Coupang Approaches 13 Trillion KRW in Q3 Revenue, Setting New Quarterly Record
Growth Business Segment Led by Taiwan Surges 31%
Coupang is continuing to break its own record for quarterly performance, posting sales close to 13 trillion won in the third quarter of this year. Despite an economic downturn, the company has maintained strong results in the domestic e-commerce market, and is experiencing explosive growth in Taiwan, where it has applied its domestic business model. Bom Kim, founder and chairman of Coupang, noted, "The level of customer acquisition in Taiwan is similar to what we saw when building our retail business in Korea," expressing high expectations for the growth potential of the Taiwanese market.
On November 5, Coupang Inc., listed on the New York Stock Exchange and Coupang’s parent company, announced that its consolidated revenue for the third quarter of 2025 was 12.8455 trillion won (9.267 billion US dollars, based on an average quarterly exchange rate of 1,386.16 won per dollar), up 20% from the third quarter of last year (10.6901 trillion won). This marks the first time quarterly revenue has exceeded 9 billion dollars in dollar terms. The figure is approximately 869.2 billion won (7.26%) higher than the previous record for quarterly revenue, which was 11.9763 trillion won in the second quarter. The year-on-year revenue growth rate also increased by 1 percentage point compared to the second quarter of last year.
Operating profit surged by 51.5% to 224.5 billion won (162 million dollars), compared to 148.1 billion won (109 million dollars) in the third quarter of last year. Net profit for the period also jumped 51% to 136.1 billion won (95 million dollars). The operating margin relative to revenue stood at 1.7%, the same as in the second quarter.
Coupang Rockets Ahead in Taiwan... Growth Business Revenue Up 31%
The growth business segment, which includes results from Taiwan, Farfetch, Coupang Play, and Coupang Eats, posted a 31% year-on-year surge in revenue to 1.7839 trillion won (1.287 billion dollars), marking its highest-ever quarterly revenue. Compared to the previous second quarter (1.6719 trillion won, 1.19 billion dollars), revenue increased by 8% in dollar terms and 7% in won terms.
At the center of this growth is Taiwan’s Rocket Delivery. During a conference call, Chairman Kim expressed strong expectations for the Taiwan business within the growth segment. He stated, "The level of customer acquisition in Taiwan is similar to what we saw when building our retail business in Korea," emphasizing, "We are even more confident in the long-term potential of the Taiwanese market."
In particular, the Taiwanese market is expanding its product assortment and building its own logistics network, raising expectations that the ‘Rocket Delivery legend’ achieved in Korea will be repeated. In Taiwan, Coupang is expanding its direct purchase (1P) Rocket Delivery product lineup and has newly launched its marketplace (3P) business. The company has also begun building its own last-mile logistics network-the final stage of delivery to consumers. Chairman Kim explained, "We have made significant progress in expanding the Rocket Delivery product assortment," adding that the proportion of deliveries handled through Coupang’s own logistics network has increased substantially, laying the groundwork for customers to enjoy the speed and reliability they expect from Coupang in Korea.
"Similar to Korea’s Early Stage"... Planned Losses in Taiwan
However, profitability in the growth business segment has deteriorated as Coupang has increased its investment to build this infrastructure. Adjusted EBITDA for the growth business segment in the third quarter was negative 404.7 billion won, with the loss widening from negative 172.5 billion won in the same period last year.
Previously, Coupang had raised its annual adjusted EBITDA loss outlook for the growth business segment from 650 to 750 million dollars to 900 to 950 million dollars (1.3 trillion won), in order to support the clear growth momentum seen in Taiwan.
Coupang had continued to post losses in Korea since its founding in 2010, but achieved its first annual profit in 2023, 13 years after its establishment. Gaurav Anand, Chief Financial Officer, commented, "Due to the continued growth momentum centered on Taiwan, we expect losses to approach the upper end of our guidance," adding, "This level of investment demonstrates our growing confidence in the potential of each business."
Domestic Rocket Delivery Growth, "The Result of Relentless Investment... Expanding Automation Technology"
The Product Commerce segment (Rocket Delivery, Rocket Fresh, Rocket Growth, and Marketplace), which accounts for 80% of Coupang Inc.’s revenue, recorded sales of 11.0615 trillion won (7.98 billion dollars), up 18% year-on-year. The number of ‘active customers’-those who purchased Coupang products at least once during the third quarter-reached 24.7 million, a 10% increase from 22.5 million in the same period last year. Revenue per customer was 447,730 won (323 dollars), up 7% from the previous year. Robust growth across all customer segments drove the overall increase in sales.
Chairman Kim stated, "The structure in which customer spending steadily increases over time is the result of relentless investment to deliver a world-class customer experience," adding, "(These results) once again prove that the Korean market has significant growth potential and room for further development."
He also expressed his intention to broaden the range of products to deliver valuable customer experiences. Chairman Kim emphasized, "Expanding product selection in Rocket Delivery will be a key opportunity to enhance customer value and drive future growth," adding, "Since many products are not supplied through direct contracts with brands, we will further strengthen brand partnerships to offer customers more choices and greater convenience."
The company also plans to introduce more product categories in the ‘Rocket Growth’ business, where Coupang provides fulfillment services when sellers stock their products. Chairman Kim added, "The Rocket Growth segment is just beginning to realize its potential," noting that "(Through investment) we have been able to expand into new categories such as furniture, fashion, and sporting goods, and the product assortment offered to customers is becoming more segmented."
Chairman Kim also indicated plans to strengthen competitiveness in logistics and delivery. The company intends to rapidly expand the adoption of automation technology in logistics and fulfillment to improve quality and operational efficiency. In the delivery segment, reusable eco-bags will be applied to regular orders, not just fresh orders, to provide a more sustainable experience.
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