Coupang, Inc. · NYSE:CPNG
Coupang — Q1 2025 Earnings Presentation
22 slides from Coupang's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Financial Results
coupang Q1 2025 Financial Results May 6, 2025
Slide 2: Disclaimer
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 1.2% YoY Dilution 1,861M 1,883M 1,807M Q124 Q2 24 Q3 24 Q4 24 = Outstanding Common Stock Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards. =Outstanding Equity-based Awards Q125 coupang
Slide 4: Total Net Revenues
Total Net Revenues Up 11% YoY Up 21% YoY FX-neutral $7.9B i; : ' ; Q124 Q2 24 Q3 24 Q4 24 Q125 Note: FX-neutral represents the change in net revenues as though the foreign exchange rates remained the same as those in effectin the comparable prior year period coupang |
Slide 5: Total Net Revenues - TTM
Total Net Revenues - TTM Up 21% YoY Up 27% YoY FX-neutral $31.1B $25.7B Q124 Q125 coupang | 4
Slide 6: Gross Profit
Gross Profit Up 20% YoY Up 31% YoY FX-neutral GPM up 217 bps YoY $2.3B $1.9B 29.3% 27.1% Q124 Q2 24 Q3 24 Q4 24 Q125 @ margin coupang | 5
Slide 7: Net Income Attributable to Coupang Stockholders
Net Income (loss) Attributable to Coupang Stockholders Up $102M YoY $107M Q124 Q2 24 Q3 24 Q4 24 Qi25 Note: @4 2024 includes losses of Farfetchand benefits from the FC fire insurance gain. @4 2024 Adjusted net income attributable to Coupang stockholders, which excludes theFarfetch loss and FC fire i
Slide 8: Gross Profit - TTM and Net Income - TTM
Gross Profit - TTM Up 38% YoY GPM up 361 bps YoY $6.7B $9.2B Net Income Attributable to Coupang Stockholders - TTM Down $1.0B YoY $1.3B $256M Q124 @ margin Q125 Qi24 Qi25 Note: During Q4 2023, we recorded a non-recurring tax adjustment of $895 million from changes in tax-related reserves, including
Slide 9: Adjusted EBITDA
Adjusted EBITDA Up $101M YoY 4.8% margin, up 88 bps YoY $382M $281M ae, Qi24 Q2 24 Q3 24 Q4 24 Qi25 @ 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 (benefit
Slide 10: Adjusted EBITDA - TTM
Adjusted EBITDA - TTM Up $363M YoY 4.8% margin, up 42 bps YoY $1.5B $1.1B 4.8% 4.3% Q124 Q125 @ margin coupang | 9
Slide 11: Operating Cash Flow - TTM, Free Cash Flow - TTM
Operating Cash Flow - TTM Free Cash Flow - TTM Down $335M YoY Down $450 YoY $2.4B $2.0B $158 - $1.0B Q124 Q125 Q124 Q125 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 6% YoY Up 11% YoY UP 16% YoY F/X neutral UP 17% YoY F/X neutral $6.9B $6.5B ; i $24.4B Qi24 Q2 24 Q3 24 Q4 24 Q125 Q124 Q125 coupang | 1
Slide 13: Segment Results: Product Commerce - Adj. EBITDA
Segment Results: Product Commerce - Adj. EBITDA Adj. EBITDA Adj. EBITDA - TTM Up $83M YoY Up $371M YoY 8.0% margin, up 81 bps YoY 7.7% margin, up 68 bps YoY $550M $467M $2.1B $1.7B 8.0% Q124 Q2 24 Q3 24 Q4 24 Q125 Q124 Qi25 @ margin coupang | 12
Slide 14: Product Commerce Active Customers
Product Commerce Active Customers Up 9% YoY 23.4M ’ ; - i; Q124 Q2 24 Q3 24 Q4 24 Q125 Note: Product Commerce Active Customers are the total of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the quarter. coupang | 13
Slide 15: Segment Results: Developing Offerings - Net Revenue
Segment Results: Developing Offerings - Net Revenue Net Revenue Net Revenue - TTM Up 67% YoY Up 215% YoY Up 78% YoY F/X neutral Up 226% YoY F/X neutral 1.0B $ $4.0B $620M i $1.3B Qi24 Q2 24 Q3 24 Q4 24 Q125 Qi 24 Q125 coupang | 4
Slide 16: Segment Results: Developing Offerings - Adj. EBITDA
Segment Results: Developing Offerings - Adj. EBITDA Adj. EBITDA Adj. EBITDA - TTM Improved $18M YoY Down $9M YoY (16.2)% (15.4)% (30.0)%| (47.7)% $(604M) $(613M) $(168M) $(186M) Q124 Q2 24 Q3 24 Q4 24 Q125 Q124 Q125 @ margin coupang | is
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 cus omer: “How did | ever live without Coupang?” Appendix
Slide 19: Net Income to Adjusted EBITDA Reconciliation - Quarterly
Three Months Ended September 30, December 31, (in millions) March 31, 2024 June 30, 2024 March 31, 2025 2024 2024 Total net revenues $ 7,114 $ 7,323 $ 7,866 $ 7,965 $ 7,908 Net income (loss) attributable to Coupang shareholders 5 (77) 70 156 107 Net (loss) income attributable to noncontrolling inter
Slide 20: Net Income to Adjusted EBITDA Reconciliation - TTM
Trailing Twelve Months Ended (in millions) March 31, 2024 March 31, 2025 Total net revenues $ 25,697 $ 31,062 Net income attributable to Coupang shareholders 1,273 256 Net loss attributable to noncontrolling interests (29) (52) Net income 1,244 204 Net income margin 4.8 % 0.7 % Adjustments: Deprecia
Slide 21: Free Cash Flow Reconciliation - TTM
Trailing Twelve Months Ended (in millions) March 31, 2024 March 31, 2025 Net cash provided by operating activities $ 2,363 $ 2,028 Adjustments: Purchases of land and buildings (357) (284) Purchases of equipment (551) (727) Total purchases of property and equipment (908) (1,011) Proceeds from sale of
Slide 22: Gross Profit by Segment and FX Impact
Three Months Ended March 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 Product Commerce $ 1,836 $ 2,151 $ 201 $ 2,352 17 % 28 % Developing Offerings 93 165 9 174 77 %