Slides
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Q3 2025 Financial Results November 4, 2025
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 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 protections afforded 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 revenues, 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," "opportunity," "runway," "trajectory," "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, investment, 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 SEC 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. Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com), our filings with the SEC, webcasts, press releases, and conference calls. We use these mediums, including our investor relations website, to communicate with investors and the general public about our company, our offerings, and other issues. It is possible that the information that we make available on our investor relations website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website.
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 2 1,795M 1,823M 80M 76M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Outstanding Common Stock Outstanding Equity-based Awards Common Stock 1,875M 1,899M 1.2% YoY Dilution Note: Dilution represents the change in the total of outstanding common stock and outstanding equity-based awards.
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 3 Up 18% YoY Up 20% YoY FX-neutral $7.9B $9.3B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Total Net Revenues Note: FX-neutral, or constant currency, 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 4 $28.9B $33.7B Q3 24 Q3 25 Up 17% YoY Up 22% YoY FX-neutral Total Net Revenues – TTM
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 5 Up 20% YoY Up 22% YoY FX-neutral GPM up 51 bps YoY $2.3B $2.7B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 28.8% 29.4% margin Gross Profit
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 6 $70M $95M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net Income Attributable to Coupang Stockholders Up $25M YoY Note: Q4 2024 includes benefits from the FC fire insurance gain.
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 7 $1.0B $390M Q3 24 Q3 25 $8.0B $10.1B Q3 24 Q3 25 Up 26% YoY GPM up 218 bps YoY margin Gross Profit – TTM Net Income Attributable to Coupang Stockholders – TTM 27.8% 30.0% Down $640M 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 8 Up $70M YoY 4.5% margin, up 10 bps YoY $343M $413M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 4.4% 4.5% 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 9 $1.2B $1.6B Q3 24 Q3 25 Up $396M YoY 4.9% margin, up 56 bps YoY Adjusted EBITDA – TTM 4.3% 4.9% margin
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 10 $935M $1.3B Q3 24 Q3 25 $1.8B $2.4B Q3 24 Q3 25 Up $549M YoY Operating Cash Flow – TTM Free Cash Flow – TTM Up $333M YoY 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 11 $26.1B $29.1B Q3 24 Q3 25 Net Revenue Up 16% YoY Up 18% YoY F/X neutral $6.9B $8.0B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Segment Results: Product Commerce – Net Revenue Net Revenue – TTM Up 11% YoY Up 17% YoY F/X neutral
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 12 $1.9B $2.5B Q3 24 Q3 25 Adj. EBITDA – TTM Up $546M YoY 8.5% margin, up 113 bps YoY 7.3% 8.5% Segment Results: Product Commerce – Adj. EBITDA Adj. EBITDA Up $235M YoY 8.8% margin, up 201 bps YoY $470M $705M Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 8.8% 6.8% margin
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 13 22.5M 24.7M Q3 24 Q4 24 Q1 25 Q2 25 Q3 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 14 $2.8B $4.6B Q3 24 Q3 25 $975M $1.3B Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net Revenue Up 32% YoY Up 31% YoY F/X neutral Segment Results: Developing Offerings – Net Revenue Net Revenue – TTM Up 67% YoY Up 70% YoY F/X neutral
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 15 $(664M) $(813M) Q3 24 Q3 25 (24.0)% (17.7)% Segment Results: Developing Offerings – Adj. EBITDA Adj. EBITDA – TTM Down $149M YoY $(127M) $(292M) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (22.7)% (13.0)% Adj. EBITDA Down $165M YoY margin
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 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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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 17 Create a world where customers wonder “How did I ever live without Coupang?” Appendix
