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Adjusted EBITDA by Segment
Shows profitability across different segments, providing insight into operational efficiency and the financial health of each business area.Product Commerce has become Coupang’s primary EBITDA engine after a multi‑year turnaround, but Q1’s $1.2B voucher program and under‑utilized capacity knocked Product Commerce EBITDA sharply down — almost offsetting gains as Developing Offerings’ losses widened. Management says these are temporary and expects margins to improve this year, but investors should watch Developing Offerings’ path to the $950M–$1.0B annual loss, voucher redemption timing, and utilization of pre‑sized logistics capacity to judge if consolidated margins truly normalize.
Date | Product Commerce | Developing Offerings |
|---|---|---|
Jun 30, 2026 | $382.00M | -$219.00M |
Mar 31, 2026 | $358.00M | -$329.00M |
Dec 31, 2025 | $567.00M | -$300.00M |
Sep 30, 2025 | $705.00M | -$292.00M |
Jun 30, 2025 | $663.00M | -$235.00M |
Mar 31, 2025 | $550.00M | -$168.00M |
Dec 31, 2024 | $539.00M | -$118.00M |
Sep 30, 2024 | $470.00M | -$127.00M |
Jun 30, 2024 | $530.00M | -$200.00M |
Mar 31, 2024 | $467.00M | -$186.00M |