Online platform company Coupang (NYSE: CPNG) beat Wall Street’s revenue expectations in Q2 CY2025, with sales up 16.4% year on year to $8.52 billion. Its GAAP profit of $0.02 per share was 70.6% below analysts’ consensus estimates.

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Company Overview

Founded in 2010 by Harvard Business School student Bom Kim, Coupang (NYSE: CPNG) is an e-commerce giant often referred to as the "Amazon of South Korea".

Revenue Growth

A company’s long-term sales performance can indicate its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Luckily, Coupang’s sales grew at a solid 17.5% compounded annual growth rate over the last three years. Its growth beat the average consumer internet company and shows its offerings resonate with customers, a helpful starting point for our analysis.

This quarter, Coupang reported year-on-year revenue growth of 16.4%, and its $8.52 billion of revenue exceeded Wall Street’s estimates by 2.1%.

Looking ahead, sell-side analysts expect revenue to grow 15.9% over the next 12 months, a slight deceleration versus the last three years. We still think its growth trajectory is attractive given its scale and indicates the market sees success for its products and services.

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Active Customers

Buyer Growth

As an online retailer, Coupang generates revenue growth by expanding its number of users and the average order size in dollars.

Over the last two years, Coupang’s active customers, a key performance metric for the company, increased by 11.7% annually to 23.9 million in the latest quarter. This growth rate is strong for a consumer internet business and indicates people love using its offerings.

In Q2, Coupang added 1.86 million active customers, leading to 8.4% year-on-year growth. The quarterly print was lower than its two-year result, suggesting its new initiatives aren’t accelerating buyer growth just yet.

Revenue Per Buyer

Average revenue per buyer (ARPB) is a critical metric to track because it measures how much customers spend per order.

Coupang’s ARPB growth has been impressive over the last two years, averaging 8.4%. Its ability to increase monetization while quickly growing its active customers reflects the strength of its platform, as its buyers continue to spend more each year.

This quarter, Coupang’s ARPB clocked in at $356.65. It grew by 7.3% year on year, slower than its buyer growth.

Key Takeaways from Coupang’s Q2 Results

We were impressed by how significantly Coupang blew past analysts’ EBITDA expectations this quarter. We were also happy its revenue outperformed Wall Street’s estimates. Overall, we think this was still a solid quarter with some key areas of upside. The stock remained flat at $29.81 immediately following the results.

Is Coupang an attractive investment opportunity at the current price? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it’s free.