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Segment Reporting
 6 Months Ended
Jun. 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 June 30,Six Months Ended June 30,
(in millions)
2026202520262025
Net revenues
Product Commerce$7,425 $7,334 $14,601 $14,204 
Developing Offerings1,431 1,190 2,759 2,228 
Total net revenues$8,856 $8,524 $17,360 $16,432 
Cost of sales
Product Commerce$5,157 $4,944 $10,159 $9,663 
Developing Offerings1,205 1,019 2,410 1,892 
Total cost of sales$6,362 $5,963 $12,569 $11,555 
Gross profit
Product Commerce$2,268 $2,390 $4,442 $4,541 
Developing Offerings226 171 349 336 
Total gross profit$2,494 $2,561 $4,791 $4,877 
Other segment items (1)
Product Commerce1,886 1,727 $3,702 $3,328 
Developing Offerings445 406 897 739 
Total other segment items$2,331 $2,133 $4,599 $4,067 
Segment adjusted EBITDA
Product Commerce$382 $663 $740 $1,213 
Developing Offerings(219)(235)(548)(403)
Total segment adjusted EBITDA$163 $428 $192 $810 
(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 June 30,Six Months Ended June 30,
(in millions)2026202520262025
Total gross profit2,494 2,561 $4,791 $4,877 
Operating, general and administrative(3,050)(2,412)(5,589)(4,574)
Interest expense(25)(25)(38)(48)
Interest income42 51 86 100 
Other income (expense), net6 19 (38)55 
(Loss) income before income taxes$(533)$194 $(788)$410 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Total segment adjusted EBITDA
$163 $428 $192 $810 
Depreciation and amortization$(145)$(126)(288)(248)
Equity-based compensation(164)(113)(292)(234)
Acquisition and restructuring related losses, net— (40)— (25)
Certain administrative fines(1)
(410)— (410)— 
Interest expense(25)(25)(38)(48)
Interest income42 51 86 100 
Other income (expense), net6 19 (38)55 
(Loss) income before income taxes$(533)$194 $(788)$410 
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”.