Coupang Hits Record $36.8B Revenue in 2025, but Q4 Profit Plunges 97% After Data Breach

South Korean e-commerce giant Coupang reported record annual revenue for 2025, though its fourth-quarter profitability declined sharply following a personal data breach disclosed in December.

According to a filing submitted to the U.S. Securities and Exchange Commission, Coupang generated 49.1 trillion won ($36.8 billion) in revenue in 2025, marking a 14% increase from 41.3 trillion won ($30.9 billion) a year earlier. On a constant-currency basis, revenue rose 18% year-on-year.

The company also extended its profitability streak, reporting 679 billion won ($509 million) in annual operating profit, up 8% from 602.3 billion won ($451 million) in 2024. Net income for the year reached 303 billion won ($227 million) , more than triple the previous year, while earnings per share stood at $0.11.

The results mark Coupang’s third consecutive year of operating profitability, reflecting continued growth in its core e-commerce operations and expanding digital services.

Fourth-Quarter Profit Plunges After Data Breach

Despite the strong annual performance, Coupang’s profitability weakened significantly in the final quarter of the year.

Revenue for the October–December period reached 12.81 trillion won ($9.61 billion), up 11% compared with the same period in 2024, though down 5% sequentially from the previous quarter.

Operating profit fell sharply to 11.5 billion won ($8.6 million) from 435.3 billion won ($326 million) a year earlier, while the operating margin narrowed to just 0.09%.

The company also recorded a quarterly net loss of 37.7 billion won ($28.3 million).

Coupang said the December data breach involving customer information had a direct impact on revenue growth, active customer numbers, membership activity in its Wow loyalty program, and overall profitability.

However, the company noted that the situation has since stabilized and that recovery began in the first quarter of 2026.

Chairman Apologizes to Customers

During the company’s earnings call, Chairman Kim Beom-seok issued an apology to customers affected by the incident.

“I once again apologize for the concern and inconvenience caused to our customers due to the personal information incident,” he said.

“Our customers are the sole reason for our existence. There is nothing more serious than failing to meet customer expectations at Coupang.”

Core Commerce Continues to Drive Growth

Coupang’s product commerce segment – which includes services such as Rocket Delivery, Rocket Fresh, and the company’s online marketplace , generated 10.74 trillion won ($8.06 billion) in fourth-quarter revenue, representing 8% year-on-year growth.

Meanwhile, the company’s growth initiatives, including the luxury fashion platform Farfetch, its Taiwan operations, Coupang Eats, and Coupang Play, posted revenue of 2.07 trillion won ($1.55 billion) – a 32% increase from the previous year.

However, these newer businesses also recorded an adjusted EBITDA loss of 434.9 billion won ($326 million), more than double the loss reported a year earlier.

Customer Metrics and Cash Flow

Active customers in Coupang’s product commerce segment totaled 24.6 million in the fourth quarter, representing an 8% increase year-on-year, though slightly down by 100,000 customers compared with the previous quarter.

Revenue per active customer increased 3% on a constant-currency basis, reaching $301 (436,400 won).

Cash flow performance, however, softened during the year.

Operating cash flow declined to $1.8 billion, compared with $1.91 billion the previous year. Free cash flow dropped more sharply to $527 million, down from $1.02 billion, reflecting working-capital effects related to the data breach as well as increased capital expenditures.

The company also repurchased 5.9 million shares of Class A common stock during 2025 for a total of $162 million.

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