10-QPeriod: Q3 FY2025

Coupang, Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 4, 2025For Securities:CPNG

Summary

Coupang, Inc. reported strong performance in the third quarter of 2025, with total net revenues increasing by 18% year-over-year to $9.3 billion, driven by robust growth in both its Product Commerce and Developing Offerings segments. The company demonstrated improved profitability, with Net Income attributable to Coupang stockholders reaching $95 million, a significant increase from the prior year, and Operating Income growing by 49%. This performance was supported by a 20% increase in Gross Profit and a 20% rise in Adjusted EBITDA, indicating effective cost management and margin expansion, particularly within the core Product Commerce segment. The company also continues to focus on its strategic growth initiatives and managing its expanding operations, as evidenced by its continued investment in infrastructure and technology, while maintaining a healthy liquidity position with $7.3 billion in cash, cash equivalents, and restricted cash.

Financial Highlights

50 data points
Beta

Revenue

$9.27B

29.4% Gross Margin

Net Income

$95.00M

1.0% Net Margin

EPS (Diluted)

$0.05

Total Assets

$18.67B

Cash & Equivalents

$7.23B

Free Cash Flow

$439.00M

Financial Statements
Beta
Revenue$9.27B
Cost of Revenue$6.55B
Gross Profit$2.72B
Operating Expenses$9.11B
Operating Income$162.00M
Net Income$95.00M
EPS (Basic)$0.05
EPS (Diluted)$0.05
Shares Outstanding (Basic)1.82B
Shares Outstanding (Diluted)1.86B

Key Highlights

  • 1Total net revenues increased by 18% year-over-year to $9.3 billion in Q3 2025, reaching $25.7 billion for the first nine months.
  • 2Net income attributable to Coupang stockholders was $95 million for Q3 2025, a 48% increase compared to $64 million in Q3 2024.
  • 3Operating income grew by 49% to $162 million in Q3 2025, reflecting improved operational efficiency.
  • 4Gross profit increased by 20% year-over-year to $2.7 billion in Q3 2025, with Product Commerce showing a 24% increase.
  • 5Adjusted EBITDA rose by 20% to $413 million in Q3 2025, demonstrating strong operational profitability.
  • 6Coupang continues to invest in growth, with its Developing Offerings segment revenue up 32% in Q3 2025, though still operating at a loss.
  • 7The company maintained a strong liquidity position, with $7.3 billion in cash, cash equivalents, and restricted cash as of September 30, 2025.

Frequently Asked Questions

Coupang reported total net revenues of $9.3 billion for the third quarter of 2025, an 18% increase compared to $7.9 billion in the same period last year. This growth was driven by an 18% increase in constant currency terms, highlighting strong underlying business momentum. Net retail sales grew 15%, and net other revenue grew 27%.

Profitability improved significantly. Operating income increased by 49% to $162 million, and Net Income attributable to Coupang stockholders was $95 million, up 48% year-over-year. The company also saw a 20% increase in Gross Profit to $2.7 billion and a 20% increase in Adjusted EBITDA to $413 million, indicating effective cost management and margin expansion.

The Farfetch acquisition, completed in January 2024, contributed to the Developing Offerings segment, which saw a 32% increase in net revenues to $1.3 billion in Q3 2025. While Farfetch is growing, the Developing Offerings segment continues to operate at a loss, with a Segment Adjusted EBITDA of negative $292 million for Q3 2025, reflecting ongoing investments. The company is undertaking restructuring actions to optimize Farfetch's operations.

Coupang maintains a strong liquidity position, with $7.3 billion in cash, cash equivalents, and restricted cash as of September 30, 2025. The company also had $1.1 billion available under its revolving credit facilities. Net cash provided by operating activities was $1.7 billion for the nine months ended September 30, 2025, and Free Cash Flow was $805 million for the same period, indicating healthy cash generation.