Coupang, Inc. (CPNG) Earnings
Coupang, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.06. CPNG has beaten EPS estimates in 4 of its last 9 reported quarters (average surprise +7.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.09 | $-0.15 | -60.7% | $8.5B | +0.3% |
| Nov 4, 2025 | $0.04 | $0.05 | +36.5% | $9.3B | +1.3% |
| Feb 27, 2024 | $0.06 | $0.08 | +33.3% | $6.6B | +2.5% |
| Feb 28, 2023 | $0.05 | $0.06 | +20.0% | $5.3B | -1.4% |
| Aug 10, 2022 | $-0.11 | $-0.04 | +63.6% | $5.0B | -2.8% |
| Mar 2, 2022 | $-0.20 | $-0.23 | -15.0% | $5.1B | -2.0% |
| Nov 12, 2021 | $-0.10 | $-0.19 | -90.0% | $4.6B | +19.7% |
| Aug 11, 2021 | $-0.13 | $-0.13 | +0.0% | $4.5B | +0.0% |
| May 12, 2021 | $-0.16 | $-0.68 | -325.0% | $4.2B | -56.1% |
| Mar 11, 2021 | — | $-0.11 | — | $3.1B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Recovery from data incident: Customer obsession, operational excellence, and disciplined capital allocation guide recovery. Revenue growth rate improved from January, with majority of WOW members not leaving and those who left returning. Closed nearly 80% of WOW membership decline through February-April. - Margins: Two factors pressuring profitability this quarter - customer vouchers (one-time, bulk impact in Q1 with tail in Q2) and temporary network inefficiencies (demand short of capacity commitments). Long-term drivers of margin expansion intact. - Business growth: Selection remains primary lever for product commerce growth. In Taiwan, building foundation for differentiated customer experience with expanding last-mile delivery network. EATS recovery follows similar path to product commerce. Developing offerings with deliberate long-term investments in network, logistics, and supply chain.
Guidance
- Q2 consolidated constant currency revenue growth expected 9-10%. - Q2 consolidated adjusted EBITDA margin year over year contraction expected approximately 300 to 400 basis points, primarily reflecting near-term factors from data incident. - Anticipate annual margin expansion to resume next year.
Segment performance
Product commerce: Reported segment net revenues of $7.2 billion, growing 4% on a reported basis and 5% in constant currency. Gross profit was $2.2 billion with a gross profit margin of 30.3%. Segment adjusted EBITDA was $358 million, resulting in an adjusted EBITDA margin of 5%. Developing offerings: Reported segment net revenue of $1.3 billion, growing 28% on a reported basis and 25% in constant currency. Generated $123 million in gross profit, down 25% over last year. Segment-adjusted EBITDA losses were $329 million.
Risks & headwinds
- Impact of data incident on membership and revenue growth in short term. - Temporary network inefficiencies leading to margin compression due to underutilized capacity and inventory secure.
Analyst Q&A
Q: Would you say given returning WOW members and higher demand visibility into second half, timing difference of demand and investment could be resolved in second half and if 2027 margin would have profitability expansion over 2025 level?
A: Explained cost structure with fixed costs built in advance, when external event disrupts demand curve, utilization of costs is temporarily below target, but as recovery progresses, utilization rebalances and margin pressures work their way out, expecting annual margin expansion next year.
Q: Did developing offering guidance include voucher impact and likelihood of annual guidance revision higher?
A: Voucher program included in developing offerings guidance, full year developing offering investments remain tracking to $950 million to $1 billion range.
Q: Quantify voucher impact in Q1 on product commerce and DO and Q2 impact?
A: Vouchers netted against revenue, had impact on Q1 revenue growth and margins, modest impact expected in Q2.
Q: Comment on BOM being designated as head of JBO?
A: Aware of designation, carefully reviewing, committed to complying with regulatory requirements.
Q: When expect WOW users to recover to pre-data breach level and normalized annual addition?
A: Focused on trajectory and customer behavior, majority of WOW members never paused, minority returning rapidly and resuming spend, patterns consistent with event-driven disruption working out.
Q: Change in developing offering loss mix between Taiwan and Japan and when Taiwan losses to pick up?
A: Not splitting out investments between initiatives, prioritizing building foundation in Taiwan with hyper growth, investing in network design, supply chain, and last-mile delivery.
Q: View on overall e-commerce industry growth and buyback cadence?
A: Focused on customer behavior and experience, customers compounding spend, buyback program with $1 billion approved, will continue to allocate capital based on opportunities.
Q: Fuel inflation impact on 2Q EBITDA guide?
A: No specific mention of fuel inflation impact in 2Q EBITDA guide explanation