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

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 cybersecurity expert firms, including Mandiant and Palo Alto Networks, have conducted a comprehensive forensic investigation and 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 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. 

Fourth Quarter 2025 Results

Consolidated Financial Summary

Segment Information

Full Year 2025 Results

Consolidated Financial Summary

Segment Information

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.

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 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.

Supplemental Financial Information

Share Information

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.

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.

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

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

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

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

Free Cash Flow

Adjusted EBITDA and Adjusted EBITDA Margin

Gross Profit Excluding Items Not Reflective of Our Ongoing Operations and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations

Product Commerce Gross Profit Excluding Items Not Reflective of Our Ongoing Operations and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations