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 basisSEATTLE--(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 STATEMENTSRead the full story here

Coupang Announces Results for Fourth Quarter 2025

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