Coupang (NYSE: CPNG) grows 2025 sales 14% as profits and cash tighten
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Coupang reported solid 2025 growth but weaker late‑year profitability and a significant data incident. Fourth quarter 2025 net revenues reached $8.8 billion, up 11% year over year, while gross profit rose 2% to $2.5 billion and gross margin fell to 28.8%. Operating income dropped to $8 million, and Coupang posted a net loss of $26 million in the quarter, with Adjusted EBITDA down to $267 million and free cash flow at -$278 million.
For full year 2025, total net revenues grew 14% to $34.5 billion and gross profit increased 15% to $10.1 billion, with margin improving slightly to 29.4%. Net income rose to $214 million and Adjusted EBITDA to $1.5 billion, though free cash flow declined to $527 million. The core Product Commerce segment delivered $29.6 billion of revenue and $2.5 billion of segment Adjusted EBITDA, while Developing Offerings revenue climbed to $4.9 billion but Adjusted EBITDA loss widened to $995 million. During Q4 2025 a former employee–related data incident affected data from over 33 million user accounts; the company reports no confirmed misuse so far and says growth impacts are stabilizing in early 2026.
Positive
- None.
Negative
- None.
Insights
Strong top-line and core segment profits offset by data incident hit and weaker cash generation.
Coupang delivered healthy 2025 expansion, with total net revenues up 14% to $34.5 billion and gross profit up 15% to $10.1 billion. The Product Commerce segment remained the profit engine, generating segment Adjusted EBITDA of $2.5 billion with an 8.4% margin, up 88 basis points year over year.
However, profitability momentum softened exiting the year. Q4 2025 operating income fell sharply to $8 million from $312 million, and the company swung to a $26 million net loss. Consolidated Adjusted EBITDA margin compressed to 3.0%, while Developing Offerings posted a wider Adjusted EBITDA loss of $300 million in Q4 and $995 million for 2025.
The Q4 data incident involving unauthorized access to data from over 33 million user accounts is a key operational development. Management attributes weaker Q4 growth rates, active customers, WOW membership, and profitability starting in December to this event and notes early signs of recovery in Q1 2026. Full‑year free cash flow dropped from $1.02 billion to $527 million, reflecting both incident‑related working capital pressure and higher capital expenditures, which investors may weigh against the long‑term growth in Developing Offerings.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices, including zip code)
(206 ) 333-3839
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| (Title of Each Class) | (Trading Symbol) | (Name of Each Exchange on Which Registered) | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 26, 2026, Coupang, Inc. released its financial results for the fourth quarter 2025 and year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 and Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description of Exhibit | |||||||
| 99.1 | Press Release dated February 26, 2026 announcing Coupang, Inc.’s Fourth Quarter 2025 and Year Ended December 31, 2025 Financial Results. | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| COUPANG, INC. (REGISTRANT) | |||||
| By: | /s/ Jonathan Lee | ||||
| Jonathan Lee | |||||
| Chief Accounting Officer | |||||
Dated: February 26, 2026
Exhibit 99.1
Coupang Announces Results for Fourth Quarter 2025
Net Revenues of $8.8 billion, up 11% YoY and 14% on a constant currency basis
Product Commerce Segment Adjusted EBITDA of $567 million, up $28 million YoY
Developing Offerings Segment Net Revenues of $1.4 billion, up 32% YoY and 31% on a constant currency basis
SEATTLE - (BUSINESS WIRE) February 26, 2026—Coupang, Inc. (NYSE: CPNG) today announced financial results for its fourth quarter ended December 31, 2025.
Q4 2025 Consolidated Highlights:
•Total net revenues were $8.8 billion, up 11% YoY on a reported basis and 14% YoY on a constant currency or FX-neutral basis.
•Gross profit increased 2% YoY and 5% YoY on a constant currency basis to $2.5 billion. Gross profit margin was 28.8%, a decrease of 248 bps YoY. Excluding items not reflective of our ongoing operations last year, which consist of acquisition and restructuring related costs for Farfetch, the FC fire insurance gain and the KFTC administrative fine, gross profit increased 7% YoY and 10% YoY on a constant currency basis, with gross profit margin decreasing 102 bps compared to the prior year.
•Operating income was $8 million, a decrease of $304 million over last year or $171 million excluding those items not reflective of our ongoing operations last year.
•Net (loss) income attributable to Coupang stockholders was $(26) million, a decrease of $182 million from the net income last year or $92 million excluding those items not reflective of our ongoing operations last year.
•Diluted EPS was $(0.01), down $0.09 YoY, or $0.05 excluding those items not reflective of our ongoing operations last year.
•Adjusted EBITDA for the quarter was $267 million with a margin of 3.0%, down 226 bps from last year.
•5.9 million shares of Class A common stock were repurchased during the quarter for an aggregate amount of $162 million.
Q4 2025 Segment Highlights:
•Product Commerce segment net revenues were $7.4 billion, up 8% YoY on a reported basis and 12% YoY on a constant currency basis.
•Product Commerce gross profit was $2.4 billion, up 5% YoY on a reported basis and 9% YoY on a constant currency basis. Gross profit margin was 31.9%, a decrease of 83 bps YoY. Excluding those items not reflective of our ongoing operations last year, gross profit increased 11% YoY and 15% YoY on a constant currency basis with gross profit margin improving by 85 bps YoY.
•Product Commerce segment adjusted EBITDA was $567 million, up $28 million YoY, with a margin of 7.7%, down 18 bps YoY.
•Product Commerce Active Customers reached 24.6 million, growing by 8% YoY.
•Developing Offerings segment net revenues were $1.4 billion, up 32% YoY on a reported basis and 31% on a constant currency basis.
•Developing Offerings segment adjusted EBITDA was a loss of $300 million, increasing $182 million YoY.
Q4 2025 Data Incident:
•During Q4 of 2025, Coupang became aware of a data incident involving a former employee that illegally accessed data from over 33 million user accounts and retained data from approximately 3,000 user accounts. Third-party forensics and cybersecurity experts, including Mandiant and Palo Alto Networks, have confirmed that the customer data accessed was limited to basic contact and order information: names, email addresses, phone numbers, delivery addresses, and limited order histories. Building lobby codes were accessed for 2,609 Korean user accounts. No financial or payment card data, no
| Coupang, Inc. |  | Q4 2025 Earnings Release | 1 | |||||||||||
login credentials or passwords, and no government-issued IDs were accessed. To date, there have been no confirmed instances of any of this customer data being exploited or of any secondary harm to customers related to this incident.
