Coupang Inc (CPNG)

収益の仕組み

Revenue arrives through three channels. The largest by far is net retail sales — merchandise Coupang buys, holds in its own warehouses and sells directly, so the full ticket price is booked as revenue and the cost of the goods sits in cost of sales; this was $26,312 million of the $34,534 million total in fiscal 2025. Second, third-party merchant services: commissions, fulfillment and delivery fees charged to sellers who list on the marketplace, where only the fee is revenue, not the value of the goods. Third, other revenue — advertising bought by merchants, WOW membership fees, and the developing services. The mix matters for anyone reading the numbers: growth in the first-party half inflates revenue at thin gross margin, while marketplace and advertising revenue is small in dollars but carries far higher margin.

セグメント別売上高

Coupang's advantage is physical and geographic rather than technological: years of capital spending built a fulfillment and delivery network dense enough that most of the Korean population lives close to one of its facilities, which makes next-morning delivery economic at a cost per parcel a rival would have to spend billions to match. Density feeds itself — more orders per route lower the unit cost, which funds faster service, which wins more orders — and the WOW membership plus free returns raise the small friction of shopping elsewhere. The limits are real, though: the moat is confined to one country, Korea is contested by large domestic and Chinese-owned rivals, the network is an owned fixed-cost base that must be kept full, and it does not travel to Taiwan, Farfetch or food delivery, where Coupang is a challenger without it.

Demand sits between the two extremes. A large slice of what Coupang sells is groceries, fresh food and household staples — bought on a weekly rhythm regardless of the economy — and the WOW membership turns that habit into recurring orders, which cushions a downturn. The other slice is discretionary: electronics, apparel, furniture and the luxury goods sold through Farfetch, where order values fall when Korean households pull back, and restaurant delivery, which is among the first things people cut. Two more forces shape the trajectory more than the cycle does: the long shift of Korean retail from stores to online, which lifts the whole market, and the won-dollar exchange rate, which moves reported revenue in dollars even when Korean volumes do not change — in fiscal 2025 total revenue grew 14% as reported against 18% in constant currency.

主なリスク

• The November 2025 data incident and its cost — The company discloses a data incident exposing names, contact details, delivery addresses and some order histories for roughly 33 million customer accounts, followed by Korean government investigations and US litigation. It also discloses a $1.2 billion customer voucher programme in response, which reduces future reported revenue.
• History of losses and uncertain profitability — Coupang cites a history of net losses prior to 2023 and an accumulated deficit of $4.0 billion as of 31 December 2025, and warns that it may not sustain or grow profitability.
• Intense competition — The filing names intense competition from online and offline retailers and from delivery platforms, in a market where customers can switch at no cost.
• Dependence on fulfillment and logistics infrastructure — The business relies on its own fulfillment centres and delivery network; capacity limits, disruption or failure to expand them in step with demand would damage the service that customers buy Coupang for.
• Regulation, labour and workplace safety in Korea — The company flags complex and changing fair trade, labour, employment and workplace safety laws, and notes that executives of its Korean subsidiaries face potential criminal liability for corporate conduct — alongside privacy compliance obligations across several jurisdictions.
• Managing growth and an evolving business model — Coupang discloses fluctuating operating results, a limited operating history in several of its newer lines, and the difficulty of managing growth across businesses — Taiwan, Eats, Play, fintech, Farfetch — that differ from the Korean core.
• Reliance on suppliers and third-party merchants — The assortment depends on supplier relationships and on third-party merchants choosing to list on the platform; losing either would narrow selection, which is a reason customers stay.

The filing discloses no material customer concentration, and none would be expected: revenue comes from millions of individual Korean households buying small baskets, so no single buyer moves the numbers. The concentration that does matter for Coupang sits on the other side of the ledger and in geography — the great majority of revenue comes from one country, Korea, which makes the company sensitive to Korean consumer spending, Korean regulation and the won exchange rate in a way a diversified retailer would not be.