Revenue Growth

FY 2025

20% " "

20% "

no change

Developing Offerings Adjusted EBITDA Loss

FY 2025

$650 million to $750 million "

$900 million to $950 million " "

raised

Effective Tax Rate

FY 2025

50% to 55% "

65% to 70% "

raised

Margin Expansion and Operational Efficiency

Q1 2025 earnings highlighted margin improvements via process improvements, automation, and supply chain optimization. " " " Q3 2024 discussed both quarter‐to‐quarter fluctuations and long‐term margin expansion through technology. " " Q4 2024 emphasized improved gross and EBITDA margins driven by operational efficiencies. "

Q2 2025 detailed margin expansion with improved gross profit and EBITDA margins in both the product commerce segment and consolidated basis, attributing gains to continued investments in automation, AI, and process improvements. " " " "

The focus remains on leveraging technology and operational improvements. Positive long‑term sentiment has persisted despite quarterly variabilities, underscoring a consistent commitment to enhancing margins.

Strategic AI Integration and Automation

Q1 2025 discussed investments in automation, robotics, and machine learning to boost efficiency. " " Q3 2024 mentioned using AI for operational enhancements. " Q4 2024 emphasized machine learning and generative AI as core to their strategy. "

Q2 2025 highlighted strategic AI integration with a strong emphasis on generative models, personalized applications (like dynamic pricing and route optimization) and noted that up to 50% of new code is AI-generated. " " "

There is an increased strategic focus on advanced AI integration. The narrative is increasingly bullish on AI's transformative impact on cost reduction and margin improvement, marking it as a high‑impact, ongoing area.

Developing Offerings Losses and Investment Risks

Q3 2024 discussed losses in Developing Offerings with improvements, particularly in Farfetch and Eats. " " Q4 2024 provided revised full‑year loss guidance and stressed disciplined investment in developing offerings, including Taiwan and Japan food delivery. " " Q1 2025 detailed losses and incremental investments in Taiwan and Eats. " " "

Q2 2025 reported Developing Offerings EBITDA losses of $235 million for the quarter, revising the full‑year guidance to between $900 million and $950 million. Investments in Taiwan are more prominent, highlighting heightened investment risk. " " "

Short‑term losses have deepened due to robust investment—especially in Taiwan—even as the company maintains a long‑term view. The increased risk is balanced by the potential for future growth, with the narrative shifting toward a growth‐investment tradeoff.

Rising Operating Expenses and Cost Management Challenges

Q1 2025 noted an increase in OG&A due to tech and infrastructure investments with expectations of future declines. " " " Q3 2024 and Q4 2024 mentioned significant increases driven by restructuring and technology spend. " " " " " "

Q2 2025 reported OG&A expenses at 28.3% of revenue, attributing the rise to elevated tech spending and restructuring within developing offerings, while projecting future efficiency gains. " "

The cost challenge remains persistent due to heavy tech and infrastructure investments. Although the short‑term expense pressure is high, there is a disciplined approach aimed at achieving improved scalability and cost efficiency over time.

International Expansion with Emphasis on the Taiwan Market

Q1 2025 emphasized dramatic selection growth and the launch of the WOW membership program in Taiwan. " " Q3 2024 highlighted early-stage progress with partnerships and service quality improvements. " " Q4 2024 noted strong momentum following the launch of Rocket Delivery and WOW program. "

Q2 2025 showcased triple‐digit year‑over‑year revenue growth in Taiwan, significant increases in active and repeat customers, and focused investments to broaden selection, drawing parallels with early Korea operations. " " " "

The Taiwan market continues to accelerate, reinforcing its strategic importance. Strong customer engagement and rapid scale are evident, suggesting that Taiwan will be a key growth driver in Coupang's international expansion strategy.

Fulfillment and Logistics (FLC) Business Growth

Q1 2025 described FLC as growing at multiples of overall business with considerable momentum. " " " Q3 2024 reported over 130% year‑over‑year growth and stressed its early-stage potential. " " Q4 2024 underscored FLC’s high adoption and margin‑accretive impact. " "

Q2 2025 highlighted robust FLC growth with expanding volumes, selection, and support for SME sellers, emphasizing its role in economic revitalization in underserved regions. "

Consistent and robust growth remains a strong pillar of Coupang's business. FLC continues to be a major growth engine, with a consistently positive narrative reinforcing its operational and strategic impact.

Capital Allocation and Share Repurchase

Q1 2025 detailed a $1 billion share repurchase program alongside disciplined capital allocation strategies. " " " Q3 and Q4 2024 did not address this topic.

Q2 2025 did not include any commentary on capital allocation or share repurchase programs.

Discussion on capital allocation has receded in Q2 2025, indicating a deprioritization of this topic relative to operational investments, suggesting a shift in focus toward growth and efficiency improvements.

Farfetch Acquisition and Turnaround Strategy

Q3 2024 emphasized reaching near breakeven profitability and integration progress for Farfetch. " " " " Q4 2024 detailed successful turnaround and stabilization with a focus on operational improvements. " " " Q1 2025 mentioned positive momentum in Farfetch’s turnaround efforts. "

Q2 2025 did not provide proactive updates on Farfetch’s turnaround; instead, it noted restructuring-related losses affecting OG&A, indicating short-term cost impacts. " " "

The earlier narrative of Farfetch’s turnaround has shifted in Q2 2025 to a focus on managing short‑term restructuring costs. While long‑term integration remains in the background, current discussion centers on mitigating immediate expense impacts.

Expansion into New Markets such as Japan Food Delivery

Q4 2024 briefly mentioned entering the Japanese food delivery market as one of several investment opportunities. " Q1 2025 and Q3 2024 did not provide details on Japan food delivery.

Q2 2025 did not mention any expansion into Japan, with the focus remaining on existing markets like Taiwan and Korea.

The topic of Japan food delivery has receded in the current period, suggesting that immediate strategic focus has shifted away from entering new international markets outside of the core growth areas.

Advertising Business Development and Underperformance

Q3 2024 introduced advertising as an emerging area with potential for innovative tools despite representing a small portion of overall volume. " Q1 2025 and Q4 2024 did not mention this topic.

Q2 2025 did not discuss advertising business development or any related underperformance.

Advertising remains out of focus in Q2 2025, implying that either its development is still at an early stage or it is not currently a priority in the broader strategic narrative.

Macro and Competitive Risks

Q1 2025 addressed macro risks and competitive pressures, acknowledging stable growth guidance and ample market opportunity. " " " " Q4 2024 discussed general macro uncertainties, while Q3 2024 indirectly referenced a stable retail environment. "

Q2 2025 reiterated a strong full‑year growth outlook (around 20% constant currency) and noted that, despite a small market share, the competitive environment and customer engagement present significant upside. " "

Macro and competitive risks continue to be monitored closely. The overall sentiment remains stable and cautiously optimistic, with strategic focus directed toward customer engagement and market expansion to overcome competitive challenges.

Execution Risks in Scaling Operations

Q3 2024 implied execution challenges in scaling, particularly in Taiwan and through investment timing. " " Q4 2024 referenced the complexities with integrating Farfetch and ramping up technology investments. " Q1 2025 did not explicitly mention execution risks.

Q2 2025 explicitly highlighted execution risks in scaling operations—especially in Taiwan—citing typical scaling inefficiencies analogous to early Korean operations. "

There is an emerging focus on execution risks as international scaling intensifies. While acknowledging short-term inefficiencies, the tone remains optimistic that lessons learned will lead to improved operational efficiency over time.