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Edge18 Oct 2024
How Coupang Conquered South Korean E-commerce
The remarkable story of how Coupang has captured nearly every Korean household as customers in less than 15 years.
Coupang (CPNG) investor relations material
Coupang Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net revenues reached $9.3 billion in Q3 2025, up 18% year-over-year and 20% on a constant currency basis, with strong margin expansion and robust cash flow generation.
Gross profit increased 20% year-over-year to $2.7 billion, with gross margin rising to 29.4%.
Net income attributable to stockholders was $95 million, up 48% year-over-year, with diluted EPS of $0.05.
Adjusted EBITDA was $413 million (4.5% margin), up 20% year-over-year.
Product Commerce segment drove most of the growth, with strong customer engagement, higher margin categories, and a 10% increase in active customers to 24.7 million.
Financial highlights
Trailing twelve months (TTM) net revenues were $33.7 billion, up 17% year-over-year and 22% FX-neutral.
TTM gross profit was $10.1 billion, up 26% year-over-year, with gross margin up to 30.0%.
Operating income reached $162 million, up 50% year-over-year, with a margin of 1.7%.
Operating cash flow for the trailing 12 months was $2.4 billion (+30%), and free cash flow was $1.3 billion (+36%).
2.8 million shares of Class A common stock were repurchased for $81 million during the quarter.
Outlook and guidance
Full-year consolidated net revenue growth expected at roughly 20% in constant currency.
Continued investment in Developing Offerings and expansion into new geographies expected.
Developing Offerings' adjusted EBITDA losses projected at the higher end of $900–$950 million due to Taiwan momentum.
Temporarily elevated effective tax rate of 60–65% expected for the year, normalizing to ~25% long-term.
Liquidity needs expected to be met by cash flow from operations and available credit facilities for at least the next 12 months.
Farfetch restructuring: future royalty savings?
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Developing Offerings: path to profitability?
What drives the increased Developing Offerings loss?
What drove the Q3 FCF turnaround?
Capital allocation priorities: share buybacks vs debt?
What specific Taiwan customer behaviors mirror Korea?
Coupang's near-term AI capital allocation plans?
Key drivers for Product Commerce margins to exceed 10%?
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Q4 202525 Feb, 2026
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Frequently asked questions
The ecommerce giant of South Korea
Coupang offers a suite of solutions across the complete value chain of online shopping. The company is mostly known for their large and sophisticated logistics network, which enables exceedingly fast shipping speeds on millions of items in almost every category to be delivered within hours. In addition to the unmatched delivery times, they also provide vast selection and cheap prices, which is why Coupang can be considered the Amazon of South Korea.
Unmatched delivery times
Coupang has invested heavily in logistics infrastructure for over a decade. As of February, 2023, the company had built and designed over 100 fulfillment centers, covering north of 40 million square feet. As a result, over 70% of the Korean population now lives within 7 miles of a Coupang logistic center – which enables among the fastest delivery times on average worldwide. In addition to the extensive physical infrastructure, a vital part for empowering the fast deliveries is the technology and software. For instance, Coupang uses AI and machine learning to predict demand spikes and for optimizing routes for their delivery staff, and to allocate inventory more efficiently.
Challenging to be different within retail
One potential challenge for Coupang is competition from other ecommerce companies, both in South Korea and globally. The company competes with established players such as Amazon, Alibaba, and JD.com. Additionally, the ecommerce market is becoming increasingly crowded, and there is a risk that Coupang may struggle to differentiate itself from competitors. Their objective for long-term differentiation is however very clear, Coupang is betting heavily on reliable and fast deliveries, vast selection, and cheap prices.
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