Logistics & Supply Chain Strategy Briefing
STREAMLINE: Coupang, Profits from Structure – A Global Experiment by a Company that Achieved Ultra-Competitive Edge
May 23, 2025
Coupang's Q1 2025 results signify more than just numbers. Revenue of $7.9 billion (up 21% at constant exchange rates) and operating profit of $154 million (up 285%) demonstrate that a company that previously accepted losses has definitively transitioned to a profitable structure. With both e-commerce and food delivery now turning profits domestically, the focus shifts to whether this structural model can function in global markets.
TRENDS
Key Q1 2025 Metrics:
- Revenue: $7.9 billion (+21% at constant exchange rates)
- Operating Profit: $154 million (+285%)
- Adjusted EBITDA: $382 million
- Active Customers: 23.4 million (+9%)
- Net Revenue per Customer: $321 (+6%)
Growth rates and profitability indicators significantly outperforming market averages suggest that Coupang's structural efficiencies have reached maturity. Particularly noteworthy is the concurrent increase in both active customers and revenue per customer, indicating strengthened platform lock-in effects.