Coupang (CPNG) Financials

$16.09 +0.36 (+2.27%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$16.12 +0.03 (+0.21%)

As of 05/22/2026 07:58 PM Eastern

Annual Income Statements for Coupang

This table shows Coupang's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-768	-556	-1,543	-92	1,360	154	208
Consolidated Net Income / (Loss)	-697	-463	-1,543	-92	1,360	66	214
Net Income / (Loss) Continuing Operations	-697	-463	-1,543	-92	1,360	66	214
Total Pre-Tax Income	-697	-463	-1,542	-93	584	473	597
Total Operating Income	-642	-516	-1,494	-112	473	436	473
Total Gross Profit	1,033	1,986	2,951	4,710	6,190	8,831	10,141
Total Revenue	6,273	11,967	18,406	20,583	24,383	30,268	34,534
Total Cost of Revenue	5,240	9,981	15,455	15,873	18,193	21,437	24,393
Operating Cost of Revenue	5,240	9,981	15,455	15,873	18,193	21,437	24,393
Total Operating Expenses	1,675	2,502	4,445	4,822	5,717	8,395	9,668
Selling, General & Admin Expense	1,675	2,502	4,445	4,822	5,717	8,395	9,668
Total Other Income / (Expense), net	-55	53	-48	19	111	37	124
Interest Expense	97	108	45	27	48	140	86
Interest & Investment Income	19	11	9.00	53	178	216	199
Other Income / (Expense), net	23	150	-12	-7.00	-19	-39	11
Income Tax Expense	-0.24	0.29	1.00	-1.00	-776	407	383
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-88	6.00
Basic Earnings per Share	($39.48)	($19.16)	($1.08)	($0.05)	$0.76	$0.09	$0.11
Weighted Average Basic Shares Outstanding	19.46M	29.01M	1.42B	1.77B	1.78B	1.79B	1.82B
Diluted Earnings per Share	($39.48)	($19.16)	($1.08)	($0.05)	$0.75	$0.08	$0.11
Weighted Average Diluted Shares Outstanding	19.46M	29.01M	1.42B	1.77B	1.80B	1.83B	1.86B
Weighted Average Basic & Diluted Shares Outstanding	-	-	1.76B	1.77B	1.79B	1.81B	1.83B

This table shows Coupang's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	91	1,033	5.00	-77	70	156	107	32	95	-26	-266
Consolidated Net Income / (Loss)	91	1,033	-24	-105	64	219	114	31	95	-26	-266
Net Income / (Loss) Continuing Operations	91	1,033	-24	-105	64	131	114	31	95	-26	-266
Total Pre-Tax Income	117	172	59	3.00	132	279	216	194	165	22	-255
Total Operating Income	88	130	40	-25	109	312	154	149	162	8.00	-242
Total Gross Profit	1,566	1,680	1,929	2,142	2,269	2,491	2,316	2,561	2,720	2,544	2,297
Total Revenue	6,184	6,560	7,114	7,323	7,866	7,965	7,908	8,524	9,267	8,835	8,504
Total Cost of Revenue	4,618	4,880	5,185	5,181	5,597	5,474	5,592	5,963	6,547	6,291	6,207
Operating Cost of Revenue	4,618	4,880	5,185	5,181	5,597	5,474	5,592	5,963	6,547	6,291	6,207
Total Operating Expenses	1,478	1,550	1,889	2,167	2,160	2,179	2,162	2,412	2,558	2,536	2,539
Selling, General & Admin Expense	1,478	1,550	1,889	2,167	2,160	2,179	2,162	2,412	2,558	2,536	2,539
Total Other Income / (Expense), net	29	42	19	28	23	-33	62	45	3.00	14	-13
Interest Expense	13	14	27	37	36	40	23	25	22	16	13
Interest & Investment Income	50	54	55	53	55	53	49	51	52	47	44
Other Income / (Expense), net	-8.00	2.00	-9.00	12	4.00	-46	36	19	-27	-17	-44
Income Tax Expense	26	-861	83	108	68	148	102	163	70	48	11
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	-29	-28	-6.00	-25	7.00	-1.00	0.00	-	0.00
Basic Earnings per Share	$0.05	$0.58	$0.00	($0.04)	$0.04	$0.09	$0.06	$0.02	$0.05	($0.02)	($0.15)
Weighted Average Basic Shares Outstanding	1.78B	1.78B	1.79B	1.79B	1.80B	1.79B	1.81B	1.82B	1.82B	1.82B	1.83B
Diluted Earnings per Share	$0.05	$0.57	$0.00	($0.04)	$0.04	$0.08	$0.06	$0.02	$0.05	($0.02)	($0.15)
Weighted Average Diluted Shares Outstanding	1.81B	1.80B	1.82B	1.79B	1.83B	1.83B	1.84B	1.86B	1.86B	1.86B	1.83B
Weighted Average Basic & Diluted Shares Outstanding	1.79B	1.79B	1.79B	1.79B	1.80B	1.81B	1.82B	1.82B	1.83B	1.83B	1.80B

