Coupang reported mixed results for Q4 2025, with revenue growth showing resilience but profitability impacted by a significant data incident. While the Developing Offerings segment saw strong revenue growth, the Product Commerce segment experienced margin pressure. The company is focused on recovering from the data incident and managing its impact on operations and customer trust.
Total net revenues increased 11% YoY to $8.8 billion, and 14% on a constant currency basis.
positiveDeveloping Offerings segment net revenues grew 32% YoY (31% constant currency) to $1.4 billion.
positiveProduct Commerce Active Customers grew 8% YoY to 24.6 million.
positiveFull-year 2025 net revenues increased 14% YoY to $34.5 billion (18% constant currency).
positiveQ4 2025 net loss attributable to Coupang stockholders was $(26) million, a decrease of $182 million from net income last year.
negativeQ4 2025 diluted EPS was $(0.01), down $0.09 YoY.
negativeQ4 2025 Adjusted EBITDA was $267 million, down 37% YoY, with a margin of 3.0%, down 226 bps.
negativeProduct Commerce gross profit margin decreased 83 bps YoY to 31.9% in Q4 2025.
attentionDeveloping Offerings segment adjusted EBITDA loss widened to $300 million in Q4 2025, an increase of $182 million YoY.
attentionFull-year 2025 free cash flow decreased 48% YoY to $527 million, primarily due to the data incident's impact on working capital and increased CapEx.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Product Commerce | N/A | — | — | — | +12.0% |
Developing Offerings | N/A | — | — | — | +31.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
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.
Product Commerce segment net revenues were $7.4 billion, up 8% YoY on a reported basis and 12% YoY on a constant currency basis.
Developing Offerings segment net revenues were $1.4 billion, up 32% YoY on a reported basis and 31% on a constant currency basis.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.