Companies

Coupang Inc - Class A

NYSE: CPNG
$16.06
▼ $0.46 (−2.78%) today
Markets closed · 8:43pm ET

Q2 2025 Earnings

Reported Aug 5, 2025, 4:12pm ET · SEC source
$0.02
Miss −60.00%
EPS · est. $0.05
$8.5B
Beat +1.72%
Revenue · est. $8.4B
+9.6%
Beating market
CPNG vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%+8%Aug 5Aug 6report 4:12pm ETearnings+0.8%−1.5%
−4%0+4%+8%Aug 5Aug 6earnings+0.8%−1.5%
CPNG −1.5%S&P 500 +0.8%
−4%0+4%+8%Aug 5Aug 6report 4:12pm ETearnings+1.3%−1.5%
−4%0+4%+8%Aug 5Aug 6earnings+1.3%−1.5%
CPNG −1.5%NASDAQ +1.3%
−8%−4%0Aug 4Aug 13report 4:12pm ETearnings+2.7%−7.4%
−8%−4%0Aug 4Aug 13earnings+2.7%−7.4%
CPNG −7.4%S&P 500 +2.7%
−10%−5%0+5%Aug 4Aug 13report 4:12pm ETearnings+3.7%−7.4%
−10%−5%0+5%Aug 4Aug 13earnings+3.7%−7.4%
CPNG −7.4%NASDAQ +3.7%
−6.05%
Day of report
−1.00%
Next session
+1.35%
One week
+12.14%
30 days

S&P 500 over the same 30 days: +2.54%.

Did CPNG Beat Earnings? Q2 2025 Results

Coupang delivered a mixed second quarter for 2025, posting revenue that edged past expectations while earnings fell well short of what Wall Street had penciled in. The South Korean e-commerce giant reported net revenues of $8.52 billion, up 16.4% year-over-year and narrowly ahead of the $8.38 billion consensus estimate, yet diluted EPS of $0.02 missed the $0.05 forecast by 60.00%, weighed down by an unusually elevated effective tax rate on pre-tax income of $194.00 million against a $163.00 million tax bill. The headline profit story was still a genuine improvement, with net income of $31.00 million reversing a $105.00 million loss a year ago. Gross profit expanded 20% to $2.56 billion, and adjusted EBITDA climbed 30% to $428.00 million, reflecting operational efficiencies in the core Product Commerce segment, where active customers grew 10% to 23.9 million. Free cash flow declined 49% to $247.00 million due to higher capital expenditures, though management expects those working capital dynamics to normalize by year-end, even as the company continues expanding its global technology footprint.

Key Takeaways
  • Product Commerce Active Customers grew 10% YoY to 23.9 million
  • Net revenues per Product Commerce Active Customer increased 4% YoY to $307 (6% on constant currency)
  • Product Commerce gross profit margin expanded 227 bps YoY to 32.6%
  • Developing Offerings revenue grew 33% YoY driven by restaurant delivery, streaming, fintech, and Farfetch
  • Adjusted EBITDA margin improved 51 bps YoY to 5.0%
  • Constant currency revenue growth of 19% versus 16% reported growth reflecting FX headwinds from Korean Won

Forward Guidance & Outlook

Management noted that the decrease in trailing twelve-month free cash flow was primarily driven by timing of capital expenditures as well as impacts of certain working capital fluctuations in the current and previous trailing twelve-month periods, which they expect to normalize by the end of the year.

CPNG YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$3.0B$6.0B$9.0B$7.3B$8.5BRevenue$2.1B$2.6BGross Profit$18.7M$149.0MOperating Income$12.9M$31.0MNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income

CPNG Revenue by Segment

Product Commerce$7.3B+14.0%
Net Retail Sales$6.5B+13.0%
Net Other Revenue$2.0B+31.0%
Developing Offerings$1.2B+33.0%

Figures from SEC filings and company reports. Not investment advice.