v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market along with other international markets. The CODM is our CEO. We have two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance.
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 our 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.
The CODM uses two profitability measures, Segment Gross Profit and Segment Adjusted EBITDA, in assessing segment performance and allocating resources to each segment. Segment Gross Profit and Segment Adjusted EBITDA are evaluated on a monthly basis by our CODM by monitoring actual results versus prior periods. This comparison is performed to make strategic assessments and decisions regarding segment profitability, resource allocation, pricing strategies and cost optimization, and whether to reinvest profits into each of these segments or into other initiatives.
Segment Gross Profit is defined as total 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.
We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.
Reportable segment financial information is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)
2026202520262025
Net revenues
Product Commerce$8,374 $7,980 $22,975 $22,184 
Developing Offerings1,588 1,287 4,347 3,515 
Total net revenues$9,962 $9,267 $27,322 $25,699 
Cost of sales
Product Commerce$5,998 $5,416 $16,157 $15,079 
Developing Offerings1,403 1,131 3,813 3,023 
Total cost of sales$7,401 $6,547 $19,970 $18,102 
Gross profit
Product Commerce$2,376 $2,564 $6,818 $7,105 
Developing Offerings185 156 534 492 
Total gross profit$2,561 $2,720 $7,352 $7,597 
Other segment items (1)
Product Commerce$1,991 $1,859 $5,693 $5,187 
Developing Offerings454 448 1,351 1,187 
Total other segment items$2,445 $2,307 $7,044 $6,374 
Segment adjusted EBITDA
Product Commerce$385 $705 $1,125 $1,918 
Developing Offerings(269)(292)(817)(695)
Total segment adjusted EBITDA$116 $413 $308 $1,223 
(1)Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within “Other segment items” for any individual segment.
Reconciliations of segment profit or loss:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2026202520262025
Total gross profit$2,561 $2,720 $7,352 $7,597 
Operating, general and administrative(3,011)(2,558)(8,600)(7,132)
Interest expense(22)(22)(60)(70)
Interest income45 52 131 152 
Other (expense) income, net(87)(27)(125)28 
(Loss) income before income taxes$(514)$165 $(1,302)$575 
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2026202520262025
Total segment adjusted EBITDA
$116 $413 $308 $1,223 
Depreciation and amortization(149)(133)(437)(381)
Equity-based compensation(169)(118)(461)(352)
Acquisition and restructuring related losses, net— — — (25)
Certain administrative fines(1)
— — (410)— 
Incheon FC Fire losses (see Note 8)(248)— (248)— 
Interest expense(22)(22)(60)(70)
Interest income45 52 131 152 
Other (expense) income, net(87)(27)(125)28 
(Loss) income before income taxes$(514)$165 $(1,302)$575 
Note: Amounts may not foot due to rounding.
(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”.