Coupang posts $8.8 billion Q4 revenue and narrows loss as breach spurs backlash

Coupang reported $8.8 billion in revenue for the fourth quarter ended December 31, 2025, and a narrow net loss of $26 million as the South Korea e‑commerce group contended with consumer backlash after a large data breach (Company press release, Feb. 26, 2026). The results fell short of some analyst forecasts and exposed strain in the company’s growth businesses and profitability.

The company said total net revenues were $8.8 billion, up 11% year on year and 14% on a constant‑currency basis (BusinessWire, Feb. 26, 2026). Adjusted EBITDA for the quarter was $267 million, giving an adjusted EBITDA margin of 3.0%, down from 5.3% in the year‑ago quarter. Product Commerce Segment adjusted EBITDA was $567 million, up $28 million from a year earlier, while the Developing Offerings segment reported net revenues of $1.4 billion, up 32% year on year (BusinessWire).

Independent data feeds show slightly different totals. Zacks reported revenue of $8.84 billion for the quarter and an EPS loss of $0.01 per share versus the Zacks consensus of a $0.02 loss and year‑ago EPS of $0.04. LSEG SmartEstimate had projected roughly $8.9 billion for the period. A separate local accounting of sales in Korean won put October–December revenue at 12.81 trillion won; that outlet translated the won figure to $9.61 billion, reflecting differences in currency conversions across reports (Zacks, LSEG, UPI, Feb. 26-27, 2026).

The quarter coincided with a high‑profile data breach disclosed late in 2025 that affected roughly 34 million customers on Coupang Korea, the unit that produces over 90% of the group’s revenue. Investigators and company statements linked the incident to insider access. “Rogers added that the breach stemmed from a targeted attack carried out by a former employee who leveraged inside knowledge of Coupang's systems, citing the findings of a cybersecurity firm's investigation,” one report records. South Korea’s Science Ministry has said the breach reflected management failures rather than a sophisticated external hack, and rivals have moved to attract shaken shoppers (investigative findings and government statement, Feb. 2026).

Operational detail shows mixed trends. UPI reported product commerce revenue of 10.74 trillion won ($8.06 billion), up 8% year on year, with 24.6 million active product commerce customers in the quarter, up 8% year on year but down 100,000 sequentially. Revenue per active customer rose about 3% on a constant‑currency basis to $301 (436,400 won) (UPI, Feb. 27, 2026). Growth businesses including Farfetch, Taiwan, Coupang Eats and Coupang Play produced 2.07 trillion won ($1.55 billion) in revenue but recorded an adjusted EBITDA loss of 434.9 billion won ($326 million), more than double the prior year loss (UPI).

The breach and slowing profitability raise regulatory and legal risks. Proposed policy changes that could open overnight delivery to greater competition would threaten a key Coupang advantage, and investor legal challenges and tighter regulation have followed the security incident (regulatory filings and related legal notices, Feb. 2026). Coupang’s New York‑listed shares closed up 1.9% on the day the results were released (market close data, Feb. 26, 2026).

On an annual basis, Coupang reported higher adjusted EBITDA for 2025 at $1,490 million versus $1,375 million in 2024, and local reports cited record full‑year sales of 49.1 trillion won ($36.8 billion) in 2025 (BusinessWire, Asia Today/UPI). Multiple outlets report slightly different USD equivalents for the quarter and for the net loss (BusinessWire/Reuters $8.8 billion revenue and $26 million loss; UPI 12.81 trillion won = $9.61 billion and a 37.7 billion won = $28.3 million loss), reflecting differing currency conversions in the published accounts.