Summary
Coupang, Inc. reported its 2025 Form 10-K, highlighting a substantial increase in total net revenues to $34.5 billion, a 14% increase year-over-year (18% in constant currency). The company achieved net income of $214 million, a significant improvement from the $66 million recorded in 2024, though net income margin remained modest at 0.6%. Key drivers for revenue growth included an increase in net revenues per Product Commerce Active Customer and a growing customer base, alongside strong performance in its Developing Offerings segment, notably boosted by the Farfetch acquisition. Despite revenue growth, free cash flow saw a notable decline of 48% to $527 million due to increased capital expenditures. A significant event impacting the company was a data incident in November 2025, involving unauthorized access to approximately 33 million customer accounts. This incident has led to increased government scrutiny, ongoing investigations, and customer compensation programs totaling approximately $1.2 billion in vouchers, which will impact future revenue recognition. The company is also navigating various legal proceedings and regulatory investigations, particularly in Korea, related to trade practices and data security. Coupang continues to invest heavily in its infrastructure, technology, and expanding offerings, which contributes to increased operating expenses. The company's outlook indicates continued investment in growth initiatives, particularly within the Developing Offerings segment, while managing the impacts of past incidents and ongoing regulatory oversight. The stock repurchase program authorized in May 2025 reflects management's confidence and commitment to returning value to shareholders.
Financial Highlights
51 data points| Revenue | $34.53B |
| Cost of Revenue | $24.39B |
| Gross Profit | $10.14B |
| Operating Expenses | $34.06B |
| Operating Income | $473.00M |
| Net Income | $208.00M |
| EPS (Basic) | $0.11 |
| EPS (Diluted) | $0.11 |
| Shares Outstanding (Basic) | 1.82B |
| Shares Outstanding (Diluted) | 1.85B |
Key Highlights
- 1Total net revenues reached $34.5 billion in 2025, a 14% increase from 2024, demonstrating robust top-line growth.
- 2Net income improved significantly to $214 million in 2025, compared to $66 million in 2024, indicating a path towards increased profitability.
- 3The company experienced a 48% decrease in free cash flow to $527 million, primarily due to substantial investments in fulfillment and logistics infrastructure.
- 4A significant data incident in November 2025 affected approximately 33 million customer accounts, leading to increased regulatory scrutiny and a $1.2 billion customer compensation program.
- 5The Farfetch acquisition, completed in January 2024, is integrated into the Developing Offerings segment, contributing to its revenue growth.
- 6Coupang's core Product Commerce segment showed strong performance with a 11% revenue increase and a 24% rise in Segment Adjusted EBITDA.
- 7The company faces ongoing legal and regulatory challenges, including investigations and potential fines, particularly in Korea related to data security and trade practices.