Coupang, Inc. is a leading e-commerce company that operates primarily in South Korea, with additional activities in Taiwan, Singapore, China, India, and Europe. The company focuses on providing a wide range of products and services, including retail goods, fresh groceries, restaurant delivery, and online content streaming, while leveraging its proprietary logistics and technology network to offer exceptional delivery experiences. Coupang aims to revolutionize everyday life for its customers by combining convenience, competitive pricing, and innovative services.
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Product Commerce - Offers a broad range of retail goods through owned inventory and marketplace offerings, supported by a proprietary logistics network that enables free, next-day delivery for millions of products. Includes Rocket Fresh for fresh grocery delivery and Rocket WOW Membership for exclusive benefits like free delivery and discounts.
- Owned Inventory Sales - Sells products directly to customers from Coupang's inventory.
- Marketplace Offerings - Provides a platform for third-party merchants to sell their products.
- Rocket Fresh - Delivers fresh groceries to customers.
- Rocket WOW Membership - Offers subscription benefits such as free delivery and exclusive discounts.
- Advertising Products - Generates revenue from advertising services associated with retail offerings.
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Developing Offerings - Focuses on innovative and emerging services, including restaurant delivery, online content streaming, fintech solutions, and international retail operations. Recently expanded into luxury fashion through the acquisition of Farfetch.
- Coupang Eats - Provides restaurant ordering and delivery services in South Korea.
- Coupang Play - Offers online content streaming services in South Korea.
- Fintech Services - Develops financial technology solutions.
- International Retail Operations - Operates retail activities in markets such as Taiwan.
- Farfetch - Connects customers with luxury boutiques and brands through a global luxury fashion marketplace.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bom Kim ExecutiveBoard | Chief Executive Officer and Chair of the Board | None | Founder of Coupang; has served as CEO and Chair since 2010. Holds an A.B. in Government from Harvard University. | View Report → |
Gaurav Anand Executive | Chief Financial Officer | None | CFO since December 2020. Previously COO (2019-2020) and Chief of Staff to the CEO (2017-2018) at Coupang. Former VP of Finance at Myntra and held finance roles at Amazon. | View Report → |
Hanseung Kang Executive | Representative Director of Business Management | None | Joined Coupang in November 2020. Former attorney at Kim & Chang and Secretary to the President of Korea for Legal Affairs. Served as a judge in Korea's judiciary for 18 years. | |
Harold Rogers Executive | General Counsel and Chief Administrative Officer | None | Joined Coupang in January 2020. Former EVP and Chief Ethics and Compliance Officer at Millicom. Previously a partner at Sidley Austin LLP. Holds a J.D. from Harvard Law School. | |
Ambereen Toubassy Board | Director | CFO of Airtable | Member of Coupang's Board since 2023. CFO of Airtable. Former CFO of Quibi and WndrCo. Holds a B.A. in Economics from Yale and an MBA from Stanford. | |
Asha Sharma Board | Director | Corporate VP and Head of Product, AI Platform at Microsoft | Member of Coupang's Board since 2024. Former COO of Instacart and VP of Product at Meta. Holds a B.S. in Business from the University of Minnesota. | |
Benjamin Sun Board | Director | General Partner and Co-Founder of Primary Venture Partners | Member of Coupang's Board since 2010. Co-founder of Primary Venture Partners and LaunchTime LLC. Former CEO of Community Connect Inc. Holds a B.A. in Economics from the University of Michigan. | |
Jason Child Board | Director | EVP and CFO of Arm Holdings plc; Global Advisory Board Member at Foster School of Business | Member of Coupang's Board since 2022. Former CFO at Splunk, Opendoor, and Groupon. Held finance leadership roles at Amazon. Holds a B.A. from the University of Washington. | |
Kevin Warsh Board | Director | Board Member at UPS; Member of Group of Thirty; Advisor to Duquesne Family Office | Member of Coupang's Board since 2019. Former Federal Reserve Governor and Special Assistant to the President for Economic Policy. Holds an A.B. from Stanford and a J.D. from Harvard Law School. | |
Neil Mehta Board | Lead Independent Director | Managing Director at Greenoaks Capital Partners LLC | Member of Coupang's Board since 2010. Founder and Managing Director of Greenoaks Capital Partners. Extensive experience in technology investments. Holds a BSc in Government from LSE. | |
Pedro Franceschi Board | Director | Co-CEO of Brex; Director at StoneCo Ltd. | Member of Coupang's Board since 2022. Co-founder and Co-CEO of Brex. Previously co-founded Pagar.me, a payment processor acquired by StoneCo. Known for early software innovations. |
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Regarding the significant increase in OG&A expenses this quarter, particularly the $180 million sequential rise driven by technology and infrastructure investments, can you clarify whether this level of spending is temporary or reflects a structural change, and how do you plan to generate operating leverage against these costs over time?
