Coupang Announces Results for Second Quarter 2025

Net Revenues of $8.5 billion, up 16% YoY and 19% on an FX-neutral basis

Gross Profit of $2.6 billion, up 20% YoY and 22% on an FX-neutral basis

Operating income of $149 million, up $174 million YoY

SEATTLE--(BUSINESS WIRE)-- Coupang, Inc. (NYSE: CPNG) today announced financial results for its second quarter ended June 30, 2025.

Q2 2025 Consolidated Highlights:

• Net revenues were $8.5 billion, up 16% YoY on a reported basis and 19% YoY on an FX-neutral basis.
• Gross profit increased 20% YoY and 22% YoY on an FX-neutral basis to $2.6 billion. Gross profit margin was 30.0%, an improvement of 79 bps YoY.
• Operating income was $149 million, an increase of $174 million over last year, or $53 million excluding the impact of the KFTC administrative fine recorded last year.
• Net income was $31 million and net income attributable to Coupang stockholders was $32 million, an increase of $109 million from last year.
• Diluted EPS was $0.02, an increase of $0.06 over last year.
• Adjusted EBITDA for the quarter was $428 million with a margin of 5.0%, up 51 bps from last year.
• Operating cash flow for the trailing twelve months was $1.9 billion, a decrease of $297 million YoY, and free cash flow was $784 million for the trailing twelve months, a decrease of $729 million YoY. The decrease in free cash flow was primarily driven by timing of capital expenditures as well as impacts of certain working capital fluctuations in the current and previous trailing twelve-month periods that we expect to normalize by the end of the year.

Q2 2025 Segment Highlights:

• Product Commerce segment net revenues were $7.3 billion, up 14% YoY on a reported basis and 17% YoY on an FX-neutral basis.
• Product Commerce Active Customers reached 23.9 million, growing 10% YoY.
• Product Commerce gross profit was $2.4 billion, up 23% YoY on a reported basis and 26% YoY on an FX-neutral basis. Gross profit margin was 32.6%, an increase of 227 bps YoY.
• Product Commerce segment adjusted EBITDA was $663 million, up $133 million YoY, with a margin of 9.0%, up 80 bps YoY.
• Developing Offerings segment net revenues were $1.2 billion, up 33% YoY both on a reported basis and FX-neutral basis.
• Developing Offerings segment adjusted EBITDA was a loss of $235 million, an increase of $35 million YoY.

Second Quarter 2025 Results

Consolidated Financial Summary

(in millions, except net revenues per Product Commerce Active Customer and earnings per share)	Three Months Ended June 30,
		2025			2024			% Change
Total net revenues	$	8,524		$	7,323			16	%
Total net revenues growth, constant currency(1)								19	%
Net revenues per Product Commerce Active Customer	$	307		$	296			4	%
Net revenues per Product Commerce Active Customer, constant currency(1)	$	315						6	%
Product Commerce Active Customers		23.9			21.7			10	%
Gross profit(2)	$	2,561		$	2,142			20	%
Gross profit growth, constant currency(1)(2)								22	%
Operating income	$	149		$	(25	)		NM(3)
Net income (loss)	$	31		$	(105	)		NM(3)
Net income attributable to Coupang stockholders	$	32		$	(77	)		NM(3)
Adjusted EBITDA(1)	$	428		$	330			30	%
Earnings per share, basic and diluted	$	0.02		$	(0.04	)		NM(3)
Net cash provided by operating activities	$	545		$	664			(18	)%
Free cash flow(1)	$	247		$	488			(49	)%

Segment Information

	Three Months Ended June 30,
(in millions)		2025				2024			% Change
Product Commerce
Net revenues	$	7,334			$	6,431			14	%
Net revenues growth, constant currency(1)									17	%
Gross profit(2)	$	2,390			$	1,950			23	%
Gross profit growth, constant currency(1)(2)									26	%
Segment adjusted EBITDA	$	663			$	530			25	%
Developing Offerings
Net revenues	$	1,190			$	892			33	%
Net revenues growth, constant currency(1)									33	%
Gross profit(2)	$	171			$	192			(11	)%
Gross profit growth, constant currency(1)(2)									(10	)%
Segment adjusted EBITDA	$	(235	)		$	(200	)		18	%

(1)	Net revenues growth, constant currency, net revenues per Product Commerce Active Customer, constant currency, gross profit growth, constant currency, adjusted EBITDA, and free cash flow are non-GAAP financial measures as defined by the Securities and Exchange Commission (the “SEC”). See the “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” sections herein for more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(2)	Gross profit is calculated as total net revenues minus cost of sales.
(3)	Non-meaningful.

