Coupang Q3 2025 Results: $9.3B Revenue, 18% Growth

SEATTLE, WA — Coupang Inc. reported net revenues of $9.3 billion for the third quarter ended September 30, 2025, compared with $7.9 billion in the same period of 2024, according to a company statement released Monday.

The increase represented 18 percent growth on a reported basis and 20 percent on a constant currency basis. Operating income was $162 million, compared with $109 million in the third quarter of 2024.

Net income attributable to Coupang stockholders was $95 million, compared with $70 million in the same quarter last year.

Diluted earnings per share were $0.05, compared with $0.04 in the prior year period.

Gross profit was $2.7 billion, compared with $2.3 billion, resulting in a gross profit margin of 29.4 percent, up from 28.9 percent.

The company's Product Commerce segment reported net revenues of $8.0 billion, compared with $6.9 billion in the third quarter of 2024.

This represented a 16 percent growth on a reported basis and an 18 percent growth on a constant currency basis.

Gross profit for the segment was $2.6 billion, compared with $2.1 billion, resulting in a gross profit margin of 32.1 percent, up from 30.0 percent.

Product Commerce Active Customers numbered 24.7 million as of September 30, 2025, compared with 22.5 million as of September 30, 2024.

Net revenues per Product Commerce Active Customer were $323, compared with $307, or $329 on a constant currency basis.

The Developing Offerings segment reported net revenues of $1.3 billion, compared with $975 million in the third quarter of 2024.

The segment reported an adjusted EBITDA loss of $292 million, compared with a loss of $127 million in the same period last year.

Operating cash flow for the trailing twelve months was $2.4 billion, compared with $1.8 billion for the same period in 2024.

Free cash flow for the trailing twelve months was $1.3 billion, compared with $935 million.

The company repurchased 2.8 million shares of Class A common stock during the quarter for $81 million.

Total assets as of September 30, 2025, were $18.7 billion, compared with $15.3 billion as of December 31, 2024.

Coupang operates in retail, restaurant delivery, video streaming, and financial technology services. The company is listed on the New York Stock Exchange under the ticker symbol CPNG.