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Dec 31, 2025
Coupang Q4 2025 Earnings Report
Coupang reported fourth quarter 2025 results with double-digit revenue growth but margin pressure and a net loss impacted by a data incident.
Key Takeaways
Coupang generated 8835000000 in Q4 2025 revenue, up 11% year-over-year, while reporting a net loss of 26000000 as margins contracted and profitability was affected late in the quarter.
Total net revenues increased 11% year-over-year to 8835000000.
Gross profit rose to 2544000000 but gross margin declined to 28.8%.
Adjusted EBITDA was 267000000 with a 3.0% margin, down from prior year.
Product Commerce Active Customers grew 8% year-over-year to 24600000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management indicated stabilization and early recovery trends in Q1 2026 following the Q4 data incident impact.
Positive Outlook
- Revenue growth stabilized entering Q1 2026.
- Active customer trends began recovering post-incident.
- Strong Product Commerce adjusted EBITDA generation.
- Continued constant currency growth momentum.
- Ongoing share repurchase activity.
Challenges Ahead
- Data incident negatively impacted late-quarter revenue growth.
- Gross margin declined year-over-year.
- Adjusted EBITDA margin contracted significantly.
- Free cash flow was negative in Q4.
- Profitability pressured by operating cost growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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