•The data incident is estimated to have adversely impacted Q4 2025 revenue growth rates, active customers and WOW membership, as well as profitability beginning in December. Recent results indicate that the impacts on growth rates have subsequently stabilized and are beginning to recover in Q1 2026.
FY2025 Consolidated Highlights:
•Total net revenues for 2025 were $34.5 billion, increasing 14% YoY on a reported basis and 18% YoY on an FX-neutral basis.
•Gross profit improved 15% YoY and 19% YoY on a constant currency basis to $10.1 billion with a gross profit margin of 29.4%, an expansion of 19 bps YoY. Excluding those items not reflective of our ongoing operations in both 2025 and 2024, gross profit increased 17% YoY and 21% YoY on a constant currency basis, with gross profit margin improving by 67 bps compared to the prior year.
•Operating income was $473 million, an increase of $37 million over last year, or a decrease of $11 million excluding those items not reflective of our ongoing operations in both 2025 and 2024.
•Net income attributable to Coupang stockholders was $208 million, an increase of $54 million from last year, or a decrease of $55 million excluding those items not reflective of our ongoing operations in both 2025 and 2024.
•Diluted EPS was $0.11, an increase of $0.03 from last year, or a decrease of $0.03 excluding those items not reflective of our ongoing operations in both 2025 and 2024.
•Adjusted EBITDA was $1.5 billion with a margin of 4.3%, a decrease of 23 bps YoY.
•Operating cash flow for the full year was $1.8 billion, a decrease of $113 million YoY, and free cash flow was $527 million, a decrease of $489 million YoY. The decrease in free cash flow was primarily due to the impact the data incident had on working capital in Q4 2025, as well as increased levels of capital expenditures in the current year.
•8.8 million shares of Class A common stock were repurchased during 2025 for an aggregate amount of $243 million.
FY2025 Segment Highlights:
•Product Commerce segment net revenues reached $29.6 billion, growing 11% YoY on a reported basis and 16% YoY on an FX-neutral basis.
•Product Commerce gross profit was $9.5 billion, up 17% YoY on a reported basis and 22% YoY on a constant currency basis. Gross profit margin was 32.0%, an increase of 163 bps YoY. Excluding those items not reflective of our ongoing operations in both 2025 and 2024, gross profit increased 18% YoY and 24% YoY on a constant currency basis with gross profit margin improving by 207 bps YoY.
•Product Commerce segment adjusted EBITDA was $2.5 billion with a margin of 8.4%, an expansion of 88 bps YoY.
•Developing Offerings segment net revenues were $4.9 billion, up 38% YoY on a reported basis and 40% YoY on an FX-neutral basis.
•Developing Offerings segment adjusted EBITDA was negative $995 million, compared to negative $631 million in the prior year.
| Coupang, Inc. | | Q4 2025 Earnings Release | 2 | |||||||||||
Fourth Quarter 2025 Results
Consolidated Financial Summary
(in millions, except net revenues per Product Commerce Active Customer and earnings per share) | Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
As Reported | Excluding Items Not Reflective of Our Ongoing Operations(5)(6) | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
| Total net revenues | $ | 8,835 | $ | 7,965 | 11 | % | ||||||||||||||||||||||||||||||||
Total net revenues growth, constant currency(1) | 14 | % | ||||||||||||||||||||||||||||||||||||
Net revenues per Product Commerce Active Customer | $ | 301 | $ | 302 | — | % | ||||||||||||||||||||||||||||||||
Net revenues per Product Commerce Active Customer, constant currency | $ | 312 | 3 | % | ||||||||||||||||||||||||||||||||||
Product Commerce Active Customers | 24.6 | 22.8 | 8 | % | ||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 2,544 | $ | 2,491 | 2 | % | $ | 2,544 | $ | 2,375 | 7 | % | ||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | 5 | % | 10 | % | ||||||||||||||||||||||||||||||||||
| Operating income | $ | 8 | $ | 312 | (97) | % | $ | 8 | $ | 179 | (96) | % | ||||||||||||||||||||||||||
Net (loss) income | $ | (26) | $ | 131 | NM(4) | $ | (26) | $ | 41 | NM(4) | ||||||||||||||||||||||||||||
Net (loss) income attributable to Coupang stockholders | $ | (26) | $ | 156 | NM(4) | $ | (26) | $ | 66 | NM(4) | ||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 267 | $ | 421 | (37) | % | ||||||||||||||||||||||||||||||||
Earnings per share, basic | $ | (0.01) | $ | 0.09 | NM(4) | $ | (0.01) | $ | 0.04 | NM(4) | ||||||||||||||||||||||||||||
Earnings per share, diluted | $ | (0.01) | $ | 0.08 | NM(4) | $ | (0.01) | $ | 0.04 | NM(4) | ||||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 82 | $ | 676 | (88) | % | ||||||||||||||||||||||||||||||||
Free cash flow(1) | $ | (278) | $ | 463 | NM(4) | |||||||||||||||||||||||||||||||||
Segment Information
| Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| As Reported | Excluding Items Not Reflective of Our Ongoing Operations(5)(6) | |||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||||||||||||
| Product Commerce | ||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 7,408 | $ | 6,883 | 8 | % | ||||||||||||||||||||||||||||||||
Net revenues growth, constant currency(1) | 12 | % | ||||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 2,361 | $ | 2,251 | 5 | % | $ | 2,361 | $ | 2,135 | 11 | % | ||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | 9 | % | 15 | % | ||||||||||||||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 567 | $ | 539 | 5 | % | ||||||||||||||||||||||||||||||||
| Developing Offerings | ||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 1,427 | $ | 1,082 | 32 | % | ||||||||||||||||||||||||||||||||
Net revenues growth, constant currency(1) | 31 | % | ||||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 183 | $ | 240 | (24) | % | ||||||||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | (29) | % | ||||||||||||||||||||||||||||||||||||
| Segment adjusted EBITDA | $ | (300) | $ | (118) | 154 | % | ||||||||||||||||||||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 1 | |||||||||||
Full Year 2025 Results
Consolidated Financial Summary
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
As Reported | Excluding Items Not Reflective of Our Ongoing Operations(5)(6) | |||||||||||||||||||||||||||||||||||||
(in millions, except earnings per share) | 2025 | 2024(3) | % Change | 2025 | 2024(3) | % Change | ||||||||||||||||||||||||||||||||
