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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 Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Net revenues reached $8.5B in Q2 2025, up 16% year-over-year (19% FX-neutral), with strong momentum across all segments and margin expansion, especially in Product Commerce.
Gross profit increased 20% year-over-year to $2.6B, with gross margin up 79 bps to 30.0%.
Net income attributable to stockholders was $32M in Q2 2025, a $109M improvement year-over-year, with diluted EPS of $0.02.
Adjusted EBITDA reached $428M (5.0% margin), up 30% year-over-year, reflecting improved operating leverage.
Product Commerce segment saw robust customer engagement, with active customers up 10% to 23.9M and net revenues per active customer up 6% (constant currency).
Financial highlights
Product Commerce gross profit margin expanded 230 bps year-over-year to 32.6%, and adjusted EBITDA margin grew 80 bps to 9.0%.
Consolidated gross profit was $2.6B, up 20% year-over-year, with a gross profit margin of 30%.
Operating income was $149M, up $174M year-over-year.
Free cash flow for the trailing twelve months was $784M, down $729M from last year due to CapEx timing and working capital fluctuations.
Cash and cash equivalents at quarter-end were $6.8B.
Outlook and guidance
Full-year guidance for developing offerings adjusted EBITDA losses revised to $900–$950M, mainly due to increased investment in Taiwan.
Management expects normalization of working capital impacts and capital expenditures by year-end.
Maintain constant currency consolidated growth rate outlook of roughly 20% for the full year.
Long-term adjusted EBITDA margin potential seen in excess of 10%.
Liquidity needs expected to be met by cash flow from operations and available credit facilities for at least the next 12 months.
Why did free cash flow decrease YoY?
How will working capital normalize?
Elaborate on Developing Offerings EBITDA.
How will AI impact long-term growth/margins?
Are Taiwan's scaling inefficiencies similar to Korea?
When will Developing Offerings EBITDA losses peak?
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Next Coupang earnings date
Q3 20254 Nov, 2025
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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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