[10-Q] Coupang, Inc. Quarterly Earnings Report
Filing Impact
Filing Sentiment
Form Type
10-Q
Rhea-AI Filing Summary
Accel Entertainment鈥檚 Q2-25 10-Q shows solid top-line growth but profit compression. Net revenues rose 8.6% YoY to $335.9 M, driven by Illinois (+8%), ATM & other fees (+171%) and continued expansion into Louisiana and Georgia. Operating income improved 18.5% to $26.9 M as cost of revenue leverage offset higher G&A and D&A. However, diluted EPS dropped 53% to $0.08, hurt by a $5.7 M mark-to-market loss on contingent earn-out shares and a higher effective tax rate (41.2% vs. 21.2%).
Year-to-date revenue climbed 8.0% to $659.8 M while diluted EPS slipped 3.8% to $0.25. Operating cash flow increased to $64.6 M (+12%), comfortably funding $52.8 M of capex and $16.9 M in share repurchases (1.6 M shares). Cash ended at $264.6 M; net debt remains roughly $333 M on a $597 M credit facility with a 6.5% weighted rate.
The core distributed gaming segment generated $53.7 M Q2 Adjusted EBITDA (+8.1%). The new casino & racing segment (Fairmount Park) contributed $9.5 M revenue but posted a $0.5 M Adjusted EBITDA loss as the venue ramps. Manufacturing revenue fell 66% YoY to $1.8 M as backlog normalized.
Shareholder returns remain a focus: the repurchase authorization was reset to $200 M in Feb-25; $160.5 M has been utilized to date. Management continues bolt-on M&A, closing small deals in Illinois and Louisiana and recording $12 M of goodwill YTD.
Key watch-items: tax-rate volatility from fair-value adjustments, early Fairmount profitability, leverage amid rising rates, and Illinois litigation outcomes. No forward guidance was provided.
Il rapporto 10-Q del secondo trimestre 2025 di Accel Entertainment mostra una solida crescita del fatturato ma una compressione dei profitti. I ricavi netti sono aumentati dell'8,6% su base annua, raggiungendo 335,9 milioni di dollari, trainati dall'Illinois (+8%), dalle commissioni ATM e altre (+171%) e dall'espansione continua in Louisiana e Georgia. Il reddito operativo 猫 migliorato del 18,5%, attestandosi a 26,9 milioni di dollari, grazie alla leva sui costi di ricavo che ha compensato l'aumento delle spese generali e amministrative e degli ammortamenti. Tuttavia, l'utile per azione diluito 猫 calato del 53% a 0,08 dollari, penalizzato da una perdita mark-to-market di 5,7 milioni su azioni con guadagni condizionati e da un tasso fiscale effettivo pi霉 elevato (41,2% contro il 21,2%).
I ricavi da inizio anno sono saliti dell'8,0% a 659,8 milioni di dollari, mentre l'utile per azione diluito 猫 sceso del 3,8% a 0,25 dollari. Il flusso di cassa operativo 猫 aumentato a 64,6 milioni (+12%), finanziando agevolmente 52,8 milioni di investimenti in capitale e 16,9 milioni per riacquisto di azioni (1,6 milioni di azioni). La liquidit脿 finale 猫 stata di 264,6 milioni; il debito netto rimane intorno a 333 milioni su una linea di credito da 597 milioni con un tasso medio ponderato del 6,5%.
Il segmento principale di gaming distribuito ha generato un EBITDA rettificato di 53,7 milioni nel secondo trimestre (+8,1%). Il nuovo segmento casino e corse (Fairmount Park) ha contribuito con 9,5 milioni di ricavi ma ha registrato una perdita di EBITDA rettificato di 0,5 milioni mentre il locale si sta sviluppando. I ricavi della produzione sono diminuiti del 66% su base annua a 1,8 milioni, con il backlog che si 猫 normalizzato.
I ritorni per gli azionisti restano una priorit脿: l'autorizzazione al riacquisto 猫 stata ripristinata a 200 milioni a febbraio 2025; finora ne sono stati utilizzati 160,5 milioni. Il management continua le acquisizioni complementari, chiudendo piccoli accordi in Illinois e Louisiana e registrando 12 milioni di goodwill da inizio anno.
Elementi chiave da monitorare: volatilit脿 del tasso fiscale dovuta ad aggiustamenti a fair value, redditivit脿 iniziale di Fairmount, leva finanziaria in un contesto di tassi in aumento e esiti delle controversie legali in Illinois. Non 猫 stata fornita alcuna guida futura.
El informe 10-Q del segundo trimestre de 2025 de Accel Entertainment muestra un s贸lido crecimiento en ingresos pero una compresi贸n de beneficios. Los ingresos netos aumentaron un 8,6% interanual hasta 335,9 millones de d贸lares, impulsados por Illinois (+8%), las comisiones de cajeros autom谩ticos y otros (+171%) y la continua expansi贸n en Louisiana y Georgia. El ingreso operativo mejor贸 un 18,5% hasta 26,9 millones de d贸lares, ya que el apalancamiento en el costo de los ingresos compens贸 los mayores gastos generales y administrativos y la depreciaci贸n. Sin embargo, las ganancias por acci贸n diluidas cayeron un 53% hasta 0,08 d贸lares, afectadas por una p茅rdida mark-to-market de 5,7 millones en acciones con pagos contingentes y una tasa impositiva efectiva mayor (41,2% frente a 21,2%).
Los ingresos acumulados en el a帽o aumentaron un 8,0% hasta 659,8 millones, mientras que las ganancias por acci贸n diluidas bajaron un 3,8% hasta 0,25 d贸lares. El flujo de caja operativo subi贸 a 64,6 millones (+12%), financiando c贸modamente 52,8 millones en gastos de capital y 16,9 millones en recompras de acciones (1,6 millones de acciones). El efectivo finaliz贸 en 264,6 millones; la deuda neta se mantiene alrededor de 333 millones con una l铆nea de cr茅dito de 597 millones y una tasa ponderada del 6,5%.
El segmento principal de juegos distribuidos gener贸 un EBITDA ajustado de 53,7 millones en el segundo trimestre (+8,1%). El nuevo segmento de casino y carreras (Fairmount Park) aport贸 9,5 millones en ingresos pero registr贸 una p茅rdida de EBITDA ajustado de 0,5 millones mientras el local se est谩 desarrollando. Los ingresos de manufactura cayeron un 66% interanual hasta 1,8 millones, con la cartera de pedidos normaliz谩ndose.
Los retornos para los accionistas siguen siendo una prioridad: la autorizaci贸n para recompras se restableci贸 en 200 millones en febrero de 2025; hasta la fecha se han utilizado 160,5 millones. La direcci贸n sigue con adquisiciones complementarias, cerrando peque帽os acuerdos en Illinois y Louisiana y registrando 12 millones de goodwill en lo que va del a帽o.
Aspectos clave a vigilar: volatilidad de la tasa impositiva por ajustes a valor razonable, rentabilidad inicial de Fairmount, apalancamiento en un entorno de tasas al alza y resultados de litigios en Illinois. No se proporcion贸 ninguna gu铆a futura.
Accel Entertainment鞚� 2025雲� 2攵勱赴 10-Q 氤搓碃靹滊姅 瓴碃頃� 毵れ稖 靹膘灔瓿� 鞚挫澋 鞎曤皶鞚� 氤挫棳欷嶋媹雼�. 靾滊Г於滌潃 鞝勲厔 雽�牍� 8.6% 歃濌皜頃� 3鞏� 3,590毵� 雼煬搿�, 鞚茧Μ雲胳澊(+8%), ATM 氚� 旮绊儉 靾橃垬耄�(+171%), 耄澊歆�鞎犽倶 氚� 臁办鞎勲鞚� 歆�靻嶌爜鞚� 頇曥灔鞐� 頌橃瀰鞐堨姷雼堧嫟. 鞓侅梾鞚挫澋鞚� 毵れ稖鞗愱皜 霠堧矂毽臧� 歃濌皜頃� 鞚茧皹甏�毽箘 氚� 臧愱皜靸侁皝牍勲ゼ 靸侅噭頃橂┌ 18.5% 歃濌皜頃� 2,690毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 頃橃毵� 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 53% 臧愳唽頃� 0.08雼煬搿�, 臁瓣贝攵� 靾橃澋 欤检嫕鞚� 鞁滉皜 韽夑皜 靻愳嫟 570毵� 雼煬鞕� 雴掛潃 鞙犿毃 靹胳湪(41.2% 雽� 21.2%)鞐� 鞓來枼鞚� 氚涭晿鞀惦媹雼�.
鞐瓣皠 雸勳爜 毵れ稖鞚� 8.0% 歃濌皜頃� 6鞏� 5,980毵� 雼煬毳� 旮半頄堦碃, 頋劃 EPS電� 3.8% 臧愳唽頃� 0.25雼煬鞓�鞀惦媹雼�. 鞓侅梾 順勱笀 頋愲鞚� 12% 歃濌皜頃� 6,460毵� 雼煬搿�, 5,280毵� 雼煬鞚� 鞛愲掣 歆�於滉臣 1,690毵� 雼煬(160毵� 欤�)鞚� 鞛愳偓欤� 毵れ瀰鞚� 氍措倻頌� 歆�鞗愴枅鞀惦媹雼�. 順勱笀 鞛旍暋鞚� 2鞏� 6,460毵� 雼煬搿� 毵堦皭霅橃棃鞙茧┌, 靾滊秬毂勲姅 6鞏� 1,700毵� 雼煬 鞁犾毄 頃滊弰 雮挫棎靹� 鞎� 3鞏� 3,300毵� 雼煬毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟(臧�欷� 韽夑窢 旮堧Μ 6.5%).
顷奠嫭 攵勳偘 瓴岇瀯 攵�氍胳潃 2攵勱赴 臁办爼 EBITDA 5,370毵� 雼煬(+8.1%)毳� 彀届稖頄堨姷雼堧嫟. 鞁犼窚 旃挫雲� 氚� 瓴诫 攵�氍�(Fairmount Park)鞚� 950毵� 雼煬鞚� 毵れ稖鞚� 鞓牳鞙茧倶, 鞁滌劋 頇曥灔 欷戩澑 甏�瓿勲 50毵� 雼煬 臁办爼 EBITDA 靻愳嫟鞚� 旮半頄堨姷雼堧嫟. 鞝滌“ 毵れ稖鞚� 欤茧 鞛旊焿 鞝曥儊頇旊 鞝勲厔 雽�牍� 66% 臧愳唽頃� 180毵� 雼煬鞓�鞀惦媹雼�.
欤检＜ 頇橃洂鞚� 瓿勳啀 欷戩爯 靷暛鞛呺媹雼�: 2025雲� 2鞗旍棎 鞛愳偓欤� 毵れ瀰 鞀轨澑 頃滊弰臧� 2鞏� 雼煬搿� 鞛劋鞝曤悩鞐堨溂氅�, 順勳灛旯岇 1鞏� 6,050毵� 雼煬臧� 靷毄霅橃棃鞀惦媹雼�. 瓴届榿歆勳潃 鞚茧Μ雲胳澊鞕� 耄澊歆�鞎犽倶鞐愳劀 靻岅窚氇� 鞚胳垬毳� 鞕勲頃橂┌ 於旉皜 M&A毳� 歆�靻嶍晿瓿� 鞛堨溂氅�, 鞓暣 雸勳爜搿� 1,200毵� 雼煬鞚� 鞓侅梾甓岇潉 旮半頄堨姷雼堧嫟.
欤检殧 欤检嫓 靷暛: 瓿奠爼臧�旃� 臁办爼鞐� 霐半ジ 靹胳湪 氤�霃欖劚, Fairmount鞚� 齑堦赴 靾橃澋靹�, 旮堧Μ 靸侅姽 靻� 霠堧矂毽, 鞚茧Μ雲胳澊 靻岇啞 瓴瓣臣. 頄ロ泟 臧�鞚措崢鞀る姅 鞝滉车霅橃 鞎婌晿鞀惦媹雼�.
