Coupang posts 1.8 trillion won operating loss in just three quarters, nearly matching three years of operating profit (wrap-up)

[Financial News] Coupang, Inc., the parent company of Coupang, posted revenue of more than 14 trillion won in the third quarter this year, but its operating loss topped 600 billion won, marking its third consecutive quarter in the red. Cumulative operating losses for the first three quarters of this year exceeded 1.8 trillion won, offsetting most of the operating profit it had earned over the past three years.
According to the third-quarter consolidated earnings report Coupang, Inc. filed with the U.S. Securities and Exchange Commission (SEC) on the 4th (Korea time), its operating loss for the quarter totaled $450 million (642.3 billion won). That marked a shift to a loss from an operating profit of $162 million (224.5 billion won) in the same period last year.
The results included $248 million (about 354 billion won) in losses stemming from a fire at its Incheon logistics center in July. Coupang, Inc. estimated that its third-quarter operating loss would have been about $202 million (288.3 billion won) excluding that expense.
Coupang, Inc. has now posted operating losses for three consecutive quarters this year. It previously reported operating losses of 354.5 billion won in the first quarter and 835 billion won in the second quarter. Although its third-quarter operating loss narrowed from the previous quarter, it was the second-largest quarterly operating loss on record since the company listed on the U.S. stock market in 2021.
Revenue continued to grow. Third-quarter revenue this year was $9.962 billion (1.42209 trillion won), up 11% year over year in won terms from $9.267 billion (1.28455 trillion won) in the same period last year.
By business segment, revenue from Product Commerce, which includes Rocket Delivery and Rocket Fresh, was $8.374 billion (1.1954 trillion won), up 8% year over year in won terms. Revenue from the Growth Businesses segment, which includes Rocket Delivery in Taiwan, Farfetch and Coupang Eats, was $1.588 billion (226.69 billion won), up 27% year over year in won terms.
The number of active Product Commerce customers was 25.2 million, up 2% from 24.7 million in the same period last year. Revenue per customer was 473,930 won ($332), up 6% from 447,730 won ($323) a year earlier.
Despite higher quarterly revenue, continued deterioration in profitability caused the cumulative loss this year to swell. Coupang, Inc.’s cumulative operating loss for the first three quarters of this year was 1.8318 trillion won, nearly matching its combined operating profit over the past three years. Coupang, Inc. first recorded an annual operating profit in 2023 and remained profitable for three consecutive years through 2025. Its operating profits during that period totaled 1.8987 trillion won: 617.4 billion won in 2023, 602.3 billion won in 2024 and 679 billion won in 2025.
However, with large losses continuing this year, the company offset most of the operating profit it had earned over the past three years in just three quarters. This year’s cumulative operating loss also exceeded the 1.7088 trillion won loss recorded in 2021, its previous record for an annual operating loss.
Net losses also rose sharply. Coupang, Inc.’s cumulative net loss for the first three quarters of this year was 1.9608 trillion won, close to 2 trillion won. That was about twice its combined net income of 1.004 trillion won over the past three years. It also surpassed the 1.764 trillion won net loss recorded in 2021, its previous annual record.
[email protected] Jang Yu-ha Reporter