Coupang, Inc. (CPNG) reported net revenues of $10.0 billion for the third quarter ended September 30, 2026, up 7% from a year earlier and 11% on a constant-currency basis. The technology and retail company said the year-over-year increase accelerated from the 4% reported growth recorded in the second quarter.

Profitability reversed. Operating loss was $450 million, a $612 million decline from operating income a year earlier. Net loss attributable to Coupang stockholders was $501 million, and diluted earnings were a loss of $0.28 a share. The company had reported a $570 million net loss and a $0.32 diluted loss in the second quarter.

A July 2026 fire that significantly damaged a leased fulfillment center in Incheon, Korea, weighed on results. Excluding those costs, operating loss was $202 million, net loss attributable to stockholders was $321 million, and diluted EPS was a loss of $0.18. Gross profit was $2.6 billion, down 6% year over year, with a 25.7% margin. Excluding the fire, gross profit was $2.7 billion and the margin was 26.7%. Adjusted EBITDA was $116 million, a 1.2% margin.

Product Commerce, the core retail business, generated $8.4 billion of net revenues, up 5% year over year and 8% in constant currency. That reported growth compared with 1% year-over-year growth in the second quarter. Product Commerce gross profit was $2.4 billion, down 7% year over year, with a 28.4% margin. Excluding the Incheon fire, that segment’s gross profit was $2.5 billion and the margin was 29.5%. Segment adjusted EBITDA was $385 million, down $320 million year over year, with a 4.6% margin.

Product Commerce Active Customers were 25.2 million, up 2% year over year. Net revenues per Product Commerce Active Customer were $332, up 3% year over year, and $342 in constant currency. The company said it views that per-customer measure as an indicator of engagement and retention.

Developing Offerings, which includes restaurant delivery, video streaming and fintech, contributed $1.6 billion of net revenues, up 23% year over year and 27% in constant currency. Segment adjusted EBITDA losses were $269 million, improving $23 million year over year. Gross profit in that segment was $185 million.

Cash generation weakened. Operating cash flow for the trailing twelve months ended September 30 was $845 million, a $1.5 billion year-over-year decrease. Free cash flow for the same twelve-month period was a $409 million outflow, a $1.7 billion year-over-year decrease. In the quarter, the company repurchased 12.7 million shares of Class A common stock for an aggregate $201 million.

Cash and cash equivalents were $5.4 billion at September 30. Coupang said it will host a conference call to discuss the results.