerce gross profit was $2.2B with a gross profit margin of 30.3%, representing a contraction of approximately 100 basis points year over year and 160 basis points quarter over quarter.
• Product commerce segment adjusted EBITDA was $358M, resulting in an adjusted EBITDA margin of 5%, which contracted roughly 300 basis points year over year and 270 basis points quarter over quarter.
• Developing offerings net revenue was $1.3B, growing 28% on a reported basis and 25% in constant currency, and generated $123M in gross profit, down 25% versus last year.
• Consolidated adjusted EBITDA was $29M, a 0.3% adjusted EBITDA margin, down approximately 450 basis points year over year and 270 basis points quarter over quarter.

Guidance

• For Q2, the company anticipates consolidated constant currency revenue growth of 9% to 10%.
• The company expects consolidated adjusted EBITDA margin year over year contraction of approximately 300 to 400 basis points for Q2.
• The company expects top-line growth rates to continue improving through the year as the impacts from the data incident diminish.
• The company expects margins to improve throughout the year and expects annual margin expansion to resume next year.
• Full-year developing offerings segment-adjusted EBITDA losses remain expected in the range of $950M to $1.0B.
• The company anticipates an effective tax rate of between 75% to 80% for the full year due to early-stage losses in Taiwan and Japan, with long-term normalization toward ~25%.