| Total net revenues | $ | 34,534 | $ | 30,268 | 14 | % | ||||||||||||||||||||||||||||||||
Total net revenues growth, constant currency(1) | 18 | % | ||||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 10,141 | $ | 8,831 | 15 | % | $ | 10,173 | $ | 8,715 | 17 | % | ||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | 19 | % | 21 | % | ||||||||||||||||||||||||||||||||||
| Operating income | $ | 473 | $ | 436 | 8 | % | $ | 498 | $ | 509 | (2) | % | ||||||||||||||||||||||||||
| Net income | $ | 214 | $ | 66 | 224 | % | $ | 220 | $ | 181 | 22 | % | ||||||||||||||||||||||||||
| Net income attributable to Coupang stockholders | $ | 208 | $ | 154 | 35 | % | $ | 214 | $ | 269 | (20) | % | ||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 1,490 | $ | 1,375 | 8 | % | ||||||||||||||||||||||||||||||||
| Earnings per share, basic | $ | 0.11 | $ | 0.09 | 22 | % | $ | 0.12 | $ | 0.15 | (20) | % | ||||||||||||||||||||||||||
Earnings per share, diluted | $ | 0.11 | $ | 0.08 | 38 | % | $ | 0.12 | $ | 0.15 | (20) | % | ||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 1,773 | $ | 1,886 | (6) | % | ||||||||||||||||||||||||||||||||
Free cash flow(1) | $ | 527 | $ | 1,016 | (48) | % | ||||||||||||||||||||||||||||||||
Segment Information
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| As Reported | Excluding Items Not Reflective of Our Ongoing Operations(5)(6) | |||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024(3) | % Change | 2025 | 2024(3) | % Change | ||||||||||||||||||||||||||||||||
| Product Commerce | ||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 29,592 | $ | 26,699 | 11 | % | ||||||||||||||||||||||||||||||||
Net revenues growth, constant currency(1) | 16 | % | ||||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 9,466 | $ | 8,105 | 17 | % | $ | 9,466 | $ | 7,989 | 18 | % | ||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | 22 | % | 24 | % | ||||||||||||||||||||||||||||||||||
| Segment adjusted EBITDA | $ | 2,485 | $ | 2,006 | 24 | % | ||||||||||||||||||||||||||||||||
| Developing Offerings | ||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 4,942 | $ | 3,569 | 38 | % | ||||||||||||||||||||||||||||||||
Net revenues growth, constant currency(1) | 40 | % | ||||||||||||||||||||||||||||||||||||
Gross profit(2) | $ | 675 | $ | 726 | (7) | % | $ | 707 | $ | 726 | (3) | % | ||||||||||||||||||||||||||
Gross profit growth, constant currency(1)(2) | (8) | % | (3) | % | ||||||||||||||||||||||||||||||||||
| Segment adjusted EBITDA | $ | (995) | $ | (631) | 58 | % | ||||||||||||||||||||||||||||||||
_________
(1)Total net revenues growth, 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 Financial 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)We completed the acquisition of the assets of Farfetch at the end of January in Q1 2024. For 2024, the operating results of Farfetch from February 2024 are included in our consolidated results and in our Developing Offerings segment.
(4)Non-meaningful
(5)Items not reflective of our ongoing operations consist of acquisition and restructuring related costs for Farfetch (in 2024 and 2025), as well as the FC fire insurance gain and the KFTC administrative fine (in 2024).
(6)Gross profit excluding items not reflective of our ongoing operations, gross profit growth, constant currency excluding items not reflective of our ongoing operations, operating income excluding items not reflective of our ongoing operations, net (loss) income excluding items not reflective of our ongoing operations, net (loss) income attributable to Coupang stockholders excluding items not reflective of our ongoing operations, basic earnings per share excluding items not reflective of our ongoing operations, and diluted earnings per share excluding items not reflective of our ongoing operations are non-GAAP measures. See “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” below for more information regarding the use of these measures and the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with U.S. GAAP.
| Coupang, Inc. | | Q4 2025 Earnings Release | 2 | |||||||||||
Webcast and Conference Call
Coupang, Inc. will host a conference call to discuss fourth quarter results on February 26, 2026 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 financial measures to their nearest comparable U.S. GAAP financial measures, as well as our fourth 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.
| Investor Contact: | Media Contact: | |||||||||||||
| Coupang IR | Coupang PR | |||||||||||||
| ir@coupang.com | press@coupang.com | |||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 3 | |||||||||||
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 the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (together, 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.
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. 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 revenues, margins, cash flows, and other operating or financial results, our planned investments in new products and offerings, and their anticipated outcomes, as well as our beliefs and expectations related to the impact of the recent data incident and our efforts to prevent future incidents, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," "shall," "goal," "objective," "seek," "strategy," "future," "opportunity," "runway," "trajectory," "continue," “restore,” “prevent,” “commit,” “want,” “can,” or "would," or the negative of these words or other similar terms or expressions. Actual results and outcomes could differ materially from those expressed or contemplated by the forward-looking statements for a variety of reasons, including, among others, risks and uncertainties regarding the nature and scope of the recent data incident, ongoing investigations regarding such incident, the impact of such incident on Coupang, its customers, operations, and financial results, the continued growth of the retail market, changes in consumer preferences and spending patterns, the increased acceptance of online transactions by potential customers, competition in our industry, managing our growth, investment, 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, risks and uncertainties related to past and any future data incidents, 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.
Additional information relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in this earnings release, including under “Non-GAAP Financial Measures” below, and at our website at ir.aboutcoupang.com.