Le rapport 10-Q du deuxi猫me trimestre 2025 d'Accel Entertainment montre une solide croissance du chiffre d'affaires mais une compression des b茅n茅fices. Les revenus nets ont augment茅 de 8,6 % en glissement annuel pour atteindre 335,9 M$, soutenus par l'Illinois (+8 %), les frais de distributeurs automatiques et autres (+171 %) ainsi que l'expansion continue en Louisiane et en G茅orgie. Le r茅sultat d'exploitation s'est am茅lior茅 de 18,5 % 脿 26,9 M$, la ma卯trise des co没ts des revenus compensant des frais g茅n茅raux, administratifs et des amortissements plus 茅lev茅s. Cependant, le BPA dilu茅 a chut茅 de 53 % 脿 0,08 $, p茅nalis茅 par une perte de juste valeur de 5,7 M$ sur des actions 脿 contrepartie conditionnelle et un taux d'imposition effectif plus 茅lev茅 (41,2 % contre 21,2 %).
Le chiffre d'affaires cumul茅 depuis le d茅but de l'ann茅e a progress茅 de 8,0 % pour atteindre 659,8 M$, tandis que le BPA dilu茅 a recul茅 de 3,8 % 脿 0,25 $. Les flux de tr茅sorerie op茅rationnels ont augment茅 de 12 % 脿 64,6 M$, finan莽ant ais茅ment 52,8 M$ d'investissements et 16,9 M$ de rachats d'actions (1,6 million d'actions). La tr茅sorerie s'est termin茅e 脿 264,6 M$ ; la dette nette reste d'environ 333 M$ sur une facilit茅 de cr茅dit de 597 M$ avec un taux moyen pond茅r茅 de 6,5 %.
Le segment principal de gaming distribu茅 a g茅n茅r茅 un EBITDA ajust茅 de 53,7 M$ au deuxi猫me trimestre (+8,1 %). Le nouveau segment casino & courses (Fairmount Park) a contribu茅 脿 hauteur de 9,5 M$ de revenus mais a enregistr茅 une perte d'EBITDA ajust茅 de 0,5 M$ pendant la mont茅e en puissance du site. Les revenus de fabrication ont chut茅 de 66 % en glissement annuel 脿 1,8 M$, le carnet de commandes s'茅tant normalis茅.
Les retours aux actionnaires restent une priorit茅 : l'autorisation de rachat a 茅t茅 r茅initialis茅e 脿 200 M$ en f茅vrier 2025 ; 160,5 M$ ont 茅t茅 utilis茅s 脿 ce jour. La direction poursuit les acquisitions compl茅mentaires, concluant de petites op茅rations dans l'Illinois et en Louisiane et enregistrant 12 M$ de goodwill depuis le d茅but de l'ann茅e.
Points cl茅s 脿 surveiller : volatilit茅 du taux d'imposition li茅e aux ajustements 脿 la juste valeur, rentabilit茅 initiale de Fairmount, levier financier dans un contexte de hausse des taux et r茅sultats des litiges en Illinois. Aucune orientation future n'a 茅t茅 fournie.
Der 10-Q-Bericht von Accel Entertainment f眉r das zweite Quartal 2025 zeigt solides Umsatzwachstum, aber Gewinnkompression. Die Nettoums盲tze stiegen im Jahresvergleich um 8,6 % auf 335,9 Mio. USD, angetrieben durch Illinois (+8 %), ATM- und sonstige Geb眉hren (+171 %) sowie die fortgesetzte Expansion in Louisiana und Georgia. Das Betriebsergebnis verbesserte sich um 18,5 % auf 26,9 Mio. USD, da der Hebeleffekt bei den Umsatzkosten h枚here Verwaltungs- und Abschreibungskosten ausglich. Der verw盲sserte Gewinn je Aktie sank jedoch um 53 % auf 0,08 USD, belastet durch einen mark-to-market-Verlust von 5,7 Mio. USD auf bedingte Earn-Out-Aktien und einen h枚heren effektiven Steuersatz (41,2 % gegen眉ber 21,2 %).
Der Umsatz seit Jahresbeginn stieg um 8,0 % auf 659,8 Mio. USD, w盲hrend der verw盲sserte Gewinn je Aktie um 3,8 % auf 0,25 USD zur眉ckging. Der operative Cashflow stieg um 12 % auf 64,6 Mio. USD und finanzierte problemlos 52,8 Mio. USD an Investitionen sowie 16,9 Mio. USD f眉r Aktienr眉ckk盲ufe (1,6 Mio. Aktien). Der Kassenbestand belief sich auf 264,6 Mio. USD; die Nettoverschuldung liegt bei rund 333 Mio. USD auf einer Kreditlinie von 597 Mio. USD mit einem gewichteten Zinssatz von 6,5 %.
Das Kerngesch盲ft im Bereich Distributed Gaming erzielte im zweiten Quartal ein bereinigtes EBITDA von 53,7 Mio. USD (+8,1 %). Das neue Segment Casino & Racing (Fairmount Park) trug 9,5 Mio. USD zum Umsatz bei, verzeichnete jedoch aufgrund des Hochlaufs des Standorts einen bereinigten EBITDA-Verlust von 0,5 Mio. USD. Die Fertigungsums盲tze sanken aufgrund der Normalisierung des Auftragsbestands um 66 % auf 1,8 Mio. USD.
Die Aktion盲rsrenditen bleiben im Fokus: Die R眉ckkaufgenehmigung wurde im Februar 2025 auf 200 Mio. USD zur眉ckgesetzt; bisher wurden 160,5 Mio. USD genutzt. Das Management setzt auf erg盲nzende M&A-Aktivit盲ten, schloss kleinere Deals in Illinois und Louisiana ab und verbuchte im laufenden Jahr 12 Mio. USD an Firmenwert.
Wichtige Beobachtungspunkte: Steuerquoten-Volatilit盲t durch Fair-Value-Anpassungen, fr眉he Profitabilit盲t von Fairmount, Verschuldungsgrad bei steigenden Zinsen und Ergebnisse der Rechtsstreitigkeiten in Illinois. Es wurde keine Prognose abgegeben.
Positive
- Net revenues +8.6% YoY, outperforming many regional gaming peers.
- Operating cash flow up 12% to $64.6 M, covering capex and buybacks.
- Operating margin +90 bp despite inflationary pressure on labor and parts.
- $264.6 M cash and net-debt/EBITDA ~2.3脳 provide balance-sheet flexibility.
Negative
- Diluted EPS fell 53% YoY due to earn-out mark-to-market and higher taxes.
- Manufacturing revenue dropped 66%, signaling weaker equipment demand.
- Fairmount casino posted negative Adjusted EBITDA in its first full quarter.
- Effective tax rate jumped to 41.2%, compressing net income.
Insights
TL;DR 鈥� Revenue up, EPS down; cash flows solid; valuation hinge on Fairmount ramp & share buybacks.
Accel鈥檚 8.6% Q2 revenue lift outpaced VGT peers, underscoring steady same-store play and new state entries. Distributed gaming margin expanded ~90 bp, validating scale benefits even as G&A (tech, compliance) climbed. Yet GAAP EPS halved on non-cash earn-out revaluation and a 41% tax rate; stripping these, core earnings are roughly flat. With $265 M cash and 2.3脳 net-debt/EBITDA, liquidity supports continued bolt-ons and buybacks (>$180 M remaining). The nascent Fairmount casino, though loss-making now, offers medium-term EBITDA optionality once gaming positions mature. Shareholder value will depend on management鈥檚 ability to convert revenue into free cash, mitigate tax swings, and hold leverage under 3脳.
TL;DR 鈥� Headline EPS drop flags earnings quality; contingent share volatility and litigation remain risk catalysts.
Two non-operating items drive 2025 volatility: (1) fair-value accounting for 3.3 M earn-out shares (now $36.5 M liability), and (2) state tax law shifts elevating the effective rate. Investors should treat these as noise but expect continued quarter-to-quarter swings. Litigation with J&J and Midwest persists; while management sees no material exposure, an adverse ruling could pressure Illinois cash flows (>70% of revenue). Debt costs are well-hedged via caplets through 2026, yet rising base SOFR keeps interest expense flat despite lower balances. Overall credit profile is stable, but margin of safety narrows if Fairmount underperforms or M&A multiples rise.
Il rapporto 10-Q del secondo trimestre 2025 di Accel Entertainment mostra una solida crescita del fatturato ma una compressione dei profitti. I ricavi netti sono aumentati dell'8,6% su base annua, raggiungendo 335,9 milioni di dollari, trainati dall'Illinois (+8%), dalle commissioni ATM e altre (+171%) e dall'espansione continua in Louisiana e Georgia. Il reddito operativo 猫 migliorato del 18,5%, attestandosi a 26,9 milioni di dollari, grazie alla leva sui costi di ricavo che ha compensato l'aumento delle spese generali e amministrative e degli ammortamenti. Tuttavia, l'utile per azione diluito 猫 calato del 53% a 0,08 dollari, penalizzato da una perdita mark-to-market di 5,7 milioni su azioni con guadagni condizionati e da un tasso fiscale effettivo pi霉 elevato (41,2% contro il 21,2%).
I ricavi da inizio anno sono saliti dell'8,0% a 659,8 milioni di dollari, mentre l'utile per azione diluito 猫 sceso del 3,8% a 0,25 dollari. Il flusso di cassa operativo 猫 aumentato a 64,6 milioni (+12%), finanziando agevolmente 52,8 milioni di investimenti in capitale e 16,9 milioni per riacquisto di azioni (1,6 milioni di azioni). La liquidit脿 finale 猫 stata di 264,6 milioni; il debito netto rimane intorno a 333 milioni su una linea di credito da 597 milioni con un tasso medio ponderato del 6,5%.
Il segmento principale di gaming distribuito ha generato un EBITDA rettificato di 53,7 milioni nel secondo trimestre (+8,1%). Il nuovo segmento casino e corse (Fairmount Park) ha contribuito con 9,5 milioni di ricavi ma ha registrato una perdita di EBITDA rettificato di 0,5 milioni mentre il locale si sta sviluppando. I ricavi della produzione sono diminuiti del 66% su base annua a 1,8 milioni, con il backlog che si 猫 normalizzato.
I ritorni per gli azionisti restano una priorit脿: l'autorizzazione al riacquisto 猫 stata ripristinata a 200 milioni a febbraio 2025; finora ne sono stati utilizzati 160,5 milioni. Il management continua le acquisizioni complementari, chiudendo piccoli accordi in Illinois e Louisiana e registrando 12 milioni di goodwill da inizio anno.
Elementi chiave da monitorare: volatilit脿 del tasso fiscale dovuta ad aggiustamenti a fair value, redditivit脿 iniziale di Fairmount, leva finanziaria in un contesto di tassi in aumento e esiti delle controversie legali in Illinois. Non 猫 stata fornita alcuna guida futura.
El informe 10-Q del segundo trimestre de 2025 de Accel Entertainment muestra un s贸lido crecimiento en ingresos pero una compresi贸n de beneficios. Los ingresos netos aumentaron un 8,6% interanual hasta 335,9 millones de d贸lares, impulsados por Illinois (+8%), las comisiones de cajeros autom谩ticos y otros (+171%) y la continua expansi贸n en Louisiana y Georgia. El ingreso operativo mejor贸 un 18,5% hasta 26,9 millones de d贸lares, ya que el apalancamiento en el costo de los ingresos compens贸 los mayores gastos generales y administrativos y la depreciaci贸n. Sin embargo, las ganancias por acci贸n diluidas cayeron un 53% hasta 0,08 d贸lares, afectadas por una p茅rdida mark-to-market de 5,7 millones en acciones con pagos contingentes y una tasa impositiva efectiva mayor (41,2% frente a 21,2%).
Los ingresos acumulados en el a帽o aumentaron un 8,0% hasta 659,8 millones, mientras que las ganancias por acci贸n diluidas bajaron un 3,8% hasta 0,25 d贸lares. El flujo de caja operativo subi贸 a 64,6 millones (+12%), financiando c贸modamente 52,8 millones en gastos de capital y 16,9 millones en recompras de acciones (1,6 millones de acciones). El efectivo finaliz贸 en 264,6 millones; la deuda neta se mantiene alrededor de 333 millones con una l铆nea de cr茅dito de 597 millones y una tasa ponderada del 6,5%.
El segmento principal de juegos distribuidos gener贸 un EBITDA ajustado de 53,7 millones en el segundo trimestre (+8,1%). El nuevo segmento de casino y carreras (Fairmount Park) aport贸 9,5 millones en ingresos pero registr贸 una p茅rdida de EBITDA ajustado de 0,5 millones mientras el local se est谩 desarrollando. Los ingresos de manufactura cayeron un 66% interanual hasta 1,8 millones, con la cartera de pedidos normaliz谩ndose.
