The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Form 10-Q, as well as our audited consolidated financial statements included in our 2025 Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-Q. As a result of many factors, including, without limitation, those factors set forth in the “Risk Factors” section of our 2025 Form 10-K and the “Risk Factors” section of subsequent Form 10-Qs, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding. Page Overview 22 Key Business Metrics 24 Results of Operations 25 Non-GAAP Financial Measures 29 Liquidity and Capital Resources 32 Critical Accounting Policies and Estimates 33 Overview Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including Korea, Taiwan, Singapore, China, India, Japan, and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?” We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight—for millions of products across Korea and Taiwan. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies. Data Incident and Customer Compensation Program In November 2025, Coupang became aware of the Incident. For additional information, see Part I, Item 1A. “Risk Factors,” Part I, Item 1C. “Cybersecurity,” and Note 14 — "Commitments and Contingencies" to the consolidated financial statements included in Part II, Item 8 of our 2025 Form 10-K. In December 2025, Coupang Corp. announced a customer compensation program to issue approximately $1.2 billion worth of vouchers, beginning in January 2026, to customers who were notified of the Incident at the end of November 2025 that were redeemable for future Coupang purchases. These vouchers are reflected as reductions to the selling price and revenue recognized on each corresponding transaction as they are redeemed. Voucher redemption concluded in mid-April 2026. We believe that the Incident has increased the Korean government’s focus on our business and may continue to result in additional expenses, including from remediation, inquiries, enforcement actions, and litigation. See Note 10 — “Commitments and Contingencies” to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information on recent administrative fines. Fulfillment Center Fire In July 2026, a fire occurred at one of our leased fulfillment centers located in Incheon, Korea (the “Incheon FC Fire”). We are assessing the impact of the fire on our business, results of operations, and financial conditions. See Note 11 — "Subsequent Event" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information. The Incheon FC Fire has not had a material impact on our third quarter revenue generation or ability to meet customer demand, nor do we expect a significant disruption to our ability to meet future customer demand. Coupang, Inc. Q2 2026 Form 10-Q 22 Table of Contents Segment Information Our segments reflect the way we evaluate our business performance and manage operations. See Note 3 — "Segment Reporting" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q. Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Korean WOW membership program. Developing Offerings includes more nascent offerings and services, including our on-demand delivery service consisting of Eats in Korea and Rocket Now in Japan, Play, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch. Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and Taiwan. Coupang, Inc. Q2 2026 Form 10-Q 23 Table of Contents Key Financial and Operating Highlights: (in millions) Three Months Ended June 30, % Change Six Months Ended June 30, % Change 2026 2025 2026 2025 Total net revenues $ 8,856 $ 8,524 4 % $ 17,360 $ 16,432 6 % Total net revenues, constant currency(1) $ 9,404 10 % $ 17,940 9 % Gross profit(2) $ 2,494 $ 2,561 (3) % $ 4,791 $ 4,877 (2) % Net (loss) income(4) $ (570) $ 31 NM(3) $ (836) $ 145 NM(3) Net (loss) income margin (6.4) % 0.4 % (4.8) % 0.9 % Adjusted EBITDA(1) $ 163 $ 428 (62) % $ 192 $ 810 (76) % Adjusted EBITDA margin(1) 1.8 % 5.0 % 1.1 % 4.9 % Net cash provided by operating activities $ 367 $ 545 (33) % $ 551 $ 899 (39) % Free cash flow(1) $ 51 $ 247 (79) % $ (59) $ 363 NM(3) Segment adjusted EBITDA: Product Commerce $ 382 $ 663 (42) % $ 740 $ 1,213 (39) % Developing Offerings $ (219) $ (235) NM(3) $ (548) $ (403) NM(3) Trailing Twelve Months Ended June 30, % Change (in millions) 2026 2025 Net cash provided by operating activities $ 1,425 $ 1,909 (25) % Free cash flow(1) $ 105 $ 784 (87) % (1)Total net revenues, constant currency; total net revenues growth, constant currency; adjusted EBITDA; adjusted EBITDA margin; and