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
| Coupang, Inc. | | Q4 2025 Earnings Release | 4 | |||||||||||
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. | | Q4 2025 Earnings Release | 5 | |||||||||||
COUPANG, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net retail sales | $ | 6,636 | $ | 6,052 | $ | 26,312 | $ | 23,866 | |||||||||||||||
| Net other revenue | 2,199 | 1,913 | 8,222 | 6,402 | |||||||||||||||||||
| Total net revenues | 8,835 | 7,965 | 34,534 | 30,268 | |||||||||||||||||||
| Cost of sales | 6,291 | 5,474 | 24,393 | 21,437 | |||||||||||||||||||
| Operating, general and administrative | 2,536 | 2,179 | 9,668 | 8,395 | |||||||||||||||||||
| Total operating cost and expenses | 8,827 | 7,653 | 34,061 | 29,832 | |||||||||||||||||||
Operating income | 8 | 312 | 473 | 436 | |||||||||||||||||||
| Interest income | 47 | 53 | 199 | 216 | |||||||||||||||||||
| Interest expense | (16) | (40) | (86) | (140) | |||||||||||||||||||
Other (expense) income, net | (17) | (46) | 11 | (39) | |||||||||||||||||||
Income before income taxes | 22 | 279 | 597 | 473 | |||||||||||||||||||
Income tax expense | 48 | 148 | 383 | 407 | |||||||||||||||||||
Net (loss) income | $ | (26) | $ | 131 | $ | 214 | $ | 66 | |||||||||||||||
Net (loss) income attributable to noncontrolling interests | — | (25) | 6 | (88) | |||||||||||||||||||
Net (loss) income attributable to Coupang stockholders | (26) | 156 | 208 | 154 | |||||||||||||||||||
Earnings per share | |||||||||||||||||||||||
| Basic | $ | (0.01) | $ | 0.09 | $ | 0.11 | $ | 0.09 | |||||||||||||||
| Diluted | $ | (0.01) | $ | 0.08 | $ | 0.11 | $ | 0.08 | |||||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||
| Basic | 1,826 | 1,800 | 1,818 | 1,794 | |||||||||||||||||||
| Diluted | 1,826 | 1,837 | 1,855 | 1,826 | |||||||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 6 | |||||||||||
COUPANG, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) | December 31, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 6,318 | $ | 5,879 | |||||||
| Restricted cash | 94 | 151 | |||||||||
| Accounts receivable, net | 363 | 407 | |||||||||
| Inventories | 2,256 | 2,099 | |||||||||
| Prepaids and other current assets | 660 | 458 | |||||||||
| Total current assets | 9,691 | 8,994 | |||||||||
| Property and equipment, net | 3,722 | 2,813 | |||||||||
| Operating lease right-of-use assets | 2,765 | 2,016 | |||||||||
| Intangible assets, net | 190 | 271 | |||||||||
| Deferred tax assets | 596 | 622 | |||||||||
| Long-term lease deposits and other | 823 | 628 | |||||||||
| Total assets | $ | 17,787 | $ | 15,344 | |||||||
| Liabilities, redeemable noncontrolling interests, and equity | |||||||||||
| Accounts payable | $ | 6,298 | $ | 5,554 | |||||||
| Accrued expenses | 515 | 461 | |||||||||
| Deferred revenue | 188 | 141 | |||||||||
| Short-term borrowings | 960 | 479 | |||||||||
| Current portion of long-term debt | — | 66 | |||||||||
| Current portion of long-term operating lease obligations | 545 | 422 | |||||||||
| Other current liabilities | 851 | 593 | |||||||||
| Total current liabilities | 9,357 | 7,716 | |||||||||
| Long-term debt | 648 | 988 | |||||||||
| Long-term operating lease obligations | 2,482 | 1,770 | |||||||||
| Defined severance benefits and other | 677 | 693 | |||||||||
| Total liabilities | 13,164 | 11,167 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | — | 75 | |||||||||
| Equity | |||||||||||
Common stock | — | — | |||||||||
Class A — shares authorized 10,000, outstanding 1,665 and 1,643 Class B — shares authorized 250, outstanding 158 and 158 | |||||||||||
| Additional paid-in capital | 9,025 | 8,736 | |||||||||
| Accumulated other comprehensive loss | (381) | (404) | |||||||||
| Accumulated deficit | (4,021) | (4,229) | |||||||||
| Noncontrolling interests | — | (1) | |||||||||
| Total equity | 4,623 | 4,102 | |||||||||
| Total liabilities, redeemable noncontrolling interests, and equity | $ | 17,787 | $ | 15,344 | |||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 7 | |||||||||||
COUPANG, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| (in millions) | 2025 | 2024 | |||||||||
| Operating activities | |||||||||||
| Net income | $ | 214 | $ | 66 | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 517 | 433 | |||||||||
| Provision for severance benefits | 246 | 187 | |||||||||
| Equity-based compensation | 475 | 433 | |||||||||
| Non-cash operating lease expense | 507 | 432 | |||||||||
| Deferred income taxes | 37 | 225 | |||||||||
| Fulfillment center fire insurance gain | — | (175) | |||||||||
| Other | 209 | 250 | |||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||
| Accounts receivable, net | 37 | 209 | |||||||||
| Inventories | (233) | (376) | |||||||||
| Other assets | (517) | (152) | |||||||||
| Accounts payable | 515 | 507 | |||||||||
| Accrued expenses | 49 | 60 | |||||||||
| Other liabilities | (283) | (213) | |||||||||
| Net cash provided by operating activities | 1,773 | 1,886 | |||||||||
| Investing activities | |||||||||||
| Purchases of property and equipment | (1,251) | (879) | |||||||||
| Proceeds from sale of property and equipment | 5 | 9 | |||||||||
| Net cash acquired in acquisition | — | 68 | |||||||||
| Other investing activities | (8) | (17) | |||||||||
| Net cash used in investing activities | (1,254) | (819) | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of common stock, equity-based compensation plan | 5 | 4 | |||||||||
| Repurchase of Class A common stock | (243) | (178) | |||||||||
| Proceeds from short-term borrowings and long-term debt | 2,900 | 857 | |||||||||
| Repayment of short-term borrowings and long-term debt | (2,881) | (794) | |||||||||
| Other financing activities | (28) | 42 | |||||||||
Net cash used in financing activities | (247) | (69) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 109 | (564) | |||||||||
| Net increase in cash and cash equivalents and restricted cash | 381 | 434 | |||||||||
| 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 | $ | 6,412 | $ | 6,031 | |||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 8 | |||||||||||
Supplemental Financial Information
Share Information
As of December 31, | |||||||||||
(in millions) | 2025 | 2024 | |||||||||
Outstanding common stock | 1,823 | 1,801 | |||||||||
Outstanding equity-based awards | 72 | 79 | |||||||||
| Outstanding common stock and equity-based awards | 1,895 | 1,880 | |||||||||
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 total Product Commerce 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
A customer is anyone who has created an account on our apps or websites, identified by a unique email address. 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. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period 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 December 31, | |||||||||||||||||
| (in millions, except net revenues per Product Commerce Active Customer) | 2025 | 2024 | % Change | ||||||||||||||
| Net revenues per Product Commerce Active Customer | $ | 301 | $ | 302 | — | % | |||||||||||
| Net revenues per Product Commerce Active Customer (Constant Currency) | $ | 312 | 3 | % | |||||||||||||
| Product Commerce Active Customers | 24.6 | 22.8 | 8 | % | |||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 9 | |||||||||||
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 financial 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 | ||||||
