Coupang Announces Results for Fourth Quarter 2025
SEATTLE--( BUSINESS WIRE)--Coupang, Inc. (NYSE: CPNG) today announced financial results for its fourth quarter ended December 31, 2025.
Q4 2025 Consolidated Highlights:
Q4 2025 Segment Highlights:
Q4 2025 Data Incident:
FY2025 Consolidated Highlights:
FY2025 Segment Highlights:
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
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
%
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
Total Net Revenues Growth, Constant Currency and Gross Profit Growth, Constant Currency
Gross Profit Excluding Items Not Reflective of Our Ongoing Operations
Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations
Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
Gross Profit Excluding Items Not Reflective of Our Ongoing Operations, Constant Currency
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
Product Commerce Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations
Product Commerce Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
Product Commerce Gross Profit, 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
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
Developing Offerings Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
Developing Offerings Gross Profit 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
Free Cash Flow
Adjusted EBITDA
Adjusted EBITDA Margin
Operating Income (Loss) Excluding Items Not Reflective of Our Ongoing Operations
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) Excluding Coupang Stockholders Adjusted for Items Not Reflective of Our Ongoing Operations
Diluted Earnings Per Share Excluding Items Not Reflective of Our Ongoing Operations
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
%
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
%
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
%
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
%
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
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.