Filing Flows › Coupang (CPNG) › Q3 2025
Coupang (CPNG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Coupang (CPNG) reported revenue of $9.3B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +9% from the quarter before. Operating margin was 1.7%, net earnings $95.0M (1.0% of revenue).
Coupang, Q3 2025: revenue $9.3B (+18% year over year), operating margin 1.7%, net earnings $95.0M, operating cash flow $792M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.3B | +9% | +18% |
| Gross profit | $2.7B | +6% | +20% |
| Operating profit | $162M | +9% | +49% |
| Net earnings | $95.0M | +206% | +48% |
| Operating cash flow | $792M | +45% | +137% |
| Free cash flow | $442M | — | — |
What changed
Revenue was $9.3B in Q3 2025, up 18% year over year and up 9% from the previous quarter. Net retail sales was the largest line at 76% of revenue. Net retail sales added $0.94B year over year (up 15%), 67% of the total change.
Gross margin was 29.4%, up 0.5 points from a year earlier. Operating profit was $0.16B, a 1.7% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 4% reached operating profit, above the 1% margin then. Operating expenses grew 18% against revenue growth of 18%. Net earnings were $0.10B, up 36% year over year. The effective tax rate was 42.4%.
Operating cash flow was $0.79B (up 137% year over year), 834% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items added $0.45B. After purchases of equipment, net ($0.27B) and purchases of land and buildings ($0.08B), free cash flow as the company reports it was $0.44B.
Questions
What was Coupang's revenue in the third quarter 2025?
Coupang (CPNG) reported revenue of $9.3B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +9% from the quarter before.
Was Coupang profitable in the third quarter 2025?
Operating profit was $162M (1.7% of revenue) and net earnings $95.0M.
Source: Coupang 10-Q on SEC EDGAR.