Coupang, Inc. · NYSE:CPNG
Coupang — Q3 2025 Earnings Presentation
24 slides from Coupang's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results November 4, 2025
Slide 2: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation 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 Ex
Slide 3: Common Stock: 1.2% YoY Dilution
Common Stock 1.2% YoY Dilution 1,875M 1,899M 80M 76M 1,795M 1,823M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Outstanding Common Stock Outstanding Equity-based Awards Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards. | 2
Slide 4: Total Net Revenues
Total Net Revenues Up 18% YoY Up 20% YoY FX-neutral $9.3B $7.9B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Note: FX-neutral, or constant currency, represents the change in net revenues as though the foreign exchange rates remained the same as those in effect in the comparable prior year period. | 3
Slide 5: Total Net Revenues – TTM
Total Net Revenues – TTM Up 17% YoY Up 22% YoY FX-neutral $33.7B $28.9B Q3 24 Q3 25 | 4
Slide 6: Gross Profit
Gross Profit Up 20% YoY Up 22% YoY FX-neutral GPM up 51 bps YoY $2.7B $2.3B 29.4% 28.8% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 margin | 5
Slide 7: Net Income Attributable to Coupang Stockholders
Net Income Attributable to Coupang Stockholders Up $25M YoY $95M $70M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Note: Q4 2024 includes benefits from the FC fire insurance gain. | 6
Slide 8: Gross Profit and Net Income Attributable to Stockholders – TTM
Gross Profit – TTM Net Income Attributable to Coupang Stockholders – TTM Up 26% YoY GPM up 218 bps YoY Down $640M YoY $10.1B $1.0B $8.0B 30.0% 27.8% $390M Q3 24 Q3 25 Q3 24 Q3 25 margin Note: During Q4 2023, we recorded a non-recurring tax adjustment of $895 million from changes in tax-related reser
Slide 9: Adjusted EBITDA
Adjusted EBITDA Up $70M YoY 4.5% margin, up 10 bps YoY $413M $343M 4.5% 4.4% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 margin Note: Adjusted EBITDA is defined as net income (loss) excluding the effects of: depreciation and amortization, interest expense and income, other income (expense), income tax expense (be
Slide 10: Adjusted EBITDA – TTM
Adjusted EBITDA – TTM Up $396M YoY 4.9% margin, up 56 bps YoY $1.6B $1.2B 4.9% 4.3% Q3 24 Q3 25 margin | 9
Slide 11: Operating Cash Flow – TTM and Free Cash Flow – TTM
Operating Cash Flow – TTM Free Cash Flow – TTM Up $549M YoY Up $333M YoY $2.4B $1.8B $1.3B $935M Q3 24 Q3 25 Q3 24 Q3 25 Note: Free cash flow is defined as cash flow from operations less purchases of property and equipment, plus proceeds from sale of property and equipment. See Appendix for a reconc
Slide 12: Segment Results: Product Commerce – Net Revenue
Segment Results: Product Commerce – Net Revenue Net Revenue Net Revenue – TTM Up 16% YoY Up 11% YoY Up 18% YoY F/X neutral Up 17% YoY F/X neutral $8.0B $29.1B $6.9B $26.1B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q3 25 | 11
Slide 13: Segment Results: Product Commerce – Adj. EBITDA
Segment Results: Product Commerce – Adj. EBITDA Adj. EBITDA Adj. EBITDA – TTM Up $235M YoY Up $546M YoY 8.8% margin, up 201 bps YoY 8.5% margin, up 113 bps YoY $705M $2.5B $470M 8.8% $1.9B 8.5% 7.3% 6.8% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q3 25 margin | 12
Slide 14: Product Commerce Active Customers
Product Commerce Active Customers Up 10% YoY 24.7M 22.5M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Note: Product Commerce Active Customers are individual customers who have ordered at least once directly from our Product Commerce apps or websites during the quarter. | 13
Slide 15: Segment Results: Developing Offerings – Net Revenue
Segment Results: Developing Offerings – Net Revenue Net Revenue Net Revenue – TTM Up 32% YoY Up 67% YoY Up 31% YoY F/X neutral Up 70% YoY F/X neutral $1.3B $4.6B $975M $2.8B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q3 25 | 14
Slide 16: Segment Results: Developing Offerings – Adj. EBITDA
Segment Results: Developing Offerings – Adj. EBITDA Adj. EBITDA Adj. EBITDA – TTM Down $165M YoY Down $149M YoY (17.7)% (13.0)% (24.0)% $(127M) (22.7)% $(664M) $(813M) $(292M) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q3 25 margin | 15
Slide 17: Our Operating Tenets
Our Operating Tenets One, we exist to deliver new moments of wow for customers. Two, we don’t start with what looks easy. We work backwards from imagining jaw-dropping customer experiences and we embrace the hard work required to challenge trade-offs that customers take for granted. Three, we will e
Slide 18: Appendix
Create a world where customers wonder “How did I ever live without Coupang?” Appendix | 17
Slide 19: Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth
Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth Three Months Ended September 30, 2024 2025 Year over Year Growth Constant Constant Exchange As Currency Currency (in millions) As Reported As Reported Rate Effect Reported Basis Basis Net Revenues by Segment Product Com
Slide 20: Non-GAAP Measure: Constant Currency Revenue Growth – TTM
Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth – TTM Trailing Twelve Months September 30, 2024 2025 Year over Year Growth Constant Constant Exchange As Currency Currency (in millions) As Reported As Reported Rate Effect Reported Basis Basis Net Revenues by Segment P
Slide 21: Non-GAAP Measure: Constant Currency Gross Profit and Gross Profit Growth
Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Three Months Ended September 30, 2024 2025 Year over Year Growth Constant Constant Exchange As Currency Currency (in millions) As Reported As Reported Rate Effect Reported Basis Basis Gross Profit by Segment P
Slide 22: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Three Months Ended September 30, December 31, September 30, (in millions) March 31, 2025 June 30, 2025 2024 2024 2025 Total net revenues $ 7,866 $ 7,965 $ 7,908 $ 8,524 $ 9,267 Net income attributable to Coupang stockholders 70 156 107 32 95 Net (loss) income attrib
Slide 23: Non-GAAP Measure: Adjusted EBITDA – TTM
Non-GAAP Measure: Adjusted EBITDA – TTM Trailing Twelve Months Ended September 30, September 30, (in millions) 2024 2025 Total net revenues $ 28,864 $ 33,664 Net income attributable to Coupang stockholders 1,030 390 Net loss attributable to noncontrolling interests (63) (19) Net income 967 371 Net i
Slide 24: Non-GAAP Measure: Free Cash Flow – TTM
Non-GAAP Measure: Free Cash Flow – TTM Trailing Twelve Months Ended September 30, September 30, (in millions) 2024 2025 Net cash provided by operating activities $ 1,818 $ 2,367 Adjustments: Purchases of land and buildings (274) (190) Purchases of equipment (625) (915) Total purchases of property an