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Q2 2025 Financial Results August 5, 2025
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| 1 Disclaimer Forward-Looking Statements This presentation may contain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (together, the "Act") that are intended to enjoy the protection of the safe harbor for forward looking statements provided by the Act as well as protectionsafforded by other federal securities laws. We have based the forward-looking statements contained in this presentation on our current expectations and projections about future events and trends that we believe may affect our industry, business, financial condition, and results of operations. All statements other than statements of historical facts contained in this presentation, including statements about our business and growth strategies, anticipated or target margins, cash flows, and other operating or financial results, our planned investments in new products and offerings, and their anticipated outcomes, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," "shall," "goal," "objective," "seek," "strategy," "future," "continue," or "would," or the negative of these words or other similar terms or expressions. Actual results and outcomes could differ materially for a variety of reasons, including, among others, risks and uncertainties regarding the continued growth of the retail market, changes in consumer preferences and spending patterns, the increased acceptance of online transactions by potential customers, competition in our industry, managing our growth and expansion into new markets and offerings, risks associated with current and future acquisitions, mergers, dispositions, joint ventures or investments, potential fluctuations in our financial performance, the extent to which we owe income or other taxes, our ability to retain existing suppliers and to add new suppliers, our market position, our operation and management of our fulfillment and delivery infrastructure, legal and regulatory developments, the outcomes of any claims, litigation, audits, inspections and investigations, and the impact of global economic factors including inflation, foreign currency exchange rates, geopolitical events, and tariffs and other trade barriers. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our most recent Annual Report on Form 10-K and subsequent filings. All forward-looking statements in this presentation are based on information available to Coupang and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Additional information relating to certain of our financial measures contained herein, including non-GAAP financial measures, is available in the appendix to this presentation, in our most recent earnings release and at our website at ir.aboutcoupang.com.
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| 2 1,790M 1,819M 81M 81M Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Outstanding Common Stock Outstanding Equity-based Awards Common Stock 1,871M 1,900M 1.5% YoY Dilution Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards.
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| 3 Up 16% YoY Up 19% YoY FX-neutral $7.3B $8.5B Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Total Net Revenues Note: FX-neutral represents the change in net revenues as though the foreign exchange rates remained the same as those in effect in the comparable prior year period.
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| 4 $27.2B $32.3B Q2 24 Q2 25 Up 19% YoY Up 25% YoY FX-neutral Total Net Revenues – TTM
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| 5 Up 20% YoY Up 22% YoY FX-neutral GPM up 79 bps YoY $2.1B $2.6B Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 29.3% 30.0% margin Gross Profit
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| 6 $(77M) $32M Net Income (loss) Attributable to Coupang Stockholders Up $109M YoY Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Note: Q4 2024 includes benefits from the FC fire insurance gain.
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| 7 $1.1B $365M Q2 24 Q2 25 $7.3B $9.6B Q2 24 Q2 25 Up 32% YoY GPM up 295 bps YoY margin Gross Profit – TTM Net Income Attributable to Coupang Stockholders – TTM 26.9% 29.9% Down $686M YoY Note: During Q4 2023, we recorded a non-recurring tax adjustment of $895 million from changes in tax-related reserves, including the release of valuation allowances related to certain deferred tax assets from historical net operating losses.
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| 8 Up $98M YoY 5.0% margin, up 51 bps YoY $330M $428M Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 4.5% 5.0% Adjusted EBITDA margin Note: Adjusted EBITDA is defined as net income (loss) excluding the effects of: depreciation and amortization, interest expense and income, other income (expense), income tax expense (benefit), equity-based compensation, impairments, and other items not reflective of our ongoing operations. See Appendix for a reconciliation of net income to adjusted EBITDA.
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| 9 $1.1B $1.6B Q2 24 Q2 25 Up $431M YoY 4.9% margin, up 67 bps YoY Adjusted EBITDA – TTM 4.2% 4.9% margin
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| 10 $1.5B $784M Q2 24 Q2 25 $2.2B $1.9B Q2 24 Q2 25 Down $297M YoY Operating Cash Flow – TTM Free Cash Flow – TTM Down $729M YoY Note: The decline in Q2 2025 TTM operating and free cash flow is primarily due to impacts of certain working capital fluctuations in the current and previous trailing twelve-month periods, as well as the timing of capital expenditures (impacting only free cash flow). Note: Free cash flow is defined as cash flow from operations less purchases of property and equipment, plus proceeds from sale of property and equipment. See Appendix for a reconciliation of cash flow from operations to free cash flow.