Total Net Revenues, Constant Currency and Gross Profit, Constant Currency | • Constant currency information compares results between periods as if exchange rates had remained constant. • We define total net revenues, constant currency and gross profit, constant currency as total revenue and gross profit, respectively, excluding the effect of foreign exchange rate movements, and use it to determine the total net revenues growth, constant currency and gross profit growth, constant currency on a comparative basis. • Total net revenues, constant currency and gross profit, constant currency are calculated by translating current period total net revenues and gross profit 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 total net revenues, constant currency and total net revenues growth, constant currency, gross profit, constant currency and gross profit growth, constant currency 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. | ||||||
| Total Net Revenues Growth, Constant Currency and Gross Profit Growth, Constant Currency | • Total net revenues growth, constant currency and gross profit growth, constant currency (as percentages) are calculated by determining the increase in current period revenue and gross profit, respectively, over prior period revenue and gross profit, respectively, where current period foreign currency revenue and gross profit are translated using prior period exchange rates. | |||||||
| Gross Profit Excluding Items Not Reflective of Our Ongoing Operations | • Gross profit excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains. | • We believe gross profit excluding items not reflective of our ongoing operations, gross profit growth excluding items not reflective of our ongoing operations, and gross profit margin excluding items not reflective of our ongoing operations provide useful supplemental information for investors to compare our gross profit, gross profit growth, and gross profit margin from one period to another exclusive of non-recurring items that are not reflective of our ongoing operations which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
| Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations | • Gross profit growth excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains. | |||||||
| Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations | • Gross profit margin excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains, as a percentage of total net revenues. | |||||||
Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Gross profit excluding items not reflective of our ongoing operations, constant currency is calculated by translating current period gross profit exclusive of the impact of non-recurring items that are not reflective of our ongoing operations (as defined above) 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 believe gross profit excluding items not reflective of our ongoing operations, constant currency and gross profit growth excluding items not reflective of our ongoing operations, constant currency provide useful supplemental information for investors to compare our gross profit and gross profit growth from one period to another exclusive of the impact of non-recurring items that are not reflective of our ongoing operations as well as excluding the effects of foreign currency volatility, all of which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
| Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Gross profit growth excluding items not reflective of our ongoing operations, constant currency (as a percentage) is calculated by determining the increase in current period gross profit growth over prior period gross profit growth excluding the impact of non-recurring items that are not reflective of our ongoing operations (as defined above), where current period foreign currency gross profit excluding items not reflective of our ongoing operations is translated using the prior period exchange rate. | |||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 10 | |||||||||||
Product Commerce Gross Profit Excluding Items Not Reflective of Our Ongoing Operations | • Product Commerce gross profit excluding non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains. | • We believe Product Commerce gross profit excluding items not reflective of our ongoing operations, Product Commerce gross profit growth excluding items not reflective of our ongoing operations, and Product Commerce gross profit margin excluding items not reflective of our ongoing operations provide useful supplemental information for investors to compare Product Commerce gross profit, Product Commerce gross profit growth, and Product Commerce gross profit margin from one period to another exclusive of non-recurring items that are not reflective of our ongoing operations which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
Product Commerce Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations | • Product Commerce gross profit growth excluding non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains. | |||||||
| Product Commerce Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations | • Product Commerce gross profit margin excluding non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs and insurance gains. | |||||||
Product Commerce Gross Profit, Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Product Commerce gross profit excluding items not reflective of our ongoing operations, constant currency is calculated by translating current period Product Commerce gross profit using the prior period exchange rate, excluding non-recurring items that are not reflective of our ongoing operations (as defined above). | • 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 USD and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in 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 believe Product Commerce gross profit excluding items not reflective of our ongoing operations, constant currency and Product Commerce gross profit growth excluding items not reflective of our ongoing operations, constant currency provide useful supplemental information for investors to compare Product Commerce gross profit and gross profit growth from one period to another exclusive of non-recurring items that are not reflective of our ongoing operations as well as excluding the effects of foreign currency volatility, both of which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
Product Commerce Gross Profit Growth, Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Product Commerce gross profit growth excluding items not reflective of our ongoing operations, constant currency (as a percentage) is calculated by determining the increase in current period Product Commerce gross profit over prior period Product Commerce gross profit excluding non-recurring items that are not reflective of our ongoing operations (as defined above), where current period foreign currency Product Commerce gross profit is translated using the prior period exchange rate. | |||||||
Developing Offerings Gross Profit Excluding Items Not Reflective of Our Ongoing Operations | • Developing Offerings gross profit excluding non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs. | • We believe Developing Offerings gross profit excluding items not reflective of our ongoing operations, Developing Offerings gross profit growth excluding items not reflective of our ongoing operations, and Developing Offerings gross profit margin excluding items not reflective of our ongoing operations provide useful supplemental information for investors to compare Developing Offerings gross profit and Developing Offerings gross profit margin from one period to another exclusive of non-recurring items that are not reflective of our ongoing operations which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
