Coupang, Inc. (NYSE: CPNG) today announced financial results for its fourth quarter ended December 31, 2024.
Q4 2024 Consolidated Highlights:
Net revenues were $8.0 billion, up 21% YoY on a reported ...
Autore: Business Wire
Net Revenues of $8.0 billion, up 21% YoY and 28% on an FX-neutral basis
Gross Profit of $2.5 billion, up 48% YoY
Operating Cash Flow of $1.9 billion and Free Cash Flow of $1.0 billion for the full year
SEATTLE: Coupang, Inc. (NYSE: CPNG) today announced financial results for its fourth quarter ended December 31, 2024.
Q4 2024 Consolidated Highlights:
Net revenues were $8.0 billion, up 21% YoY on a reported basis and 28% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 14% YoY on a reported basis and 21% YoY on an FX-neutral basis.
Gross profit increased 48% YoY to $2.5 billion. Gross profit margin was 31.3%, an improvement of 570 bps YoY. Excluding Farfetch and the fulfillment center (FC) fire insurance gain recorded in Q4, gross profit was $2.2 billion, growing 29% YoY with a gross profit margin 29.0%, an improvement of over 330 bps over last year.
Net income was $131 million and net income attributable to Coupang stockholders was $156 million, a decrease of $876 million from last year. The decrease was due to the non-cash tax benefit of $895 million in Q4 2023 from changes in tax-related reserves, including the release of valuation allowances related to certain deferred tax assets. Net income attributable to Coupang stockholders excluding the FC fire insurance gain was $24 million, and adjusted net income attributable to Coupang stockholders excluding Farfetch and the FC fire insurance gain was approximately $77 million for the quarter.
Diluted EPS was $0.08, a decrease of $0.49 over last year, primarily driven by the $0.49 benefit from changes in tax-related reserves in Q4 2023. Excluding the FC fire insurance gain, diluted EPS was $0.01. Excluding Farfetch and the FC fire insurance gain, diluted EPS was $0.04.
Adjusted EBITDA for the quarter was $421 million with a margin of 5.3%, up 80 bps from last year. Excluding Farfetch, adjusted EBITDA was $391 million with a margin of 5.2%, up over 70 bps YoY.
Q4 2024 Segment Highlights:
Product Commerce segment net revenues were $6.9 billion, up 9% YoY on a reported basis and 16% YoY on an FX-neutral basis.
Product Commerce Active Customers reached 22.8 million, growing 10% YoY.
Product Commerce gross profit increased 31% YoY to $2.3 billion with a gross profit margin of 32.7%. Excluding the FC fire insurance gain recorded in Q4, gross profit was $2.1 billion, growing 24% YoY with a margin of 31.0%, up over 370 bps YoY and 100 bps QoQ.
Product Commerce segment adjusted EBITDA was $539 million, up $95 million YoY, with a margin of 7.8%, up over 70 bps YoY and 100 bps QoQ.
Developing Offerings segment (including International, Coupang Eats, Play, Fintech and Farfetch) net revenues were $1.1 billion, up 296% YoY on a reported basis and 308% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 124% YoY on a reported basis and 136% YoY on an FX-neutral basis.
Developing Offerings segment adjusted EBITDA was negative $118 million, an improvement of $32 million YoY, which includes a $30 million benefit from the consolidation of Farfetch.
FY2024 Consolidated Highlights:
Total net revenues for 2024 were $30.3 billion, increasing 24% YoY on a reported basis and 29% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 17% YoY on a reported basis and 23% YoY on an FX-neutral basis.
Total gross profit improved 43% YoY to $8.8 billion with a gross profit margin of 29.2%, an expansion of 380 bps YoY. Excluding Farfetch and the FC fire insurance gain, adjusted gross profit was $8.0 billion, growing 29% YoY, and adjusted gross profit margin was 28.0%.
Net income was $66 million, and net income attributable to Coupang stockholders was $154 million, a decrease of $1.2 billion from last year. The decrease was mainly due to the non-cash tax benefit of $895 million in 2023 from changes in tax-related reserves, including the release of valuation allowances related to certain deferred tax assets. Net income attributable to Coupang stockholders excluding the FC fire insurance gain was $22 million, and adjusted net income attributable to Coupang stockholders excluding the FC fire insurance gain, the KFTC administrative fine recorded in Q2 and Farfetch losses, was $407 million.
Diluted EPS was $0.08. Excluding the FC fire insurance gain, diluted EPS was $0.01. Excluding Farfetch, the FC fire insurance gain, and the KFTC administrative fine, diluted EPS was $0.22.
Adjusted EBITDA was $1.4 billion with a margin of 4.5%, a YoY improvement of over 10 bps. Excluding Farfetch, adjusted EBITDA was $1.4 billion with a margin of 4.9%.
Operating cash flow for the full year was $1.9 billion, a decrease of $766 million YoY, and free cash flow was $1.0 billion, a decrease of $759 million YoY. These decreases were primarily due to certain non-recurring working capital benefits in the prior year.
FY2024 Segment Highlights:
Product Commerce segment net revenues reached $26.7 billion, growing 13% YoY on a reported basis and 18% YoY on an FX-neutral basis.
Product Commerce segment adjusted EBITDA was $2.0 billion with a margin of 7.5%, an expansion of 100 bps YoY.
Developing Offerings segment net revenues were $3.6 billion, up 352% YoY on a reported basis and 363% YoY on an FX-neutral basis. Excluding Farfetch, the growth was 142% YoY on a reported basis and 153% YoY on an FX-neutral basis.
Developing Offerings segment adjusted EBITDA was negative $631 million, compared to negative $466 million in the prior year.
Fourth Quarter 2024 Results
Consolidated Financial Summary
Three Months Ended December 31,
As Reported
Excluding the Impact from the FC Fire Insurance Gain(5)
(in millions, except net revenues per Product Commerce Active Customer and earnings per share)
2024(3)
2023
% Change
2024(3)
% Change
Total net revenues
$
7,965
$
6,561
21
%
Total net revenues growth, constant currency(1)
28
%
Net revenues per Product Commerce Active Customer
$
302
$
302
—
%
Net revenues per Product Commerce Active Customer, constant currency
$
320
6
%
Product Commerce Active Customers
22.8
20.8
10
%
Gross profit(2)
$
2,491
$
1,681
48
%
$
2,375
41
%
Net income (loss)
$
131
$
1,032
(87
)%
$
(1
)
(100
)%
Net income attributable to Coupang stockholders
$
156
$
1,032
(85
)%
$
24
(98
)%
Adjusted EBITDA(1)
$
421
$
294
43
%
Earnings per share, basic
$
0.09
$
0.58
(84
)%
$
0.01
(98
)%
Earnings per share, diluted
$
0.08
$
0.57
(86
)%
$
0.01
(98
)%
Adjusted diluted earnings per share(1)(4)
$
0.04
$
0.08
(50
)%
Net cash provided by operating activities
$
676
$
609
11
%
Free cash flow(1)
$
463
$
382
21
%
The following summarizes the impact Farfetch had on our results for the three months and year ended December 31, 2024:
Informativa
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Year Ended December 31,
As Reported
Excluding the Impact from the FC Fire Insurance Gain(5)
