Coupang Reports 14% Revenue Gain but Q4 Loss After 33M-Account Breach
Q4 2025 net revenue at Coupang rose 14% CC to $8.8B but adjusted EBITDA plunged 37% to $267M, driving a $0.01/share loss after a data breach affecting 33M accounts and $1.2B in compensation vouchers. Morgan Stanley upheld its Overweight rating with a $29 price target, forecasting 52% upside.
1. Q4 Earnings Impact and Data Breach
Coupang posted Q4 2025 net revenue of $8.8 billion, up 14% on a constant currency basis, but adjusted EBITDA fell 37% year-over-year to $267 million. The company reported a $0.01 per share loss after a former employee accessed 33 million accounts, prompting $1.2 billion in customer compensation vouchers and a December slowdown, though no financial data was compromised.
2. Operational Performance Highlights
Product Commerce revenue grew 12% on a constant currency basis versus 18% in the prior quarter as some users deleted accounts or removed payment methods. The Developing Offerings segment achieved record revenues of $1.4 billion, while Taiwan delivered triple-digit growth and expanded last-mile logistics coverage to 70% of the island.
3. Analyst Rating and Outlook
Morgan Stanley maintained its Overweight rating on Coupang, cutting its price target from $31 to $29 for a 52% upside. The firm cited subsiding regulatory risks, improving Korea operations and on-track Taiwan expansion, while consensus targets imply a median 1-year price of $25.18, or 32% upside.