Los retornos para los accionistas siguen siendo una prioridad: la autorizaci贸n para recompras se restableci贸 en 200 millones en febrero de 2025; hasta la fecha se han utilizado 160,5 millones. La direcci贸n sigue con adquisiciones complementarias, cerrando peque帽os acuerdos en Illinois y Louisiana y registrando 12 millones de goodwill en lo que va del a帽o.
Aspectos clave a vigilar: volatilidad de la tasa impositiva por ajustes a valor razonable, rentabilidad inicial de Fairmount, apalancamiento en un entorno de tasas al alza y resultados de litigios en Illinois. No se proporcion贸 ninguna gu铆a futura.
Accel Entertainment鞚� 2025雲� 2攵勱赴 10-Q 氤搓碃靹滊姅 瓴碃頃� 毵れ稖 靹膘灔瓿� 鞚挫澋 鞎曤皶鞚� 氤挫棳欷嶋媹雼�. 靾滊Г於滌潃 鞝勲厔 雽�牍� 8.6% 歃濌皜頃� 3鞏� 3,590毵� 雼煬搿�, 鞚茧Μ雲胳澊(+8%), ATM 氚� 旮绊儉 靾橃垬耄�(+171%), 耄澊歆�鞎犽倶 氚� 臁办鞎勲鞚� 歆�靻嶌爜鞚� 頇曥灔鞐� 頌橃瀰鞐堨姷雼堧嫟. 鞓侅梾鞚挫澋鞚� 毵れ稖鞗愱皜 霠堧矂毽臧� 歃濌皜頃� 鞚茧皹甏�毽箘 氚� 臧愱皜靸侁皝牍勲ゼ 靸侅噭頃橂┌ 18.5% 歃濌皜頃� 2,690毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 頃橃毵� 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 53% 臧愳唽頃� 0.08雼煬搿�, 臁瓣贝攵� 靾橃澋 欤检嫕鞚� 鞁滉皜 韽夑皜 靻愳嫟 570毵� 雼煬鞕� 雴掛潃 鞙犿毃 靹胳湪(41.2% 雽� 21.2%)鞐� 鞓來枼鞚� 氚涭晿鞀惦媹雼�.
鞐瓣皠 雸勳爜 毵れ稖鞚� 8.0% 歃濌皜頃� 6鞏� 5,980毵� 雼煬毳� 旮半頄堦碃, 頋劃 EPS電� 3.8% 臧愳唽頃� 0.25雼煬鞓�鞀惦媹雼�. 鞓侅梾 順勱笀 頋愲鞚� 12% 歃濌皜頃� 6,460毵� 雼煬搿�, 5,280毵� 雼煬鞚� 鞛愲掣 歆�於滉臣 1,690毵� 雼煬(160毵� 欤�)鞚� 鞛愳偓欤� 毵れ瀰鞚� 氍措倻頌� 歆�鞗愴枅鞀惦媹雼�. 順勱笀 鞛旍暋鞚� 2鞏� 6,460毵� 雼煬搿� 毵堦皭霅橃棃鞙茧┌, 靾滊秬毂勲姅 6鞏� 1,700毵� 雼煬 鞁犾毄 頃滊弰 雮挫棎靹� 鞎� 3鞏� 3,300毵� 雼煬毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟(臧�欷� 韽夑窢 旮堧Μ 6.5%).
顷奠嫭 攵勳偘 瓴岇瀯 攵�氍胳潃 2攵勱赴 臁办爼 EBITDA 5,370毵� 雼煬(+8.1%)毳� 彀届稖頄堨姷雼堧嫟. 鞁犼窚 旃挫雲� 氚� 瓴诫 攵�氍�(Fairmount Park)鞚� 950毵� 雼煬鞚� 毵れ稖鞚� 鞓牳鞙茧倶, 鞁滌劋 頇曥灔 欷戩澑 甏�瓿勲 50毵� 雼煬 臁办爼 EBITDA 靻愳嫟鞚� 旮半頄堨姷雼堧嫟. 鞝滌“ 毵れ稖鞚� 欤茧 鞛旊焿 鞝曥儊頇旊 鞝勲厔 雽�牍� 66% 臧愳唽頃� 180毵� 雼煬鞓�鞀惦媹雼�.
欤检＜ 頇橃洂鞚� 瓿勳啀 欷戩爯 靷暛鞛呺媹雼�: 2025雲� 2鞗旍棎 鞛愳偓欤� 毵れ瀰 鞀轨澑 頃滊弰臧� 2鞏� 雼煬搿� 鞛劋鞝曤悩鞐堨溂氅�, 順勳灛旯岇 1鞏� 6,050毵� 雼煬臧� 靷毄霅橃棃鞀惦媹雼�. 瓴届榿歆勳潃 鞚茧Μ雲胳澊鞕� 耄澊歆�鞎犽倶鞐愳劀 靻岅窚氇� 鞚胳垬毳� 鞕勲頃橂┌ 於旉皜 M&A毳� 歆�靻嶍晿瓿� 鞛堨溂氅�, 鞓暣 雸勳爜搿� 1,200毵� 雼煬鞚� 鞓侅梾甓岇潉 旮半頄堨姷雼堧嫟.
欤检殧 欤检嫓 靷暛: 瓿奠爼臧�旃� 臁办爼鞐� 霐半ジ 靹胳湪 氤�霃欖劚, Fairmount鞚� 齑堦赴 靾橃澋靹�, 旮堧Μ 靸侅姽 靻� 霠堧矂毽, 鞚茧Μ雲胳澊 靻岇啞 瓴瓣臣. 頄ロ泟 臧�鞚措崢鞀る姅 鞝滉车霅橃 鞎婌晿鞀惦媹雼�.
Le rapport 10-Q du deuxi猫me trimestre 2025 d'Accel Entertainment montre une solide croissance du chiffre d'affaires mais une compression des b茅n茅fices. Les revenus nets ont augment茅 de 8,6 % en glissement annuel pour atteindre 335,9 M$, soutenus par l'Illinois (+8 %), les frais de distributeurs automatiques et autres (+171 %) ainsi que l'expansion continue en Louisiane et en G茅orgie. Le r茅sultat d'exploitation s'est am茅lior茅 de 18,5 % 脿 26,9 M$, la ma卯trise des co没ts des revenus compensant des frais g茅n茅raux, administratifs et des amortissements plus 茅lev茅s. Cependant, le BPA dilu茅 a chut茅 de 53 % 脿 0,08 $, p茅nalis茅 par une perte de juste valeur de 5,7 M$ sur des actions 脿 contrepartie conditionnelle et un taux d'imposition effectif plus 茅lev茅 (41,2 % contre 21,2 %).
Le chiffre d'affaires cumul茅 depuis le d茅but de l'ann茅e a progress茅 de 8,0 % pour atteindre 659,8 M$, tandis que le BPA dilu茅 a recul茅 de 3,8 % 脿 0,25 $. Les flux de tr茅sorerie op茅rationnels ont augment茅 de 12 % 脿 64,6 M$, finan莽ant ais茅ment 52,8 M$ d'investissements et 16,9 M$ de rachats d'actions (1,6 million d'actions). La tr茅sorerie s'est termin茅e 脿 264,6 M$ ; la dette nette reste d'environ 333 M$ sur une facilit茅 de cr茅dit de 597 M$ avec un taux moyen pond茅r茅 de 6,5 %.
Le segment principal de gaming distribu茅 a g茅n茅r茅 un EBITDA ajust茅 de 53,7 M$ au deuxi猫me trimestre (+8,1 %). Le nouveau segment casino & courses (Fairmount Park) a contribu茅 脿 hauteur de 9,5 M$ de revenus mais a enregistr茅 une perte d'EBITDA ajust茅 de 0,5 M$ pendant la mont茅e en puissance du site. Les revenus de fabrication ont chut茅 de 66 % en glissement annuel 脿 1,8 M$, le carnet de commandes s'茅tant normalis茅.
Les retours aux actionnaires restent une priorit茅 : l'autorisation de rachat a 茅t茅 r茅initialis茅e 脿 200 M$ en f茅vrier 2025 ; 160,5 M$ ont 茅t茅 utilis茅s 脿 ce jour. La direction poursuit les acquisitions compl茅mentaires, concluant de petites op茅rations dans l'Illinois et en Louisiane et enregistrant 12 M$ de goodwill depuis le d茅but de l'ann茅e.
Points cl茅s 脿 surveiller : volatilit茅 du taux d'imposition li茅e aux ajustements 脿 la juste valeur, rentabilit茅 initiale de Fairmount, levier financier dans un contexte de hausse des taux et r茅sultats des litiges en Illinois. Aucune orientation future n'a 茅t茅 fournie.
Der 10-Q-Bericht von Accel Entertainment f眉r das zweite Quartal 2025 zeigt solides Umsatzwachstum, aber Gewinnkompression. Die Nettoums盲tze stiegen im Jahresvergleich um 8,6 % auf 335,9 Mio. USD, angetrieben durch Illinois (+8 %), ATM- und sonstige Geb眉hren (+171 %) sowie die fortgesetzte Expansion in Louisiana und Georgia. Das Betriebsergebnis verbesserte sich um 18,5 % auf 26,9 Mio. USD, da der Hebeleffekt bei den Umsatzkosten h枚here Verwaltungs- und Abschreibungskosten ausglich. Der verw盲sserte Gewinn je Aktie sank jedoch um 53 % auf 0,08 USD, belastet durch einen mark-to-market-Verlust von 5,7 Mio. USD auf bedingte Earn-Out-Aktien und einen h枚heren effektiven Steuersatz (41,2 % gegen眉ber 21,2 %).
Der Umsatz seit Jahresbeginn stieg um 8,0 % auf 659,8 Mio. USD, w盲hrend der verw盲sserte Gewinn je Aktie um 3,8 % auf 0,25 USD zur眉ckging. Der operative Cashflow stieg um 12 % auf 64,6 Mio. USD und finanzierte problemlos 52,8 Mio. USD an Investitionen sowie 16,9 Mio. USD f眉r Aktienr眉ckk盲ufe (1,6 Mio. Aktien). Der Kassenbestand belief sich auf 264,6 Mio. USD; die Nettoverschuldung liegt bei rund 333 Mio. USD auf einer Kreditlinie von 597 Mio. USD mit einem gewichteten Zinssatz von 6,5 %.
Das Kerngesch盲ft im Bereich Distributed Gaming erzielte im zweiten Quartal ein bereinigtes EBITDA von 53,7 Mio. USD (+8,1 %). Das neue Segment Casino & Racing (Fairmount Park) trug 9,5 Mio. USD zum Umsatz bei, verzeichnete jedoch aufgrund des Hochlaufs des Standorts einen bereinigten EBITDA-Verlust von 0,5 Mio. USD. Die Fertigungsums盲tze sanken aufgrund der Normalisierung des Auftragsbestands um 66 % auf 1,8 Mio. USD.
Die Aktion盲rsrenditen bleiben im Fokus: Die R眉ckkaufgenehmigung wurde im Februar 2025 auf 200 Mio. USD zur眉ckgesetzt; bisher wurden 160,5 Mio. USD genutzt. Das Management setzt auf erg盲nzende M&A-Aktivit盲ten, schloss kleinere Deals in Illinois und Louisiana ab und verbuchte im laufenden Jahr 12 Mio. USD an Firmenwert.
Wichtige Beobachtungspunkte: Steuerquoten-Volatilit盲t durch Fair-Value-Anpassungen, fr眉he Profitabilit盲t von Fairmount, Verschuldungsgrad bei steigenden Zinsen und Ergebnisse der Rechtsstreitigkeiten in Illinois. Es wurde keine Prognose abgegeben.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
For the quarterly period ended: June 30, 2025
or
For the transition period from _____ to _____
Commission File No. 001-40115
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
(206 ) 333-3839
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
(Title of each class) | (Trading Symbol) | (Name of each exchange on which registered) | ||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | ||||||||||||
| Non-accelerated filer | ☐ | Small reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2025, there were 1,665,262,233 shares of the registrant’s Class A common stock and 157,802,990 shares of the registrant’s Class B common stock, each with a par value of $0.0001 per share, outstanding.
COUPANG, INC.
