Coupang Q4 Revenue Rises 11%, EBITDA Plummets 37% as Breach Spurs $1.2B Vouchers
Coupang’s fourth-quarter net revenue rose 11% year-over-year to $8.8 billion, but adjusted EBITDA plunged 37% to $267 million as a December data breach affecting 33 million accounts drove working-capital strains and slowed product commerce growth. Separately, Abdiel Capital sold $38.3 million of Appian shares, cutting its stake to 12.4%.
1. Financial Performance
Coupang reported fourth-quarter net revenue of $8.8 billion, up 11% year-over-year, with Product Commerce net revenue of $7.4 billion (up 8% yoy, 12% constant-currency) and 24.6 million active customers. Consolidated adjusted EBITDA fell 37% to $267 million, net loss was $26 million, and free cash flow declined nearly 50% due to incident-related working-capital effects and higher capex.
2. Data Breach Impact
The incident involved unauthorized access by a former employee to 33 million user accounts, exposing only basic contact and order information and lobby codes for 2,609 Korean accounts. Forensic experts confirmed no financial data, passwords, or government-issued IDs were compromised, and no confirmed misuse has been detected.
3. Voucher Compensation Program
Coupang will issue approximately $1.2 billion in vouchers to notified customers, redeemable for future purchases starting Jan. 15, to rebuild trust and address customer concerns. Management expects breach impacts to diminish through 2026, guiding Q1 constant-currency revenue growth of 5–10% and forecasting 2026 Developing Offerings losses of $950 million–$1 billion.
4. Abdiel Capital’s Appian Stock Sale
Abdiel Capital Advisors sold 1,075,738 shares of Appian worth $38.32 million in the fourth quarter, reducing its stake to 12.4% of assets. The fund’s maintained double-digit allocation suggests risk management rather than abandonment of its investment thesis, despite Appian’s 28.1% share price decline over the past year.