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Coupang Business Segments

Business, geographic, and product segment breakdowns

Coupang generates $35.1B in annual revenue across 2 key segments: Developing Offerings ($4.6B), and Product Commerce ($20.4B). The company-wide operating margin is 0.219%. Based on the Q1 2026 filing.

Developing Offerings (TTM)$4.6BProduct Commerce (TTM)$20.4B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$31.0B
ROE8.73%

Products & Services

Total net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Third-party merchant services$1.7B$1.6B$1.8B$1.9B$1.9B$1.8B
Other revenue$253M$258M$262M$293M$296M$261M

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue, one geographical area, percentage22.5%22.5%22.5%22.5%22.5%—

Business Segments

Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product Commerce$539M$550M$663M$705M$567M$358M
Developing Offerings-$118M-$168M-$235M-$292M-$300M-$329M

Cost of Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product Commerce$4.6B$4.7B$4.9B$5.4B$5B$5B
Developing Offerings$842M$873M$1B$1.1B$1.2B$1.2B

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product Commerce$2.3B$2.2B$2.4B$2.6B$2.4B$2.2B
Developing Offerings$240M$165M$171M$156M$183M$123M

Total net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product Commerce$6.9B$6.9B$7.3B$8B$7.4B$7.2B
Developing Offerings$1.1B$1B$1.2B$1.3B$1.4B$1.3B

Total other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product Commerce$1.7B$1.6B$1.7B$1.9B$1.8B$1.8B
Developing Offerings$358M$333M$406M$448M$483M$452M