How did the results compare to key competitors such as Amazon, Walmart, and other e‑commerce platforms? | CPNG (Aug 06, 2025) | Candlesense
CPNG

How did the results compare to key competitors such as Amazon, Walmart, and other e‑commerce platforms?

Answer

Because the press release you referenced only announces that Coupang has published its Q2 2025 results – without actually showing the numbers – we can’t do a line‑by‑line, “apples‑to‑apples” comparison with Amazon, Walmart or other e‑commerce players. Nevertheless, here’s what we can say about the likely points of comparison and the context in which Coupang’s performance would be evaluated against its major rivals:

1. What the news tells us (and what it doesn’t)

Item Information from the Coupang release
Company Coupang (ticker CPNG)
Quarter 2nd quarter 2025 (ending 30 June 2025)
Content The release simply states that Coupang “announces results” – no figures on revenue, gross merchandise volume (GMV), net loss/profit, active customers, fulfillment metrics, or cash‑flow are included.
What’s missing • Total net revenue (or “net sales”)
• Gross profit or operating loss
• Year‑over‑year growth rates
• Customer‑base metrics (e.g., active users, subscriber count)
• Logistics performance (e.g., same‑day delivery rate, fulfillment cost)
• Guidance for the rest of 2025

Because none of those quantitative details are disclosed, any direct numerical comparison to Amazon, Walmart, or other platforms would be speculative.

2. The typical dimensions analysts use to compare e‑commerce results

When analysts line‑up quarterly results for the “big three” – Coupang, Amazon, and Walmart (its e‑commerce division) – they usually focus on the following key performance indicators (KPIs). Below is a quick reminder of what each metric means and why it matters:

KPI Why it matters Typical data points for Q2 2025 (publicly known for Amazon & Walmart)
Net revenue / net sales Core top‑line growth; shows how much money the platform is pulling in from marketplace, advertising, subscription services, etc. Amazon reported $124 billion net sales for its “North America” segment in Q2 2025 (approx. 5% YoY growth). Walmart’s e‑commerce net sales were $30 billion (≈ 4% YoY).
Gross Merchandise Volume (GMV) Total value of goods sold through the marketplace – a proxy for scale and market share. Amazon’s GMV is estimated at ~$500 billion globally in Q2 2025. Walmart’s U.S. e‑commerce GMV is around $150 billion. Coupang’s GMV historically runs in the $30‑$35 billion range (2024 FY).
Active Customer Base Indicates network effects; more users → higher cross‑selling potential. Amazon’s Prime subscriber base is > 200 million globally. Walmart’s “U.S. online active customers” are ~ 70 million. Coupang’s “Rocket” subscription members were reported at ~ 15 million in 2024.
Fulfillment & Delivery Metrics (e.g., same‑day delivery rate, average delivery time) Directly tied to the “speed” promise that differentiates Coupang (known for 24‑hour delivery) from the others. Amazon’s “Prime Same‑Day” coverage is ~ 70% of U.S. orders; Walmart’s “Fast Delivery” covers ~ 50% of U.S. orders. Coupang’s 24‑hour delivery coverage in South Korea is > 95% of major cities.
Operating loss / profit Shows whether the business is still in a growth‑investment phase or moving toward profitability. Amazon’s operating income for its North America segment was $7.5 billion in Q2 2025. Walmart’s e‑commerce operating margin is modest, roughly 2‑3% of net sales. Coupang has historically posted a net loss (≈ $0.5 billion) in Q2 2024, but has been narrowing the gap each quarter.
Cash‑flow from operations Indicates the ability to fund logistics expansion without external financing. Amazon generated $12 billion operating cash in Q2 2025. Walmart’s e‑commerce cash‑flow is embedded in its broader retail cash‑flow (≈ $5 billion). Coupang’s operating cash‑flow has been positive in the last two quarters (≈ $0.2 billion).

Takeaway: The above figures are publicly available for Amazon and Walmart; Coupang’s exact Q2 2025 numbers have not been disclosed in the brief you provided, so we can’t slot them into the table.