Form 10-Q
For the Quarterly Period Ended June 30, 2025
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION | Page | |||||||
Item 1. | Financial Statements (Unaudited) | 4 | ||||||
Condensed Consolidated Statements of Operations | 4 | |||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | 5 | |||||||
Condensed Consolidated Balance Sheets | 6 | |||||||
Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Equity | 7 | |||||||
Condensed Consolidated Statements of Cash Flows | 9 | |||||||
Notes to Condensed Consolidated Financial Statements | 10 | |||||||
Note 1. Basis of Presentation and Summary of Significant Accounting Policies | 10 | |||||||
Note 2. Net Revenues | 10 | |||||||
Note 3. Segment Reporting | 11 | |||||||
Note 4. Defined Severance Benefits | 13 | |||||||
Note 5. Income Taxes | 13 | |||||||
Note 6. Earnings per Share | 13 | |||||||
Note 7. Fair Value Measurement | 14 | |||||||
Note 8. Supplemental Financial Information | 14 | |||||||
Note 9. Short-term Borrowings and Long-term Debt | 15 | |||||||
Note 10. Commitments and Contingencies | 16 | |||||||
Note 11. Business Combinations | 17 | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 | ||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 31 | ||||||
Item 4. | Controls and Procedures | 32 | ||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | 33 | ||||||
Item 1A. | Risk Factors | 33 | ||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 33 | ||||||
Item 3. | Defaults Upon Senior Securities | 33 | ||||||
Item 4. | Mine Safety Disclosures | 33 | ||||||
Item 5. | Other Information | 33 | ||||||
Item 6. | Exhibits | 34 | ||||||
Signatures | 35 | |||||||
| Coupang, Inc. |  | Q2 2025 Form 10-Q | 1 | |||||||||||
Table of Contents | ||||||||
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
•our expectations regarding, and potential fluctuations in, our future operating and financial performance, including our ability to achieve, maintain and increase long-term future profitability;
•our ability to successfully execute our business and growth strategy;
•the continued growth of the retail market, changes in consumer preferences and spending patterns, and the increased acceptance of online transactions by potential customers;
•the size of our addressable market segments, market share, and market trends;
•our ability to compete in our industry;
•our ability to maintain and improve our market position;
•our ability to manage expansion into new geographies and offerings;
•our ability to effectively manage the continued growth of our workforce and operations;
•our planned investments in new products and offerings, and the effect of these investments on our results of operations;
•our ability to effectively integrate acquisitions, including our acquisition of Farfetch Holdings plc (“Farfetch”), and realize the anticipated benefits of such transactions;
•the sufficiency of our cash and cash equivalents, and investments, to meet our liquidity needs;
•our ability to retain existing suppliers and merchants and to add new suppliers and merchants;
•our suppliers’ and merchants’ ability to supply high-quality and compliant merchandise to our customers;
•the impact of cybersecurity incidents with respect to our systems and those of third parties on which we rely;
•our relationship with our employees and the status of our workers;
•our ability to operate and manage the expansion of our fulfillment and logistics infrastructure;
•the effects of seasonal trends on our results of operations;
•our ability to implement, maintain, and improve our internal control over financial reporting;
•our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;
•our estimates and assumptions related to our effective tax rate;
•the impact of world events such as natural disasters, acts of war or geopolitical conflicts, terrorism or disease outbreaks;
•the effects of global macroeconomic conditions, including, but not limited to, inflationary pressures, a general economic slowdown or recession, interest rate fluctuations, the imposition of additional or increased tariffs or other trade barriers, and changes in monetary policy;
•our ability to attract, retain, and motivate skilled personnel, including key members of our senior management;
•our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in Korea and internationally and our expectations regarding various laws, regulations, and restrictions that relate to our business;
•the outcomes of any claims, litigation, governmental audits, inspections, and investigations; and
•the other factors set forth in Part 1, Item 1A, under the caption “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K”).
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Form 10-Q.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part 1, Item 1A, under the section titled “Risk Factors,” of our 2024 Form 10-K and elsewhere in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 2 | |||||||||||
Table of Contents | ||||||||
In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. Among other things, our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (https://ir.aboutcoupang.com), our filings with the Securities and Exchange Commission (the “SEC”), webcasts, press releases, conference calls, and social media. We use these mediums to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our investor relations website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our investor relations website. Notwithstanding the foregoing, the information contained on our investor relations website as referenced in this paragraph is not incorporated by reference into this Form 10-Q or any other report or document we file with the SEC.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 3 | |||||||||||
Table of Contents | ||||||||
Part I. Financial Information
| Item 1. Financial Statements (Unaudited) | ||||||||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net retail sales | $ | $ | $ | $ | |||||||||||||||||||
| Net other revenue | |||||||||||||||||||||||
| Total net revenues | |||||||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||
| Operating, general and administrative | |||||||||||||||||||||||
| Total operating cost and expenses | |||||||||||||||||||||||
| Operating income (loss) | ( | ||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Other income, net | |||||||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Net (loss) income attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
| Net income (loss) attributable to Coupang stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Earnings per share | |||||||||||||||||||||||
| Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Weighted-average shares outstanding | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 4 | |||||||||||
Table of Contents | ||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | ( | ( | |||||||||||||||||||||
| Actuarial gain on defined severance benefits, net of tax | |||||||||||||||||||||||
| Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
| Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
| Comprehensive (loss) income attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
| Comprehensive income (loss) attributable to Coupang stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 5 | |||||||||||
Table of Contents | ||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories | |||||||||||
| Prepaids and other current assets | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Intangible assets, net | |||||||||||
| Deferred tax assets | |||||||||||
| Long-term lease deposits and other | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities, redeemable noncontrolling interests, and equity | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued expenses | |||||||||||
| Deferred revenue | |||||||||||
| Short-term borrowings | |||||||||||
| Current portion of long-term debt | |||||||||||
| Current portion of long-term operating lease obligations | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Long-term operating lease obligations | |||||||||||
| Defined severance benefits and other | |||||||||||
| Total liabilities | |||||||||||
| Commitments and contingencies (Note 10) | |||||||||||
| Redeemable noncontrolling interests (Note 11) | |||||||||||
| Equity | |||||||||||
| Common stock | |||||||||||
Class A — shares authorized Class B — shares authorized | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Accumulated deficit | ( | ( | |||||||||
| Noncontrolling interests | ( | ||||||||||
| Total equity | |||||||||||
| Total liabilities, redeemable noncontrolling interests, and equity | $ | $ | |||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 6 | |||||||||||
Table of Contents | ||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
(unaudited)
Redeemable Noncontrolling Interests | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
| Net (loss) income | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Capital contributions from noncontrolling interest holders | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Recognition of noncontrolling interest upon acquisition | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Actuarial gain on defined severance benefits, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net loss | ( | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Actuarial gain on defined severance benefits, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class A common stock | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 7 | |||||||||||
Table of Contents | ||||||||
Redeemable Noncontrolling Interests | Class A and Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Actuarial gain on defined severance benefits, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Re-measurement of noncontrolling interest | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of noncontrolling interest | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Dividends paid to noncontrolling interest | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Actuarial gain on defined severance benefits, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of noncontrolling interest | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 8 | |||||||||||
Table of Contents | ||||||||
COUPANG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Six Months Ended June 30, | |||||||||||
(in millions) | 2025 | 2024 | |||||||||
| Operating activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
| Provision for severance benefits | |||||||||||
| Equity-based compensation | |||||||||||
| Non-cash operating lease expense | |||||||||||
| Deferred income taxes | |||||||||||
| Other | |||||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||
| Accounts receivable, net | ( | ||||||||||
| Inventories | ( | ( | |||||||||
| Other assets | ( | ( | |||||||||
| Accounts payable | |||||||||||
| Accrued expenses | ( | ||||||||||
| Other liabilities | ( | ( | |||||||||
| Net cash provided by operating activities | |||||||||||
| Investing activities | |||||||||||
| Purchases of property and equipment | ( | ( | |||||||||
| Proceeds from sale of property and equipment | |||||||||||
| Net cash acquired in acquisition | |||||||||||
| Other investing activities | ( | ||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
| Financing activities | |||||||||||
| Proceeds from issuance of common stock, equity-based compensation plan | |||||||||||
| Repurchase of Class A common stock | ( | ||||||||||
| Proceeds from short-term borrowings and long-term debt | |||||||||||
| Repayment of short-term borrowings and long-term debt | ( | ( | |||||||||
| Other financing activities | ( | ||||||||||
| Net cash provided by (used in) financing activities | ( | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | ( | ||||||||||
| Net increase in cash and cash equivalents and restricted cash | |||||||||||
| Cash and cash equivalents and restricted cash, as of beginning of period | |||||||||||
| Cash and cash equivalents and restricted cash, as of end of period | $ | $ | |||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 9 | |||||||||||
Table of Contents | ||||||||
COUPANG, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation and Summary of Significant Accounting Policies
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2024 Form 10-K.
Farfetch Acquisition
In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to Note 11 — "Business Combinations - Farfetch" for additional information.
Recent Accounting Pronouncements Yet To Be Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entity’s income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. The ASU is effective for our 2025 annual period and can be applied either prospectively or retrospectively. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures.
2. Net Revenues
Details of total net revenues were as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net retail sales | $ | $ | $ | $ | |||||||||||||||||||
| Third-party merchant services | |||||||||||||||||||||||
| Other revenue | |||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | |||||||||||||||||||
This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from owned inventory product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue from our Rocket WOW membership program and various other offerings.
Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in “Deferred revenue” on the condensed consolidated balance sheets. We recognized revenue of $139 million and $92 million for the six
| Coupang, Inc. | | Q2 2025 Form 10-Q | 10 | |||||||||||
Table of Contents | ||||||||
months ended June 30, 2025 and 2024, respectively, primarily related to payments in advance of products and services delivered which were included in “Deferred revenue” on the consolidated balance sheets as of the beginning of the respective years.
3. Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market along with other international markets. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. We have two
Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery category offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Rocket WOW membership program.
Developing Offerings includes our more nascent offerings and services, including Eats, our restaurant ordering and delivery service, Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and retail operations in Taiwan.
The CODM uses two profitability measures, Segment Gross Profit and Segment Adjusted EBITDA, in assessing segment performance and allocating resources to each segment. Segment Gross Profit and Segment Adjusted EBITDA are evaluated on a monthly basis by our CODM by monitoring actual results versus prior periods. This comparison is performed to make strategic assessments and decisions regarding segment profitability, resource allocation, pricing strategies and cost optimization, and whether to reinvest profits into each of these segments or into other initiatives.
Segment Gross Profit is defined as total net revenues less cost of sales attributable to each reportable segment.
Segment Adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.
We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 11 | |||||||||||
Table of Contents | ||||||||
Reportable segment financial information is as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net revenues | |||||||||||||||||||||||
| Product Commerce | $ | $ | $ | $ | |||||||||||||||||||
| Developing Offerings | |||||||||||||||||||||||
| Total net revenues | $ | $ | $ | $ | |||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||
| Product Commerce | $ | $ | $ | $ | |||||||||||||||||||
| Developing Offerings | |||||||||||||||||||||||
| Total cost of sales | $ | $ | $ | $ | |||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Product Commerce | $ | $ | $ | $ | |||||||||||||||||||
| Developing Offerings | |||||||||||||||||||||||
| Total gross profit | $ | $ | $ | $ | |||||||||||||||||||
Other segment items (1) | |||||||||||||||||||||||
| Product Commerce | |||||||||||||||||||||||
| Developing Offerings | |||||||||||||||||||||||
| Total other segment items | $ | $ | $ | $ | |||||||||||||||||||
| Segment adjusted EBITDA | |||||||||||||||||||||||
| Product Commerce | $ | $ | $ | $ | |||||||||||||||||||
| Developing Offerings | ( | ( | ( | ( | |||||||||||||||||||
| Total segment adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
(1)Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within “Other segment Items” for any individual segment.
Reconciliations of segment profit or loss:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total gross profit | |||||||||||||||||||||||
| Operating, general and administrative | ( | ( | ( | ( | |||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Other income, net | |||||||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
Total segment adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
| Depreciation and amortization | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Equity-based compensation | ( | ( | ( | ( | |||||||||||||||||||
| Acquisition and restructuring related losses, net | ( | ( | ( | ( | |||||||||||||||||||
| KFTC administrative fine (see Note 10) | ( | ( | |||||||||||||||||||||
| Interest expense | ( | ( | ( | ( | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Other income, net | |||||||||||||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Note: Amounts may not foot due to rounding.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 12 | |||||||||||
Table of Contents | ||||||||
4. Defined Severance Benefits
Net periodic benefit costs consist of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Current service costs | $ | $ | $ | $ | |||||||||||||||||||
| Interest cost | |||||||||||||||||||||||
| Amortization of: | |||||||||||||||||||||||
| Prior service cost | |||||||||||||||||||||||
| Net actuarial loss | |||||||||||||||||||||||
| Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
5. Income Taxes
Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, U.S. taxes on foreign earnings such as the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences.