Developing Offerings Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations | • Developing Offerings gross profit growth excluding non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs. | |||||||
Developing Offerings Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations | • Developing Offerings gross profit margin excluding nonrecurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs, as a percentage of Developing Offerings net revenues. | |||||||
Developing Offerings Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Developing Offerings gross profit excluding items not reflective of our ongoing operations, constant currency is calculated by translating current period Developing Offerings gross profit, excluding non-recurring items that are not reflective of our ongoing operations (as defined above), 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 USD and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in 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 believe Developing Offerings gross profit excluding items not reflective of our ongoing operations, constant currency and Developing Offerings gross profit growth excluding items not reflective of our ongoing operations, constant currency provide useful supplemental information for investors to compare Developing Offerings gross profit and gross profit growth from one period to another exclusive of non-recurring items that are not reflective of our ongoing operations as well as excluding the effects of foreign currency volatility, both of which impact comparability with the prior period. These measures are a performance measure and should not be used as a measure of liquidity. | ||||||
Developing Offerings Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency | • Developing Offerings gross profit growth, excluding items not reflective of our ongoing operations, constant currency (as a percentage) is calculated by determining the increase in current period Developing Offerings gross profit over prior period Developing Offerings gross profit excluding non-recurring items that are not reflective of our ongoing operations (as defined above), where current period foreign currency Developing Offerings gross profit is translated using the prior period exchange rate. | |||||||
| Free Cash Flow | • Net cash provided by (used in) operating activities 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. | ||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 11 | |||||||||||
| 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, - acquisition and restructuring related costs, net, - 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. | |||||||
| Operating Income (Loss) Excluding Items Not Reflective of Our Ongoing Operations | • Operating income (loss) excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs, insurance gains, and regulatory fines. | • We believe operating income (loss) excluding items not reflective of our ongoing operations provides useful supplemental information for investors to compare our current operating results from one period to another as it removes the impact of non-recurring items that are not reflective of our ongoing operations including insurance gains, regulatory fines, and acquisition and restructuring related costs. These measures are performance measure and should not be used as a measure of liquidity. | ||||||
| Net Income (Loss) Excluding Items Not Reflective of Our Ongoing Operations | • Net income (loss) excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs, insurance gains, regulatory fines, and related tax impacts. | • We believe net income (loss) excluding items not reflective of our ongoing operations, basic earnings per share excluding items not reflective of our ongoing operations, net income (loss) attributable to Coupang stockholders excluding items not reflective of our ongoing operations, and diluted earnings per share excluding items not reflective of our ongoing operations provide useful supplemental information for investors to compare our current earnings results from one period to another as they remove the impact of non-recurring items that are not reflective of our ongoing operations including insurance gains, regulatory fines, acquisition and restructuring related costs, and related tax impacts. These measures are performance a measure and should not be used as a measure of liquidity. | ||||||
| Basic Earnings per Share Excluding Items Not Reflective of Our Ongoing Operations | • Net income (loss) excluding the impact of non-recurring items that are not reflective of our ongoing operations (as defined above) divided by the weighted average basic shares outstanding for the period. | |||||||
| Net Income (Loss) Excluding Coupang Stockholders Adjusted for Items Not Reflective of Our Ongoing Operations | • Net income (loss) attributable to Coupang stockholders, excluding the impact of non-recurring items that are not reflective of our ongoing operations, including acquisition and restructuring related costs, insurance gains, regulatory fines, and related tax impacts. | |||||||
| Diluted Earnings Per Share Excluding Items Not Reflective of Our Ongoing Operations | • Net income (loss) attributable to Coupang stockholders, excluding the impact of non-recurring items (as defined above) that are not reflective of our ongoing operations divided by the weighted average dilutive shares outstanding for the period. | |||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 12 | |||||||||||
Reconciliations of Non-GAAP Measures
In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided the most directly comparable forward-looking GAAP measure to our Adjusted EBITDA margin targets, total net revenues growth, constant currency guidance, and adjusted EBITDA guidance or a reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable GAAP measures as a result of, in the case of Adjusted EBITDA margin targets, the target not relating to a specific time period and, in the case of our other guidance, uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation, income tax, and currency exchange rates. Accordingly, a reconciliation is not available without unreasonable effort due to the uncertainty of these reconciling items. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. However, 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. Items not reflective of our ongoing operations consist of acquisition and restructuring related costs and related tax impacts for 2024 and 2025, as well as the FC fire insurance gain, the KFTC administrative fine, and related tax impacts for 2024.
Total Net Revenues, Constant Currency and Total Net Revenues Growth, Constant Currency
| Three Months Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||
| Net retail sales | $ | 6,636 | $ | 205 | $ | 6,841 | $ | 6,052 | 10 | % | 13 | % | ||||||||||||||
| Net other revenue | 2,199 | 68 | 2,267 | 1,913 | 15 | % | 19 | % | ||||||||||||||||||
| Total net revenues | $ | 8,835 | $ | 273 | $ | 9,108 | $ | 7,965 | 11 | % | 14 | % | ||||||||||||||
| Net Revenues by Segment | ||||||||||||||||||||||||||
