Filing Flows › Coupang (CPNG) › Q1 2025
Coupang (CPNG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Coupang (CPNG) reported revenue of $7.9B for the first quarter 2025 (Q1 2025), +11% from a year earlier and -0.7% from the quarter before. Operating margin was 1.9%, net earnings $107M (1.4% of revenue).
Coupang, Q1 2025: revenue $7.9B (+11% year over year), operating margin 1.9%, net earnings $107M, operating cash flow $354M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9B | -0.7% | +11% |
| Gross profit | $2.3B | -7% | +20% |
| Operating profit | $154M | -51% | +285% |
| Net earnings | $107M | -31% | 21× |
| Operating cash flow | $354M | -48% | +67% |
| Free cash flow | $116M | — | +8% |
What changed
Revenue was $7.9B in Q1 2025, up 11% year over year and down 1% from the previous quarter. Net retail sales was the largest line at 77% of revenue. Third-party merchant services added $0.52B year over year (up 49%), 65% of the total change.
Gross margin was 29.3%, up 2.2 points from a year earlier. Operating profit was $0.15B, a 1.9% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, above the 1% margin then. Operating expenses grew 14% against revenue growth of 11%. Net earnings were $0.11B, up 2040% year over year. The effective tax rate was 47.2%. Non-operating items added $0.06B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.35B (up 67% year over year), 311% of net income including minority interests. Non-cash charges added back $0.12B of depreciation and amortization and $0.12B of share-based compensation. After purchases of equipment, net ($0.19B) and purchases of land and buildings ($0.05B), free cash flow as the company reports it was $0.12B.
Questions
What was Coupang's revenue in the first quarter 2025?
Coupang (CPNG) reported revenue of $7.9B for the first quarter 2025 (Q1 2025), +11% from a year earlier and -0.7% from the quarter before.
Was Coupang profitable in the first quarter 2025?
Operating profit was $154M (1.9% of revenue) and net earnings $107M.
Source: Coupang 10-Q on SEC EDGAR.