Business Wire English

Coupang Announces Results for Fourth Quarter 2025

27 Febbraio 2026

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)--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

(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	%

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.

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.

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. 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. 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