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| 11 $25.2B $28.0B Q2 24 Q2 25 Net Revenue Up 14% YoY Up 17% YoY F/X neutral $6.4B $7.3B Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Segment Results: Product Commerce – Net Revenue Net Revenue – TTM Up 11% YoY Up 17% YoY F/X neutral
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| 12 $1.8B $2.2B Q2 24 Q2 25 Adj. EBITDA – TTM Up $382M YoY 7.9% margin, up 63 bps YoY 7.3% 7.9% Segment Results: Product Commerce – Adj. EBITDA Adj. EBITDA Up $133M YoY 9.0% margin, up 80 bps YoY $530M $663M Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 9.0% 8.2% margin
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| 13 21.7M 23.9M Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Product Commerce Active Customers Up 10% YoY Note: Product Commerce Active Customers are individual customers who have ordered at least once directly from our Product Commerce apps or websites during the quarter.
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| 14 $2.0B $4.3B Q2 24 Q2 25 $892M $1.2B Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Net Revenue Up 33% YoY Up 33% YoY F/X neutral Segment Results: Developing Offerings – Net Revenue Net Revenue – TTM Up 114% YoY Up 120% YoY F/X neutral
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| 15 $(697M) $(648M) Q2 24 Q2 25 (34.8)% (15.1)% Segment Results: Developing Offerings – Adj. EBITDA Adj. EBITDA – TTM Improved $49M YoY $(200M) $(235M) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (19.7)% (22.4)% Adj. EBITDA Down $35M YoY margin
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| 16 One, we exist to deliver new moments of wow for customers. Two, we don’t start with what looks easy. We work backwards from imagining jaw-dropping customer experiences and we embrace the hard work required to challenge trade-offs that customers take for granted. Three, we will employ technology, process innovation and economies of scale to create amazing customer experiences and drive operating leverage and significant cash flows over time. Four, we always prioritize growth in long-term cash flows. Five, we are disciplined capital allocators. We start with small investments, then test and iterate rigorously. We invest more capital over time in opportunities that have the best long-term cash flow potential. Our Operating Tenets
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| 17 Create a world where customers wonder “How did I ever live without Coupang?” Appendix
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| 18 Non-GAAP Measure: Adjusted EBITDA Note: Certain amounts may not foot due to rounding. Three Months Ended (in millions) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Total net revenues $ 7,323 $ 7,866 $ 7,965 $ 7,908 $ 8,524 Net (loss) income attributable to Coupang stockholders (77) 70 156 107 32 Net (loss) income attributable to noncontrolling interests (28) (6) (25) 7 (1) Net (loss) income (105) 64 131 114 31 Net (loss) income margin (1.4) % 0.8 % 1.6 % 1.4 % 0.4 % Adjustments: Depreciation and amortization 106 112 120 122 126 Interest expense 37 36 40 23 25 Interest income (53) (55) (53) (49) (51) Income tax expense 108 68 148 102 163 Other (income) expense, net (12) (4) 46 (36) (19) Acquisition and restructuring related losses and (gains), net 19 8 42 (15) 40 KFTC administrative fine 121 — — — — Fulfillment Center Fire insurance gain — — (175) — — Equity-based compensation 109 114 122 121 113 Adjusted EBITDA $ 330 $ 343 $ 421 $ 382 $ 428 Adjusted EBITDA margin 4.5 % 4.4 % 5.3 % 4.8 % 5.0 %
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| 19 Non-GAAP Measure: Adjusted EBITDA – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) June 30, 2024 June 30, 2025 Total net revenues $ 27,182 $ 32,263 Net income attributable to Coupang stockholders 1,051 365 Net loss attributable to noncontrolling interests (57) (25) Net income 994 340 Net income margin 3.7 % 1.1 % Adjustments: Depreciation and amortization 345 480 Interest expense 90 124 Interest income (212) (208) Income tax (benefit) expense (645) 481 Other expense (income), net 6 (13) Acquisition and restructuring related losses, net 77 75 KFTC administrative fine 121 — Fulfillment Center Fire insurance gain — (175) Equity-based compensation 367 470 Adjusted EBITDA $ 1,143 $ 1,574 Adjusted EBITDA margin 4.2 % 4.9 %
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| 20 Non-GAAP Measure: Free Cash Flow – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) June 30, 2024 June 30, 2025 Net cash provided by operating activities $ 2,206 $ 1,909 Adjustments: Purchases of land and buildings (118) (300) Purchases of equipment (591) (832) Total purchases of property and equipment (709) (1,132) Proceeds from sale of property and equipment 16 7 Total adjustments $ (693) $ (1,125) Free cash flow $ 1,513 $ 784 Net cash used in investing activities $ (710) $ (1,036) Net cash (used in) provided by financing activities $ (210) $ 119
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| 21 Non-GAAP Measure: Constant Currency Gross Profit and Constant Currency Gross Profit Growth Note: Certain amounts may not foot due to rounding. Three Months Ended June 30, Year over Year Growth 2024 2025 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Gross Profit by Segment Product Commerce $ 1,950 $ 2,390 $ 61 $ 2,451 23 % 26 % Developing Offerings 192 171 1 172 (11) % (10) % Gross profit $ 2,142 $ 2,561 $ 62 $ 2,623 20 % 22 %