Webcast and Conference Call

Coupang, Inc. will host a conference call to discuss second quarter results on August 5, 2025 at 2:30 PM PT/ 5:30 PM ET. A live webcast of the conference call will be available on our Investor Relations website, ir.aboutcoupang.com, and a replay of the conference call will be available for at least three months. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable U.S. GAAP measures, as well as our second quarter earnings presentation, are also available on that site.

About Coupang

Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch.

FORWARD-LOOKING STATEMENTS

This earnings release or related management commentary may contain statements that may be deemed to be "forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws.

All statements other than statements of historical facts contained in this earnings release and related management commentary, including statements about our business and growth strategies, anticipated or target margins, cash flows, and other operating or financial results, our planned investments in new products and offerings, and their anticipated outcomes, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," "shall," "goal," "objective," "seek," "strategy," "future," "continue," or "would," or the negative of these words or other similar terms or expressions. We have based the forward-looking statements contained in this earnings release and related management commentary on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. Actual results and outcomes could differ materially for a variety of reasons, including, among others, risks and uncertainties regarding the continued growth of the retail market and changes in consumer preferences and spending patterns, the increased acceptance of online transactions by potential customers, competition in our industry, managing our growth and expansion into new markets and offerings, risks associated with current and future acquisitions, mergers, dispositions, joint ventures or investments, potential fluctuations in our financial performance, the extent to which we owe income or other taxes, our ability to retain existing suppliers and to add new suppliers, our market position, our operation and management of our fulfillment and delivery infrastructure, legal and regulatory developments, the outcomes of any claims, litigation, audits, inspections and investigations, and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events, and tariffs and other trade barriers. The forward-looking statements contained in this earnings release and related management commentary are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent SEC filings. All forward-looking statements in this earnings release or related management commentary are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com), our filings with the SEC, webcasts, press releases, and conference calls. We use these mediums, including our investor relations website, to communicate with investors and the general public about our company, our offerings, and other issues. It is possible that the information that we make available on our investor relations website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website.

COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Three Months Ended June 30,								Six Months Ended June 30,
(in millions, except per share amounts)		2025				2024				2025				2024
Net retail sales	$	6,507			$	5,779			$	12,595			$	11,674
Net other revenue		2,017				1,544				3,837				2,763
Total net revenues		8,524				7,323				16,432				14,437
Cost of sales		5,963				5,181				11,555				10,366
Operating, general and administrative		2,412				2,167				4,574				4,056
Total operating cost and expenses		8,375				7,348				16,129				14,422
Operating income (loss)		149				(25	)			303				15
Interest income		51				53				100				108
Interest expense		(25	)			(37	)			(48	)			(64	)
Other income, net		19				12				55				3
Income before income taxes		194				3				410				62
Income tax expense		163				108				265				191
Net income (loss)		31				(105	)			145				(129	)
Net (loss) income attributable to noncontrolling interests		(1	)			(28	)			6				(57	)
Net income (loss) attributable to Coupang stockholders		32				(77	)			139				(72	)
Earnings per share
Basic	$	0.02			$	(0.04	)		$	0.08			$	(0.04	)
Diluted	$	0.02			$	(0.04	)		$	0.08			$	(0.04	)
Weighted-average shares outstanding
Basic		1,817				1,789				1,812				1,791
Diluted		1,855				1,789				1,847				1,791

COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

(in millions)	June 30, 2025				December 31, 2024
Assets
Cash and cash equivalents	$	6,796			$	5,879
Restricted cash		93				151
Accounts receivable, net		499				407
Inventories		2,285				2,099
Prepaids and other current assets		503				458
Total current assets		10,176				8,994
Property and equipment, net		3,424				2,813
Operating lease right-of-use assets		2,540				2,016
Intangible assets, net		210				271
Deferred tax assets		646				622
Long-term lease deposits and other		835				628
Total assets	$	17,831			$	15,344
Liabilities, redeemable noncontrolling interests, and equity
Accounts payable	$	6,487			$	5,554
Accrued expenses		430				461
Deferred revenue		188				141
Short-term borrowings		785				479
Current portion of long-term debt		169				66
Current portion of long-term operating lease obligations		505				422
Other current liabilities		805				593
Total current liabilities		9,369				7,716
Long-term debt		850				988
Long-term operating lease obligations		2,270				1,770
Defined severance benefits and other		657				693
Total liabilities		13,146				11,167
Commitments and contingencies
Redeemable noncontrolling interests		—				75
Equity
Common stock		—				—
Class A — shares authorized 10,000, outstanding 1,661 and 1,643 Class B — shares authorized 250, outstanding 158 and 158
Additional paid-in capital		9,025				8,736
Accumulated other comprehensive loss		(250	)			(404	)
Accumulated deficit		(4,090	)			(4,229	)
Noncontrolling interests		—				(1	)
Total equity		4,685				4,102
Total liabilities, redeemable noncontrolling interests, and equity	$	17,831			$	15,344

COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

	Six Months Ended June 30,
(in millions)		2025				2024
Operating activities
Net income (loss)	$	145			$	(129	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		248				201
Provision for severance benefits		115				90
Equity-based compensation		234				197
Non-cash operating lease expense		237				211
Deferred income taxes		23				103
Other		89				118
Change in operating assets and liabilities, net of acquisition:
Accounts receivable, net		(80	)			23
Inventories		(110	)			(163	)
Other assets		(276	)			(132	)
Accounts payable		370				351
Accrued expenses		(55	)			111
Other liabilities		(41	)			(105	)
Net cash provided by operating activities		899				876
Investing activities
Purchases of property and equipment		(538	)			(285	)
Proceeds from sale of property and equipment		2				4
Net cash acquired in acquisition		—				68
Other investing activities		24				(82	)
Net cash used in investing activities		(512	)			(295	)
Financing activities
Proceeds from issuance of common stock, equity-based compensation plan		3				1
Repurchase of Class A common stock		—				(178	)
Proceeds from short-term borrowings and long-term debt		781				104
Repayment of short-term borrowings and long-term debt		(649	)			(62	)
Other financing activities		(27	)			55
Net cash provided by (used in) financing activities		108				(80	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		363				(304	)
Net increase in cash and cash equivalents and restricted cash		858				197
Cash and cash equivalents and restricted cash, as of beginning of period		6,031				5,597
Cash and cash equivalents and restricted cash, as of end of period	$	6,889			$	5,794

Supplemental Financial Information

Share Information

	As of June 30,
(in millions)	2025		2024
Outstanding common stock	1,819		1,790
Outstanding equity-based awards	81		81
Outstanding common stock and equity-based awards	1,900		1,871

Key Business Metrics and Non-GAAP Financial Measures

We review the key business and financial metrics discussed below. We use these measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

Key Business Metrics

Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer

Net revenues per Product Commerce Active Customer is the net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce active customers are added in a recent period.

Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.

Product Commerce Active Customers

As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. A customer is anyone who has created an account on our apps or websites, identified by a unique email address. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.

	Three Months Ended June 30,
(in millions, except net revenues per Product Commerce Active Customer)		2025			2024		% Change
Net revenues per Product Commerce Active Customer	$	307		$	296		4	%
Net revenues per Product Commerce Active Customer (Constant Currency)	$	315					6	%
Product Commerce Active Customers		23.9			21.7		10	%

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.

Non-GAAP Measure	Definition	How We Use The Measure
Adjusted EBITDA	• Net income (loss), excluding the effects of: depreciation and amortization, interest expense, interest income, other income (expense), net, income tax expense (benefit), equity-based compensation, impairments, and other items not reflective of our ongoing operations.	• Provides information to management to evaluate and assess our performance and allocate internal resources.   • We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, and certain variable charges.
Adjusted EBITDA Margin	• Adjusted EBITDA as a percentage of total net revenues.
Constant Currency Revenue and Constant Currency Gross Profit	• Constant currency information compares results between periods as if exchange rates had remained constant. • We define constant currency revenue and constant currency gross profit as total revenue and gross profit, respectively, excluding the effect of foreign exchange rate movements, and use it to determine the constant currency revenue growth and constant currency gross profit growth on a comparative basis. • Constant currency revenue and constant currency gross profit are calculated by translating current period revenues and gross profits using the prior period exchange rate.	• The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar (“USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won (“KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW.   • We use constant currency revenue and constant currency revenue growth, constant currency gross profit and constant currency gross profit growth for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations.
Constant Currency Revenue Growth and Constant Currency Gross Profit Growth	• Constant currency revenue growth and constant currency gross profit growth (as percentages) are calculated by determining the increase in current period revenue and gross profit over prior period revenue and gross profit, where current period foreign currency revenue and gross profit are translated using prior period exchange rates.
Free Cash Flow	• Cash flow from operations Less: purchases of property and equipment, Plus: proceeds from sale of property and equipment.	• Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, repurchasing shares of our Class A Common stock, and paying dividends to stockholders.

