Yes—Coupang’s revenue continued to grow in the second quarter of 2026, but its reported year-over-year growth rate slowed to 4%, from 16% in Q2 2025. Currency translation accounts for much of the difference: on a constant-currency basis, Q2 2026 growth was 10%. The figures show ongoing expansion at a slower reported pace, not a company forecast of stable growth ahead.
How fast is Coupang’s revenue growing?
Coupang reported Q2 2026 net revenue of $8.856 billion, up 4% year over year in U.S. dollars, or 10% at constant currency. In Q2 2025, revenue was $8.5 billion, up 16% as reported and 19% on an FX-neutral basis. The first half of 2026 brought in $17.360 billion, an increase of 6% reported and 9% at constant currency.
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These measures answer different questions. Reported growth reflects the revenue translated into U.S. dollars. Constant-currency growth uses prior-period exchange rates to make the comparison less sensitive to currency movements. Coupang defines constant currency as comparing results “as if exchange rates had remained constant.” It is a company-defined non-GAAP measure, so it is useful alongside—not instead of—the reported result. See the Q2 2026 Form 10-Q and Q2 2026 earnings release.
Why is reported growth lower than constant-currency growth?
Coupang generates most of its revenue in Korean won but reports its results in U.S. dollars. When the won’s value changes against the dollar, translating revenue can make reported growth differ from growth measured at unchanged exchange rates. The Q2 2026 Form 10-Q attributes a 7-percentage-point negative foreign-exchange effect to Product Commerce’s Q2 growth. That helps explain why the consolidated 4% reported rate was below the 10% constant-currency rate.
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Which Coupang business is growing fastest?
Developing Offerings grew faster than Product Commerce, but Product Commerce remained the much larger business by revenue.
| Q2 2026 segment | Revenue | Reported year-over-year growth | Constant-currency growth |
|---|---|---|---|
| Product Commerce | $7.425 billion | 1% | 8% |
| Developing Offerings | $1.431 billion | 20% | 24% |
For the first half of 2026, constant-currency growth was 7% for Product Commerce and 25% for Developing Offerings. The faster rate in Developing Offerings comes from a smaller revenue base; it does not mean that segment has overtaken Product Commerce in scale. Coupang attributed Product Commerce growth to increased customer engagement and a 3% increase in active customers. Constant-currency revenue per Product Commerce active customer rose 5% in Q2, according to the company’s 10-Q filing.
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What else is affecting the growth picture?
Customer data incident
Coupang said a customer data incident beginning in November 2025 adversely affected Q4 revenue growth, active customers, WOW membership and profitability beginning in December. In its Q4 2025 release, the company said the effects on growth had stabilized and were beginning to recover in Q1 2026. Its Q2 filing also attributed pressure on Product Commerce active-customer growth and cost of sales, among other factors, to incident effects. These are company disclosures and attributions, not independent estimates of the incident’s effect.
Coupang’s 2025 Form 10-K described approximately $1.2 billion in customer vouchers announced by its Korean subsidiary in December 2025 for affected customers. The Q2 2026 filing says redeemed vouchers were recorded as reductions to selling price and revenue, with redemption concluding in mid-April 2026. These details matter when interpreting revenue and customer activity across the affected periods. See the Q4 2025 results release and the 2025 Form 10-K.
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Profitability and cash generation
Revenue growth does not by itself show whether the business is becoming more profitable. In Q2 2026, gross profit fell 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-12-month operating cash flow of $1.4 billion and free cash flow of $105 million, both lower year over year. The company disclosed approximately $410 million in certain Korean administrative fines for the quarter and also presented adjusted operating-loss information excluding those fines; the reported EBITDA and margin figures above should not be read as excluding them.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does “stable but slower” describe Coupang’s outlook?
It describes the pattern in the available results only in a limited sense: revenue was growing in both Q2 2026 and the first half, while reported growth was markedly slower than in Q2 2025. First-half constant-currency growth of 9% was close to Q2’s 10% rate, but segment growth rates and contributions differed. The figures do not establish a formal company commitment to stable future growth, and they do not establish how Coupang performed in the second half of 2026. Historical comparisons are available in Coupang’s FY2025 results and Q2 2025 results.
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- 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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