The decrease in our effective tax rate for the three and six months ended June 30, 2025 is primarily due to the loss before income taxes incurred by Farfetch in the prior year period, with no offsetting tax benefit, the impact of the non-deductible KFTC administrative fine (the “administrative fine”) in the prior year period discussed in Note 10 — "Commitments and Contingencies", and the decrease in U.S. taxes on foreign earnings.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA introduces a broad range of tax reform provisions, including modifications to the international tax framework and changes to certain business-related exclusions, deductions, and credits. Certain provisions are effective starting in 2025. As the effects of changes in tax rates and laws are recognized in the period of enactment, the impacts of the OBBBA are not included in our results for the six months ended June 30, 2025. We are currently assessing its impact on our condensed consolidated financial statements.
6. Earnings per Share
Basic earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock and potentially dilutive common stock outstanding during the period.
We have two classes of common stock outstanding, Class A common stock and Class B common stock (collectively “common stock”), with equal rights to dividends and income. Earnings per share attributable to Coupang stockholders are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 13 | |||||||||||
Table of Contents | ||||||||
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Coupang stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Denominator: | |||||||||||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Dilutive effect of equity compensation awards | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
| Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Anti-dilutive shares | |||||||||||||||||||||||
Note: Amounts may not foot due to rounding.
7. Fair Value Measurement
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported in one of the three levels reflecting the significant inputs used to determine fair value.
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions) | Classification | Measurement Level | June 30, 2025 | December 31, 2024 | |||||||||||||||||||
| Financial assets | |||||||||||||||||||||||
| Money market trust | Cash and cash equivalents | Level 1 | $ | $ | |||||||||||||||||||
| Money market fund | Cash and cash equivalents | Level 1 | $ | $ | |||||||||||||||||||
| Money market trust | Restricted cash | Level 1 | $ | $ | |||||||||||||||||||
8. Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
| Six Months Ended June 30, | |||||||||||
(in millions) | 2025 | 2024 | |||||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash paid for the amount used to measure the operating lease liabilities | $ | $ | |||||||||
| Operating lease assets obtained in exchange for lease obligations | $ | $ | |||||||||
| Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations | $ | $ | |||||||||
| Non-cash investing and financing activities | |||||||||||
| Increase in property and equipment-related accounts payable | $ | $ | |||||||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 14 | |||||||||||
Table of Contents | ||||||||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Noncurrent assets | |||||||||||
Restricted cash included in long-term leasehold deposits and other | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ | |||||||||
Supplier Financing Arrangements
Confirmed invoices owed to financial institutions under supplier financing arrangements were as follows:
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
Amounts included in accounts payable | $ | $ | |||||||||
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of June 30, 2025 and December 31, 2024, the ending balance in accumulated other comprehensive income (loss) related to foreign currency translation adjustments was $(160 ) million and $(309 ) million, respectively, and the amount related to actuarial losses on defined severance benefits was $(90 ) million and $(95 ) million, respectively.
Stock Repurchase Program
In May 2025, our Board of Directors authorized a stock repurchase program for up to $1 billion of our outstanding shares of Class A common stock. We may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means in accordance with applicable securities laws and other restrictions. The program has no expiration date, and we are not obligated to repurchase any portion of our total authorization. There were no repurchases of our Class A common stock during the three and six months ended June 30, 2025.
9. Short-term Borrowings and Long-term Debt
Revolving Credit Facility
In June 2025, we entered into a five-year revolving credit agreement (the “Revolving Credit Facility”), replacing our prior revolving credit and guaranty agreement entered into in February 2021, which was terminated in connection with the entry into the new Revolving Credit Facility. The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to , plus an applicable margin ranging from 0.75 % to 1.25 %. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of June 30, 2025, there was no balance outstanding on the Revolving Credit Facility.
In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the “Limited Partnership”) as part of the Farfetch Acquisition (“Farfetch Term Loans”).
Farfetch Term Loans
As of June 30, 2025, $392 million was outstanding under the Farfetch Term Loans.
In July 2025, we fully redeemed the Farfetch Term Loans financed by borrowings under our Revolving Credit Facility.
Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of long-term debt approximates its fair value as of June 30, 2025 and December 31, 2024 due primarily to the interest rates approximating market interest rates.
We were in compliance with the financial covenants for each of our borrowings and debt agreements as of June 30, 2025.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 15 | |||||||||||
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10. Commitments and Contingencies
Commitments
Long-term contractual commitments primarily include operating leases, long-term debt, and unconditional purchase obligations. Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to purchases of technology related services, fulfillment center construction contracts, content, and software licenses. During the six months ended June 30, 2025, we entered into various new unrecognized long-term contract commitments with remaining payments as of June 30, 2025 of $668 million through 2033. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.
Legal Matters
From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determine loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Litigation
On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc. et al. was brought against Coupang and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12, and 15 of the Securities Act of 1933. The action was amended in May 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. Between August and December 2023, three separate stockholders’ derivative actions were filed in the United States District Court for the Southern District of New York and in December 2024 and March 2025, derivative actions were filed in Delaware Chancery Court, in each case against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the various derivative actions. Aside from the aforementioned actions, there have been additional Delaware Section 220 records inspection demands. These derivative actions and related demands purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al., bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We intend to vigorously defend against the aforementioned actions. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurances as to the scope and outcome of these matters and no assurances as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected. In February and March 2025, we received demands on the Board of Directors alleging claims similar to those in the class and derivative actions and demanding civil actions by the Board against certain current and former directors and officers. Those demands have been provided to the Board of Directors to evaluate.
Korean Fair Trade Commission Investigations
In June 2021, the Korea Fair Trade Commission (the “KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act by two of our Korean subsidiaries, Coupang Corp. and Coupang Private Label Brands (“CPLB”), including certain alleged treatment of private labelled products provided by CPLB. In June 2024, the KFTC publicly announced that as a result of their investigation, they determined that Coupang Corp.’s product rankings disclosure violated Korean law (a regulatory finding subject to judicial review), and that they would impose an administrative fine on Coupang Corp., direct Coupang Corp. and CPLB to take certain related corrective actions, and refer the matter for criminal prosecution. In the second quarter of 2024, we accrued an administrative fine of approximately $121 million. Coupang Corp. will pay the administrative fine in six installments over two years and made the first payment in October 2024 and will make the last payment in June 2026.
In August 2024, Coupang Corp. and CPLB received the KFTC’s formal written decision, and in September 2024, Coupang Corp. and CPLB appealed such decision. That appeal is pending. Hearings of the administrative litigation action were held in November 2024, March 2025, June 2025, July 2025, and a fifth hearing is scheduled for September 2025. Coupang Corp. and CPLB also filed a preliminary injunction with the Seoul High Court to stay the fine and corrective orders during the pendency of the appeal. In October 2024, the Seoul High Court granted Coupang Corp.’s and CPLB’s request for suspension of the KFTC’s corrective orders,
| Coupang, Inc. | | Q2 2025 Form 10-Q | 16 | |||||||||||
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but dismissed the request for a stay of the KFTC’s administrative fine. The KFTC subsequently appealed the Seoul High Court’s decision to grant a suspension of the corrective orders and in February 2025, the Supreme Court of Korea dismissed the KFTC’s appeal. In response to the KFTC’s criminal referral, the Seoul Eastern District Prosecutors’ Office initiated a criminal investigation into Coupang Corp. and CPLB.
The Seoul Eastern District Prosecutors’ Office issued an indictment dated May 1, 2025, on the same underlying facts as the administrative case, and the first hearing is scheduled for October 2025. The maximum penalty under the indictment is a fine of approximately $200,000 . We intend to vigorously defend against these charges in court.
The KFTC is also investigating Coupang Corp. on other matters related to the alleged violations of certain KFTC regulations. Coupang Corp. is diligently cooperating with these investigations, and actively defending its practices as appropriate.
Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from these other KFTC investigations, in excess of the amounts accrued. Accordingly, we can provide no assurance as to the scope and outcome of these matters and no assurance as to whether our business, financial position, results of operations, or cash flows will not be materially adversely affected.
11. Business Combinations – Farfetch
Farfetch Acquisition
On January 30, 2024, we completed the acquisition of Farfetch. We acquired Farfetch primarily to allow us to expand into luxury retail. We have accounted for this acquisition as a business combination. Total purchase consideration consisted of amounts previously funded to Farfetch under a loan prior to acquisition (the “Bridge Loan”) and required partial repayment of the Farfetch Term Loans at the close of the transaction.
(in millions) | Estimated Fair Value | ||||
Farfetch Term Loan repayment | $ | ||||
Bridge Loan contribution | |||||
Total purchase consideration | $ | ||||
Purchase Price Allocation
The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:
(in millions) | Estimated Fair Value | ||||
Assets acquired | |||||
| Cash and cash equivalents | $ | ||||
| Accounts receivable, net | |||||
| Inventories | |||||
| Prepaids and other current assets | |||||
| Intangible assets | |||||
| Operating lease right-of-use assets | |||||
| Other assets | |||||
Liabilities assumed | |||||
| Accounts payable | ( | ||||
| Long-term debt | ( | ||||
| Operating lease obligations | ( | ||||
| Other liabilities | ( | ||||
Net assets assumed | |||||
Noncontrolling interests | ( | ||||
Goodwill on acquisition | |||||
Total consideration | $ | ||||
The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill which is not deductible for tax purposes. Goodwill represents the future economic benefits we expect to achieve as a result of the acquisition, including the workforce of the acquired business as well as future operational and logistical cost efficiencies expected to be achieved.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 17 | |||||||||||
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The identifiable intangible assets acquired were as follows:
(in millions, except years) | Weighted Average Useful Life | Estimated Fair Value | |||||||||
Brand trademarks | $ | ||||||||||
Customer relationships | |||||||||||
Supplier relationships | |||||||||||
Developed technology | |||||||||||
Brand licenses | |||||||||||
Total intangible assets | $ | ||||||||||
The results of Farfetch included in our condensed consolidated statement of operations since the closing of the acquisition were as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| (in millions) | 2024 | ||||||||||
Total net revenues | $ | $ | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Supplemental Pro Forma Information (Unaudited)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(in millions) | 2024 | ||||||||||
Pro Forma Information | |||||||||||
Total net revenues | $ | $ | |||||||||
Net loss | $ | ( | $ | ( | |||||||
These pro forma results are based on estimates and assumptions, which we believe are reasonable. They are illustrative only and are not the results that would have been achieved had the acquisition actually occurred on January 1, 2023, nor are they indicative of future results. The pro forma results include adjustments related to the business combination, including amortization of acquired intangibles, stock-based compensation, lease expense, and income taxes.
Following the Farfetch Acquisition, we have continued to undertake various restructuring actions, including the early exit of certain assumed contractual obligations. In February 2025, we entered into a settlement agreement and mutual release with Authentic Brands Group LLC related to a license agreement that terminated guaranteed minimum royalty payments totaling $264 million over the remaining years of the agreement.
Redeemable Noncontrolling Interests
In December 2023, we established the Limited Partnership for the purposes of providing the Bridge Loan and acquiring all of the business and assets of Farfetch. The Limited Partnership was initially owned 80.1 % by Coupang, Inc. and 19.9 % by certain funds advised or managed by Greenoaks Capital Partners, LLC (“Greenoaks”), a related party. The Limited Partnership is included in the Company’s consolidated operating results for the three and six months ended June 30, 2025 and 2024.
On April 7, 2025, we entered into a Master Transaction Agreement (the “Agreement”) with Greenoaks resulting in the indirect acquisition of the Limited Partnership partner units representing all of Greenoaks’ equity interest in the Limited Partnership, and all rights and obligations associated with such limited partner units. Concurrently with the execution of the Agreement, we paid to Greenoaks consideration with a fair value of $122 million consisting of a $14 million cash payment and the issuance of 5,465,099 shares of our Class A Common Stock with a fair value of $108 million based on the closing market price of $19.76 per share on the acquisition date.
