NYSE : CPNG
Coupang, Inc. — Financial statements
Consumer Discretionary · Internet Retail · United States
Last price 14.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 26.19B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Coupang, Inc. (CPNG) reported revenue of 35.46B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 26.94B | 26.31B | 23.87B | 21.22B | 18.34B | 16.49B |
| Other Revenue | 8.53B | 8.22B | 6.40B | 3.16B | 2.25B | 1.92B |
| Revenue | 35.46B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B |
| Cost of Revenue | 25.41B | 24.39B | 21.55B | 18.19B | 15.87B | 15.30B |
| Gross Profit | 10.05B | 10.14B | 8.71B | 6.19B | 4.71B | 3.11B |
| Selling, General & Admin | 10.66B | 9.64B | 8.33B | 5.72B | 4.82B | 4.31B |
| Operating Expenses | 10.66B | 9.64B | 8.33B | 5.72B | 4.82B | 4.31B |
| Operating Income | -603.00M | 498.00M | 388.00M | 473.00M | -112.00M | -1.20B |
| Interest Expense | -76.00M | -86.00M | -140.00M | -48.00M | -27.00M | -45.00M |
| Interest & Investment Income | 185.00M | 199.00M | 216.00M | 178.00M | 53.00M | 9.00M |
| Other Non Operating Income (Expenses) | -82.00M | 11.00M | -39.00M | -19.00M | -7.00M | -12.00M |
| EBT Excluding Unusual Items | -576.00M | 622.00M | 425.00M | 584.00M | -93.00M | -1.25B |
| Merger & Restructuring Charges | -25.00M | -25.00M | -127.00M | |||
| Other Unusual Items | -296.00M | |||||
| Pretax Income | -601.00M | 597.00M | 473.00M | 584.00M | -93.00M | -1.54B |
| Income Tax Expense | 166.00M | 383.00M | 407.00M | -776.00M | -1.00M | 1.00M |
| Earnings From Continuing Operations | -767.00M | 214.00M | 66.00M | 1.36B | -92.00M | -1.54B |
| Minority Interest in Earnings | -6.00M | 88.00M | ||||
| Net Income | -767.00M | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
| Net Income to Common | -767.00M | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
| Shares Outstanding (Basic) | 1.82B | 1.82B | 1.79B | 1.78B | 1.76B | 1.42B |
| Shares Outstanding (Diluted) | 1.82B | 1.85B | 1.83B | 1.80B | 1.76B | 1.42B |
| EPS (Basic) | -0.42 | 0.11 | 0.09 | 0.76 | -0.05 | -1.08 |
| EPS (Diluted) | -0.43 | 0.11 | 0.08 | 0.75 | -0.05 | -1.08 |
| Free Cash Flow | 99.00M | 522.00M | 1.01B | 1.76B | -259.00M | -1.08B |
| Free Cash Flow Per Share | 0.05 | 0.28 | 0.55 | 0.97 | -0.15 | -0.76 |
| Gross Margin | 28.35% | 29.37% | 28.79% | 25.39% | 22.88% | 16.89% |
| Operating Margin | -1.70% | 1.44% | 1.28% | 1.94% | -0.54% | -6.51% |
| Profit Margin | -2.16% | 0.60% | 0.51% | 5.58% | -0.45% | -8.38% |
| Free Cash Flow Margin | 0.28% | 1.51% | 3.33% | 7.20% | -1.26% | -5.90% |
| EBITDA | -46.00M | 1.01B | 821.00M | 748.00M | 119.00M | -997.00M |
| EBITDA Margin | -0.13% | 2.94% | 2.71% | 3.07% | 0.58% | -5.42% |
| D&A For EBITDA | 557.00M | 517.00M | 433.00M | 275.00M | 231.00M | 201.00M |
| EBIT | -603.00M | 498.00M | 388.00M | 473.00M | -112.00M | -1.20B |