free cash flow are non-GAAP measures. See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with U.S. GAAP. (2)Gross profit is calculated as total net revenues minus cost of sales. (3)Non-meaningful. (4)Net loss for the three and six months ended June 30, 2026 includes certain administrative fines of approximately $410 million. Key Business Metrics Three Months Ended Net revenues per Product Commerce Active Customer June 30, March 31, 2026 $ 301 $ 300 2026 - constant currency $ 321 $ 303 2025 $ 307 $ 294 Percentage change (2) % 2 % Percentage change - constant currency 5 % 3 % (in millions) Three Months Ended Product Commerce Active Customers June 30, March 31, 2026 24.7 23.9 2025 23.9 23.4 Percentage change 3 % 2 % We experienced a lower year-over-year growth rate in Product Commerce Active Customers in the first and second quarters of 2026 primarily due to the impact of the Incident. Coupang, Inc. Q2 2026 Form 10-Q 24 Table of Contents Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce Active Customers are added in a recent period. Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention. Product Commerce Active Customers A customer is anyone who has created an account on our apps or websites, identified by a unique email address. As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers. Results of Operations Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 % Change 2026 2025 % Change Net retail sales $ 6,744 $ 6,507 4 % $ 13,220 $ 12,595 5 % Net other revenue 2,112 2,017 5 % 4,140 3,837 8 % Total net revenues 8,856 8,524 4 % 17,360 16,432 6 % Cost of sales 6,362 5,963 7 % 12,569 11,555 9 % Operating, general and administrative 3,050 2,412 26 % 5,589 4,574 22 % Total operating cost and expenses 9,412 8,375 12 % 18,158 16,129 13 % Operating (loss) income (556) 149 NM(1) (798) 303 NM(1) Interest income 42 51 (18) % 86 100 (14) % Interest expense (25) (25) — % (38) (48) (21) % Other income (expense), net 6 19 (68) % (38) 55 NM(1) (Loss) income before income taxes (533) 194 NM(1) (788) 410 NM(1) Income tax expense 37 163 (77) % 48 265 (82) % Net (loss) income $ (570) $ 31 NM(1) $ (836) $ 145 NM(1) (1)Non-meaningful. Total Net Revenues We categorize our total net revenues as (1) net retail sales and (2) net other revenue. Total net revenues incorporate reductions for estimated returns, promotional discounts, and earned loyalty rewards and exclude amounts collected on behalf of third parties, such as value added taxes. We periodically provide customers with promotional discounts to retail prices, such as percentage discounts and other similar offers, to incentivize increased customer spending and loyalty. These promotional discounts are discretionary and are reflected as reductions to the selling price and revenue recognized on each corresponding transaction. Loyalty rewards are offered as part of revenue transactions to all retail customers, whereby rewards are earned as a percentage of each purchase, for the customer to apply towards the purchase price of a future transaction. We defer a portion of revenue from each originating transaction, based on the estimated standalone selling price of the loyalty reward earned, and then recognize the revenue as the loyalty reward is redeemed in a future transaction, or when the reward expires. The amount of the deferred revenue related to these loyalty rewards is not material. Coupang, Inc. Q2 2026 Form 10-Q 25 Table of Contents Three Months Ended June 30, % Change Six Months Ended June 30, % Change (in millions) 2026 2025 As Reported Constant Currency 2026 2025 As Reported Constant Currency Net retail sales $ 6,744 $ 6,507 4 % 10 % $ 13,220 $ 12,595 5 % 8 % Net other revenue 2,112 2,017 5 % 11 % 4,140 3,837 8 % 12 % Total net revenues $ 8,856 $ 8,524 4 % 10 % $ 17,360 $ 16,432 6 % 9 % Net retail sales represent the majority of our total net revenues which we earn from online product sales of our owned inventory to customers. Net other revenue includes revenue from commissions from merchants that sell their products through our apps or websites. We are not the merchant of record in these transactions, nor do we take possession of the related inventory. Net other revenue also includes consideration from online restaurant ordering and delivery services performed by us, as well as advertising services provided on our apps or websites. We also earn subscription revenue from memberships to our WOW membership programs, which is also included in net other revenue. The following table presents