0001834584-26-000073
SEC filingCoupang Q2 2026 营收增长但受数据事件及罚款拖累转亏，盈利质量承压。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total net revenues | $8,856M | $8,524M | +4% |
| Gross Profit | $2,494M | $2,561M | -3% |
| Gross Margin | 28.2% | 30.0% | -180bps |
| Operating (loss) income | -$556M | $149M | NM |
| Operating Margin | -6.3% | 1.7% | -800bps |
| Net (loss) income | -$570M | $31M | NM |
| Diluted EPS | -$0.32 | $0.02 | NM |
| Adjusted EBITDA | $163M | $428M | -62% |
| Adjusted EBITDA margin | 1.8% | 5.0% | -320bps |
| Net cash provided by operating activities | $367M | $545M | -33% |
| Free cash flow | $51M | $247M | -79% |
Q2 2026 营收增长 4%（constant currency 增长 10%），但盈利能力大幅恶化，主要受数据事件（Incident）和 $410M PIPC 行政罚款拖累。Gross Profit 同比降 3%，margin 下降 180bps，主因 Product Commerce 成本上升（供应链成本增加、折扣率提高）。Operating loss 达 $556M，主要受罚款影响，剔除后仍为亏损，反映 Incident 对运营的持续冲击。
盈利质量方面，Net loss 为 $570M，但经营现金流仍为正（$367M），主要因罚款尚未支付。剔除一次性罚款后，run-rate 盈利能力仍承压，Adjusted EBITDA margin 降至 1.8%。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Product Commerce | $7,425M | +1% | $382M | 5.1% | 营收增长受 Incident 拖累，Active Customers 增长放缓，成本上升 |
| Developing Offerings | $1,431M | +20% | -$219M | -15.3% | 增长强劲，亏损收窄，台湾业务改善 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $6,110M | $6,318M |
| Total debt (short-term + long-term) | $2,603M | $1,608M |
| Inventories | $2,067M | $2,256M |
| Operating Cash Flow | $551M (H1) | $899M (H1) |
| Capex | $613M (H1) | $538M (H1) |
| Free Cash Flow | -$59M (H1) | $363M (H1) |
Net Debt 计算：Cash $6,110M - Total Debt $2,603M = Net Cash $3,507M（基于披露数据）。