Coupang, Inc. · NYSE:CPNG
Coupang — Q4 2025 Earnings Presentation
29 slides from Coupang's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results February 26, 2026
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
Common Stock 0.8% YoY Dilution 1,880M 1,895M 79M 72M 1,801M 1,823M Q4 24 Q1 25 Q2 25 Q3 25 Q4 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: Older cohorts continue growing fast, newer cohorts growing faster
Older cohorts continue growing fast, newer cohorts growing faster Spend per customer by cohort in Korea Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 2020 2021 2022 2023 2024 2025 Note: Spend per customer equates to total gross spending per customer, in local currency before cancellations and returns. |
Slide 5: Total Net Revenues
Total Net Revenues Up 11% YoY Up 14% YoY FX-neutral $8.8B $8.0B Q4 24 Q1 25 Q2 25 Q3 25 Q4 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. | 4
Slide 6: Total Net Revenues
Total Net Revenues – Full Year Up 14% YoY Up 18% YoY FX-neutral $34.5B $30.3B 2024 2025 | 5
Slide 7: Gross Profit
Gross Profit Gross Profit, Excluding Items Not Reflective of Our Ongoing Operations Up 2% YoY Up 7% YoY Up 5% YoY FX-neutral Up 10% YoY FX-neutral GPM down 248 bps YoY GPM down 102 bps YoY $2.5B $2.5B $2.5B $2.4B 31.3% 28.8% 29.8% 28.8% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Mar
Slide 8: Net Income (Loss) Attributable to Coupang Stockholders
Net Income (Loss) Attributable to Coupang Net Income (Loss) Attributable to Coupang Stockholders Stockholders, Excluding Items Not Reflective of Our Ongoing Operations Down $182M YoY Down $92M YoY $156M $66M Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 $(26M) $(26M) | 7
Slide 9: Gross Profit
Gross Profit – Full Year Gross Profit – Full Year, Excluding Items Not Reflective of Our Ongoing Operations Up 15% YoY Up 17% YoY Up 19% YoY FX-neutral Up 21% YoY FX-neutral GPM up 19 bps YoY GPM up 67 bps YoY $10.1B $10.2B $8.8B $8.7B 29.2% 29.4% 29.5% 28.8% 2024 2025 2024 2025 Margin | 8
Slide 10: Net Income Attributable to Coupang Stockholders
Net Income Attributable to Coupang Net Income Attributable to Coupang Stockholders – Full Year Stockholders – Full Year, Excluding Items Not Reflective of Our Ongoing Operations Up $54M YoY Down $55M YoY $269M $208M $214M $154M 2024 2025 2024 2025 | 9
Slide 11: Adjusted EBITDA
Adjusted EBITDA Down $154M YoY 3.0% margin, down 226 bps YoY $421M $267M 5.3% 3.0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Margin Note: Adjusted EBITDA defined as net income (loss) excluding the effects of: depreciation and amortization, interest expense and income, other income (expense), income tax expense
Slide 12: Adjusted EBITDA
Adjusted EBITDA – Full Year Up $115M YoY 4.3% margin, down 23 bps YoY $1.5B $1.4B 4.5% 4.3% 2024 2025 Margin | 11
Slide 13: Operating Cash Flow and Free Cash Flow
Operating Cash Flow – Full Year Free Cash Flow – Full Year Down $113M YoY Down $489M YoY $1.9B $1.8B $1.0B $527M 2024 2025 2024 2025 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
Slide 14: Segment Results: Product Commerce – Net Revenue
Segment Results: Product Commerce – Net Revenue Net Revenue Net Revenue – Full Year Up 8% YoY Up 11% YoY Up 12% YoY F/X neutral Up 16% YoY F/X neutral $7.4B $6.9B $29.6B $26.7B Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 | 13
Slide 15: Segment Results: Product Commerce – Adjusted EBITDA
Segment Results: Product Commerce – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – Full Year Up $28M YoY Up $479M YoY 7.7% margin, down 18 bps YoY 8.4% margin, up 88 bps YoY $539M $567M $2.5B $2.0B 8.4% 7.8% 7.7% 7.5% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Margin | 14
Slide 16: Product Commerce Active Customers
Product Commerce Active Customers Up 8% YoY 24.6M 22.8M Q4 24 Q1 25 Q2 25 Q3 25 Q4 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. | 15