This table details how cash moves in and out of Coupang's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	632	30	2,409	-123	1,910	434	381
Net Cash From Operating Activities	-312	302	-411	565	2,652	1,886	1,773
Net Cash From Continuing Operating Activities	-312	302	-411	565	2,652	1,886	1,773
Net Income / (Loss) Continuing Operations	-697	-463	-1,543	-92	1,360	66	214
Consolidated Net Income / (Loss)	-697	-463	-1,543	-92	1,360	66	214
Depreciation Expense	71	128	201	231	275	433	517
Amortization Expense	-	155	259	310	338	432	507
Non-Cash Adjustments To Reconcile Net Income	220	99	740	535	625	695	930
Changes in Operating Assets and Liabilities, net	94	383	-68	-419	54	260	-395
Net Cash From Investing Activities	-218	-521	-676	-848	-927	-819	-1,254
Net Cash From Continuing Investing Activities	-218	-521	-676	-848	-927	-819	-1,254
Purchase of Property, Plant & Equipment	-218	-485	-674	-824	-896	-879	-1,251
Acquisitions	-	-	-	0.00	0.00	68	0.00
Sale of Property, Plant & Equipment	3.54	0.51	2.00	13	19	9.00	5.00
Other Investing Activities, net	-3.94	-37	-4.00	-37	-50	-17	-8.00
Net Cash From Financing Activities	1,184	179	3,577	247	199	-69	-247
Net Cash From Continuing Financing Activities	1,184	179	3,577	247	199	-69	-247
Repayment of Debt	-350	-40	-338	-472	-382	-752	-2,909
Repurchase of Common Equity	-115	-97	-12	0.00	0.00	-178	-243
Issuance of Debt	132	287	434	701	572	857	2,900
Issuance of Common Equity	1,516	29	3,493	18	9.00	4.00	5.00
Effect of Exchange Rate Changes	-22	70	-81	-87	-14	-564	109

This table details how cash moves in and out of Coupang's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	517	336	-23	220	168	69	169	689	435	-912	-21
Net Cash From Operating Activities	722	609	212	664	334	676	354	545	792	82	184
Net Cash From Continuing Operating Activities	722	609	212	664	334	676	354	545	792	82	184
Net Income / (Loss) Continuing Operations	91	1,033	-24	-105	64	131	114	31	95	-26	-266
Consolidated Net Income / (Loss)	91	1,033	-24	-105	64	131	114	31	95	-26	-266
Depreciation Expense	68	77	95	106	112	120	122	126	133	136	143
Amortization Expense	85	90	103	-	114	107	116	121	132	138	143
Non-Cash Adjustments To Reconcile Net Income	140	168	175	127	219	71	178	260	269	223	287
Changes in Operating Assets and Liabilities, net	338	-759	-137	325	-175	247	-176	7.00	163	-389	-123
Net Cash From Investing Activities	-152	-263	-117	-178	-383	-141	-213	-299	-366	-376	-302
Net Cash From Continuing Investing Activities	-152	-263	-117	-178	-383	-141	-213	-299	-366	-376	-302
Purchase of Property, Plant & Equipment	-190	-234	-107	-178	-380	-214	-239	-299	-353	-360	-296
Sale of Property, Plant & Equipment	5.00	7.00	2.00	2.00	4.00	1.00	1.00	1.00	3.00	-	2.00
Other Investing Activities, net	33	-36	-80	-2.00	-7.00	72	25	-1.00	-16	-16	-8.00
Net Cash From Financing Activities	33	-163	52	-132	-9.00	20	16	92	152	-507	348
Net Cash From Continuing Financing Activities	33	-163	52	-132	-9.00	20	16	92	152	-507	348
Repayment of Debt	-67	-320	37	-44	-332	-413	-279	-397	-1,169	-1,064	-1,198
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-81	-162	-391
Issuance of Debt	98	155	14	90	321	432	295	486	1,401	718	1,936
Issuance of Common Equity	2.00	2.00	1.00	-	2.00	1.00	0.00	3.00	1.00	1.00	1.00
Effect of Exchange Rate Changes	-86	153	-170	-134	226	-486	12	351	-143	-111	-251

