Coupang, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Non-GAAP Financial Measures
Table of Contents
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.
Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.
| Non-GAAP Measure | Definition | How We Use The Measure |
|---|---|---|
| Free Cash Flow | • Cash flow from operations Less: purchases of property and equipment, Plus: proceeds from sale of property and equipment. | • Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, repurchasing shares of our Class A Common stock, and paying dividends to stockholders. |
| Adjusted EBITDA | • Net income (loss), excluding the effects of: - depreciation and amortization, - interest expense, - interest income,- other income (expense), net, - income tax expense (benefit),- equity-based compensation,- impairments, and- other items not reflective of our ongoing operations. | • Provides information to management to evaluate and assess our performance and allocate internal resources.• We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, and certain variable charges. |
| Adjusted EBITDA Margin | • Adjusted EBITDA as a percentage of total net revenues. | |
| Constant Currency Revenue | • Constant currency information compares results between periods as if exchange rates had remained constant.• We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements, and use it to determine the constant currency revenue growth on a comparative basis. • Constant currency revenue is calculated by translating current period revenues using the prior period exchange rate. | • The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar (“USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won (“KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW.• We use constant currency revenue and constant currency revenue growth for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations. |
| Constant Currency Revenue Growth | • Constant currency revenue growth (as a percentage) is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates. |
| Coupang, Inc. | Q3 2025 Form 10-Q | 26 |
Table of Contents
Reconciliation of GAAP to Non-GAAP Measures
Free Cash Flow
| Three Months Ended September 30, | Nine Months Ended September 30, | Trailing Twelve Months Ended September 30, | ||||
|---|---|---|---|---|---|---|
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Net cash provided by operating activities | $792 | $334 | $1,691 | $1,210 | $2,367 | $1,818 |
| Adjustments: | ||||||
| Purchases of land and buildings | (78) | (188) | (176) | (231) | (190) | (274) |
| Purchases of equipment | (275) | (192) | (715) | (434) | (915) | (625) |
| Total purchases of property and equipment | (353) | (380) | (891) | (665) | (1,105) | (899) |
| Proceeds from sale of property and equipment | 3 | 4 | 5 | 8 | 6 | 15 |
| Total adjustments | $(350) | $(376) | $(886) | $(657) | $(1,099) | $(884) |
| Free cash flow | $442 | $(42) | $805 | $553 | $1,268 | $935 |
| Net cash used in investing activities | $(366) | $(383) | $(878) | $(678) | $(1,019) | $(941) |
| Net cash provided by (used in) financing activities | $152 | $(9) | $260 | $(89) | $280 | $(252) |
Adjusted EBITDA and Adjusted EBITDA Margin
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Total net revenues | $9,267 | $7,866 | $25,699 | $22,303 |
| Net income (loss) | 95 | 64 | 240 | (65) |
| Net income (loss) margin | 1.0% | 0.8% | 0.9% | (0.3)% |
| Adjustments: | ||||
| Depreciation and amortization | 133 | 112 | 381 | 313 |
| Interest expense | 22 | 36 | 70 | 100 |
| Interest income | (52) | (55) | (152) | (163) |
| Income tax expense | 70 | 68 | 335 | 259 |
| Other expense (income), net | 27 | (4) | (28) | (7) |
| Acquisition and restructuring related losses, net | — | 8 | 25 | 85 |
| KFTC administrative fine | — | — | — | 121 |
| Equity-based compensation | 118 | 114 | 352 | 311 |
| Adjusted EBITDA | $413 | $343 | $1,223 | $954 |
| Adjusted EBITDA margin | 4.5% | 4.4% | 4.8% | 4.3% |
| Coupang, Inc. | Q3 2025 Form 10-Q | 27 |
Table of Contents
Constant Currency Revenue and Constant Currency Revenue Growth
| Three Months Ended September 30, · Year over Year Growth | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis |
| Consolidated | ||||||
| Net retail sales | $7,081 | $109 | $7,190 | $6,140 | 15% | 17% |
| Net other revenue | 2,186 | 36 | 2,222 | 1,726 | 27% | 29% |
| Total net revenues | $9,267 | $145 | $9,412 | $7,866 | 18% | 20% |
| Net Revenues by Segment | ||||||
| Product Commerce | $7,980 | $155 | $8,135 | $6,891 | 16% | 18% |
| Developing Offerings | 1,287 | (10) | 1,277 | 975 | 32% | 31% |
| Total net revenues | $9,267 | $145 | $9,412 | $7,866 | 18% | 20% |
| Nine Months Ended September 30, · Year over Year Growth | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 | ||||||
| (in millions) | As Reported | Exchange Rate Effect | Constant Currency Basis | As Reported | As Reported | Constant Currency Basis |
| Consolidated | ||||||
| Net retail sales | $19,676 | $792 | $20,468 | $17,814 | 10% | 15% |
| Net other revenue | 6,023 | 235 | 6,258 | 4,489 | 34% | 39% |
| Total net revenues | $25,699 | $1,027 | $26,726 | $22,303 | 15% | 20% |
| Net Revenues by Segment | ||||||
| Product Commerce | $22,184 | $973 | $23,157 | $19,816 | 12% | 17% |
| Developing Offerings | 3,515 | 54 | 3,569 | 2,487 | 41% | 44% |
| Total net revenues | $25,699 | $1,027 | $26,726 | $22,303 | 15% | 20% |
| Coupang, Inc. | Q3 2025 Form 10-Q | 28 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.