Slide 17: Segment Results: Developing Offerings – Net Revenue
Segment Results: Developing Offerings – Net Revenue Net Revenue Net Revenue – Full Year Up 32% YoY Up 38% YoY Up 31% YoY F/X neutral Up 40% YoY F/X neutral $1.4B $4.9B $1.1B $3.6B Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 | 16
Slide 18: Segment Results: Developing Offerings – Adjusted EBITDA
Segment Results: Developing Offerings – Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA – Full Year Down $182M YoY Down $364M YoY (10.9)% (17.7)% (20.1)% $(118M) (21.0)% $(631M) $(995M) $(300M) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Margin | 17
Slide 19: Long-term Margin Opportunity
Long-term Margin Opportunity Year Ended December 31, Long-Term 2023 2024 2025 Target Product Commerce 6.5 % 7.5 % 8.4 % Adj. EBITDA margin 10+% Consolidated 4.4 % 4.5 % 4.3 % Adj. EBITDA margin Key long-term margin drivers: 1 2 3 Efficiency and supply Scaling accretive chain optimization Operating l
Slide 20: 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 21: Appendix
Create a world where customers wonder “How did I ever live without Coupang?” Appendix | 20
Slide 22: 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 December 31, 2024 2025 Year over Year Growth Constant Constant Exchange Currency As Currency (in millions) As Reported As Reported Rate Effect Basis Reported Basis Net Revenues by Segment Product Comm
Slide 23: Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth
Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Three Months Ended December 31, 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 Pr
Slide 24: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Three Months Ended December 31, September 30, December 31, (in millions) 2024 March 31, 2025 June 30, 2025 2025 2025 Total net revenues $ 7,965 $ 7,908 $ 8,524 $ 9,267 $ 8,835 Net income (loss) attributable to Coupang stockholders 156 107 32 95 (26) Net (loss) incom
Slide 25: Non-GAAP Measure: Adjusted EBITDA – Full Year
Non-GAAP Measure: Adjusted EBITDA – Full Year Year Ended December 31, (in millions) 2023 2024 2025 Total net revenues $ 24,383 $ 30,268 $ 34,534 Net (loss) income attributable to Coupang stockholders 1,360 154 208 Net (loss) income attributable to noncontrolling interests — (88) 6 Net (loss) income
Slide 26: Non-GAAP Measure: Free Cash Flow
Non-GAAP Measure: Free Cash Flow – Full Year Year Ended December 31, (in millions) 2024 2025 Net cash provided by operating activities $ 1,886 $ 1,773 Adjustments: Purchases of land and buildings (245) (236) Purchases of equipment (634) (1,015) Total purchases of property and equipment (879) (1,251)
Slide 27: Non-GAAP Measure: Gross Profit and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations
Non-GAAP Measure: Gross Profit and Gross Profit Margin Excluding Items Not Reflective of Our Ongoing Operations Three Months Ended December 31, Year Ended December 31, (in millions) 2024 2025 2024 2025 Gross profit $ 2,491 $ 2,544 $ 8,831 $ 10,141 Adjustments: FC Fire insurance gain (116) — (116) —
Slide 28: Non-GAAP Measure: Constant Currency Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations
Non-GAAP Measure: Constant Currency Gross Profit and Constant Gross Profit Growth Excluding Items Not Reflective of Our Ongoing Operations Three Months Ended December 31, 2024 2025 Year over Year Growth Constant Constant Exchange Currency As Currency (in millions) As Reported As Reported Rate Effect
Slide 29: Non-GAAP Measure: Net Income (Loss) Attributable to Coupang Stockholders Excluding Items
Non-GAAP Measure: Net Income (Loss) Attributable to Coupang Stockholders Excluding Items Not Reflective of Our Ongoing Operations Three Months Ended December 31, Year Ended December 31, (in millions) 2024 2025 2024 2025 Net income (loss) attributable to Coupang stockholders $ 156 $ (26) $ 154 $ 208