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Coupang Announces Results for Second Quarter 2025

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

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

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

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

Q2 2025 Consolidated Highlights:

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

Q2 2025 Segment Highlights:

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

Second Quarter 2025 Results

Consolidated Financial Summary

Segment Information

Webcast and Conference Call

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

About Coupang

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

FORWARD-LOOKING STATEMENTS

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

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

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

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

COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

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

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

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

Product Commerce Active Customers

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

Non-GAAP Financial Measures

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

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

Reconciliations of Non-GAAP Measures

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

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

Constant Currency Revenue and Constant Currency Revenue Growth

Constant Currency Gross Profit and Constant Currency Gross Profit Growth

Free Cash Flow

Adjusted EBITDA and Adjusted EBITDA Margin

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View source version on businesswire.com:

Investor Contact:

Coupang IR

[email protected]

Media Contact:

Coupang PR

[email protected]

Source: Coupang