US-listed e-commerce giant Coupang Inc. reports Q3 loss: Fire and data breach drive third consecutive quarterly deficit despite revenue recovery
Coupang Inc. posted a $450 million operating loss in Q3, marking its third consecutive quarterly deficit since the late-2025 data breach. One-time costs from an Incheon logistics center fire and regulatory fines have wiped out three years of accumulated profits, though core user metrics are recovering.
Coupang Inc., the US-listed South Korean e-commerce giant, filed its third-quarter financial report with the US Securities and Exchange Commission (SEC) on November 3 local time. The company reported an operating loss of $450 million (approximately 642.3 billion won), swinging from a $162 million profit in the same period last year. This marks the third consecutive quarter of operating losses following the massive personal data breach incident at the end of 2025.
The current quarter's deficit was heavily impacted by one-time non-recurring costs. In addition to the penalty accrued in Q2 from the Personal Information Protection Commission, Q3 reflected approximately $248 million in losses related to a fire at the Incheon logistics center in July. Excluding fire-related expenses, the adjusted operating loss stood at roughly $202 million. Year-to-date, Coupang's cumulative operating losses have reached 1.83 trillion won, effectively erasing the 1.9 trillion won in total profits accumulated between 2023 and 2025.
Despite the significant book losses, core business indicators showed signs of recovery. Total revenue for Q3 was $9.962 billion, up 7% year-over-year (11% on a constant currency basis). The Product Commerce segment, including Rocket Delivery and Marketplace, saw revenue grow by 5%, while active customers rose 2% to 25.2 million. Emerging businesses such as Coupang Play and Coupang Eats grew revenue by 23%, with adjusted EBITDA losses narrowing. Additionally, the company announced a share repurchase of $201 million worth of Class A common stock during the quarter.