| EBIT Margin | -1.70% | 1.44% | 1.28% | 1.94% | -0.54% | -6.51% |
| Effective Tax Rate | 64.15% | 86.05% | ||||
| Revenue as Reported | 35.46B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B |
| Advertising Expenses | 1.10B | 947.00M | 711.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.11B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B |
| Cash & Short-Term Investments | 6.11B | 6.32B | 5.88B | 5.24B | 3.51B | 3.49B |
| Receivables | 363.00M | 363.00M | 407.00M | 314.00M | 184.00M | 175.35M |
| Inventory | 2.07B | 2.26B | 2.10B | 1.67B | 1.66B | 1.42B |
| Prepaid Expenses | 626.00M | 660.00M | 458.00M | 316.00M | 304.00M | 232.45M |
| Restricted Cash | 94.00M | 94.00M | 151.00M | 353.00M | 176.00M | 319.80M |
| Total Current Assets | 9.26B | 9.69B | 8.99B | 7.89B | 5.83B | 5.64B |
| Property, Plant & Equipment | 6.51B | 6.49B | 4.83B | 4.07B | 3.23B | 2.72B |
| Other Intangible Assets | 167.00M | 190.00M | 271.00M | 37.00M | ||
| Long-Term Deferred Tax Assets | 626.00M | 596.00M | 622.00M | 925.00M | 40.00M | |
| Other Long-Term Assets | 826.00M | 823.00M | 628.00M | 426.00M | 418.00M | 282.87M |
| Total Assets | 17.39B | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B |
| Accounts Payable | 6.33B | 6.30B | 5.55B | 5.10B | 3.62B | 3.44B |
| Accrued Expenses | 876.00M | 515.00M | 461.00M | 352.00M | 299.00M | 304.29M |
| Short-Term Debt | 1.99B | 960.00M | 479.00M | 282.00M | 175.00M | 7.81M |
| Current Portion of Long-Term Debt | 66.00M | 203.00M | 129.00M | 341.72M | ||
| Current Portion of Leases | 560.00M | 545.00M | 422.00M | 386.00M | 326.00M | 287.07M |
| Current Unearned Revenue | 204.00M | 188.00M | 141.00M | 97.00M | 92.00M | 93.97M |
| Other Current Liabilities | 686.00M | 851.00M | 593.00M | 526.00M | 420.00M | 266.71M |
| Total Current Liabilities | 10.64B | 9.36B | 7.72B | 6.95B | 5.06B | 4.74B |
| Long-Term Debt | 618.00M | 648.00M | 988.00M | 529.00M | 538.00M | 283.19M |
| Long-Term Leases | 2.47B | 2.48B | 1.77B | 1.39B | 1.23B | 1.20B |
| Other Long-Term Liabilities | 680.00M | 677.00M | 693.00M | 381.00M | 264.00M | 237.12M |
| Total Liabilities | 14.41B | 13.16B | 11.17B | 9.24B | 7.10B | 6.47B |
| Common Stock | 175.00K | |||||
| Additional Paid-In Capital | 8.45B | 9.03B | 8.74B | 8.49B | 8.15B | 7.87B |
| Retained Earnings | -4.86B | -4.02B | -4.23B | -4.38B | -5.74B | -5.65B |
| Comprehensive Income & Other | -609.00M | -381.00M | -404.00M | -17.00M | 3.00M | -47.74M |
| Total Common Equity | 2.99B | 4.62B | 4.10B | 4.09B | 2.41B | 2.18B |
| Minority Interest | 74.00M | 15.00M | ||||
| Shareholders' Equity | 2.99B | 4.62B | 4.18B | 4.10B | 2.41B | 2.18B |
| Total Liabilities & Equity | 17.39B | 17.79B | 15.34B | 13.35B | 9.51B | 8.64B |
| Total Debt | 5.63B | 4.63B | 3.73B | 2.79B | 2.40B | 2.12B |
| Net Cash (Debt) | 477.00M | 1.68B | 2.15B | 2.46B | 1.11B | 1.37B |