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With the Product Commerce gross profit margin decreasing by 30 basis points versus Q2, can you explain the specific factors contributing to this decline, and how confident are you in maintaining margin expansion amidst such fluctuations?
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Given that Farfetch has achieved near breakeven profitability in Q3, but you mention there's more work to do, can you elaborate on the remaining challenges and the expected timeline to fully realize synergies between Coupang and Farfetch?
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Considering that your advertising revenue is still a small percentage of overall transaction volume and lower than global peers, what specific strategies do you have to increase your ad take rate and make it a more meaningful contributor to your high-margin revenues?
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In your expansion into Taiwan, you acknowledge challenges with quality of service; how do you plan to address these issues, and what steps are you taking to achieve operational efficiencies similar to those in Korea to gain a competitive edge in that market?
Research analysts who have asked questions during Coupang earnings calls.
Jiong Shao
Barclays
7 questions for CPNG
Stanley Yang
JPMorgan Chase & Co.
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Seyon Park
Morgan Stanley
5 questions for CPNG
Eric Cha
The Goldman Sachs Group, Inc.
4 questions for CPNG
Wei Fang
Mizuho Financial Group
4 questions for CPNG
Minuh Cha
Goldman Sachs
3 questions for CPNG
Seon Parks
Morgan Stanley
2 questions for CPNG
James Lee
Mizuho Securities
1 question for CPNG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Farfetch Holdings plc | 2024 | The acquisition, completed on January 31, 2024 , had a total purchase consideration of $208 million—including $150 million via a bridge loan and $58 million for partial term loan repayment—with additional equity contributions from Coupang’s subsidiary. The deal strategically positions Coupang to expand into the luxury retail market by leveraging Farfetch’s global marketplace capabilities, despite integration and operational challenges due to inherited debt obligations and noted internal control weaknesses. |
Recent press releases and 8-K filings for CPNG.
- Coupang reported Q3 2025 consolidated revenues of $9.3 billion, an 18% year-over-year increase (20% in constant currency), with gross profit of $2.7 billion and Adjusted EBITDA of $413 million.
- The Product Commerce segment achieved $8 billion in net revenues (up 16% year-over-year) and segment-adjusted EBITDA of $705 million (up 50% year-over-year), resulting in an 8.8% margin.
- Developing Offerings saw net revenue of $1.3 billion (up 32% year-over-year), largely due to accelerating triple-digit growth in Taiwan, but incurred a segment-adjusted EBITDA loss of $292 million due to ongoing investments.
- The company updated its full-year guidance for Developing Offerings adjusted EBITDA losses to be around the higher end of the $900-$950 million range and maintained its full-year total net revenue growth guidance of roughly 20% in constant currency.
- Coupang is actively investing in AI and automation technologies to enhance operations and customer experience, while also expanding its last-mile logistics and WOW membership in Taiwan.
- Coupang reported Q3 2025 consolidated revenues of $9.3 billion, marking an 18% year-over-year growth (20% in constant currency), with gross profit margins expanding to 29.4% and Adjusted EBITDA margins reaching 4.5%.
- The Product Commerce segment achieved $8 billion in net revenues, growing 16% year-over-year, and its Adjusted EBITDA increased 50% to $705 million, with a margin of 8.8%.
- Developing Offerings revenue grew 32% year-over-year to $1.3 billion, primarily driven by triple-digit growth in Taiwan, though the segment incurred an Adjusted EBITDA loss of $292 million due to continued investments.
- The company expects full-year total net revenue growth of roughly 20% in constant currency and anticipates developing offerings' adjusted EBITDA losses to be around the higher end of its $900-$950 million guidance.
- Coupang is accelerating automation deployment in logistics and leveraging AI to improve operations, reduce waste, and enhance customer experience.
