Coupang, Inc. reported strong fourth-quarter revenue growth as the Korean e-commerce leader expanded both its customer base and profit margins. The company posted $8.0 billion in net revenues for Q4 2024, a 21% increase year-over-year, or 28% on an FX-neutral basis.
Gross profit showed even more impressive growth, jumping 48% to $2.5 billion with margins expanding to 31.3%, an improvement of 570 basis points from the previous year. However, this figure was boosted by a one-time fulfillment center fire insurance gain. Excluding this gain and the Farfetch acquisition, gross profit still grew 29% with margins at 29.0%.
The company’s bottom line declined sharply compared to last year, with net income attributable to stockholders falling to $156 million from $1.03 billion. This steep drop primarily resulted from a large non-cash tax benefit of $895 million that inflated the prior year’s results.
Coupang’s core Product Commerce segment, which makes up the bulk of its business, grew 9% to $6.9 billion in revenue (16% on an FX-neutral basis). Active customers in this segment increased 10% to 22.8 million.
The Developing Offerings segment, which includes Coupang Eats, Play, Fintech, and the recently acquired Farfetch, showed explosive growth of 296% to $1.1 billion. Even excluding Farfetch, this segment grew 124%.
Operating cash flow for the full year 2024 was $1.9 billion, with free cash flow at $1.0 billion, both down from the previous year due to what the company described as “non-recurring working capital benefits” in 2023.
For 2025, Coupang appears positioned to build on its expanding margins and growing customer base as it continues integrating Farfetch and developing its ecosystem of commerce and service offerings across Asia.