| Product Commerce | $ | 7,408 | $ | 279 | $ | 7,687 | $ | 6,883 | 8 | % | 12 | % | ||||||||||||||
| Developing Offerings | 1,427 | (6) | 1,421 | 1,082 | 32 | % | 31 | % | ||||||||||||||||||
| Total net revenues | $ | 8,835 | $ | 273 | $ | 9,108 | $ | 7,965 | 11 | % | 14 | % | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
| Consolidated | ||||||||||||||||||||||||||
| Net retail sales | $ | 26,312 | $ | 997 | $ | 27,309 | $ | 23,866 | 10 | % | 14 | % | ||||||||||||||
| Net other revenue | 8,222 | 303 | 8,525 | 6,402 | 28 | % | 33 | % | ||||||||||||||||||
| Total net revenues | $ | 34,534 | $ | 1,300 | $ | 35,834 | $ | 30,268 | 14 | % | 18 | % | ||||||||||||||
| Net Revenues by Segment | ||||||||||||||||||||||||||
| Product Commerce | $ | 29,592 | $ | 1,252 | $ | 30,844 | $ | 26,699 | 11 | % | 16 | % | ||||||||||||||
| Developing Offerings | 4,942 | 48 | 4,990 | 3,569 | 38 | % | 40 | % | ||||||||||||||||||
| Total net revenues | $ | 34,534 | $ | 1,300 | $ | 35,834 | $ | 30,268 | 14 | % | 18 | % | ||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 13 | |||||||||||
Gross Profit, Constant Currency, Gross Profit Growth, Constant Currency, Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency, and Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency
| Three Months Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
Gross Profit by Segment | ||||||||||||||||||||||||||
Product Commerce | $ | 2,361 | $ | 89 | $ | 2,450 | $ | 2,251 | 5 | % | 9 | % | ||||||||||||||
Developing Offerings | 183 | (12) | 171 | 240 | (24) | % | (29) | % | ||||||||||||||||||
Gross profit | $ | 2,544 | $ | 77 | $ | 2,621 | $ | 2,491 | 2 | % | 5 | % | ||||||||||||||
| FC Fire insurance gain | — | — | — | (116) | ||||||||||||||||||||||
Gross profit excluding items not reflective of our ongoing operations | $ | 2,544 | $ | 77 | $ | 2,621 | $ | 2,375 | 7 | % | 10 | % | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
Gross Profit by Segment | ||||||||||||||||||||||||||
Product Commerce | $ | 9,466 | $ | 402 | $ | 9,868 | $ | 8,105 | 17 | % | 22 | % | ||||||||||||||
Developing Offerings | 675 | (5) | 670 | 726 | (7) | % | (8) | % | ||||||||||||||||||
Gross profit | $ | 10,141 | $ | 397 | $ | 10,538 | $ | 8,831 | 15 | % | 19 | % | ||||||||||||||
| FC Fire insurance gain | — | — | — | (116) | ||||||||||||||||||||||
Acquisition and restructuring related costs, net | 32 | (1) | 31 | — | ||||||||||||||||||||||
Gross profit excluding items not reflective of our ongoing operations | $ | 10,173 | $ | 396 | $ | 10,569 | $ | 8,715 | 17 | % | 21 | % | ||||||||||||||
Product Commerce Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency and Product Commerce Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency
| Three Months Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
Product Commerce gross profit | $ | 2,361 | $ | 89 | $ | 2,450 | $ | 2,251 | 5 | % | 9 | % | ||||||||||||||
| FC Fire insurance gain | — | — | — | (116) | ||||||||||||||||||||||
Product Commerce gross profit excluding items not reflective of our ongoing operations | $ | 2,361 | $ | 89 | $ | 2,450 | $ | 2,135 | 11 | % | 15 | % | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
Product Commerce gross profit | $ | 9,466 | $ | 402 | $ | 9,868 | $ | 8,105 | 17 | % | 22 | % | ||||||||||||||
| FC Fire insurance gain | — | — | — | (116) | ||||||||||||||||||||||
Product Commerce gross profit excluding items not reflective of our ongoing operations | $ | 9,466 | $ | 402 | $ | 9,868 | $ | 7,989 | 18 | % | 24 | % | ||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 14 | |||||||||||
Developing Offerings Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency and Developing Offerings Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | Year over Year Growth | ||||||||||||||||||||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis | ||||||||||||||||||||
Developing Offerings gross profit | $ | 675 | $ | (5) | $ | 670 | $ | 726 | (7) | % | (8) | % | ||||||||||||||
Acquisition and restructuring related costs, net | 32 | (1) | 31 | — | ||||||||||||||||||||||
Developing Offerings gross profit excluding items not reflective of our ongoing operations | $ | 707 | $ | (6) | $ | 701 | $ | 726 | (3) | % | (3) | % | ||||||||||||||
Free Cash Flow
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net cash provided by operating activities | $ | 82 | $ | 676 | $ | 1,773 | $ | 1,886 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Purchases of land and buildings | (60) | (14) | (236) | (245) | |||||||||||||||||||
| Purchases of equipment | (300) | (200) | (1,015) | (634) | |||||||||||||||||||
| Total purchases of property and equipment | $ | (360) | $ | (214) | $ | (1,251) | $ | (879) | |||||||||||||||
| Proceeds from sale of property and equipment | — | 1 | 5 | 9 | |||||||||||||||||||
| Total adjustments | $ | (360) | $ | (213) | $ | (1,246) | $ | (870) | |||||||||||||||
| Free cash flow | $ | (278) | $ | 463 | $ | 527 | $ | 1,016 | |||||||||||||||
| Net cash used in investing activities | $ | (376) | $ | (141) | $ | (1,254) | $ | (819) | |||||||||||||||
Net cash (used in) provided by financing activities | $ | (507) | $ | 20 | $ | (247) | $ | (69) | |||||||||||||||
Adjusted EBITDA and Adjusted EBITDA Margin
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total net revenues | $ | 8,835 | $ | 7,965 | $ | 34,534 | $ | 30,268 | |||||||||||||||
Net (loss) income attributable to Coupang stockholders | (26) | 156 | 208 | 154 | |||||||||||||||||||
Net (loss) income attributable to noncontrolling interests | — | (25) | 6 | (88) | |||||||||||||||||||
Net (loss) income | (26) | 131 | 214 | 66 | |||||||||||||||||||
Net (loss) income margin | (0.3) | % | 1.6 | % | 0.6 | % | 0.2 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 136 | 120 | 517 | 433 | |||||||||||||||||||
| Interest expense | 16 | 40 | 86 | 140 | |||||||||||||||||||
| Interest income | (47) | (53) | (199) | (216) | |||||||||||||||||||
Income tax expense | 48 | 148 | 383 | 407 | |||||||||||||||||||
Other expense (income), net | 17 | 46 | (11) | 39 | |||||||||||||||||||
| Acquisition and restructuring related costs, net | — | 42 | 25 | 127 | |||||||||||||||||||
| KFTC administrative fine | — | — | — | 121 | |||||||||||||||||||
| FC Fire insurance gain | — | (175) | — | (175) | |||||||||||||||||||
| Equity-based compensation | 123 | 122 | 475 | 433 | |||||||||||||||||||
| Adjusted EBITDA | $ | 267 | $ | 421 | $ | 1,490 | $ | 1,375 | |||||||||||||||
| Adjusted EBITDA margin | 3.0 | % | 5.3 | % | 4.3 | % | 4.5 | % | |||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 15 | |||||||||||
Gross Profit Excluding Items Not Reflective of Our Ongoing Operations and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Gross profit | $ | 2,544 | $ | 2,491 | $ | 10,141 | $ | 8,831 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (116) | — | (116) | |||||||||||||||||||
Acquisition and restructuring related costs, net | — | — | 32 | — | |||||||||||||||||||
Gross profit excluding items not reflective of our ongoing operations | $ | 2,544 | $ | 2,375 | $ | 10,173 | $ | 8,715 | |||||||||||||||
Gross profit margin excluding items not reflective of our ongoing operations | 28.8 | % | 29.8 | % | 29.5 | % | 28.8 | % | |||||||||||||||
Product Commerce Gross Profit Excluding Items Not Reflective of Our Ongoing Operations and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Product Commerce gross profit | $ | 2,361 | $ | 2,251 | $ | 9,466 | $ | 8,105 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (116) | — | (116) | |||||||||||||||||||
