Coupang (CPNG) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues reached $8.8 billion, up 11% year-over-year (14% FX-neutral), despite a significant data incident impacting over 33 million user accounts and causing operational challenges.

• Full-year 2025 net revenues totaled $34.5 billion, up 14% year-over-year (18% FX-neutral).

• Q4 gross profit was $2.5 billion, up 2% year-over-year, but gross profit margin declined by 248 basis points year-over-year.

• Q4 operating income was $8 million, down $171 million year-over-year after adjusting for one-time items; full-year operating income was $473 million, up $37 million year-over-year.

• Q4 net loss attributable to shareholders was $26 million, or a diluted loss per share of $0.01; full-year net income was $208 million.

Financial highlights

• Q4 adjusted EBITDA was $267 million (3.0% margin), down 37% year-over-year; full-year adjusted EBITDA was $1.5 billion (4.3% margin), up 8% year-over-year.

• Q4 free cash flow was $(278) million; full-year free cash flow was $527 million, down $489 million year-over-year, mainly due to the data incident and higher capital expenditures.

• Product Commerce segment Q4 net revenue reached $7.4 billion, up 8% year-over-year (12% FX-neutral); full-year $29.6 billion, up 11% year-over-year.

• Developing Offerings Q4 net revenue was $1.4 billion, up 32% year-over-year; full-year $4.9 billion, up 38% year-over-year.

• Product Commerce Q4 adjusted EBITDA was $567 million (7.7% margin); full-year $2.5 billion (8.4% margin).

Outlook and guidance

• Management expects stabilization and recovery in growth rates and profitability in Q1 2026 following the Q4 data incident, with Q1 consolidated constant currency revenue growth anticipated in the 5%-10% range.

• Annual consolidated EBITDA margin expansion trend will be disrupted in 2026; Developing Offerings expected to incur full-year adjusted EBITDA losses of $950 million to $1 billion in 2026.

• Long-term consolidated adjusted EBITDA margin target is above 6.5%, with Product Commerce aiming for over 10%.

• Key drivers for margin expansion include efficiency, supply chain optimization, and scaling accretive offerings.