Online platform company Coupang (NYSE: CPNG) fell short of the market’s revenue expectations in Q2 CY2026 as sales rose 3.9% year on year to $8.86 billion. Its non-GAAP loss of $0.09 per share was 68.8% above analysts’ consensus estimates.
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Coupang (CPNG) Q2 CY2026 Highlights:
- Revenue: $8.86 billion vs analyst estimates of $9.05 billion (3.9% year-on-year growth, 2.2% miss)
- Adjusted EPS: -$0.09 vs analyst estimates of -$0.29 (68.8% beat)
- Adjusted EBITDA: $163 million vs analyst estimates of $6.93 million (1.8% margin, significant beat)
- Operating Margin: -6.3%, down from 1.7% in the same quarter last year
- Free Cash Flow was $51 million, up from -$110 million in the previous quarter
- Active Customers: 24.7 million, up 800,000 year on year
- Market Capitalization: $29.47 billion
Company Overview
Founded in 2010 by Harvard Business School student Bom Kim, Coupang (NYSE: CPNG) is an e-commerce giant often referred to as the "Amazon of South Korea".
Revenue Growth
A company’s long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last three years, Coupang grew its sales at a solid 17.1% compounded annual growth rate. Its growth beat the average consumer internet company and shows its offerings resonate with customers.
This quarter, Coupang’s revenue grew by 3.9% year on year to $8.86 billion, falling short of Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 13.2% over the next 12 months, a deceleration versus the last three years. We still think its growth trajectory is attractive given its scale and indicates the market is forecasting success for its products and services.
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Active Customers
Buyer Growth
As an online retailer, Coupang generates revenue growth by expanding its number of users and the average order size in dollars.
Over the last two years, Coupang’s active customers, a key performance metric for the company, increased by 7.2% annually to 24.7 million in the latest quarter. This growth rate is slightly below average for a consumer internet business and is largely a function of its already massive scale and penetrated market. If Coupang wants to reach the next level, it likely needs to innovate with new products. 
In Q2, Coupang added 800,000 active customers, leading to 3.3% year-on-year growth. The quarterly print was lower than its two-year result, suggesting its new initiatives aren’t accelerating buyer growth just yet.
Revenue Per Buyer
Average revenue per buyer (ARPB) is a critical metric to track because it measures how much customers spend per order.
Coupang’s ARPB growth has been decent over the last two years, averaging 5.1%. Its ability to increase monetization while growing its active customers demonstrates the value of its platform. 
This quarter, Coupang’s ARPB clocked in at $358.54. It was flat year on year, worse than the change in its active customers.
Key Takeaways from Coupang’s Q2 Results
We were impressed by how significantly Coupang blew past analysts’ EBITDA expectations this quarter. On the other hand, its revenue missed. Overall, this quarter could have been better. The stock traded down 2.9% to $16.28 immediately after reporting.
Should you buy the stock or not? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