- Coupang reported total net revenues of $9.3 billion for Q3 2025, marking an 18% increase year-over-year (20% on an FX-neutral basis).
- Gross profit grew 20% year-over-year to $2.7 billion in Q3 2025, with the gross profit margin expanding by 51 basis points year-over-year to 29.4%.
- Net income attributable to stockholders increased by $25 million year-over-year to $95 million in Q3 2025.
- Adjusted EBITDA rose by $70 million year-over-year to $413 million in Q3 2025, achieving a 4.5% margin.
- Product Commerce net revenue increased 16% year-over-year to $8.0 billion, and its Adjusted EBITDA grew by $235 million year-over-year to $705 million, with an 8.8% margin.
- Coupang reported consolidated revenues of $9.3 billion for Q3 2025, an 18% year-over-year increase (20% in constant currency), and adjusted EBITDA of $413 million, up 20% over last year. The consolidated gross profit margin expanded to 29.4%, up over 50 basis points year-over-year.
- The Product Commerce segment generated $8 billion in net revenues, growing 16% year-over-year (18% FX-neutral), and its adjusted EBITDA reached $705 million, a 50% increase over last year, with a margin of 8.8%.
- The Developing Offerings segment saw net revenue of $1.3 billion, increasing 32% year-over-year, primarily driven by accelerating triple-digit growth in Taiwan. This segment reported a segment-adjusted EBITDA loss of $292 million due to increased investments.
- Coupang is making significant investments in its Developing Offerings, particularly in Taiwan, where it is building out its own last-mile logistics and rolling out a 3P marketplace. The company now expects full-year Developing Offerings adjusted EBITDA losses to be around the higher end of the $900-$950 million range.
- The company continues to invest in automation technologies across its logistics and fulfillment network and is building its own internal AI computing infrastructure to improve operations and drive efficiencies.
- Coupang announced strong financial results for Q3 2025, with net revenues reaching $9.3 billion, an 18% increase year-over-year, and gross profit growing 20% to $2.7 billion.
- Operating income rose to $162 million, an increase of $53 million over last year, and diluted EPS was $0.05, up $0.01 year-over-year.
- The company demonstrated robust cash generation, reporting $2.4 billion in operating cash flow and $1.3 billion in free cash flow for the trailing twelve months.
- Product Commerce Active Customers grew 10% year-over-year to 24.7 million, and Coupang repurchased 2.8 million shares for $81 million during the quarter.
- Coupang reported net revenues of $9.3 billion for Q3 2025, an 18% increase year-over-year, with gross profit growing 20% to $2.7 billion.
- Operating income for the quarter reached $162 million, an increase of $53 million over the prior year, and net income was $95 million.
- For the trailing twelve months, the company generated $2.4 billion in operating cash flow and $1.3 billion in free cash flow.
- The Product Commerce segment achieved net revenues of $8.0 billion, up 16% year-over-year, and active customers grew 10% to 24.7 million.
- During the quarter, Coupang repurchased 2.8 million shares of Class A common stock for an aggregate amount of $81 million.
- Hanseung Kang will transition to a new role effective June 1, 2025, and will no longer serve as an executive officer at Coupang, Inc.
- The 8‑K filing, issued on May 30, 2025, confirms the departure and appointment details, reflecting an important management change.
- Consolidated revenue grew 11% YoY (21% on a constant currency basis) with improved margins, including a gross profit margin of 29.3% and enhanced Product Commerce performance.
- Profitability metrics showed operating income of $154M, net income of $107M, and an adjusted EBITDA margin of 4.8%, complemented by a new $1B share buyback program.
- Strategic investments in technology, logistics, and FLC expansion are driving growth in both the Korean and Taiwanese markets while underpinning long-term shareholder value.
- Coupang announced on April 7, 2025 that it entered into a Master Transaction Agreement to complete a reorganization transaction, indirectly acquiring Greenoaks’ equity interest in Surpique LP.
- The transaction was valued at an aggregate purchase price of $140,096,101, including a $14,096,101 cash payment and the issuance of 5,465,099 shares of Class A Common Stock at a volume weighted average price over the 30-day period ending April 4, 2025.
- The shares issued in this deal are unregistered under the Securities Act, and Greenoaks maintains a strategic role with direct ties to the company through board representation.