| Net Cash Per Share | 0.26 | 0.91 | 1.18 | 1.36 | 0.63 | 0.96 |
| Filing Date Shares Outstanding | 1.80B | 1.83B | 1.81B | 1.79B | 1.77B | 1.76B |
| Total Common Shares Outstanding | 1.79B | 1.82B | 1.80B | 1.79B | 1.77B | 1.75B |
| Working Capital | -1.38B | 334.00M | 1.28B | 947.00M | 767.00M | 892.52M |
| Book Value Per Share | 1.67 | 2.54 | 2.28 | 2.28 | 1.36 | 1.24 |
| Tangible Book Value | 2.82B | 4.43B | 3.83B | 4.05B | 2.41B | 2.18B |
| Tangible Book Value Per Share | 1.57 | 2.43 | 2.13 | 2.26 | 1.36 | 1.24 |
| Land | 420.00M | 401.00M | 323.00M | 296.00M | 140.79M | |
| Buildings | 866.00M | 794.00M | 751.00M | 302.00M | 320.06M | |
| Machinery | 1.76B | 1.20B | 993.00M | 782.00M | 719.89M | |
| Construction In Progress | 579.00M | 377.00M | 347.00M | 428.00M | 200.74M | |
| Leasehold Improvements | 1.34B | 929.00M | 662.00M | 525.00M | 340.47M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -767.00M | 208.00M | 154.00M | 1.36B | -92.00M | -1.54B |
| Depreciation & Amortization | 557.00M | 517.00M | 433.00M | 275.00M | 231.00M | 201.00M |
| Stock-Based Compensation | 524.00M | 475.00M | 433.00M | 326.00M | 262.00M | 249.00M |
| Other Operating Activities | 1.02B | 1.00B | 831.00M | -247.00M | 542.00M | 750.00M |
| Change in Accounts Receivable | 91.00M | 37.00M | 209.00M | -133.00M | -34.00M | -120.00M |
| Change in Inventory | -46.00M | -233.00M | -376.00M | -44.00M | -367.00M | -528.00M |
| Change in Accounts Payable | 665.00M | 515.00M | 507.00M | 1.51B | 444.00M | 728.00M |
| Change in Other Net Operating Assets | -620.00M | -751.00M | -305.00M | -399.00M | -421.00M | -148.00M |
| Operating Cash Flow | 1.43B | 1.77B | 1.89B | 2.65B | 565.00M | -411.00M |
| Capital Expenditures | -1.33B | -1.25B | -879.00M | -896.00M | -824.00M | -674.00M |
| Sale of Property, Plant & Equipment | 6.00M | 5.00M | 9.00M | 19.00M | 13.00M | 2.00M |
| Cash Acquisitions | 68.00M | |||||
| Other Investing Activities | -50.00M | -8.00M | -17.00M | -50.00M | -37.00M | -4.00M |
| Investing Cash Flow | -1.37B | -1.25B | -819.00M | -927.00M | -848.00M | -676.00M |
| Long-Term Debt Issued | 2.90B | 857.00M | 572.00M | 701.00M | 434.00M | |
| Total Debt Issued | 5.20B | 2.90B | 857.00M | 572.00M | 701.00M | 434.00M |
| Short-Term Debt Repaid | -5.00M | -2.00M | ||||
| Long-Term Debt Repaid | -2.88B | -794.00M | -392.00M | -467.00M | -336.00M | |
| Total Debt Repaid | -4.25B | -2.88B | -794.00M | -392.00M | -472.00M | -338.00M |
| Net Debt Issued (Repaid) | 950.00M | 19.00M | 63.00M | 180.00M | 229.00M | 96.00M |
| Issuance of Common Stock | 3.00M | 5.00M | 4.00M | 9.00M | 18.00M | 3.49B |
| Repurchase of Common Stock | -1.09B | -243.00M | -178.00M | |||
| Other Financing Activities | -1.00M | -28.00M | 42.00M | 10.00M | -12.00M | |
| Financing Cash Flow | -141.00M | -247.00M | -69.00M | 199.00M | 247.00M | 3.58B |