Reconciliations of Non-GAAP Measures

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Although, it is important to note that these factors could be material to Coupang’s results computed in accordance with GAAP. Certain amounts may not foot due to rounding.

The following tables present the reconciliations from each U.S. GAAP measure to its corresponding non-GAAP measure for the periods noted:

Constant Currency Revenue and Constant Currency Revenue Growth

	Three Months Ended June 30,									Year over Year Growth
	2025								2024
(in millions)	As Reported		Exchange Rate Effect			Constant Currency Basis		As Reported		As Reported		Constant Currency Basis
Consolidated
Net retail sales	$	6,507	$	138		$	6,645	$	5,779	13	%	15	%
Net other revenue		2,017		43			2,060		1,544	31	%	33	%
Total net revenues	$	8,524	$	181		$	8,705	$	7,323	16	%	19	%
Net Revenues by Segment
Product Commerce	$	7,334	$	183		$	7,517	$	6,431	14	%	17	%
Developing Offerings		1,190		(2	)		1,188		892	33	%	33	%
Total net revenues	$	8,524	$	181		$	8,705	$	7,323	16	%	19	%

Constant Currency Gross Profit and Constant Currency Gross Profit Growth

	Three Months Ended June 30,								Year over Year Growth
	2025							2024
(in millions)	As Reported		Exchange Rate Effect		Constant Currency Basis		As Reported		As Reported		Constant Currency Basis
Gross Profit by Segment
Product Commerce	$	2,390	$	61	$	2,451	$	1,950	23	%	26	%
Developing Offerings		171		1		172		192	(11	)%	(10	)%
Gross profit	$	2,561	$	62	$	2,623	$	2,142	20	%	22	%

Free Cash Flow

	Three Months Ended June 30,								Trailing Twelve Months Ended June 30,
(in millions)		2025				2024				2025				2024
Net cash provided by operating activities	$	545			$	664			$	1,909			$	2,206
Adjustments:
Purchases of land and buildings		(49	)			(33	)			(300	)			(118	)
Purchases of equipment		(250	)			(145	)			(832	)			(591	)
Total purchases of property and equipment		(299	)			(178	)			(1,132	)			(709	)
Proceeds from sale of property and equipment		1				2				7				16
Total adjustments	$	(298	)		$	(176	)		$	(1,125	)		$	(693	)
Free cash flow	$	247			$	488			$	784			$	1,513
Net cash used in investing activities	$	(299	)		$	(178	)		$	(1,036	)		$	(710	)
Net cash provided by (used in) financing activities	$	92			$	(132	)		$	119			$	(210	)

Adjusted EBITDA and Adjusted EBITDA Margin

	Three Months Ended June 30,								Trailing Twelve Months Ended June 30,
(in millions)		2025				2024				2025				2024
Total net revenues	$	8,524			$	7,323			$	32,263			$	27,182
Net income attributable to Coupang stockholders		32				(77	)			365				1,051
Net income (loss) attributable to noncontrolling interests		(1	)			(28	)			(25	)			(57	)
Net income (loss)		31				(105	)			340				994
Net income (loss) margin		0.4	%			(1.4	)%			1.1	%			3.7	%
Adjustments:
Depreciation and amortization		126				106				480				345
Interest expense		25				37				124				90
Interest income		(51	)			(53	)			(208	)			(212	)
Income tax expense (income)		163				108				481				(645	)
Other (income) expense, net		(19	)			(12	)			(13	)			6
Acquisition and restructuring related losses, net		40				19				75				77
KFTC administrative fine		—				121				—				121
Fulfillment Center Fire insurance gain		—				—				(175	)			—
Equity-based compensation		113				109				470				367
Adjusted EBITDA	$	428			$	330			$	1,574			$	1,143
Adjusted EBITDA margin		5.0	%			4.5	%			4.9	%			4.2	%

 

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Source: Coupang