Coupang reported net revenue growth of 20% year-over-year in constant currency last quarter, driving trailing twelve-month revenue past $33 billion. Gross profit expanded by 22%, and the company generated positive operating cash flow while widening operating margins. Active users climbed 10% to nearly 25 million, with average spending per user also rising, underscoring Coupang’s strong value proposition in South Korea’s e-commerce market and its early expansion into neighboring East Asian markets.

In November, a data breach exposed information for approximately 34 million customer accounts—over half of South Korea’s population—and triggered political backlash after founder Bom Suk Kim declined government hearing requests. Third-party analysts estimate weekly active users have fallen 4% since the incident, as competitors in the region have gained market share. Potential regulatory fines could reach into the hundreds of millions of dollars. While short-term customer attrition and reputational damage have weighed on investor sentiment, management argues that transparent remediation and Coupang’s superior logistics network will drive user recovery within 12 months.

Despite the recent scandal, Coupang’s $43 billion market capitalization reflects a growth rate north of 20% and a clean balance sheet with ample room to improve unit economics. Analysts highlight that large-scale technology platforms frequently weather data breach controversies without lasting customer defection. Given Coupang’s track record of execution and underleveraged financial position, current valuations present what some investors view as an ultracheap entry point for a hypergrowth retail logistics leader in 2026.