This table presents Coupang's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,067	8,642	9,513	13,346	15,344	17,787
Total Current Assets	2,841	5,637	5,830	7,892	8,994	9,691
Cash & Equivalents	1,251	3,488	3,509	5,243	5,879	6,318
Restricted Cash	145	320	176	353	151	94
Accounts Receivable	71	175	184	314	407	363
Inventories, net	1,161	1,422	1,657	1,666	2,099	2,256
Prepaid Expenses	-	-	304	316	458	660
Plant, Property, & Equipment, net	0.00	0.00	1,820	2,465	2,813	3,722
Total Noncurrent Assets	2,227	3,005	1,863	2,989	3,537	4,374
Intangible Assets	-	-	-	37	271	190
Noncurrent Deferred & Refundable Income Taxes	-	-	40	925	622	596
Other Noncurrent Operating Assets	2,217	1,628	1,823	2,027	2,644	3,588
Total Liabilities & Shareholders' Equity	5,067	8,642	9,513	13,346	15,344	17,787
Total Liabilities	5,671	6,466	7,099	9,242	11,167	13,164
Total Current Liabilities	3,733	4,744	5,063	6,945	7,716	9,357
Short-Term Debt	431	637	304	485	545	960
Accounts Payable	2,908	3,443	3,622	5,099	5,554	6,298
Accrued Expenses	116	304	299	352	461	515
Current Deferred Revenue	65	94	92	97	141	188
Other Current Liabilities	212	267	746	912	1,015	1,396
Total Noncurrent Liabilities	1,938	1,722	2,036	2,297	3,451	3,807
Long-Term Debt	943	283	538	529	988	648
Noncurrent Employee Benefit Liabilities	135	237	264	381	693	677
Other Noncurrent Operating Liabilities	859	-	1,234	1,387	1,770	2,482
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-4,069	2,176	2,414	4,089	4,102	4,623
Total Preferred & Common Equity	-4,069	2,176	2,414	4,089	4,103	4,623
Total Common Equity	-4,069	2,176	2,414	4,089	4,103	4,623
Common Stock	70	7,874	8,154	8,489	8,736	9,025
Retained Earnings	-4,108	-5,651	-5,743	-4,383	-4,229	-4,021
Accumulated Other Comprehensive Income / (Loss)	-31	-48	3.00	-17	-404	-381