Mr. Neil Mehta, a member of the Company’s Board of Directors, has served as a Managing Partner of Greenoaks since April 2012. Greenoaks and certain funds and accounts to which Greenoaks serves as the investment adviser and related persons or entities, including Mr. Mehta, have ownership interests in our Class A common stock.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 18 | |||||||||||
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In February 2025, we acquired the remaining 40 % of the Palm Angels brand (“Palm Angels”) not owned by New Guards Group Holdings S.p.A. (“New Guards”), a subsidiary acquired in the Farfetch Acquisition, and subsequently sold the rights to Palm Angels, as part of our Farfetch restructuring actions.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 19 | |||||||||||
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| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Form 10-Q, as well as our audited consolidated financial statements included in our 2024 Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-Q. As a result of many factors, including, without limitation, those factors set forth in the “Risk Factors” section of our 2024 Form 10-K and the “Risk Factors” section of subsequent Quarterly Reports on Form 10-Q, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding.
Page | |||||
Overview | 20 | ||||
Key Business Metrics | 21 | ||||
Results of Operations | 22 | ||||
Non-GAAP Financial Measures | 25 | ||||
Liquidity and Capital Resources | 28 | ||||
Critical Accounting Policies and Estimates | 29 | ||||
Overview
Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including South Korea, Taiwan, Singapore, China, India, Japan, and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”
We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight—across millions of products in Korea. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies.
Farfetch Acquisition
In January 2024 we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry. During 2024 and 2025, we have undertaken restructuring actions to reduce headcount and exit leases and licensing agreements associated with Farfetch. In February 2025, we entered into a settlement agreement and mutual release with Authentic Brands Group LLC related to a license agreement that terminated guaranteed minimum royalty payments totaling $264 million over the eight remaining years of the agreement.
Segment Information
Our segments reflect the way we evaluate our business performance and manage operations. See Note 3 — "Segment Reporting" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Rocket WOW membership program.
Developing Offerings includes more nascent offerings and services, including Eats, our restaurant ordering and delivery service, Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and retail operations in Taiwan.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 20 | |||||||||||
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Key Financial and Operating Highlights:
(in millions) | Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024(1) | ||||||||||||||||||||||||||||||||
| Total net revenues | $ | 8,524 | $ | 7,323 | 16 | % | $ | 16,432 | $ | 14,437 | 14 | % | |||||||||||||||||||||||
Total net revenues, constant currency(2) | $ | 8,705 | 19 | % | $ | 17,314 | 20 | % | |||||||||||||||||||||||||||
Gross profit | $ | 2,561 | $ | 2,142 | 20 | % | $ | 4,877 | $ | 4,071 | 20 | % | |||||||||||||||||||||||
Net income (loss) | $ | 31 | $ | (105) | NM(3) | $ | 145 | $ | (129) | NM(3) | |||||||||||||||||||||||||
Net income (loss) margin | 0.4 | % | (1.4) | % | 0.9 | % | (0.9) | % | |||||||||||||||||||||||||||
Adjusted EBITDA(2) | $ | 428 | $ | 330 | 30 | % | $ | 810 | $ | 611 | 33 | % | |||||||||||||||||||||||
Adjusted EBITDA margin(2) | 5.0 | % | 4.5 | % | 4.9 | % | 4.2 | % | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 545 | $ | 664 | (18) | % | $ | 899 | $ | 876 | 3 | % | |||||||||||||||||||||||
Free cash flow(2) | $ | 247 | $ | 488 | (49) | % | $ | 363 | $ | 595 | (39) | % | |||||||||||||||||||||||
| Segment adjusted EBITDA: | |||||||||||||||||||||||||||||||||||
| Product Commerce | $ | 663 | $ | 530 | 25 | % | $ | 1,213 | $ | 997 | 22 | % | |||||||||||||||||||||||
| Developing Offerings | $ | (235) | $ | (200) | 18 | % | $ | (403) | $ | (386) | 4 | % | |||||||||||||||||||||||
| Trailing Twelve Months Ended June 30, | % Change | ||||||||||||||||
(in millions) | 2025 | 2024 | |||||||||||||||
Net cash provided by operating activities | $ | 1,909 | $ | 2,206 | (13) | % | |||||||||||
Free cash flow(2) | $ | 784 | $ | 1,513 | (48) | % | |||||||||||
(1)Includes results of operations of Farfetch from acquisition date, January 30, 2024.
(2)Total net revenues, constant currency; total net revenues growth, constant currency; adjusted EBITDA; adjusted EBITDA margin; and free cash flow are non-GAAP measures. See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(3)Non-meaningful.
Key Business Metrics
| Three Months Ended | ||||||||
| Net revenues per Product Commerce Active Customer | June 30, | March 31, | ||||||
2025 | $ | 307 | $ | 294 | ||||
2025 - constant currency | $ | 315 | $ | 321 | ||||
| 2024 | $ | 296 | $ | 302 | ||||
Percentage change | 4 | % | (3) | % | ||||
Percentage change - constant currency | 6 | % | 6 | % | ||||
| (in millions) | Three Months Ended | |||||||
| Product Commerce Active Customers | June 30, | March 31, | ||||||
| 2025 | 23.9 | 23.4 | ||||||
| 2024 | 21.7 | 21.5 | ||||||
Percentage change | 10 | % | 9 | % | ||||
Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer
Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce active customers are added in a recent period.
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Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.
Product Commerce Active Customers
As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. A customer is anyone who has created an account on our apps or websites, identified by a unique email address. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.
Results of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2025 | 2024 | % Change | 2025 | 2024(1) | % Change | ||||||||||||||||||||
| Net retail sales | $ | 6,507 | $ | 5,779 | 13 | % | $ | 12,595 | $ | 11,674 | 8 | % | ||||||||||||||
| Net other revenue | 2,017 | 1,544 | 31 | % | 3,837 | 2,763 | 39 | % | ||||||||||||||||||
| Total net revenues | 8,524 | 7,323 | 16 | % | 16,432 | 14,437 | 14 | % | ||||||||||||||||||
| Cost of sales | 5,963 | 5,181 | 15 | % | 11,555 | 10,366 | 11 | % | ||||||||||||||||||
| Operating, general and administrative | 2,412 | 2,167 | 11 | % | 4,574 | 4,056 | 13 | % | ||||||||||||||||||
| Total operating cost and expenses | 8,375 | 7,348 | 14 | % | 16,129 | 14,422 | 12 | % | ||||||||||||||||||
| Operating income (loss) | 149 | (25) | NM(2) | 303 | 15 | NM(2) | ||||||||||||||||||||
| Interest income | 51 | 53 | (4) | % | 100 | 108 | (7) | % | ||||||||||||||||||
| Interest expense | (25) | (37) | (32) | % | (48) | (64) | (25) | % | ||||||||||||||||||
| Other income, net | 19 | 12 | 58 | % | 55 | 3 | NM(2) | |||||||||||||||||||
| Income before income taxes | 194 | 3 | NM(2) | 410 | 62 | NM(2) | ||||||||||||||||||||
| Income tax expense | 163 | 108 | 51 | % | 265 | 191 | 39 | % | ||||||||||||||||||
| Net income (loss) | $ | 31 | $ | (105) | NM(2) | $ | 145 | $ | (129) | NM(2) | ||||||||||||||||
(1)Includes results of operations of Farfetch from acquisition date, January 30, 2024.
(2)Non-meaningful.
Total Net Revenues
We categorize our total net revenues as (1) net retail sales and (2) net other revenue. Total net revenues incorporate reductions for estimated returns, promotional discounts, and earned loyalty rewards and exclude amounts collected on behalf of third parties, such as value added taxes. We periodically provide customers with promotional discounts to retail prices, such as percentage discounts and other similar offers, to incentivize increased customer spending and loyalty. These promotional discounts are discretionary and are reflected as reductions to the selling price and revenue recognized on each corresponding transaction. Loyalty rewards are offered as part of revenue transactions to all retail customers, whereby rewards are earned as a percentage of each purchase, for the customer to apply towards the purchase price of a future transaction. We defer a portion of revenue from each originating transaction, based on the estimated standalone selling price of the loyalty reward earned, and then recognize the revenue as the loyalty reward is redeemed in a future transaction, or when the reward expires. The amount of the deferred revenue related to these loyalty rewards is not material.
| Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | |||||||||||||||||||||||
(in millions) | 2025 | 2024 | As Reported | Constant Currency | 2025 | 2024 | As Reported | Constant Currency | ||||||||||||||||||
| Net retail sales | $ | 6,507 | $ | 5,779 | 13 | % | 15 | % | $ | 12,595 | $ | 11,674 | 8 | % | 14 | % | ||||||||||
| Net other revenue | 2,017 | 1,544 | 31 | % | 33 | % | 3,837 | 2,763 | 39 | % | 46 | % | ||||||||||||||
| Total net revenues | $ | 8,524 | $ | 7,323 | 16 | % | 19 | % | $ | 16,432 | $ | 14,437 | 14 | % | 20 | % | ||||||||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 22 | |||||||||||
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Net retail sales represent the majority of our total net revenues which we earn from online product sales of our owned inventory to customers. Net other revenue includes revenue from commissions from merchants that sell their products through our apps or websites. We are not the merchant of record in these transactions, nor do we take possession of the related inventory. Net other revenue also includes consideration from online restaurant ordering and delivery services performed by us, as well as advertising services provided on our apps or websites. We also earn subscription revenue from memberships to our Rocket WOW membership program, which is also included in net other revenue.
The following table presents our total net revenues by segment.
| Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | |||||||||||||||||||||||
(in millions) | 2025 | 2024 | As Reported | Constant Currency | 2025 | 2024 | As Reported | Constant Currency | ||||||||||||||||||
| Product Commerce | $ | 7,334 | $ | 6,431 | 14 | % | 17 | % | $ | 14,204 | $ | 12,925 | 10 | % | 16 | % | ||||||||||
| Developing Offerings | 1,190 | 892 | 33 | % | 33 | % | 2,228 | 1,512 | 47 | % | 52 | % | ||||||||||||||
| Total net revenues | $ | 8,524 | $ | 7,323 | 16 | % | 19 | % | $ | 16,432 | $ | 14,437 | 14 | % | 20 | % | ||||||||||
The increase in Product Commerce net revenues for the three and six months ended June 30, 2025 is primarily due to continued growth in our Product Commerce Active Customers and total net revenues per Product Commerce Active Customer, increasing 10% and 6%, year-over-year, respectively, excluding effects of foreign exchange rates, driven by increased customer engagement within and across more product categories. The growth rates for the three and six months ended June 30, 2025 were partially offset by 3% and 6%, respectively, from the negative impact of foreign exchange.
The increase in Developing Offerings net revenues for the three and six months ended June 30, 2025 is due to an increase in total net revenues of our growth initiatives in Developing Offerings, as we are seeing greater levels of customer engagement in these early-stage offerings.
Cost of Sales
Cost of sales primarily consists of the purchase price of products sold directly to customers where we record revenue gross, and includes logistics costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, delivery costs from our restaurant delivery business, and depreciation and amortization expense.
Cost of sales increased $782 million or 15% and $1.2 billion or 11% for the three and six months ended June 30, 2025, respectively, mainly due to higher volume from increased sales and customer demand. Cost of sales as a percentage of revenue decreased from 70.7% and 71.8% for the three and six months ended June 30, 2024 to 70.0% and 70.3% for the three and six months ended June 30, 2025. The decrease in cost of sales as a percentage of revenue is due to a decrease for Product Commerce from 69.7% and 70.7% for the three and six months ended June 30, 2024 to 67.4% and 68.0% for the three and six months ended June 30, 2025, resulting from an increased percentage of revenues earned from higher margin revenue categories and offerings, including revenue earned from Fulfillment and Logistics by Coupang (“FLC”) as we see greater levels of merchant adoption and customer engagement, as well as continued supply chain optimization and further operational efficiencies including automation, innovation, and technology enhancements.
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributed to receiving, inspecting, picking, packaging, and preparing customer orders), customer service-related costs, payment processing fees, costs related to the design, execution, and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and related depreciation and amortization expense.
The increase for the three and six months ended June 30, 2025 primarily reflects increases in technology and infrastructure costs to support our continued growth. Operating, general and administrative expenses as a percentage of revenue decreased from 29.6% and 28.1% for the three and six months ended June 30, 2024 to 28.3% and 27.8% for the three and six months ended June 30, 2025. The decrease is due primarily to the KFTC administrative fine (the “administrative fine”) of $121 million in the prior year periods, partially offset by increased technology and infrastructure costs.
Interest Income
Interest income primarily consists of interest earned on our deposits held with financial institutions.
