Coupang, Inc. (CPNG) Announced Q4 2025 Earnings on February 26, 2026, Reporting "total net revenues of $8.8 billion".

For the fourth quarter of 2025, Coupang reported total net revenues of $8.8 billion, representing an 11 percent increase on a reported basis. The company generated a consolidated gross profit of $2.5 billion, with a gross profit margin of 28.8 percent. Operating income for the fourth quarter was $8 million, and the company reported a net loss of $26 million, resulting in a diluted loss per share of $0.01. Consolidated adjusted EBITDA reached $267 million with a 3 percent margin. Full year free cash flow was reported at $527 million.
Management addressed a data incident involving a former employee that impacted user accounts late in the year, which led to a temporary slowdown in revenue growth and active customers in December. To address the impact, the company announced a customer compensation program issuing approximately $1.2 billion in vouchers. On the operations side, Coupang highlighted its continued investment in Taiwan, which saw revenues growing triple digits year over year. The company has rapidly built out its own last mile logistics network in Taiwan, now covering nearly 70 percent of the geography and delivering 75 percent of December volume the next day. Additionally, the recently acquired Farfetch generated positive year over year revenue growth and positive overall economics for the first time since acquisition.
Looking ahead to the first quarter of 2026, Coupang anticipates growing consolidated constant currency revenues in the 5 percent to 10 percent range. Management expects muted trends in growth and profitability over the next few months as the impacts from the data incident diminish over the course of the year. For Developing Offerings, the company expects to incur full year adjusted EBITDA losses in 2026 between $950 million and $1 billion, reflecting continued investments in early stage initiatives. Over the long term, Coupang expects its effective tax rate to normalize closer to 25 percent.