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Sankey diagram of Coupang, Inc.. A complete text table follows the diagram.
The Korean commerce network still makes money, but Eats, Farfetch, Taiwan, and other developing businesses absorbed nearly all of its quarterly adjusted EBITDA.
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The $329M cross-funding link is an editorial visualization of the exact offset between reported segment adjusted EBITDA results; Coupang does not report a literal transfer between segments. Adjusted EBITDA is a non-GAAP measure.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Product Commerce gross profit | 1 | $2.2B | $7.18B core commerce revenue |
| Developing Offerings gross profit | 1 | $123M | $1.33B expansion revenue |
| Core operating load | 2 | $1.8B | Fulfillment, technology and overhead |
| Product Commerce adjusted EBITDA | 2 | $358M | Core engine's deployable earnings |
| Developing gross contribution | 2 | $123M | Before expansion operating costs |
| Developing Offerings operating load | 3 | $452M | Gross profit plus $329M subsidy |
| Consolidated adjusted EBITDA | 3 | $29M | 0.3% of $8.50B revenue |
| From | To | Value |
|---|---|---|
| Product Commerce gross profit | Core operating load | $1.8B |
| Product Commerce gross profit | Product Commerce adjusted EBITDA | $358M |
| Developing Offerings gross profit | Developing gross contribution | $123M |
| Product Commerce adjusted EBITDA | Developing Offerings operating load | $329M |
| Product Commerce adjusted EBITDA | Consolidated adjusted EBITDA | $29M |
| Developing gross contribution | Developing Offerings operating load | $123M |