Coupang (CPNG) Q3 2025 earnings summary

Executive summary

• Net revenues reached $9.3 billion in Q3 2025, up 18% year-over-year and 20% on a constant currency basis, with strong margin expansion and robust cash flow generation.

• Gross profit increased 20% year-over-year to $2.7 billion, with gross margin rising to 29.4%.

• Net income attributable to stockholders was $95 million, up 48% year-over-year, with diluted EPS of $0.05.

• Adjusted EBITDA was $413 million (4.5% margin), up 20% year-over-year.

• Product Commerce segment drove most of the growth, with strong customer engagement, higher margin categories, and a 10% increase in active customers to 24.7 million.

Financial highlights

• Trailing twelve months (TTM) net revenues were $33.7 billion, up 17% year-over-year and 22% FX-neutral.

• TTM gross profit was $10.1 billion, up 26% year-over-year, with gross margin up to 30.0%.

• Operating income reached $162 million, up 50% year-over-year, with a margin of 1.7%.

• Operating cash flow for the trailing 12 months was $2.4 billion (+30%), and free cash flow was $1.3 billion (+36%).

• 2.8 million shares of Class A common stock were repurchased for $81 million during the quarter.

Outlook and guidance

• Full-year consolidated net revenue growth expected at roughly 20% in constant currency.

• Continued investment in Developing Offerings and expansion into new geographies expected.

• Developing Offerings' adjusted EBITDA losses projected at the higher end of $900–$950 million due to Taiwan momentum.

• Temporarily elevated effective tax rate of 60–65% expected for the year, normalizing to ~25% long-term.

• Liquidity needs expected to be met by cash flow from operations and available credit facilities for at least the next 12 months.