Filing Flows › Coupang (CPNG) › Q2 2025
Coupang (CPNG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Coupang (CPNG) reported revenue of $8.5B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +8% from the quarter before. Operating margin was 1.7%, net earnings $32.0M (0.4% of revenue).
Coupang, Q2 2025: revenue $8.5B (+16% year over year), operating margin 1.7%, net earnings $32.0M, operating cash flow $545M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.5B | +8% | +16% |
| Gross profit | $2.6B | +11% | +20% |
| Operating profit | $149M | -3% | — |
| Net earnings | $32.0M | -70% | — |
| Operating cash flow | $545M | +54% | -18% |
| Free cash flow | $247M | — | -49% |
What changed
Revenue was $8.5B in Q2 2025, up 16% year over year and up 8% from the previous quarter. Net retail sales was the largest line at 76% of revenue. Net retail sales added $0.73B year over year (up 13%), 61% of the total change.
Gross margin was 30.0%, up 0.8 points from a year earlier. Operating profit was $0.15B, a 1.7% margin (up 2.1 points year over year). Operating expenses grew 11% against revenue growth of 16%. Net earnings were $0.03B. The effective tax rate was 84.0%. Non-operating items added $0.04B, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.55B (down 18% year over year), 1758% of net income including minority interests. Non-cash charges added back $0.13B of depreciation and amortization and $0.11B of share-based compensation. Working capital and other items added $0.28B. After purchases of equipment, net ($0.25B) and purchases of land and buildings ($0.05B), free cash flow as the company reports it was $0.25B.
Questions
What was Coupang's revenue in the second quarter 2025?
Coupang (CPNG) reported revenue of $8.5B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +8% from the quarter before.
Was Coupang profitable in the second quarter 2025?
Operating profit was $149M (1.7% of revenue) and net earnings $32.0M.
Source: Coupang 10-Q on SEC EDGAR.