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• Consolidated Revenue Growth: 11% year-over-year or 21% on a constant currency basis.

• Gross Profit Margin: Increased by 217 basis points to 29.3%.

• Adjusted EBITDA Margin: Improved nearly 90 basis points to 4.8%.

• Adjusted EBITDA: $1.5 billion over the trailing 12 months.

• Free Cash Flow: Over $1 billion generated over the trailing 12 months.

• Product Commerce Revenue Growth: 6% year-over-year or 16% in constant currency.

• Developing Offering Revenue Growth: 67% year-over-year or 78% in constant currency.

• Consolidated Gross Profit: $2.3 billion, growing 20% year-over-year or 31% in constant currency.

• Operating Income: $154 million, growing $114 million year-over-year.

• Net Income: $107 million attributable to Coupang stockholders.

• Diluted Earnings Per Share: $0.06.

• Operating Cash Flow: $2 billion on a trailing 12-month basis.

• Share Repurchase Program: $1 billion approved by the Board of Directors.

• Warning! GuruFocus has detected 8 Warning Signs with CPNG.

Release Date: May 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Coupang Inc (NYSE:CPNG) reported a strong start to 2025 with consolidated revenue growing 11% year-over-year, or 21% on a constant currency basis.

• The company achieved a significant expansion in margins, with gross profit margin increasing by 217 basis points to 29.3%, and adjusted EBITDA margins improving by nearly 90 basis points to 4.8%.

• Coupang Inc (NYSE:CPNG) generated $1.5 billion in adjusted EBITDA and over $1 billion in free cash flow over the trailing 12 months.

• The company's product commerce segment saw strong growth, with a focus on expanding selection, lowering prices, and enhancing delivery experiences, leading to a 6% revenue growth year-over-year, or 16% in constant currency.

• Coupang Inc (NYSE:CPNG) announced a $1 billion share repurchase program, reflecting confidence in its capital allocation strategy and commitment to generating long-term shareholder value.

Negative Points

• Operating, General, and Administrative (OG&A) expenses increased as a percentage of revenue by nearly 80 basis points year-over-year, primarily due to increased spending on technology and infrastructure.

• The Developing Offerings segment reported adjusted EBITDA losses of $168 million in Q1, with expectations of full-year losses between $650 million to $750 million.

• The company's effective income tax rate was high at 47%, driven by losses in early-stage operations in Taiwan and certain nondeductible expenses.

• Free cash flow decreased by $450 million compared to the previous year, primarily due to non-recurring working capital benefits in the prior period.

• Despite strong growth in the Eats segment, it continues to operate at a loss, with significant investments required to achieve profitability.