For investors looking for exposure to e-commerce outside the U.S., there have been few options more exciting than Coupang (CPNG +0.02%). This online retailer has dominated the South Korean market and is rapidly growing in Taiwan. While shares are up 24% year to date, there's plenty of reason to believe that trend can continue. Here's what to keep an eye on as we head into 2026.
Following a familiar playbook
While e-commerce is Coupang's bread and butter, the company is following the playbook laid out by Amazon (AMZN 1.22%) and expanding into other areas such as food delivery and streaming content. These newer businesses are part of Coupang's developing offerings segment; this is what investors should be watching.
NYSE: CPNG
Key Data Points
In the third quarter of 2025, revenue in the developing offerings segment grew by 32%, outpacing Coupang's consolidated revenue growth of 18%. While developing offerings still only account for 14% of overall revenue, these new businesses help diversify Coupang's revenue streams and should become more meaningful over time.
Image source: Getty Images.
Taiwan is the key new market
While Coupang still has room to grow in South Korea, it is also working to expand internationally. The most important new market for the company is Taiwan. The good news is that this new market is performing well for Coupang, but there are a few things to monitor.
First, management has been sharing that the Taiwan expansion resembles the early days of Coupang in South Korea. As of the Q3 2025 earnings call, revenue in Taiwan is growing at a triple-digit rate, although no specific numbers are broken out. Customer growth and retention rates are also outpacing the early years of the South Korean buildout.
On the flip side, this expansion into a new market costs money, and the developing offerings segment has regularly posted negative profitability as a result of this expansion. Investors should keep an eye on this and listen to what management says about the path toward positive cash generation and profitability in Taiwan.
What could 2026 bring?
Investors should keep a close eye on two key areas of focus for Coupang's business. First, it's important to see the overall cash generation and profitability metrics continue to improve, even as the developing offerings segment remains in expansion mode and therefore unprofitable.
Second, the developing offerings segment includes other potentially material drivers of revenue and profits. Tracking how these developments unfold in 2026 will be crucial to seeing continuation of the stock's impressive performance.
