Research · Sep 3, 2026
[CPNG] Coupang Thesis 2026: Taiwan Expansion Adds New Growth Market to Dominant Korea Base
Coupang, Inc. FY25 revenue $34.5B (+14% reported); op income $473M (+9%); NI $208M (+35%); EPS $0.11. FCF $522M (-48% on $1.25B capex +42% YoY). Q4 revenue $8.8B (+11% reported / +14% constant currency). Product Commerce: rev $7.4B (+8% / +12% CC); active customers 24.6M (+8%); seg adj EBITDA $567M (+5%). Developing Offerings: record $1.4B (+32% / +31% CC); Taiwan triple-digit revenue growth; building last mile logistics; Eats stabilizing; Farfetch positive YoY revenue + positive overall economics; seg adj EBITDA loss $300M. Consolidated adj EBITDA $267M (-37% YoY) — investment phase. Q4 data incident addressed (customer compensation program). Buyback $-243M (+37%). FY26 guide: Q1 consolidated CC revenue +5-10% (muted by data incident impact diminishing through year); developing offerings full-year adj EBITDA losses $950M-$1B. Risks: data incident customer trust, Korean competition (Naver, Kakao, AliExpress, Temu), Taiwan execution, Eats landscape, Farfetch integration, FX (KRW), capex cycle, KFTC regulation.