our total net revenues by segment. Three Months Ended June 30, % Change Six Months Ended June 30, % Change (in millions) 2026 2025 As Reported Constant Currency 2026 2025 As Reported Constant Currency Product Commerce $ 7,425 $ 7,334 1 % 8 % $ 14,601 $ 14,204 3 % 7 % Developing Offerings 1,431 1,190 20 % 24 % 2,759 2,228 24 % 25 % Total net revenues $ 8,856 $ 8,524 4 % 10 % $ 17,360 $ 16,432 6 % 9 % The increase in Product Commerce net revenues for the three and six months ended June 30, 2026 is primarily due to a 5% growth in total net revenues per Product Commerce Active Customer, excluding effects of foreign exchange rates, driven by increased customer engagement within and across more product categories and a 3% increase in our Product Commerce Active Customers. The growth rates for the three and six months ended June 30, 2026 were negatively affected by the Incident’s impact on the growth rate in Product Commerce Active Customers, as well as 7% and 4% from the negative effect of foreign exchange rates, respectively. The increase in Developing Offerings net revenues for the three and six months ended June 30, 2026 is primarily due to an increase in total net revenues from our growth initiatives, as we are seeing greater levels of customer engagement in these early-stage offerings. Cost of Sales Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 2026 2025 Cost of sales $ 6,362 $ 5,963 $ 399 $ 12,569 $ 11,555 $ 1,014 As a percentage of revenues 71.8 % 70.0 % 1.8 % 72.4 % 70.3 % 2.1 % Cost of sales primarily consists of the purchase price of products sold directly to customers where we record revenue gross, and includes logistics costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics-related expenses, delivery costs from our restaurant delivery business, and depreciation and amortization expense. Cost of sales increased mainly due to higher volume from increased sales and customer demand. Cost of sales as a percentage of revenue increased primarily due to an increase for Product Commerce from 67.4% and 68.0% for the three and six months ended June 30, 2025 to 69.5% and 69.6% for the three and six months ended June 30, 2026, primarily from the impact of the Incident, including increased costs in supply chain management and a higher rate of customer discounts. The increase in cost of sales as a percentage of revenue for three months ended June 30, 2026 is partially offset by the decrease for Developing Offerings from 85.6% for the three months ended June 30, 2025 to 84.2% for the three months ended June 30, 2026, resulting from improvements in various offerings, most notably Taiwan. Contributing to the increase in cost of sales as a percentage of revenue for the six months ended June 30, 2026 is the increase for Developing Offerings from 84.9% for the six months ended June 30, 2025 to 87.4% for the six months ended June 30, 2026, which is primarily driven by an increase in costs of sales relative to the growth in revenue as well as growth in certain Developing Offerings initiatives operating with lower margins over the six-month period. We expect cost of sales as a percentage of revenue to remain elevated over the near term as we recover from the Incident. Coupang, Inc. Q2 2026 Form 10-Q 26 Table of Contents Operating, General and Administrative Expenses Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 2026 2025 Operating, general and administrative expenses $ 3,050 $ 2,412 $ 638 $ 5,589 $ 4,574 $ 1,015 As a percentage of revenues 34.4 % 28.3 % 6.1 % 32.2 % 27.8 % 4.4 % Operating, general and administrative expenses include all our operating costs excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributed to receiving, inspecting, picking, packaging, and preparing customer orders), customer service-related costs, payment processing fees, costs related to the design, execution, and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization expense. The increase in operating, general and administrative expenses for the three and six months ended June 30, 2026 primarily reflects the impact of certain administrative fines of approximately $410 million as well as increases in fulfillment, technology, and marketing costs to support our continued growth. The administrative fines increased operating, general and administrative expenses as a percentage of revenue by 4.6% and 2.4% for the three and six months ended June 30, 2026, respectively. The remaining increase is due to the lower rate of revenue growth as a result of the