This table presents Coupang's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,127	9,710	10,687	11,563	14,949	15,195	16,342	15,986	17,831	18,668	17,399
Total Current Assets	4,928	6,115	6,717	7,430	8,569	8,809	9,212	9,206	10,176	10,806	9,363
Cash & Equivalents	2,903	3,792	4,473	4,858	5,226	5,536	5,822	6,113	6,796	7,229	6,301
Restricted Cash	157	330	269	400	347	257	139	86	93	95	90
Accounts Receivable	169	127	139	285	601	547	517	484	499	393	351
Inventories, net	1,406	1,667	1,565	1,641	1,938	1,992	2,181	2,049	2,285	2,487	2,037
Prepaid Expenses	-	198	270	246	457	477	553	474	503	602	584
Plant, Property, & Equipment, net	1,540	1,811	2,119	2,201	2,509	2,563	2,997	2,953	3,424	3,506	3,632
Total Noncurrent Assets	1,659	1,784	1,851	1,932	3,871	3,823	4,133	3,827	4,231	4,356	4,404
Intangible Assets	-	-	-	-	349	319	306	215	210	201	178
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	841	757	764	612	646	655	597
Other Noncurrent Operating Assets	1,648	442	422	446	2,681	2,747	3,063	3,000	3,375	3,500	3,629
Total Liabilities & Shareholders' Equity	8,127	9,710	10,687	11,563	14,949	15,195	16,342	15,986	17,831	18,668	17,399
Total Liabilities	5,955	7,150	7,912	8,634	10,750	11,248	12,065	11,588	13,146	13,927	13,469
Total Current Liabilities	4,029	5,174	5,643	6,506	7,435	7,858	8,185	7,911	9,369	10,193	9,623
Short-Term Debt	440	692	750	966	887	501	401	556	954	1,890	1,672
Accounts Payable	2,941	3,685	4,077	4,616	5,370	5,621	5,899	5,702	6,487	6,795	5,965
Accrued Expenses	249	247	272	312	388	516	473	391	430	467	406
Current Deferred Revenue	129	93	93	86	135	139	191	172	188	210	183
Other Current Liabilities	270	457	452	527	655	1,081	1,221	1,090	1,310	831	1,397
Total Noncurrent Liabilities	1,925	1,976	2,268	2,129	3,315	3,390	3,880	3,677	3,777	3,734	3,846
Long-Term Debt	561	523	719	528	1,062	1,047	1,194	1,002	850	618	617
Noncurrent Employee Benefit Liabilities	222	275	294	306	585	603	716	597	657	675	679
Other Noncurrent Operating Liabilities	1,142	-	-	-	1,668	1,740	1,970	2,078	2,270	2,441	2,550
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,172	2,560	2,775	2,928	4,085	3,855	4,193	4,374	4,685	4,741	3,930
Total Preferred & Common Equity	2,172	2,560	2,775	2,928	4,079	3,856	4,189	4,372	4,685	4,741	3,930
Total Common Equity	2,172	2,560	2,775	2,928	4,079	3,856	4,189	4,372	4,685	4,741	3,930
Common Stock	8,081	8,228	8,316	8,402	8,578	8,509	8,625	8,898	9,025	9,063	8,757
Retained Earnings	-5,845	-5,652	-5,507	-5,415	-4,378	-4,455	-4,385	-4,122	-4,090	-3,995	-4,287
Accumulated Other Comprehensive Income / (Loss)	-64	-16	-34	-59	-121	-198	-51	-404	-250	-327	-540

