Description

Coupang’s 24.7 Million Customer Engine: Is The Post-Incident Recovery Finally Taking Hold?

Coupang’s second-quarter 2026 results reflect a complex recovery phase following a disruptive data incident that affected customer behavior and financial performance. Consolidated revenue grew by 10% year-over-year on a constant currency basis, marking an improvement from the previous quarter and aligning with prior guidance. Product Commerce revenue grew 8% on a constant currency basis, with active customers increasing to 24.7 million, driven by returning higher-spending customers and new customer additions. Excluding the small cohort of customers who left during the incident and have yet to return, customer spend growth was approximately 16% year-over-year, close to pre-incident trends. However, the lag in recovery among this minority group created a gap between spend growth and reported revenue growth. Gross margin contracted by roughly 210 basis points year-over-year to 30.5% for Product Commerce, largely due to supply chain disruptions and higher promotional spending aimed at customer reacquisition.