What factors drove the changes in Coupang's revenue and profit?

What were the key takeaways from Coupang's earnings call?

What guidance did Coupang's management provide for the next earnings period?

What is Coupang's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Coupang year over year?

What is the market's earnings forecast for Coupang next quarter?

What is Coupang's gross profit margin?

What were the key takeaways from Coupang’s earnings call?

- **Revenue Growth Accelerates**: $9.3B (+18% YoY) driven by 32% net revenue growth in Developing Offerings
- **Margin Expansion**: 29.4% gross margin (vs. 24.2% LTM) with $705M Product Commerce EBITDA
- **Taiwan Logistics Scale**: 1P GMV penetration >20x QoQ, 90%+ eco-bag adoption
- **AI Investment**: Testing GPU clusters, 2025 capex ~$1.5B
- **Cash Flow Strength**: $1.3B free cash flow (vs. $0.8B LTM), 60%+ capex allocated to logistics
- **WOW Membership**: 90-day trial retention >70%, 20% GMV uplift
- **FCF Leverage**: $100M+ annual savings from automation, reusable bags

**【CEO Summary Section】**
- **Revenue Growth**: Consolidated revenue reached $9.3 billion, up 18% year-over-year (20% in constant currency). Product Commerce gross profit margin expanded to 32.1%, up 210 basis points YoY.
- **Taiwan Momentum**: Developing Offerings generated $1.3 billion in net revenue, up 32% YoY. Segment EBITDA loss of $292 million reflects investments in scaling logistics and customer experience.
- **Tech Integration**: Rolled out reusable eco-bags for FLC orders, improving operational efficiency and sustainability.
- **FCF Growth**: Trailing 12-month free cash flow $1.3 billion, up 36% YoY. Operating cash flow $2.4 billion, up 30% YoY.

**【CFO Financial Commentary】**
- **Product Commerce Margin Expansion**: Gross profit margin 29.4%, up 50 basis points YoY. Product Commerce EBITDA $705 million, up 50% YoY.
- **Taiwan Investment**: Developing Offerings EBITDA loss $292 million reflects strategic investments in logistics and customer acquisition.
- **Cash Generation**: Consolidated free cash flow $1.3 billion, driven by disciplined capital allocation.

**【Q&A Highlights】**
- **Taiwan Logistics Scale**: 1P logistics GMV penetration ~20% of total orders, growing 3x+ QoQ. Reusable eco-bag adoption rate >90% in FLC. 
- **AI Infrastructure**: Testing GPU clusters for demand forecasting, delivery route optimization. Internal AI R&D focused on customer retention, GMV monetization. 
- **WOW Membership**: 90-day no-cost trial retention >70%, driving 20%+ GMV uplift. 
- **FCF Leverage**: $100M+ annualized savings from automation, reusable bags. 2025 capex ~$1.5B, 60%+ allocated to logistics.
- **APEC Sponsorship**: <1% of 2025 capex, focused on building regulatory relationships in Taiwan, Japan, Korea.

Coupang, Inc. (CPNG) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 revenue up 16% YoY, with Taiwan growing 54% QoQ and triple-digit YoY.
- **Profitability Boost**: Product Commerce gross margin 32.6%, EBITDA margin 9%, consolidated EBITDA $428 million (30% YoY growth).
- **AI Impact**: AI writes 50% of new code, operational automation to enhance margins.
- **Taiwan Investment**: Full-year Developing Offerings losses expected at $900-950 million, driven by high-growth Taiwan.
- **Cash Management**: $1.9 billion operating cash flow, disciplined capital allocation for long-term growth.

**【CEO Summary Section】**
- **Revenue Growth**: Consolidated revenue rose 16% YoY (19% in constant currency) to $8.5 billion, driven by Product Commerce and Developing Offerings.
- **Margin Expansion**: Product Commerce gross profit margin increased 230bps to 32.6%, with EBITDA margin up 80bps to 9%. Consolidated adjusted EBITDA was $428 million, up 30% YoY.
- **Key Initiatives**: Rocket selection expanded by 0.5 million items, same-day delivery volume up 40% YoY. Fresh category revenue grew 25% YoY.
- **Taiwan Momentum**: Q2 revenue surged 54% QoQ (triple-digit YoY), with repeat customers accounting for most growth. Full-year Developing Offerings losses expected at $900-950 million, primarily from Taiwan.
- **AI Investment**: AI writes 50% of new code, with plans for automation and humanoid robotics to enhance efficiency.

**【CFO Financial Commentary】**
- **Gross Profit**: $2.6 billion (20% YoY), margin 30% (up 79bps). Product Commerce gross profit margin reached 32.6%.
- **Cash Flow**: Operating cash flow $1.9 billion (trailing 12 months), free cash flow $784 million (down due to CapEx timing).
- **Tax Rate**: 84% Q2, expected 65-70% for the year, normalizing to 25% long-term.
- **OG&A Expenses**: 28.3% of revenue, up 36bps YoY due to tech investments and restructuring.

**【Q&A Highlights】**
- **Margin Outlook**: Product Commerce EBITDA margin to exceed 10%, with AI driving further efficiency.
- **Taiwan Strategy**: High conviction in long-term potential, similar to early Korea growth trajectory.
- **AI Applications**: Testing external AI services, focusing on internal efficiency first.
- **Domestic Growth**: Customer engagement drives growth, independent of macro trends.
- **Cash Allocation**: Disciplined investment in high-ROI projects, balancing growth and margins.