Product Commerce gross profit excluding items not reflective of our ongoing operations | $ | 2,361 | $ | 2,135 | $ | 9,466 | $ | 7,989 | |||||||||||||||
Product Commerce gross profit margin excluding items not reflective of our ongoing operations | 31.9 | % | 31.0 | % | 32.0 | % | 29.9 | % | |||||||||||||||
Developing Offerings Gross Profit Excluding Items Not Reflective of Our Ongoing Operations and Gross Profit Margin Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Developing Offerings gross profit | $ | 183 | $ | 240 | $ | 675 | $ | 726 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Acquisition and restructuring related costs, net | — | — | 32 | — | |||||||||||||||||||
Developing Offerings gross profit excluding items not reflective of our ongoing operations | $ | 183 | $ | 240 | $ | 707 | $ | 726 | |||||||||||||||
Developing Offerings gross profit margin excluding items not reflective of our ongoing operations | 12.8 | % | 22.2 | % | 14.3 | % | 20.3 | % | |||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 16 | |||||||||||
Operating Income Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Operating income | $ | 8 | $ | 312 | $ | 473 | $ | 436 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (175) | — | (175) | |||||||||||||||||||
Acquisition and restructuring related costs, net | — | 42 | 25 | 127 | |||||||||||||||||||
| KFTC administrative fine | — | — | — | 121 | |||||||||||||||||||
Operating income adjusted for items not reflective of our ongoing operations | $ | 8 | $ | 179 | $ | 498 | $ | 509 | |||||||||||||||
Net (Loss) Income Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net (loss) income | $ | (26) | $ | 131 | $ | 214 | $ | 66 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (175) | — | (175) | |||||||||||||||||||
| Acquisition and restructuring related costs, net | — | 42 | 7 | 127 | |||||||||||||||||||
| KFTC administrative fine | — | — | — | 121 | |||||||||||||||||||
| Tax impact of adjustments | — | 43 | (1) | 42 | |||||||||||||||||||
| Net (loss) income adjusted for items not reflective of our ongoing operations | $ | (26) | $ | 41 | $ | 220 | $ | 181 | |||||||||||||||
Basic Earnings per Share Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Basic earnings per share | $ | (0.01) | $ | 0.09 | $ | 0.11 | $ | 0.09 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (0.10) | — | (0.10) | |||||||||||||||||||
Acquisition and restructuring related costs, net | — | 0.02 | — | 0.07 | |||||||||||||||||||
KFTC administrative fine | — | — | — | 0.07 | |||||||||||||||||||
Tax impact of adjustments | — | 0.02 | — | 0.02 | |||||||||||||||||||
Basic earnings per share excluding items not reflective of our ongoing operations(a) | $ | (0.01) | $ | 0.04 | $ | 0.12 | $ | 0.15 | |||||||||||||||
(a)Basic earnings per share excluding items not reflective of our ongoing operations is calculated as basic earnings per share excluding the per share impact of the FC Fire insurance gain, acquisition and restructuring related costs, net, the KFTC administrative fine, and related tax impacts. Basic weighted average shares used for three months and year ended calculation was 1,826 million and 1,818 million for December 31, 2025 and 1,800 million and 1,794 million for December 31, 2024, respectively.
Net (Loss) Income Attributable to Coupang Stockholders Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Net (loss) income attributable to Coupang stockholders | $ | (26) | $ | 156 | $ | 208 | $ | 154 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (175) | — | (175) | |||||||||||||||||||
Acquisition and restructuring related costs, net | — | 42 | 7 | 127 | |||||||||||||||||||
| KFTC administrative fine | — | — | — | 121 | |||||||||||||||||||
Tax impact of adjustments | — | 43 | (1) | 42 | |||||||||||||||||||
Net (loss) income attributable to Coupang stockholders excluding items not reflective of our ongoing operations | $ | (26) | $ | 66 | $ | 214 | $ | 269 | |||||||||||||||
| Coupang, Inc. | | Q4 2025 Earnings Release | 17 | |||||||||||
Diluted Earnings per Share Excluding Items Not Reflective of Our Ongoing Operations
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Diluted earnings per share | $ | (0.01) | $ | 0.08 | $ | 0.11 | $ | 0.08 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| FC Fire insurance gain | — | (0.10) | — | (0.10) | |||||||||||||||||||
| Acquisition and restructuring related costs, net | — | 0.02 | — | 0.07 | |||||||||||||||||||
| KFTC administrative fine | — | — | — | 0.07 | |||||||||||||||||||
| Tax impact of adjustments | — | 0.02 | — | 0.02 | |||||||||||||||||||
Diluted earnings per share excluding items not reflective of our ongoing operations(a) | $ | (0.01) | $ | 0.04 | $ | 0.12 | $ | 0.15 | |||||||||||||||
(a)Diluted earnings per share excluding items not reflective of our ongoing operations is calculated as diluted earnings per share excluding the per share impact of the FC Fire insurance gain, acquisition and restructuring related costs, net, the KFTC administrative fine, and related tax impacts. Diluted weighted average shares used for three months and year ended calculations were 1,826 million and 1,855 million for December 31, 2025 and 1,837 million and 1,826 million for December 31, 2024, respectively.
| Coupang, Inc. | | Q4 2025 Earnings Release | 18 | |||||||||||
FAQ
How did Coupang (CPNG) perform financially in Q4 2025?
Coupang’s Q4 2025 net revenues were $8.8 billion, up 11% year over year. Gross profit reached $2.5 billion, but operating income fell to $8 million and the company recorded a $26 million net loss, with Adjusted EBITDA down to $267 million.
What were Coupang (CPNG)’s full-year 2025 revenues and profits?
In 2025, Coupang generated $34.5 billion in total net revenues, a 14% year‑over‑year increase. Gross profit was $10.1 billion with a 29.4% margin, and net income was $214 million. Adjusted EBITDA reached $1.5 billion, representing a 4.3% margin for the year.
How did Coupang’s Product Commerce and Developing Offerings segments perform in 2025?
Product Commerce delivered $29.6 billion of net revenues in 2025, up 11%, and $2.5 billion of segment Adjusted EBITDA with an 8.4% margin. Developing Offerings produced $4.9 billion in net revenues but recorded an Adjusted EBITDA loss of $995 million, higher than the prior year’s loss.
What happened in Coupang’s Q4 2025 data incident and what data was accessed?
During Q4 2025, a data incident involving a former employee exposed data from over 33 million user accounts. Accessed information included names, contact details, addresses, and limited order histories; no payment data, passwords, or government IDs were accessed. Coupang reports no confirmed misuse or secondary harm to date.
How did the data incident affect Coupang’s 2025 financial results?
Coupang estimates the data incident negatively affected Q4 2025 revenue growth, active customers, WOW membership, and profitability starting in December. The company also cites the incident’s impact on working capital as a driver of lower 2025 free cash flow, which fell to $527 million from $1.02 billion.
What happened to Coupang’s free cash flow and cash position in 2025?
Free cash flow declined to $527 million in 2025 from $1.02 billion, mainly due to data-incident impacts on working capital and higher capital expenditures. Despite this, Coupang’s cash and cash equivalents increased to $6.3 billion at December 31, 2025, up from $5.9 billion a year earlier.