The COVID‐19 pandemic has disrupted the wellbeing of the general US population, but even more so among Latinx young adults. The current study provides a detailed picture of the emotional wellbeing and coping of Latinx young adults during the first summer of the pandemic. Six virtual focus groups (n = 21) were conducted between May and August of 2020 with a community‐based sample of Latinx young adults to explore (1) how the pandemic affected wellbeing and (2) how they coped with pandemic‐related stress. Contextualistic thematic analysis identified important themes and subthemes. Perceived stressors impacting emotional wellbeing yielded one overarching theme: COVID‐related disruptions in the participants' environment. To manage this heightened stress, another overarching theme was self‐care and intentionality during the pandemic. Future studies should examine the wellbeing of young adults across social contexts and at more recent stages of the pandemic. Findings from this study suggest culturally‐ and developmentally‐tailored interventions are needed as this population navigates contextual stress during a sensitive period in their life.