Coupang Inc. reported record annual results on February 27, posting $34.53 billion in revenue for 2025, up 14% from $30.27 billion a year earlier, according to a filing with the U.S. Securities and Exchange Commission.
Annual operating income rose 8% to $473 million, marking the third consecutive year above $400 million. Net income climbed to $214 million, more than triple the $66 million recorded the previous year. Despite the increase in profit, the operating margin narrowed to 1.38%.
Although revenue did not surpass $35 billion, it reached an all-time high for the company.
Growth slowed in the fourth quarter. Revenue totaled $8.84 billion, up 11% from a year earlier but down 5% from the previous quarter’s $9.27 billion.
Quarterly operating income plunged to $8 million from $312 million a year earlier, a 97% decline. The company posted a net loss of $26 million for the quarter, reversing from a profit in the same period last year.
The weaker quarterly performance was attributed in part to a personal data breach in December. The company said the incident negatively affected revenue growth, active customers, membership subscriptions and overall profitability beginning that month.
Active customers totaled 24.6 million in the fourth quarter, down 100,000 from the prior quarter.
By segment, Product Commerce, which includes Coupang’s core Rocket Delivery service, grew 11% year over year.
Developing Offerings—including its Taiwan operations and food-delivery service—expanded 38%, driving overall top-line growth.
However, adjusted EBITDA losses in the Developing Offerings segment widened 58% to $995 million, reflecting continued heavy investment.
Coupang also said it repurchased 5.9 million shares of Class A common stock during the year for $162 million.
