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# Coupang Posts $501 Million Quarterly Loss, And Still Lost $321 Million Without The Fire
- URL: https://www.bullished.co/coupang-posts-501-million-quarterly-loss-and-still-lost-321-million-without-the-fire-9e87268f/
- Published: 2026-11-03T21:27:29.000Z
- Updated: 2026-11-03T21:27:29.000Z
- Description: Revenue rose 7% to $10 billion, but adjusted EBITDA fell to $116 million, a 1.2% margin, from $413 million a year earlier.
- Author: Matteo Parrino
- Tags: Earnings, CPNG, Industry: Consumer Discretionary

Coupang, which runs online retail, restaurant delivery, video streaming and financial services mostly in Korea, reported a [third-quarter net loss of $501 million](https://www.sec.gov/Archives/edgar/data/0001834584/000183458426000084/cpng-09302026ex991.htm?ref=bullished.co) on Tuesday, against a $95 million profit a year earlier. Excluding costs from a July fire at its Incheon fulfillment center, the loss was still $321 million, the company said.

## Sales up, profit gone

Revenue reached $10.0 billion, up 7% as reported and 11% in constant currency, which strips out exchange-rate swings, according to the [8-K filing](https://www.sec.gov/Archives/edgar/data/0001834584/000183458426000084/cpng-20261103.htm?ref=bullished.co) and earnings release.

Operating results turned to a $450 million loss from a $162 million profit. Excluding fire-related costs of $248 million, the operating loss was $202 million. Diluted earnings were minus $0.28 per share, or minus $0.18 excluding the fire, versus $0.05 a year earlier.

Adjusted EBITDA, a measure of core operating profit, fell to $116 million, a 1.2% margin, from $413 million and 4.5%. Gross profit slid 6% to $2.6 billion, with margin at 25.7%, down 364 basis points (about 3.6 percentage points).

## Core shopping business takes the hit

Product Commerce, the core shopping segment, had revenue of $8.4 billion, up 5% (8% in constant currency). Its adjusted EBITDA dropped to $385 million from $705 million. Active customers rose 2% to 25.2 million from 24.7 million.

Developing Offerings, which includes businesses beyond core retail, grew revenue 23% to $1.6 billion and narrowed its adjusted EBITDA loss to $269 million from $292 million.

## Cash and the nine-month hole

Over nine months, Coupang lost $1,337 million after earning $234 million a year earlier. That period includes $410 million of certain administrative fines, which the company excludes from its adjusted measures along with the fire costs.

Operating cash flow for the trailing twelve months was $845 million, down $1.5 billion, and free cash flow was negative $409 million. Coupang repurchased 12.7 million Class A shares for $201 million during the quarter. Cash stood at $5,444 million at September 30, down from $6,318 million at year-end.

Management hosts a conference call at 5:30 p.m. ET on Tuesday to discuss the quarter.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Coupang, Inc. (CPNG)](https://www.sec.gov/Archives/edgar/data/0001834584/000183458426000084/cpng-20261103.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit cpng-09302026ex991.htm — Coupang, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001834584/000183458426000084/cpng-09302026ex991.htm?ref=bullished.co) — SEC EDGAR