Incident. We expect operating, general and administrative expenses as a percentage of revenue to remain elevated over the near term as we recover from the Incident. Interest Expense Interest expense primarily consists of interest on our short-term borrowings and long-term debt. Interest expense remained flat compared to the three months ended June 30, 2025 and decreased $10 million compared to the six months ended June 30, 2025, respectively, due to the interest expense in the prior year periods associated with the Farfetch syndicated term loans that were redeemed in July 2025. Interest Income Interest income primarily consists of interest earned on our deposits held with financial institutions. Interest income for the three and six months ended June 30, 2026 decreased slightly when compared with the prior year periods. Income Taxes Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change 2026 2025 Change Income tax expense $ 37 $ 163 $ (126) $ 48 $ 265 $ (217) Effective tax rate (6.9) % 84.0 % (91.0) % (6.1) % 64.6 % (70.7) % Our tax provision for income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for certain jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, U.S. taxes on foreign earnings such as the inclusion of the NCTI provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences. Our tax provision for income taxes for the three and six months ended June 30, 2026 was unfavorably impacted by losses before income taxes in certain jurisdictions for which we receive no tax benefit and certain non-deductible administrative fines discussed in Note 10 — "Commitments and Contingencies" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, resulting in a negative effective tax rate. The realization of our deferred tax assets primarily depends on the generation of future taxable income. Based on our current assessment, it is possible that our future results of operations in the U.S. could result in the need to record an additional valuation allowance against our U.S. deferred tax assets within the next 12 months. We continue to monitor the realizability of our deferred tax assets on a quarterly basis and will adjust the valuation allowance in the period where evidence indicates that it is more likely than not that these assets will not be realized. Coupang, Inc. Q2 2026 Form 10-Q 27 Table of Contents Segment Gross Profit and Adjusted EBITDA Segment gross profit is defined as net revenues less cost of sales attributable to each reportable segment. Segment Adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 % Change 2026 2025 % Change Gross profit Product Commerce $ 2,268 $ 2,390 (5) % $ 4,442 $ 4,541 (2) % Developing Offerings 226 171 32 % 349 336 4 % Gross profit $ 2,494 $ 2,561 (3) % $ 4,791 $ 4,877 (2) % Adjusted EBITDA Product Commerce $ 382 $ 663 (42) % $ 740 $ 1,213 (39) % Developing Offerings (219) (235) NM(2) (548) (403) NM(2) Adjusted EBITDA(1) $ 163 $ 428 (62) % $ 192 $ 810 (76) % (1)See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with U.S. GAAP. (2)Non-meaningful. Product Commerce The decrease in gross profit for the three and six months ended June 30, 2026 is primarily due to the impact of the Incident, including increased costs in supply chain management and a higher rate of customer discounts. The decrease in Product Commerce adjusted EBITDA for the three and six months ended June 30, 2026 is primarily due to the impacts of the Incident described above and increases in fulfillment, technology, and marketing costs to support our continued growth. Developing Offerings The increase in gross profit for the three and six months ended June 30, 2026 resulted from the growth in revenue described above. The decreased loss for the three months ended June 30, 2026 in Developing Offerings adjusted EBITDA is primarily the result of the increase in revenue and gross profit described above. The increased loss for the six months ended June 30, 2026 in Developing Offerings adjusted EBITDA is primarily the result of increased investments in our Developing Offerings initiatives, including Taiwan, Play, and Rocket Now over the six-month period. Coupang, Inc. Q2 2026 Form 10-Q 28 Table of Contents Non-GAAP Financial Measures We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures. Non-GAAP Measure Definition How We Use The Measure Free Cash Flow • Net cash provided by (used in) operating activities Less: purchases of property and equipment, Plus: proceeds from sale of property and equipment. • Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, repurchasing