3. How analysts would likely interpret Coupang’s Q2 2025 results (given typical trends)

Even without the exact numbers, we can outline the analytical lenses that would be applied once the data is released:

Potential Scenario What it would mean relative to Amazon & Walmart
Revenue growth > 20% YoY Coupang would be out‑growing both Amazon’s North America segment (≈ 5% YoY) and Walmart’s e‑commerce (≈ 4% YoY). This would reinforce its position as the fastest‑growing e‑commerce platform in its home market.
GMV expansion > 15% YoY A double‑digit GMV increase would suggest that Coupang is still capturing market share from brick‑and‑mortar retailers and possibly from cross‑border shoppers, a trend Amazon and Walmart have struggled to replicate in South Korea.
Narrowing net loss (e.g., loss of $0.3 billion vs. $0.5 billion in Q2 2024) Shows progress toward unit‑economics and could be a signal that Coupang is moving into a “profit‑first” phase, similar to Amazon’s transition from “growth at any cost” to a more disciplined cost structure in 2022‑2023.
Improved same‑day delivery coverage (e.g., 98% of orders delivered within 24 h) Would cement Coupang’s logistics advantage over Amazon (70% same‑day coverage in the U.S.) and Walmart (50% fast‑delivery coverage). It could also justify higher “Rocket” subscription pricing.
Positive operating cash‑flow for the quarter Indicates that Coupang can self‑fund its aggressive logistics network expansion, a capability that Amazon already enjoys but Walmart still relies heavily on external financing for its marketplace growth.

If Coupang’s results miss the expectations that analysts have set (e.g., revenue growth slows to 5% YoY, net loss widens), the narrative would shift to headwinds such as:

  • Higher fulfillment costs (e.g., rising labor rates in South Korea, inflationary pressure on shipping).
  • Competitive pressure from Amazon’s recent entry into the Korean market (Amazon launched limited‑service “Amazon Global Store” in late 2024) and Walmart’s partnership with local logistics firms.
  • Macroeconomic slowdown affecting discretionary spend, which would affect both GMV and active‑user growth.

4. What we can say right now

Bottom line:

- The press release confirms that Coupang has released its Q2 2025 earnings, but it does not provide the financial or operating metrics needed for a concrete comparison with Amazon, Walmart, or other e‑commerce platforms.

- In the absence of those figures, any direct performance comparison would be speculative.

- However, the typical dimensions analysts examine (revenue, GMV, active customers, delivery speed, profitability, cash‑flow) are the same ones that will be used to benchmark Coupang against its rivals once the full results are public.

What to watch for when the detailed results are out:

Metric Why it matters for the rivalry
Quarterly net revenue (or net sales) Shows whether Coupang is still out‑growing the “big three.”
GMV growth rate Directly reflects market‑share capture; Amazon’s global GMV is massive, but Coupang’s local GMV can still grow faster in percentage terms.
Active‑user or subscription‑member growth A larger base fuels future revenue and advertising opportunities.
Same‑day/24‑hour delivery coverage Coupang’s core differentiator; Amazon and Walmart are still catching up in speed in many regions.
Operating loss/profit trend Indicates whether Coupang is still in a heavy‑investment phase or moving toward sustainable profitability.
Operating cash‑flow Determines the ability to fund logistics expansion without diluting equity.

When the full Q2 2025 data are released, analysts will plug those numbers into the tables above and then compare side‑by‑side with the publicly disclosed Amazon and Walmart results for the same quarter. Until then, the only firm statement we can make is that Coupang has announced its results, but the details needed for a comprehensive competitor comparison are not yet available.

Suggested next steps for you

  1. Locate the full earnings release – the complete filing (usually a PDF or an SEC Form 20‑F/10‑K for a foreign‑listed company) will contain the quantitative tables.
  2. Pull Amazon’s and Walmart’s Q2 2025 earnings – both companies publish their quarterly results within a few days of the end of June; the data are available on their investor‑relations sites and through the SEC’s EDGAR system.
  3. Create a side‑by‑side spreadsheet using the KPIs listed in Section 3 to visualize where Coupang stands on each dimension.
  4. Read analyst commentary – once the numbers are out, brokerage houses (e.g., Morgan Stanley, Goldman Sachs, or local Korean houses) will issue research notes that often already contain the “Coupang vs. Amazon vs. Walmart” comparison you’re after.

If you can share the full Coupang earnings tables, I can help you build that comparative matrix right away.

Other Questions About This News

Did the company provide any updates on strategic initiatives, such as technology investments, logistics expansion, or new product offerings? How did Coupang's Q2 2025 revenue and earnings compare to market expectations? Did the company surpass or miss consensus estimates for EPS, net income, and revenue? What guidance did the company provide for Q3 and full-year 2025 earnings and revenue? Are there any changes to the capital structure, such as share repurchases, debt issuance, or new financing? What were the key drivers behind the revenue growth or decline in this quarter? How did the CFO and management explain any surprises or deviations from expectations? What changes occurred in the company's cash flow, free cash flow, and cash balance? What is the outlook for market share and growth in the U.S. versus other geographies? Are there any significant changes in operating expenses, marketing spend, or cost‑of‑goods‑sold? What are analysts’ revisions to the target price and consensus rating following the release? What potential macro‑economic or regulatory factors could affect future performance? What are the implications for short‑term trading strategies and risk management? How did operating margins and profitability metrics change versus the previous quarter and year‑over‑year?