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Coupang’s revenue continued to grow in the second quarter of 2026, but more slowly than a year earlier on a reported U.S.-dollar basis. Net revenue reached $8.856 billion, up 4% year over year as reported and 10% at constant currency. The gap matters: currency translation reduced the reported growth rate, while the company’s largest business, Product Commerce, grew more slowly than its smaller Developing Offerings segment.
Is Coupang’s revenue growth slowing?
Yes, on the reported year-over-year comparison: Coupang’s Q2 2026 revenue growth was 4%, down from 16% in Q2 2025. At constant currency, growth eased from 19% to 10%. The company was still growing, and first-half 2026 revenue grew 6% reported and 9% at constant currency. These figures support describing growth as positive but slower; they do not establish a formal promise of stable future growth or predict the second half of 2026.
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| Period | Net revenue | Reported growth | Constant-currency growth |
|---|---|---|---|
| Q2 2025 | $8.5 billion | 16% | 19% FX-neutral |
| FY 2025 | $34.5 billion | 14% | 18% FX-neutral |
| Q2 2026 | $8.856 billion | 4% | 10% |
| H1 2026 | $17.360 billion | 6% | 9% |
Sources: Coupang’s Q2 2026 earnings release, Q2 2026 Form 10-Q, FY2025 results and Q2 2025 results. The release reports Q2 2025 revenue as $8.5 billion; growth rates are the company’s reported figures.
Why reported growth is lower than constant-currency growth
Coupang generates most of its revenue in Korean won but reports consolidated results in U.S. dollars. When the won’s exchange rate changes, translating revenue into dollars affects the reported comparison. Coupang says constant currency compares periods as if exchange rates had remained constant, using prior-period exchange rates for current-period foreign-currency revenue. It is a company-defined non-GAAP measure, so it should be read alongside—not instead of—reported growth.
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For Q2 2026, the difference was six percentage points for the company overall: 4% reported growth versus 10% at constant currency. Coupang’s Form 10-Q attributes a 7-percentage-point negative foreign-exchange effect to Product Commerce growth in the quarter. The segment’s reported and constant-currency rates therefore help separate currency translation from the underlying comparison, but neither rate alone tells the whole story.
Which Coupang business segment is growing fastest?
Developing Offerings grew faster, while Product Commerce remained much larger by revenue. The comparison below uses Q2 2026 results; first-half constant-currency growth adds context on each segment’s recent pace.
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| Segment | Q2 2026 revenue | Q2 reported growth | Q2 constant-currency growth | H1 2026 constant-currency growth |
|---|---|---|---|---|
| Product Commerce | $7.425 billion | 1% | 8% | 7% |
| Developing Offerings | $1.431 billion | 20% | 24% | 25% |
Product Commerce accounted for most of Q2 revenue, so its slower growth weighs more heavily on the consolidated result. Developing Offerings’ faster percentage growth starts from a much smaller base; the figures do not mean it has overtaken the core business in scale.
What customer activity says about Product Commerce
Coupang attributed Product Commerce growth to increased customer engagement and a 3% increase in active customers in Q2 2026. Constant-currency revenue per Product Commerce active customer rose 5% year over year. The figures point to both customer activity and spend per active customer as relevant parts of the segment’s performance; they do not offset the much slower reported segment growth by themselves.
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How the customer data incident fits into the results
Coupang said a customer data incident beginning in November 2025 adversely affected Q4 2025 revenue growth, active customers, WOW membership and profitability beginning in December. Its Q4 results release said the effects on growth had stabilized and were beginning to recover in Q1 2026. This is the company’s attribution, not an independently established causal estimate.
In its Q2 2026 Form 10-Q, Coupang said vouchers issued under its customer compensation program were recorded as reductions to selling price and revenue when redeemed, with redemption concluding in mid-April 2026. It also attributed pressure on Product Commerce active-customer growth and cost of sales partly to incident effects, among other factors. The filing does not provide a basis for treating the incident as the sole explanation for the Q2 growth rate.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
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Revenue growth did not mean improving profitability
Other Q2 measures were weaker year over year. Gross profit declined 3% as reported, although it rose 3% at constant currency. Adjusted EBITDA was $163 million, equal to a 1.8% margin and down 318 basis points year over year. Coupang also reported trailing-twelve-month operating cash flow of $1.4 billion and free cash flow of $105 million, both lower year over year. Revenue growth and profitability therefore tell different parts of the company’s performance story.
Coupang also disclosed approximately $410 million in certain Korean administrative fines in Q2 2026 and presented adjusted operating-loss information excluding those fines. The fine figure is a company disclosure and should be kept distinct from the adjusted EBITDA measure above.
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- Gift Cards are shipped active and ready for use.
- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
What to watch in the next results
To judge whether growth is stabilizing or slowing further, compare the same measures over time rather than relying on a single headline rate:
- Reported and constant-currency revenue growth: the former reflects dollar-reported results; the latter isolates exchange-rate translation using the company’s method.
- Product Commerce: its scale makes its growth rate central to consolidated performance.
- Developing Offerings: its faster growth is worth tracking, while accounting for its smaller revenue base.
- Customer activity and spend: active customers and constant-currency revenue per active customer add context to Product Commerce revenue.
- Margins and cash flow: revenue can rise even as profitability measures weaken.
Future results are needed to establish whether the positive growth seen through H1 2026 continues at a similar pace.
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