Coupang, Inc. (CPNG) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 11% YoY growth (21% in constant currency) driven by product commerce and Taiwan expansion.
- **Profit Margin Leap**: Gross margin jumps to 29.3%, with product commerce at 31.3%.
- **Taiwan Breakthrough**: 500% selection growth and WOW program driving 25%+ multi-category shopper growth.
- **$1B Buyback**: Share repurchase program to enhance shareholder value amid strong cash flow.
- **FLC Dominance**: Marketplace GMV outpaces 1P, with FLC adoption accelerating.


**【CEO Key Highlights】**
- **Revenue Growth**: Q1 2025 consolidated revenue up 11% YoY (21% in constant currency), driven by product commerce and Taiwan expansion.
- **Margin Expansion**: Gross profit margin improved 217bps to 29.3%, with product commerce margin at 31.3%.
- **Market Expansion**: Taiwan selection grew nearly 500% QoQ, with WOW membership program launched to drive customer engagement.
- **FC Logistics (FLC) Momentum**: FLC volumes growing at multiples of overall business, attracting small businesses with end-to-end logistics support.

**【CFO Financial Breakdown】**
- **Topline**: $2.3B gross profit (+20% YoY), with product commerce gross profit up 17% YoY.
- **Profitability**: Adjusted EBITDA of $382M (+36% YoY), margin 4.8% vs. 3.9% last year.
- **Cash Flow**: $1B free cash flow trailing 12 months, despite $450M decline due to working capital changes.
- **Share Buyback**: $1B program approved, with opportunistic execution to maximize shareholder value.

**【Q&A Key Takeaways】**
- **Macro Impact**: Minimal tariff impact on core Korea business; 20% YoY growth target remains unchanged.
- **Taiwan Progress**: Selection expansion and WOW program driving 25%+ growth in multi-category shoppers.
- **FLC Growth**: Marketplace GMV growing faster than 1P, with FLC adoption rates exceeding expectations.
- **Tech Investment**: OG&A expenses as % of revenue up 80bps YoY, but expected to decline in near term.


Coupang (CPNG)-6 May 25-2025 Q1 Earnings call transcript

- **Revenue Powerhouse**: 23% YoY growth (ex-Farfetch) driven by customer engagement (spend up 20%+ per cohort). 
- **Profitability Breakthrough**: 4.5% EBITDA margin, $1B free cash flow, and 370bps YoY margin expansion. 
- **FC Growth Engine**: Margin-accretive business growing at multiple of overall Product Commerce. 
- **Farfetch Turnaround**: Breakeven run rate achieved after $175M insurance gain. 
- **2025 Outlook**: 20% growth, $650M-$750M Developing Offerings loss, 50-55% tax rate. 
- **Risks**: Currency volatility, macroeconomic uncertainty, and sustained investment in new markets.

**【CEO Opening Remarks】**
- **Revenue Growth**: 23% YoY in constant currency (excluding Farfetch), with gross profit up 29% YoY. 
- **Profitability**: Adjusted EBITDA of $1.4B (4.5% margin) and $1B free cash flow. 
- **Customer Engagement**: Annual spend growth >20% across all cohorts, with oldest customers still increasing spend. 
- **Market Expansion**: Taiwan Q4 net revenue grew 23% QoQ, 98% organic growth. 
- **Innovation**: 16% improvement in line-haul costs via automation; low-teens automation penetration rate. 

**【CFO Financial Highlights】**
- **Q4 Results**: 
  - Total net revenue: $7.9B (21% YoY, 14% ex-Farfetch)
  - Gross profit: $2.5B (48% YoY, 29% ex-Farfetch & insurance gain)
  - Adjusted EBITDA: $421M (5.3% margin)
  - Free cash flow: $1B (down $759M YoY due to working capital shifts)
- **Margins**: Product Commerce gross margin 31% (24% ex-Farfetch), up 370bps YoY. 
- **2025 Outlook**: 
  - 20% YoY constant currency growth (similar to Q4 2024)
  - Developing Offerings EBITDA loss: $650M-$750M
  - Effective tax rate 50-55% (cash tax ~40%)

**【Q&A Key Takeaways】**
1. **Market Growth**: 
   - Despite macro slowdown, Coupang expects to outpace market via customer engagement (spend growth 20%+ per cohort). 
   - Q1 2025 growth rate ~20% YoY (ex-Farfetch). 
2. **FC Business**: 
   - Margin-accretive with strong merchant adoption; growing at multiple of overall Product Commerce. 
3. **Tech Investment**: 
   - OG&A as % of revenue will decline in near-mid term; AI/automation investments driving 100bps QoQ margin expansion. 
4. **Farfetch Strategy**: 
   - Breakeven run rate achieved; focusing on luxury customer experience and operational excellence. 
5. **CapEx**: 
   - Maintains ~20% revenue ratio; shifting to efficiency vs. coverage in Korea. 
6. **Japan Expansion**: 
   - Re-entering food delivery with disciplined approach, leveraging learnings from prior exit. 
7. **Margin Expansion**: 
   - 2025 EBITDA margin expansion via automation, supply chain optimization, and margin-accretive offerings. 

**【Risk Factors】**
- Currency volatility (KRW weakness impacted 2024 results)
- Developing Offerings require sustained investment (Eats/Farfetch losses)
- Global macroeconomic uncertainty

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