shares of our Class A common stock, and paying dividends to stockholders. Adjusted EBITDA • Net income (loss), excluding the effects of: - depreciation and amortization, - interest expense, - interest income,- other income (expense), net, - income tax expense (benefit),- equity-based compensation,- acquisition and restructuring-related costs,- impairments, and- other items not reflective of our ongoing operations, such as certain administrative fines and catastrophic occurrences. • Provides information to management to evaluate and assess our performance and allocate internal resources. • We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, catastrophic losses, and certain variable charges. Administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment, as discussed in Note 10 — “Commitments and Contingencies”. Adjusted EBITDA Margin • Adjusted EBITDA as a percentage of total net revenues. Total Net Revenues, Constant Currency • Constant currency information compares results between periods as if exchange rates had remained constant. • We define total net revenues, constant currency as total revenue excluding the effect of foreign exchange rate movements and use it to determine the total net revenues growth, constant currency on a comparative basis. • Total net revenues, constant currency is calculated by translating current period total net revenues using the prior period exchange rate. • The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the USD and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in KRW, which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW. • We use total net revenues, constant currency and total net revenues growth, constant currency for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations. Total Net Revenues Growth, Constant Currency • Total net revenues growth, constant currency (as a percentage) is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates. Coupang, Inc. Q2 2026 Form 10-Q 29 Table of Contents Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended June 30, (in millions) 2026 2025 2026 2025 2026 2025 Net cash provided by operating activities $ 367 $ 545 $ 551 $ 899 $ 1,425 $ 1,909 Adjustments: Purchases of land and buildings (133) (49) (196) (98) (334) (300) Purchases of equipment (184) (250) (417) (440) (992) (832) Total purchases of property and equipment (317) (299) (613) (538) (1,326) (1,132) Proceeds from sale of property and equipment 1 1 3 2 6 7 Total adjustments $ (316) $ (298) $ (610) $ (536) $ (1,320) $ (1,125) Free cash flow $ 51 $ 247 $ (59) $ 363 $ 105 $ 784 Net cash used in investing activities $ (326) $ (299) $ (628) $ (512) $ (1,370) $ (1,036) Net cash (used in) provided by financing activities $ (134) $ 92 $ 214 $ 108 $ (141) $ 119 Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Total net revenues $ 8,856 $ 8,524 $ 17,360 $ 16,432 Net (loss) income (570) 31 (836) 145 Net (loss) income margin (6.4) % 0.4 % (4.8) % 0.9 % Adjustments: Depreciation and amortization 145 126 288 248 Interest expense 25 25 38 48 Interest income (42) (51) (86) (100) Income tax expense 37 163 48 265 Other (income) expense, net (6) (19) 38 (55) Acquisition and restructuring related losses, net — 40 — 25 Certain administrative fines(1) 410 — 410 — Equity-based compensation 164 113 292 234 Adjusted EBITDA $ 163 $ 428 $ 192 $ 810 Adjusted EBITDA margin 1.8 % 5.0 % 1.1 % 4.9 % (1)Administrative fines include only certain significant regulatory fines and penalties that Coupang does not consider to be normal operating expenses related to the Company’s ongoing operations, revenue generating activities, business strategy, industry, and regulatory environment, as discussed in Note 10 — “Commitments and Contingencies”. Coupang, Inc. Q2 2026 Form 10-Q 30 Table of Contents Total Net Revenues, Constant Currency and Total Net Revenues Growth, Constant Currency Three Months Ended June 30, Year over Year Growth 2026 2025 (in millions) As Reported Exchange Rate Effect Constant Currency Basis As Reported As Reported Constant Currency Basis Consolidated Net retail sales $ 6,744 $ 417 $ 7,161 $ 6,507 4 % 10 % Net other revenue 2,112 131 2,243 2,017 5 % 11 % Total net revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4 % 10 % Net Revenues by Segment Product Commerce $ 7,425 $ 505 $ 7,930 $ 7,334 1 % 8 % Developing Offerings 1,431 43 1,474 1,190 20 % 24 % Total net revenues $ 8,856 $ 548 $ 9,404 $ 8,524 4 % 10 % Six Months Ended June 30, Year over Year Growth 