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 18 Note: Certain amounts may not foot due to rounding. Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth Three Months Ended September 30, Year over Year Growth 2024 2025 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Net Revenues by Segment Product Commerce $ 6,891 $ 7,980 $ 155 $ 8,135 16 % 18 % Developing Offerings 975 1,287 (10) 1,277 32 % 31 % Total net revenues $ 7,866 $ 9,267 $ 145 $ 9,412 18 % 20 %
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 19 Note: Certain amounts may not foot due to rounding. Non-GAAP Measure: Constant Currency Revenue and Constant Currency Revenue Growth – TTM Trailing Twelve Months September 30, Year over Year Growth 2024 2025 (in millions) As Reported As Reported Exchange Rate Effect Constant Currency Basis As Reported Constant Currency Basis Net Revenues by Segment Product Commerce $ 26,104 $ 29,067 $ 1,370 $ 30,437 11 % 17 % Developing Offerings 2,760 4,597 87 4,684 67 % 70 % Total net revenues $ 28,864 $ 33,664 $ 1,457 $ 35,121 17 % 22 %
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 20 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 September 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 $ 2,068 $ 2,564 $ 51 $ 2,615 24 % 26 % Developing Offerings 201 156 (3) 153 (22) % (24) % Gross profit $ 2,269 $ 2,720 $ 48 $ 2,768 20 % 22 %
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 21 Non-GAAP Measure: Adjusted EBITDA Note: Certain amounts may not foot due to rounding. Three Months Ended (in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Total net revenues $ 7,866 $ 7,965 $ 7,908 $ 8,524 $ 9,267 Net income attributable to Coupang stockholders 70 156 107 32 95 Net (loss) income attributable to noncontrolling interests (6) (25) 7 (1) — Net income 64 131 114 31 95 Net income margin 0.8 % 1.6 % 1.4 % 0.4 % 1.0 % Adjustments: Depreciation and amortization 112 120 122 126 133 Interest expense 36 40 23 25 22 Interest income (55) (53) (49) (51) (52) Income tax expense 68 148 102 163 70 Other (income) expense, net (4) 46 (36) (19) 27 Acquisition and restructuring related losses and (gains), net 8 42 (15) 40 — Fulfillment Center Fire insurance gain — (175) — — — Equity-based compensation 114 122 121 113 118 Adjusted EBITDA $ 343 $ 421 $ 382 $ 428 $ 413 Adjusted EBITDA margin 4.4 % 5.3 % 4.8 % 5.0 % 4.5 %
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 22 Non-GAAP Measure: Adjusted EBITDA – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) September 30, 2024 September 30, 2025 Total net revenues $ 28,864 $ 33,664 Net income attributable to Coupang stockholders 1,030 390 Net loss attributable to noncontrolling interests (63) (19) Net income 967 371 Net income margin 3.4 % 1.1 % Adjustments: Depreciation and amortization 390 501 Interest expense 113 110 Interest income (217) (205) Income tax (benefit) expense (603) 483 Other (income) expense, net (6) 18 Acquisition and restructuring related losses, net 85 67 KFTC administrative fine 121 — Fulfillment Center Fire insurance gain — (175) Equity-based compensation 397 474 Adjusted EBITDA $ 1,247 $ 1,644 Adjusted EBITDA margin 4.3 % 4.9 %
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Color palette Object titles 255, 255, 255 113, 192, 227 197, 222, 118 167, 209, 236 200, 220, 158 235, 151, 147 244, 204, 145 225, 234, 213 215, 228, 243 Soft colors Object titles 255, 255, 255 219, 235, 246 237, 244, 220 229, 240, 249 238, 244, 227 248, 226, 225 251, 239, 224 245, 248, 241 242, 246, 251 Pop colors 221, 52, 57 Pop colors 243, 174, 72 113, 192, 227 167, 209, 236 215, 228, 243 Chart colors 165, 165, 165 191, 191, 191 216, 216, 216 48, 101, 146 48, 171, 232 | 23 Non-GAAP Measure: Free Cash Flow – TTM Note: Certain amounts may not foot due to rounding. Trailing Twelve Months Ended (in millions) September 30, 2024 September 30, 2025 Net cash provided by operating activities $ 1,818 $ 2,367 Adjustments: Purchases of land and buildings (274) (190) Purchases of equipment (625) (915) Total purchases of property and equipment (899) (1,105) Proceeds from sale of property and equipment 15 6 Total adjustments $ (884) $ (1,099) Free cash flow $ 935 $ 1,268 Net cash used in investing activities $ (941) $ (1,019) Net cash (used in) provided by financing activities $ (252) $ 280