CPNG Q3 2025 Earnings

Call Details

• Call Title: Coupang Q3 2025 Earnings Call
• Date: November 4, 2025 at 10:30 PM UTC
• Management Team:
  • Mike Parker (Vice President of Investor Relations)
  • Bom Kim (Chief Executive Officer)
  • Gaurav Anand (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated net revenues were $9.3 billion for the quarter, growing 18% year over year and 20% in constant currency.
• Consolidated gross profit was $2.7 billion, increasing 20% year over year and 22% in constant currency, with gross profit margin expanding to 29.4% up over 50 basis points year over year.
• Consolidated adjusted EBITDA was $413 million, up 20% year over year, with an adjusted EBITDA margin of 4.5% representing a 10 basis point expansion year over year but a 56 basis point decline quarter over quarter.
• Operating income was $162 million, up $53 million year over year, representing an operating income margin of 1.7%, which expanded 36 basis points year over year.
• Net income attributable to Coupang stockholders was $95 million, resulting in diluted earnings per share of $0.05 for the quarter.
• Trailing 12 month operating cash flow was $2.4 billion, up 30% year over year, and trailing 12 month free cash flow was $1.3 billion, up 36% year over year.

Guidance

• Full year consolidated net revenue growth is expected to be roughly 20% in constant currency, consistent with prior guidance.
• The company updated developing offerings full-year adjusted EBITDA loss guidance to come around the higher end of the prior $900 to $950 million range.
• The company now expects a temporarily elevated full-year effective tax rate of 60% to 65% versus a long-term expectation closer to 25%.
• Management expects consolidated margins to continue expanding on an annual basis despite quarter-to-quarter variability caused by investment pacing and seasonality.
• Q3 benefited from a holiday timing shift, and the company cautioned that timing dynamics can create quarter-over-quarter comparability effects for seasonal quarters.
• Management reiterated a disciplined approach to investments, indicating that capital deployment into developing offerings will be increased only where there is evidence of durable customer economics.