CPNG Q4 2025 Earnings

Call Details

• Call Title: Coupang Q4 2025 Earnings Call
• Date: February 26, 2026 at 10:30 PM UTC
• Management Team:
  • Mike Parker (Vice President of Investor Relations)
  • Bom Kim (Chief Executive Officer)
  • Gaurav Anand (Chief Financial Officer)
  • Harold Rogers (General Counsel & Chief Administrative Officer and interim CEO of Coupang Korea)

Call Summary

Financial Performance

• Product commerce net revenue was $7.4B, growing 8% year over year and 12% on a constant currency basis.
• Consolidated net revenue was $8.8B, up 11% year over year on a reported basis and 14% on a constant currency basis.
• Product commerce gross profit was $2.4B, increasing 5% year over year and 9% in constant currency.
• Product commerce gross profit margin was 31.9% for the quarter and contracted by over 80 basis points versus last year before adjustment, and improved 85 basis points versus last year when adjusting for a prior-year FC fire insurance gain.
• Product commerce segment-adjusted EBITDA was $567M, up 5% year over year, producing a segment-adjusted EBITDA margin of 7.7% that decreased 18 basis points versus last year.
• Developing offerings generated $1.4B of segment net revenue, growing 32% year over year (31% in constant currency), produced $183M of gross profit which was down 24% year over year, and drove segment-adjusted EBITDA losses of $300M in the quarter and $995M for the full year.
• Consolidated gross profit was $2.5B, up 2% year over year (5% in constant currency) and consolidated adjusted EBITDA was $267M, down 37% year over year with adjusted EBITDA margin of 3%, down over 220 basis points year over year.
• Net loss attributable to Coupang stockholders was $26M for the quarter, resulting in diluted loss per share of $0.01, and operating income was $8M for the quarter.

Guidance

• For Q1 2026, the company expects consolidated constant currency revenue growth in the 5-10% range.
• Developing offerings full-year adjusted EBITDA losses for 2026 are expected to be between $950M and $1.0B.
• The company expects muted growth and profitability trends in the near term with impacts from the data incident diminishing over the course of the year and some unevenness in top-line growth rates.
• Product commerce delivered 16% constant currency revenue growth in the three months prior to the December impact and management estimated the lowest levels in January at an estimated 4% constant currency growth adjusted for Lunar New Year timing.
• The company expects to provide fuller growth guidance in coming quarters as visibility improves.
• The company reiterated that incremental cybersecurity and tech investments will be prioritized while not expected to cause a structural change in overall SG&A spend over the long term.