2026 2025 (in millions) As Reported Exchange Rate Effect Constant Currency Basis As Reported As Reported Constant Currency Basis Consolidated Net retail sales $ 13,220 $ 441 $ 13,661 $ 12,595 5 % 8 % Net other revenue 4,140 139 4,279 3,837 8 % 12 % Total net revenues $ 17,360 $ 580 $ 17,940 $ 16,432 6 % 9 % Net Revenues by Segment Product Commerce $ 14,601 $ 565 $ 15,166 $ 14,204 3 % 7 % Developing Offerings 2,759 15 2,774 2,228 24 % 25 % Total net revenues $ 17,360 $ 580 $ 17,940 $ 16,432 6 % 9 % Coupang, Inc. Q2 2026 Form 10-Q 31 Table of Contents Liquidity and Capital Resources Liquidity Liquidity is a measure of our ability to access sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. Our primary source of liquidity is cash on hand, which is supplemented through various debt financing arrangements and sales of our equity securities. We had total cash, cash equivalents, and restricted cash of $6.2 billion as of June 30, 2026, the majority of which was held by foreign subsidiaries and may not be freely transferable to the United States due to local laws or other restrictions. Additionally, as of June 30, 2026, we had $0.3 billion available under our credit facilities as described below. The ability of certain subsidiaries to transfer funds or pay dividends to Coupang, Inc. is also restricted due to terms in our credit agreements which require the subsidiaries to meet certain financial covenants, including requirements to maintain a positive net equity balance or having current period income. As of June 30, 2026 and December 31, 2025, we had stockholders’ equity of $3.0 billion and $4.6 billion, respectively. We may incur losses in the future. We expect that our investment into our growth strategy will continue to be significant, particularly with respect to our Developing Offerings segment, which will continue to focus on our newer offerings and entrance into new geographies, as well as overall expansion of our fulfillment, logistics, and technology capabilities. As part of this expansion to fulfill anticipated future customer demand and planned expansion of services, we plan to acquire and build new fulfillment centers. We have entered into various new construction contracts for capital projects which are expected to be completed over the next two years. These contracts have remaining capital expenditures commitments of $181 million as of June 30, 2026. We expect that our future expenditures for both infrastructure and workforce-related costs will exceed several billion dollars over the next several years. Changes in our cash flows were as follows: Six Months Ended June 30, (in millions) 2026 2025 Change Net cash provided by operating activities $ 551 $ 899 $ (348) Net cash used in investing activities (628) (512) (116) Net cash provided by financing activities 214 108 106 Operating Activities Six Months Ended June 30, (in millions) 2026 2025 Change Net (loss) income $ (836) $ 145 $ (981) Adjustments to reconcile net (loss) income to net cash provided by operating activities 1,057 946 111 Change in operating assets and liabilities 330 (192) 522 Net cash provided by operating activities $ 551 $ 899 $ (348) The year-over-year change in operating cash flow was driven by a $981 million decrease to net (loss) income, which includes $410 million for certain administrative fines. These administrative fines were unpaid as of June 30, 2026 and did not impact operating cash flow. Cash provided by operating activities was also impacted by $232 million of cash payments for income taxes. In addition, changes in working capital included a $187 million decrease in inventory and a $150 million increase in accounts payable, primarily reflecting the timing of inventory purchases and vendor payments, as well as a $84 million decrease in other assets due to decreases in deposits and contract assets. Investing Activities The increase in cash outflow was mainly driven by a $75 million increase in purchases of property and equipment, primarily related to investments made in our fulfillment and logistics infrastructure. Financing Activities The year-over-year change in financing cash flow was primarily driven by an increase of $931 million from proceeds from debt and short-term borrowings, net of repayments. During the six months ended June 30, 2026, we borrowed $750 million under the Revolving Credit Facility for general operating purposes. This was partially offset by our repurchase of 43.7 million shares of Class A common stock for an aggregate amount of $850 million during the six months ended June 30, 2026. Coupang, Inc. Q2 2026 Form 10-Q 32 Table of Contents Our Board of Directors has authorized a stock repurchase program for our outstanding shares of Class A common stock. As of June 30, 2026, we had $907 million of availability remaining under the stock repurchase program. Refer to Note 8 — "Supplemental Financial Information" for more information. We believe that our sources of liquidity will be sufficient to meet our anticipated cash requirements for at least the next 12 months. However, we may need additional cash resources in the future if we find and pursue other opportunities for investment, acquisition, strategic cooperation, or other similar actions, which may include investing in technology, our logistics and fulfillment infrastructure, or related talent. If we determine that our cash requirements exceed our amounts of cash on hand or if we decide to change our capital structure, we may seek to issue additional debt or equity securities or obtain credit facilities or other sources of financing. This financing may not be available on favorable terms, or at all. Capital Resources We have entered into material unconditional purchase obligations. These contractual commitments primarily relate to technology-related service contracts, fulfillment center construction contracts, and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date. We generally enter into term loan facility agreements to finance the construction or purchase of our fulfillment centers. These agreements may require that we provide collateral equal to or greater than the amount borrowed under the arrangement. As we continue to build or purchase additional fulfillment centers, we expect our borrowings under debt financing arrangements to continue to increase. Refer to Note 14 — "Commitments and Contingencies", Note 5 — "Defined Severance Benefits", and Note 11 — "Leases" of our consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K for disclosure of our future commitments. Our short-term and long-term borrowings generally include lines of credit with financial institutions available to be drawn upon for general operating purposes. Revolving Credit Facility The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term SOFR, plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. During the six months ended June 30, 2026, we borrowed $750 million under the Revolving Credit Facility for general operating purposes and $750 million was outstanding as of June 30, 2026 and is included in “Short-term borrowings”. Other Credit Facilities In June 2026, certain of our Korean subsidiaries entered into new unsecured revolving credit facilities with maturity dates in June 2027 and amended an existing credit arrangement with a maturity date in April 2027. The facilities are available for general working capital purposes and provide for aggregate borrowing capacity of approximately $193 million. Borrowings bear interest at floating rates ranging from the Korean certificate of deposit rate plus 1.20% to plus 1.50%. These revolving credit facilities contain customary terms and conditions, including certain affirmative and negative covenants. As of June 30, 2026, there were no amounts outstanding under any of these facilities. During the six months ended June 30, 2026, certain other subsidiaries entered into various unsecured borrowings under other revolving credit facilities, the majority of which mature within twelve months. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants. Under all other credit facilities, total borrowing capacity at June 30, 2026 was $1.6 billion and aggregate outstanding borrowings totaled $1.2 billion with a weighted average interest rate of 2.89%. Refer to Note 13 — "Short-Term Borrowings and Long-Term Debt" of our consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K for disclosure of our debt obligations and collateral. Critical Accounting Estimates We prepare our financial statements in accordance with U.S. GAAP. Preparing these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. For a discussion of our critical accounting policies and estimates, refer to the section entitled “Critical Accounting Estimates” in our 2025 Form 10-K. Other significant accounting policies are also discussed in Note 1 — “Description of Business and Summary of Significant Accounting Policies” to the consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K. Coupang, Inc. Q2 2026 Form 10-Q 33 Table of Contents