Coupang Q4 2025 Results: Revenue Up 11%, Data Breach Impact

​​SEATTLE, WA — Coupang Inc. (NYSE: CPNG) reported a net loss of $26 million attributable to stockholders for the fourth quarter of 2025, compared with net income of $156 million a year earlier, citing the financial impact of a data security incident disclosed in November.

Operating income declined to $8 million, down $304 million from the prior year. 

Active customers in the Product Commerce segment declined slightly, from 24.7 million to 24.6 million, in the third quarter.

The company stated that the breach affected revenue growth, membership, and profitability during the period.

The incident involved a former employee unlawfully accessing the personal data of approximately 33 million user accounts, including names, phone numbers, and delivery addresses, resulting in significant legal and financial exposure.

Coupang’s South Korean subsidiary initiated a customer compensation program in December 2025, planning to distribute around $1.2 billion in vouchers beginning in January 2026.

The vouchers are expected to reduce recognized revenue as they are redeemed.

South Korean regulatory and law enforcement agencies have launched several investigations, and criminal complaints have been filed against certain current and former executives.

In the U.S., the company faces putative securities class action and stockholder derivative lawsuits alleging false or misleading statements and breaches of fiduciary duty.

Coupang also faces antitrust scrutiny in South Korea.

The Korea Fair Trade Commission fined the company $121 million in 2024 for alleged manipulation of product search rankings, a matter currently before the Seoul Eastern District Court in a criminal proceeding.

In October 2025, the commission issued a report contending that bundling the Eats food delivery service with the WOW membership program violates the Fair Trade Act.

A negative determination could require Coupang to separate the services.

Coupang’s Developing Offerings segment—which includes the Farfetch luxury marketplace, Coupang Eats, and operations in Taiwan—posted an adjusted EBITDA loss of $995 million for the year, compared with a $631 million loss in 2024.

The company noted that the Farfetch acquisition introduces integration risks and exposure to European markets.

For 2025, Coupang reported total net revenues of $34.5 billion, an increase of 14 percent, and net income attributable to stockholders of $208 million.

Free cash flow declined to $527 million, down $489 million from the prior year, attributed to higher capital expenditures and working capital effects related to the data incident.