Coupang Inc. reported fourth‑quarter 2025 revenue of $8.835 billion, a 11% year‑over‑year increase and 14% on a constant‑currency basis. The figure fell short of the consensus estimate of $9.14 billion, leaving the company below analyst expectations.
Revenue growth was driven by the Product Commerce segment, which generated $7.408 billion, and the Developing Offerings segment, which added $1.427 billion. Despite the top‑line expansion, adjusted EBITDA contracted to $267 million, a 37% decline from $421 million in Q4 2024, reflecting heavy investment in logistics, technology and the fallout from a December 2025 data‑breach that eroded customer confidence. The adjusted EBITDA margin fell 226 basis points to 3.0% year‑over‑year.
The company posted a net loss of $156 million and operating income of $312 million in Q4 2024, with a gross profit margin of 31.3%. Management guided that adjusted EBITDA losses for 2026 will range between $950 million and $1 billion, indicating continued investment in growth initiatives. Segment profitability data show Product Commerce generated $539 million in adjusted EBITDA in Q4 2024, while Developing Offerings recorded a $118 million loss.
A data‑breach disclosed in December 2025 exposed personal information of more than 33 million users. Coupang pledged $1 billion in compensation and has been working to restore trust. CEO Bom Suk Kim apologized, saying, "Everything Coupang has achieved has been driven by our single goal of delivering a Wow experience to our customers. We are doing our utmost to earn customers' trust, as nothing is more serious for us than failing to meet their expectations."
The company’s expansion into Taiwan continues to drive growth, with triple‑digit revenue increases reported in that market. Product Commerce remains resilient, with revenue growth and improved margins, underscoring the strength of the core business amid broader challenges.
After the earnings release, Coupang’s shares fell 0.49% in after‑hours trading, with some reports noting a 3.3% drop. CFO Gaurav Anand said, "The negative impacts from the data incident on growth rates have subsequently stabilized and are beginning to recover in Q1 2026." The market reaction reflects concerns over the earnings miss, margin compression and the ongoing impact of the data breach.
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