Coupang Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 10% year-over-year in constant currency, with strong customer spend growth and record WOW membership. Margins contracted due to temporary supply chain and marketing headwinds, but are expected to recover to pre-incident levels by mid-2027. Share repurchases and investments in AI and Taiwan continue.
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The meeting was held virtually, confirming a quorum and addressing key proposals including board elections, auditor ratification, and executive compensation. All proposals passed, with official results to be released on Form 8-K.
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Q1 2026 saw sequential recovery from a data incident, with revenue up 8% and customer engagement rebounding. Margins were pressured by one-time vouchers and underutilized capacity, but long-term growth and margin expansion drivers remain intact.
Fiscal Year 2025
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Q4 2025 saw 11% revenue growth despite a major data breach, with Product Commerce and Developing Offerings both expanding. The company issued $1.2B in customer compensation, expects near-term muted growth, and maintains a strong cash position.
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Consolidated revenues grew 18% year-over-year to $9.3B, with strong margin expansion and robust cash flow. Product commerce led gains, while Taiwan operations accelerated, driving higher investments. Annual margin expansion and 20% constant-currency growth are expected.
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Revenue grew 16% year-over-year to $8.5B, with margin expansion and strong growth in Product Commerce and Developing Offerings, especially Taiwan. Adjusted EBITDA rose 30% to $428M, while investments in Taiwan drive higher Developing Offerings losses.
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Revenue grew 11% year-over-year (21% in constant currency), with gross profit margin up 217 bps to 29.3% and adjusted EBITDA margin at 4.8%. Product commerce and developing offerings both saw strong growth, and a $1 billion share repurchase program was announced.
Fiscal Year 2024
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Net revenues grew 23% in constant currency (excluding Farfetch), with gross profit up 29% and Adjusted EBITDA reaching $1.4 billion for 2024. Strong operational improvements, international expansion, and a Farfetch turnaround drove results, with 2025 guidance targeting 20% constant currency growth.
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Q3 saw 27% revenue growth (20% ex-Farfetch), 45% gross profit growth, and strong margin expansion, with Product Commerce and Developing Offerings both delivering robust results. Farfetch reached near break-even, and FLC volumes grew over 130% year-over-year.
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Q2 2024 saw robust revenue and margin growth, with marketplace and developing offerings outpacing the market. Gross profit and adjusted EBITDA hit records, while Farfetch integration and regulatory fines impacted net income.