Coupang, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting total net revenues of $7.908 billion, an 11% increase year-over-year, or 21% on a constant currency basis. Gross profit grew 20% to $2.316 billion, with the gross profit margin expanding to 29.3%.
Operating income significantly increased by nearly 300% year-over-year to $154 million, and net income attributable to Coupang stockholders reached $107 million. Adjusted EBITDA for the quarter was $382 million, a 36% increase, with the adjusted EBITDA margin improving to 4.8%.
The Product Commerce segment continued its strong performance, with net revenues growing 6% year-over-year, or 16% on a constant currency basis, and segment adjusted EBITDA increasing 18% to $550 million. Developing Offerings net revenues surged 67% to $1.038 billion, with its adjusted EBITDA loss improving to $168 million.
Coupang's Board of Directors authorized a $1 billion stock repurchase program, signaling confidence in the company's future value creation and providing flexibility in capital allocation. For the full year 2025, the company expects Developing Offerings adjusted EBITDA losses to be between $650 million and $750 million, with an anticipated effective accounting tax rate of 50% to 55%.
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