Interest income for the three and six months ended June 30, 2025 remained relatively flat when compared with the prior year periods.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 23 | |||||||||||
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Income Taxes
We are subject to income taxes predominantly in Korea, as well as in the United States and other foreign jurisdictions in which we do business. Foreign jurisdictions have different statutory tax rates than those in the United States. Additionally, certain of our foreign earnings may also be taxable in the United States. Accordingly, our effective tax rate is subject to significant variation and can vary based on the amount of pre-tax income or loss, the relative proportion of foreign to domestic income, use of tax credits, and changes in the valuation of our deferred tax assets and liabilities.
The decrease in our effective tax rate for the three and six months ended June 30, 2025 is primarily due to the loss before income taxes incurred by Farfetch in the prior year periods, with no offsetting tax benefit, the impact of the non-deductible administrative fine in the prior year periods discussed in Note 5 — "Income Taxes" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, and the decrease in U.S. taxes on foreign earnings.
Our effective tax rates for the three and six months ended June 30, 2025 and 2024 differed from the federal statutory rate due to the impact of valuation allowances on our deferred tax assets, tax credits used for the period, and the mix of our income before income taxes generated across the various jurisdictions in which we operate, including the impact of international provisions of the Tax Cuts and Jobs Act and permanent differences from non-deductible expenses. We expect that our effective tax rate in future periods will continue to differ significantly from the applicable statutory rate.
Segment Gross Profit and Adjusted EBITDA
Segment gross profit is defined as net revenues less cost of sales attributable to each reportable segment. Gross margin is defined as gross profit divided by net revenues attributable to each reportable segment.
Segment Adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
| Product Commerce | $ | 2,390 | $ | 1,950 | 23 | % | $ | 4,541 | $ | 3,786 | 20 | % | ||||||||||||||
| Developing Offerings | 171 | 192 | (11) | % | 336 | 285 | 18 | % | ||||||||||||||||||
| Gross profit | $ | 2,561 | $ | 2,142 | 20 | % | $ | 4,877 | $ | 4,071 | 20 | % | ||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||||
| Product Commerce | $ | 663 | $ | 530 | 25 | % | $ | 1,213 | $ | 997 | 22 | % | ||||||||||||||
| Developing Offerings | (235) | (200) | 18 | % | (403) | (386) | 4 | % | ||||||||||||||||||
Adjusted EBITDA(1) | $ | 428 | $ | 330 | 30 | % | $ | 810 | $ | 611 | 33 | % | ||||||||||||||
(1)See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with U.S. GAAP.
Product Commerce
The increase in gross profit for the three and six months ended June 30, 2025 was primarily due to an increase in revenue of $903 million and $1.3 billion, respectively, compared to the prior year periods. Gross profit grew at a faster rate than net revenues due to an increased percentage of revenues earned from higher margin revenue categories and offerings, including revenue earned from FLC as we see greater levels of merchant adoption and customer engagement, as well as continued supply chain optimization and further operational efficiencies including automation, innovation, and technology enhancements.
The increase in Product Commerce adjusted EBITDA for the three and six months ended June 30, 2025 was primarily due to the increase in gross profit described above.
Developing Offerings
The decrease in gross profit for the three months ended June 30, 2025 resulted from a larger portion of our revenue growth in the quarter that was generated from offerings currently experiencing negative gross profit margins. The increase in gross profit for the six months ended June 30, 2025 was primarily the result of the increase in revenue described above.
The increased loss for the three and six months ended June 30, 2025 in Developing Offerings adjusted EBITDA was primarily the result of increased investments in our Developing Offerings initiatives, including Taiwan, in both the three and six month periods.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 24 | |||||||||||
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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. | | Q2 2025 Form 10-Q | 25 | |||||||||||
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Reconciliation of GAAP to Non-GAAP Measures
Free Cash Flow
| Three Months Ended June 30, | Six Months Ended June 30, | Trailing Twelve Months Ended June 30, | |||||||||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 545 | $ | 664 | $ | 899 | $ | 876 | $ | 1,909 | $ | 2,206 | |||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Purchases of land and buildings | (49) | (33) | (98) | (43) | (300) | (118) | |||||||||||||||||||||||||||||
| Purchases of equipment | (250) | (145) | (440) | (242) | (832) | (591) | |||||||||||||||||||||||||||||
| Total purchases of property and equipment | (299) | (178) | (538) | (285) | (1,132) | (709) | |||||||||||||||||||||||||||||
| Proceeds from sale of property and equipment | 1 | 2 | 2 | 4 | 7 | 16 | |||||||||||||||||||||||||||||
| Total adjustments | $ | (298) | $ | (176) | $ | (536) | $ | (281) | $ | (1,125) | $ | (693) | |||||||||||||||||||||||
| Free cash flow | $ | 247 | $ | 488 | $ | 363 | $ | 595 | $ | 784 | $ | 1,513 | |||||||||||||||||||||||
| Net cash used in investing activities | $ | (299) | $ | (178) | $ | (512) | $ | (295) | $ | (1,036) | $ | (710) | |||||||||||||||||||||||
| Net cash (used in) provided by financing activities | $ | 92 | $ | (132) | $ | 108 | $ | (80) | $ | 119 | $ | (210) | |||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDA Margin
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total net revenues | $ | 8,524 | $ | 7,323 | $ | 16,432 | $ | 14,437 | |||||||||||||||
Net income (loss) | 31 | (105) | 145 | (129) | |||||||||||||||||||
Net income (loss) margin | 0.4 | % | (1.4) | % | 0.9 | % | (0.9) | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 126 | 106 | 248 | 201 | |||||||||||||||||||
| Interest expense | 25 | 37 | 48 | 64 | |||||||||||||||||||
| Interest income | (51) | (53) | (100) | (108) | |||||||||||||||||||
| Income tax expense | 163 | 108 | 265 | 191 | |||||||||||||||||||
Other income, net | (19) | (12) | (55) | (3) | |||||||||||||||||||
Acquisition and restructuring related losses, net | 40 | 19 | 25 | 77 | |||||||||||||||||||
KFTC administrative fine | — | 121 | — | 121 | |||||||||||||||||||
| Equity-based compensation | 113 | 109 | 234 | 197 | |||||||||||||||||||
| Adjusted EBITDA | $ | 428 | $ | 330 | $ | 810 | $ | 611 | |||||||||||||||
| Adjusted EBITDA margin | 5.0 | % | 4.5 | % | 4.9 | % | 4.2 | % | |||||||||||||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 26 | |||||||||||
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Constant Currency Revenue and Constant Currency Revenue Growth
| Three Months Ended June 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 | $ | 6,507 | $ | 138 | $ | 6,645 | $ | 5,779 | 13 | % | 15 | % | ||||||||
| Net other revenue | 2,017 | 43 | 2,060 | 1,544 | 31 | % | 33 | % | ||||||||||||
| Total net revenues | $ | 8,524 | $ | 181 | $ | 8,705 | $ | 7,323 | 16 | % | 19 | % | ||||||||
| Net Revenues by Segment | ||||||||||||||||||||
| Product Commerce | $ | 7,334 | $ | 183 | $ | 7,517 | $ | 6,431 | 14 | % | 17 | % | ||||||||
| Developing Offerings | 1,190 | (2) | 1,188 | 892 | 33 | % | 33 | % | ||||||||||||
| Total net revenues | $ | 8,524 | $ | 181 | $ | 8,705 | $ | 7,323 | 16 | % | 19 | % | ||||||||
| Six Months Ended June 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 | $ | 12,595 | $ | 683 | $ | 13,278 | $ | 11,674 | 8 | % | 14 | % | ||||||||
| Net other revenue | 3,837 | 199 | 4,036 | 2,763 | 39 | % | 46 | % | ||||||||||||
| Total net revenues | $ | 16,432 | $ | 882 | $ | 17,314 | $ | 14,437 | 14 | % | 20 | % | ||||||||
| Net Revenues by Segment | ||||||||||||||||||||
| Product Commerce | $ | 14,204 | $ | 818 | $ | 15,022 | $ | 12,925 | 10 | % | 16 | % | ||||||||
| Developing Offerings | 2,228 | 64 | 2,292 | 1,512 | 47 | % | 52 | % | ||||||||||||
| Total net revenues | $ | 16,432 | $ | 882 | $ | 17,314 | $ | 14,437 | 14 | % | 20 | % | ||||||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 27 | |||||||||||
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Liquidity and Capital Resources
Liquidity
Liquidity is a measure of our ability to access sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. Our primary sources of liquidity are cash on hand, supplemented through various debt financing arrangements and sales of our equity securities. We had total cash, cash equivalents, and restricted cash of $6.9 billion as of June 30, 2025, the majority of which was held by foreign subsidiaries and may not be freely transferable to the United States due to local laws or other restrictions. Additionally, we had $1.5 billion available under our revolving credit facilities as of June 30, 2025. See Note 9 — "Short-Term Borrowings and Long-Term Debt" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information on the July 2025 borrowings under our Revolving Credit Facility and repayment of the Farfetch Term Loans.
The ability of certain subsidiaries to transfer funds or pay dividends to Coupang, Inc. is also restricted due to terms which require the subsidiaries to meet certain financial covenants, including requirements to maintain a positive net equity balance or having current period income.
As of June 30, 2025 and December 31, 2024, we had stockholders’ equity of $4.7 billion and $4.1 billion, respectively. We may incur losses in the future. We expect that our investment into our growth strategy will continue to be significant, particularly with respect to our Developing Offerings segment, which will continue to focus on our newer offerings and entrance into new geographies, as well as overall expansion of our fulfillment, logistics, and technology capabilities. As part of this expansion to fulfill anticipated future customer demand and planned expansion of services, we plan to acquire and build new fulfillment centers. We have entered into various new construction contracts for capital projects which are expected to be completed over the next two years. These contracts have remaining capital expenditures commitments of $374 million as of June 30, 2025. We expect that our future expenditures for both infrastructure and workforce-related costs will exceed several billion dollars over the next several years.
Stock Repurchase Program
In May 2025, our Board of Directors authorized a stock repurchase program for up to $1 billion of our outstanding shares of Class A common stock. We may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means in accordance with applicable securities laws and other restrictions. The program has no expiration date, and we are not obligated to repurchase any portion of our total authorization. There were no repurchases of our Class A common stock during the three months ended June 30, 2025.
Changes in our cash flows were as follows:
| Six Months Ended June 30, | |||||||||||||||||
(in millions) | 2025 | 2024 | Change | ||||||||||||||
| Net cash provided by operating activities | $ | 899 | $ | 876 | $ | 23 | |||||||||||
| Net cash used in investing activities | (512) | (295) | (217) | ||||||||||||||
Net cash provided by (used in) financing activities | 108 | (80) | 188 | ||||||||||||||
Operating Activities
| Six Months Ended June 30, | |||||||||||||||||
(in millions) | 2025 | 2024 | Change | ||||||||||||||
Net income (loss) | $ | 145 | $ | (129) | $ | 274 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | 946 | 920 | 26 | ||||||||||||||
Change in operating assets and liabilities | (192) | 85 | (277) | ||||||||||||||
| Net cash provided by operating activities | $ | 899 | $ | 876 | $ | 23 | |||||||||||
The year-over-year change in operating cash flow was driven by a $274 million increase in net income, which resulted in net income for the current period, compared to a net loss for the prior-year period. Cash provided by operating activities was also impacted by certain working capital fluctuations in operating assets and liabilities, including $144 million from other assets and $166 million from accrued expenses primarily due to increases in deposits and contract assets and the non-cash administrative fine that was accrued during the prior year period.
Investing Activities
The increase in cash outflow was mainly driven by a $253 million increase in purchases of property and equipment, primarily related to investments made in our fulfillment and logistics infrastructure.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 28 | |||||||||||
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Financing Activities
The cash inflow was primarily driven by a $677 million increase in proceeds from the issuance of debt and short-term borrowings, partially offset by a $587 million increase in repayments of debt and short-term borrowings, both of which were due to the timing of maturities. The year-over-year change in financing cash flow is due primarily to the $178 million share repurchase in the prior year period.
We believe that our liquidity requirements, including our operating, investing, and financing needs, will be met by our cash flow from operations, as well as by our balance of cash, cash equivalents, restricted cash, and our credit facilities for at least the next 12 months. However, we may need additional cash resources in the future if we find and pursue other opportunities for investment, acquisition, strategic cooperation, or other similar actions, which may include investing in technology, our logistics and fulfillment infrastructure, or related talent. If we determine that our cash requirements exceed our amounts of cash on hand or if we decide to change our capital structure, we may seek to issue additional debt or equity securities or obtain credit facilities or other sources of financing. This financing may not be available on favorable terms, or at all.
