Filing Flows › Coupang (CPNG) › Q4 2025
Coupang (CPNG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Coupang (CPNG) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -5% from the quarter before. Operating margin was 0.1%, net loss $26.0M (0.3% of revenue).
Coupang, Q4 2025: revenue $8.8B (+11% year over year), operating margin 0.1%, net loss $26.0M, operating cash flow $82.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | -5% | +11% |
| Operating profit | $8.0M | -95% | — |
| Net earnings | −$26.0M | -127% | — |
| Operating cash flow | $82.0M | -90% | -88% |
What changed
Revenue was $8.8B in Q4 2025, up 11% year over year and down 5% from the previous quarter. Net retail sales was the largest line at 75% of revenue.
Gross margin was 28.8%, down 2.5 points from a year earlier. Operating profit was $0.01B, a 0.1% margin (down 3.8 points year over year). Operating profit fell $0.30B even though revenue rose $0.87B versus a year earlier, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 11%. The quarter ended with a net loss of $0.03B, after a profit of $0.10B the previous quarter. Non-operating items added $0.01B, 64% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.08B (down 88% year over year). Non-cash charges added back $0.14B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.15B. Capital expenditures of $0.36B exceeded it, leaving free cash flow of −$0.28B.
Questions
What was Coupang's revenue in the fourth quarter 2025?
Coupang (CPNG) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -5% from the quarter before.
Was Coupang profitable in the fourth quarter 2025?
Operating profit was $8.0M (0.1% of revenue) and net loss $26.0M.
Source: Coupang 10-K on SEC EDGAR.