| Foreign Exchange Rate Adjustments | -599.00M | 109.00M | -564.00M | -14.00M | -87.00M | -81.00M |
| Net Cash Flow | -685.00M | 381.00M | 434.00M | 1.91B | -123.00M | 2.41B |
| Free Cash Flow | 99.00M | 522.00M | 1.01B | 1.76B | -259.00M | -1.08B |
| Free Cash Flow Margin | 0.28% | 1.51% | 3.33% | 7.20% | -1.26% | -5.90% |
| Free Cash Flow Per Share | 0.05 | 0.28 | 0.55 | 0.97 | -0.15 | -0.76 |
| Levered Free Cash Flow | -246.38M | 843.50M | 351.00M | 1.28B | -264.47M | -772.66M |
| Unlevered Free Cash Flow | -198.88M | 897.25M | 438.50M | 1.31B | -247.60M | -744.54M |
| Cash Interest Paid | 65.00M | 65.00M | 85.00M | 31.00M | 19.00M | 21.00M |
| Cash Income Tax Paid | 335.00M | 177.00M | 138.00M | 110.00M | 6.00M | 3.00M |
| Change in Working Capital | 90.00M | -432.00M | 35.00M | 938.00M | -378.00M | -68.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 25.83B | 43.09B | 39.54B | 28.94B | 26.04B | 51.46B |
| Enterprise Value | 25.35B | 40.81B | 37.83B | 26.84B | 25.28B | 49.62B |
| Last Close Price | 14.37 | 23.59 | 21.98 | 16.19 | 14.71 | 29.38 |
| PE Ratio | 207.17 | 256.75 | 21.28 | |||
| Forward PE | 93.01 | 55.23 | 54.85 | 41.73 | 62.15 | |
| PS Ratio | 0.73 | 1.25 | 1.31 | 1.19 | 1.26 | 2.80 |
| PB Ratio | 8.62 | 9.32 | 9.47 | 7.05 | 10.79 | 23.65 |
| P/TBV Ratio | 9.16 | 9.72 | 10.32 | 7.14 | 10.79 | 23.65 |
| P/FCF Ratio | 260.91 | 82.55 | 39.26 | 16.48 | ||
| P/OCF Ratio | 18.13 | 24.30 | 20.96 | 10.91 | 46.09 | |
| PEG Ratio | 1.11 | 0.29 | ||||
| EV/Sales Ratio | 0.71 | 1.18 | 1.25 | 1.10 | 1.23 | 2.70 |
| EV/EBITDA Ratio | 40.21 | 46.07 | 35.88 | 212.45 | ||
| EV/EBIT Ratio | 81.95 | 97.49 | 56.74 | |||
| EV/FCF Ratio | 256.09 | 78.18 | 37.56 | 15.28 | ||
| Debt / Equity Ratio | 1.89 | 1.00 | 0.89 | 0.68 | 0.99 | 0.97 |
| Debt / EBITDA Ratio | 6.93 | 2.57 | 2.54 | 2.23 | 4.22 | |
| Debt / FCF Ratio | 56.90 | 8.88 | 3.70 | 1.59 | ||
| Net Debt / Equity Ratio | -0.16 | -0.36 | -0.52 | -0.60 | -0.46 | -0.63 |
| Net Debt / EBITDA Ratio | 10.37 | -1.66 | -2.62 | -3.28 | -9.30 | 1.37 |
| Net Debt / FCF Ratio | -4.82 | -3.22 | -2.14 | -1.40 | 4.27 | 1.26 |
| Asset Turnover | 2.01 | 2.08 | 2.11 | 2.13 | 2.27 | 2.69 |
| Inventory Turnover | 11.68 | 11.20 | 11.45 | 10.95 | 10.31 | 11.85 |
| Quick Ratio | 0.61 | 0.71 | 0.81 | 0.80 | 0.73 | 0.77 |
| Current Ratio | 0.87 | 1.04 | 1.17 | 1.14 | 1.15 | 1.19 |
| Return on Equity (ROE) | -19.99% | 4.86% | 1.59% | 41.73% | -4.01% | -196.22% |
| Return on Assets (ROA) | -2.14% | 1.88% | 1.69% | 2.59% | -0.77% | -10.92% |
| Return on Invested Capital (ROIC) | -21.79% | 7.19% | 2.95% | 32.01% | -10.58% | -111.76% |
| Return on Capital Employed (ROCE) | -8.90% | 5.90% | 5.10% | 7.40% | -2.50% | -30.70% |
| Earnings Yield | -2.98% | 0.48% | 0.39% | 4.70% | -0.35% | -3.00% |
| FCF Yield | 0.38% | 1.21% | 2.55% | 6.07% | -1.00% | -2.11% |
| Buyback Yield / Dilution | 1.94% | -1.59% | -1.28% | -2.15% | -23.95% | -4,808.31% |