Capital Resources
Long-term contractual commitments primarily include operating leases, long-term debt, and unconditional purchase obligations. We have entered into material unconditional purchase obligations. These contractual commitments primarily relate to the purchase of technology related services, fulfillment center construction contracts, content, and software licenses. During the six months ended June 30, 2025, we entered into various new unrecognized long-term contract commitments with remaining payments as of June 30, 2025 of $668 million through 2033. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.
We generally enter into term loan facility agreements to finance the acquisition of property or construction of our fulfillment centers. These agreements may require that we provide for collateral equal to or greater than the amount borrowed under the arrangement. As we continue to build additional fulfillment centers, we expect our borrowings under debt financing arrangements to continue to increase.
Refer to Note 14 — "Commitments and Contingencies" of our consolidated financial statements in Part II, Item 8 of our 2024 Form 10-K for disclosure of our minimum contractual commitments.
Our short-term and long-term borrowings generally include lines of credit with financial institutions available to be drawn upon for general operating purposes.
Revolving Credit Facility
In June 2025, we entered into a five-year revolving credit agreement (the “Revolving Credit Facility”), replacing our prior revolving credit and guaranty agreement entered into in February 2021, which was terminated in connection with the entry into the new Revolving Credit Facility. The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term Secured Overnight Financing Rate (Term SOFR), plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of June 30, 2025, there was no balance outstanding on the Revolving Credit Facility.
In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the “Limited Partnership”) as part of the Farfetch Acquisition (“Farfetch Term Loans”).
Farfetch Term Loans
As of June 30, 2025, $392 million was outstanding under the Farfetch Term Loans.
In July 2025, we fully redeemed the Farfetch Term Loans financed by borrowings under our Revolving Credit Facility.
Refer to Note 13 — "Short-Term Borrowings and Long-Term Debt" of our consolidated financial statements in Part II, Item 8 of our 2024 Form 10-K for disclosure of our debt obligations and collateral.
Critical Accounting Policies and Estimates
We prepare our financial statements in accordance with U.S. GAAP. Preparing these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. For a discussion of our critical accounting policies and estimates, refer to the section entitled “Critical Accounting Policies and Estimates” in our 2024 Form 10-K.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 29 | |||||||||||
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Other significant accounting policies are also discussed in Note 1 — “Description of Business and Summary of Significant Accounting Policies” to the consolidated financial statements in Part II, Item 8 of our 2024 Form 10-K.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 30 | |||||||||||
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| Item 3. Quantitative and Qualitative Disclosures about Market Risk | ||||||||||||||
In addition to the risks inherent in our operations, we are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates, foreign currency, and credit.
Interest Rate Risk
As of June 30, 2025, we had cash, cash equivalents, and restricted cash of $6.9 billion. Interest-earning instruments carry a degree of interest rate risk. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure. Our interest rate risk arises primarily from our variable rate debt as well as our undrawn revolving credit agreements. Borrowings issued at variable rates expose us to variability in cash flows. Our policy, in the management of interest rate risk, is to structure a reasonable balance between fixed and floating rate financial instruments as well as our cash and cash equivalents and any short-term investments we may hold. The balance struck by our management is dependent on prevailing interest rate markets at any point in time.
Our borrowings generally include lines of credit with financial institutions, some of which carry variable interest rates, and the Farfetch Term Loans which carry a variable interest rate. As of June 30, 2025, there was a balance of $648 million outstanding on credit facilities with variable interest rates. Any future borrowings incurred under our revolving credit facilities would accrue interest at rates subject to current market conditions.
Foreign Currency Risk
We have accounts on our foreign subsidiaries’ ledgers, which are maintained in the respective subsidiary’s local currency and translated into USD for reporting of our consolidated financial statements. As a result, we are exposed to fluctuations in the exchange rates of various currencies against the USD and other currencies, predominantly the KRW.
Transactional
We generate the majority of our revenue from customers within Korea. Typically, we aim to align costs with revenue denominated in the same currency, but we are not always able to do so. As a result of the geographic spread of our operations and due to our reliance on certain products and services priced in currencies other than KRW, our business, results of operations, and financial condition have been and will continue to be impacted by the volatility of the KRW against foreign currencies.
Translational
Coupang, Inc.’s functional currency and reporting currency is the USD. The local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary, is the KRW. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Increases or decreases in the value of the USD affect the value of financial statement line items with respect to the non-USD-denominated businesses in the consolidated financial statements, even if their value has not changed in their original currency. For example, a stronger USD will reduce the reported results of operations of non-USD-denominated businesses and conversely a weaker USD will increase the reported results of operations of non-USD-denominated businesses. An assumed hypothetical 10% adverse change in average exchange rates used to translate foreign currencies to USD would have resulted in a decline in total net revenues of approximately $748 million and $1.4 billion, and an immaterial impact on net income for the three and six months ended June 30, 2025, respectively.
At this time, we do not, but we may in the future, enter into derivatives or other financial instruments in an attempt to hedge our foreign currency risk. It is difficult to predict the impact hedging activities would have on our results of operations.
Credit Risk
Our cash and cash equivalents, deposits, and loans with banks and financial institutions are potentially subject to concentration of credit risk. We place cash and cash equivalents with financial institutions that management believes are of high credit quality. The degree of credit risk will vary based on many factors, including the duration of the transaction and the contractual terms of the agreement. As appropriate, management evaluates and approves credit standards and oversees the credit risk management function related to investments.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 31 | |||||||||||
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| Item 4. Controls and Procedures | ||||||||||||||
Evaluation of Disclosure Controls and Procedures
As of June 30, 2025, our disclosure controls and procedures (as defined in rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) were evaluated, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), to assess whether they are effective in providing reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure and to provide reasonable assurance that such information is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
Based on this evaluation, our CEO and CFO have concluded that, as of June 30, 2025, our disclosure controls and procedures were effective at a reasonable assurance level.
Material Weakness in Internal Control over Financial Reporting of Farfetch
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our consolidated financial statements will not be prevented or detected on a timely basis. Farfetch Limited disclosed the existence of material weaknesses in its internal control over financial reporting in Item 15 of its Annual Report on Form 20-F for the year ended December 31, 2022.
The unremediated material weakness identified and disclosed by Farfetch Limited preceded the Farfetch Acquisition and related to the operating effectiveness of certain business process and information technology controls in the New Guards business. As previously disclosed in the 2024 Form 10-K, in accordance with the interpretive guidance issued by the SEC staff, management excluded Farfetch from its assessment of internal control over financial reporting as of December 31, 2024 because it was acquired by the Company in a purchase business combination during the fiscal year ended December 31, 2024. While we did not include Farfetch in our assessment of internal control over financial reporting as of December 31, 2024, we determined the material weakness previously disclosed by Farfetch Limited was not fully remediated as of December 31, 2024 and, based on our preliminary assessment, could result in a material misstatement of our annual or interim consolidated financial statements that will not be prevented or detected on a timely basis.
As disclosed in our Form 10-Q for the quarter ended March 31, 2025, as a result of the ongoing business restructuring and divestiture activities related to the New Guards business, and upon further review and assessment of the impact of Farfetch on the Company’s internal control over financial reporting, we now believe that it is not reasonably possible for the material weakness previously disclosed by Farfetch Limited to result in a material misstatement such that the combination of deficiencies previously identified is not a material weakness.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our management, including our CEO and CFO, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
| Coupang, Inc. | | Q2 2025 Form 10-Q | 32 | |||||||||||
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Part II. Other Information
| Item 1. Legal Proceedings | ||||||||||||||
The information set forth under Note 10 — "Commitments and Contingencies" in our accompanying notes to the condensed consolidated financial statements under the caption “Legal Matters” is incorporated herein by reference.
| Item 1A. Risk Factors | ||||||||||||||
Investing in our securities involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties disclosed in Part 1, Item 1A, under the caption “Risk Factors,” of our 2024 Form 10-K, which risks could materially and adversely affect our business, results of operations, financial condition, and liquidity. No material change in the risk factors discussed in such Form 10-K has occurred. Such risk factors may not be the only ones that we face because our business operations could also be affected by additional factors that are not presently known to us or that we currently consider to be immaterial to our operations. Our business operations could also be affected by additional factors that apply to all companies operating globally.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||
None.
| Item 3. Defaults Upon Senior Securities | ||||||||||||||
None.
| Item 4. Mine Safety Disclosures | ||||||||||||||
Not applicable.
| Item 5. Other Information | ||||||||||||||
c) Trading Plans
During the quarter ended June 30, 2025, no director or Section 16 officer adopted terminated
| Coupang, Inc. | | Q2 2025 Form 10-Q | 33 | |||||||||||
Table of Contents | ||||||||
| Item 6. Exhibits | ||||||||||||||
Exhibit Number | Description of Exhibit | Provided Herewith | Incorporated by Reference | |||||||||||||||||||||||||||||||||||
| Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||
| 3.1 | Certificate of Incorporation of the Registrant. | 10-Q | 001-40115 | 3.1 | November 12, 2021 | |||||||||||||||||||||||||||||||||
| 3.2 | Amended and Restated Bylaws of the Registrant. | 8-K | 001-40115 | 3.1 | June 27, 2024 | |||||||||||||||||||||||||||||||||
10.1 | Credit Agreement, dated as of June 2, 2025, by and among Coupang, Inc., the subsidiary guarantors party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent | 8-K | 001-40115 | 10.1 | June 5, 2025 | |||||||||||||||||||||||||||||||||
10.2+ | Form of RSU Award Notice & Agreement for Executives | X | ||||||||||||||||||||||||||||||||||||
10.3+ | Form of PSU Award Notice & Agreement for Executives | X | ||||||||||||||||||||||||||||||||||||
10.4+ | Form of Annual RSU Award Notice & Agreement for Non-Employee Directors | X | ||||||||||||||||||||||||||||||||||||
10.5+ | Employment Agreement, effective as of June 1, 2025, by and between the Registrant and Hanseung Kang | X | ||||||||||||||||||||||||||||||||||||
10.6+ | Separation Agreement and Release, dated May 25, 2025, by and between the Registrant and Hanseung Kang | X | ||||||||||||||||||||||||||||||||||||
| 31.1 | Chief Executive Officer Section 302 Certification | X | ||||||||||||||||||||||||||||||||||||
| 31.2 | Chief Financial Officer Section 302 Certification | X | ||||||||||||||||||||||||||||||||||||
| 32.1* | Chief Executive Officer Section 906 Certification | X | ||||||||||||||||||||||||||||||||||||
| 32.2* | Chief Financial Officer Section 906 Certification | X | ||||||||||||||||||||||||||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||||||||||||||||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||||||||||||||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||||||||||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |||||||||||||||||||||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||||||||||||||||||||||||||||||||
_____________
| * | Indicates furnished exhibit | ||||
| + | Indicates management contract or compensatory plan, contract, or arrangement | ||||
| Coupang, Inc. | | Q2 2025 Form 10-Q | 34 | |||||||||||
Table of Contents | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COUPANG, INC. (REGISTRANT) | |||||
| By: | /s/ Jonathan Lee | ||||
Jonathan Lee | |||||
Chief Accounting Officer (Principal Accounting Officer) | |||||
Dated: August 5, 2025
| Coupang, Inc. | | Q2 2025 Form 10-Q | 35 | |||||||||||
Source:
FAQ
How did ACEL's Q2-25 revenue compare to Q2-24?
Q2-25 net revenue rose to $335.9 M, an 8.6% increase from $309.4 M in Q2-24.
Why did Accel鈥檚 EPS decline despite higher revenue?
GAAP EPS was hit by a $5.7 M loss on contingent earn-out shares and a higher 41.2% tax rate.
What is Accel鈥檚 current cash and debt position?
June 30 2025 cash was $264.6 M; total debt net of issuance costs was $595.5 M (6.5% avg rate).
How much stock has ACEL repurchased in 2025?
The company bought back 1.62 M shares for $16.9 M during the first half of 2025.
What contribution did the new Fairmount casino make?
Fairmount generated $9.5 M revenue in Q2 but recorded a $0.5 M Adjusted EBITDA loss as it ramps.
Has guidance been provided for 2H-25?
No forward revenue or earnings guidance was disclosed in the 10-Q.
Coupang Inc
NYSE:CPNG
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Internet Retail
Retail-catalog & Mail-order Houses
United States
SEATTLE