This table displays calculated financial ratios and metrics derived from Coupang's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	90.77%	53.80%	11.83%	18.46%	24.14%	14.09%
EBITDA Growth	0.00%	84.71%	-1,147.67%	140.34%	152.84%	18.28%	19.49%
EBIT Growth	0.00%	40.89%	-311.37%	92.10%	481.51%	-12.56%	21.91%
NOPAT Growth	0.00%	19.62%	-189.54%	92.50%	1,504.98%	-94.48%	178.70%
Net Income Growth	0.00%	33.54%	-233.15%	94.04%	1,578.26%	-88.68%	224.24%
EPS Growth	0.00%	51.47%	94.36%	95.37%	1,600.00%	-89.33%	37.50%
Operating Cash Flow Growth	0.00%	196.70%	-236.29%	237.47%	369.38%	-28.88%	-5.99%
Free Cash Flow Firm Growth	0.00%	0.00%	-904.71%	138.72%	37.41%	-145.12%	131.44%
Invested Capital Growth	0.00%	0.00%	177.26%	-188.15%	-11.42%	121.34%	43.44%
Revenue Q/Q Growth	0.00%	0.00%	7.43%	1.23%	5.33%	4.87%	2.58%
EBITDA Q/Q Growth	0.00%	0.00%	-7.63%	215.65%	9.15%	18.16%	-13.13%
EBIT Q/Q Growth	0.00%	0.00%	-29.86%	79.97%	14.66%	50.95%	-36.23%
NOPAT Q/Q Growth	0.00%	0.00%	-21.63%	81.08%	204.38%	-90.94%	-49.77%
Net Income Q/Q Growth	0.00%	0.00%	-26.44%	84.65%	216.94%	-84.09%	-53.38%
EPS Q/Q Growth	0.00%	0.00%	62.37%	-150.00%	212.50%	-85.96%	-47.62%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-114.77%	358.93%	1.10%	3.68%	-25.10%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	167.20%	5,970.95%	-142.66%	-90.56%
Invested Capital Q/Q Growth	0.00%	0.00%	167.76%	-478.94%	-204.79%	214.61%	-141.33%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	16.47%	16.60%	16.03%	22.88%	25.39%	29.18%	29.37%
EBITDA Margin	-8.74%	-0.70%	-5.68%	2.05%	4.38%	4.17%	4.37%
Operating Margin	-10.23%	-4.31%	-8.12%	-0.54%	1.94%	1.44%	1.37%
EBIT Margin	-9.87%	-3.06%	-8.18%	-0.58%	1.86%	1.31%	1.40%
Profit (Net Income) Margin	-11.11%	-3.87%	-8.38%	-0.45%	5.58%	0.51%	0.62%
Tax Burden Percent	99.97%	100.06%	100.06%	98.92%	232.88%	32.56%	35.85%
Interest Burden Percent	112.56%	126.43%	102.39%	78.15%	128.63%	119.14%	123.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-132.88%	86.05%	64.15%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-271.89%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-271.29%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	267.88%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	76.78%	-196.22%	-4.01%	41.73%	3.72%	4.86%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-444.32%	0.00%	0.00%	-508.98%	0.00%
Operating Return on Assets (OROA)	0.00%	-7.22%	-21.97%	-1.31%	3.97%	2.77%	2.92%
Return on Assets (ROA)	0.00%	-9.14%	-22.51%	-1.01%	11.90%	1.07%	1.29%
Return on Common Equity (ROCE)	0.00%	517.85%	236.17%	-4.01%	41.63%	3.68%	4.82%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.38%	-70.91%	-3.81%	33.26%	3.75%	0.00%
Net Operating Profit after Tax (NOPAT)	-449	-361	-1,046	-78	1,102	61	170
NOPAT Margin	-7.16%	-3.02%	-5.68%	-0.38%	4.52%	0.20%	0.49%
Net Nonoperating Expense Percent (NNEP)	0.00%	-764.93%	-57.95%	-0.60%	6.96%	2.15%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-2.41%	21.59%	1.00%	2.72%
Cost of Revenue to Revenue	83.53%	83.40%	83.97%	77.12%	74.61%	70.82%	70.63%
SG&A Expenses to Revenue	26.70%	20.91%	24.15%	23.43%	23.45%	27.74%	28.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.70%	20.91%	24.15%	23.43%	23.45%	27.74%	28.00%
Earnings before Interest and Taxes (EBIT)	-619	-366	-1,506	-119	454	397	484
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-548	-84	-1,046	422	1,067	1,262	1,508
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	23.65	10.79	7.08	9.64	9.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	23.65	10.79	7.14	10.32	9.72
Price to Revenue (P/Rev)	0.73	0.38	2.80	1.27	1.19	1.31	1.25
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	21.28	256.75	207.17
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.70%	0.39%	0.48%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	102.27	0.00	0.00	348.41	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.67	2.70	1.13	1.00	1.17	1.11
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	54.97	22.85	28.16	25.39
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	53.69	89.52	79.10
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	22.13	584.15	225.81
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	26.51	0.00	41.06	9.19	18.84	21.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	29.75	0.00	27.71	21.19	0.00	1,253.20
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-2.28	0.97	0.35	0.25	0.47	0.35
Long-Term Debt to Equity	0.00	-1.56	0.68	0.22	0.13	0.24	0.14
Financial Leverage	0.00	0.04	-1.09	-0.99	-1.14	-1.05	-1.06
Leverage Ratio	0.00	-8.40	8.72	3.96	3.51	3.46	3.76
Compound Leverage Factor	0.00	-10.62	8.93	3.09	4.51	4.13	4.64
Debt to Total Capital	0.00%	178.20%	49.36%	25.86%	19.81%	31.88%	25.81%
Short-Term Debt to Total Capital	0.00%	55.93%	14.81%	9.34%	9.48%	15.77%	15.41%
Long-Term Debt to Total Capital	0.00%	122.27%	34.55%	16.52%	10.34%	16.11%	10.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	449.27%	0.00%	0.00%	0.29%	1.21%	0.00%
Common Equity to Total Capital	0.00%	-527.47%	50.64%	74.14%	79.89%	66.91%	74.19%
Debt to EBITDA	0.00	-16.40	-2.03	2.00	0.95	1.55	1.07
Net Debt to EBITDA	0.00	0.26	1.61	-6.74	-4.29	-3.23	-3.19
Long-Term Debt to EBITDA	0.00	-11.25	-1.42	1.27	0.50	0.78	0.43
Debt to NOPAT	0.00	-3.81	-2.03	-10.74	0.92	32.13	9.48
Net Debt to NOPAT	0.00	0.06	1.61	36.26	-4.16	-66.98	-28.33
Long-Term Debt to NOPAT	0.00	-2.61	-1.42	-6.86	0.48	16.24	3.82
Altman Z-Score	0.00	1.26	5.54	3.57	3.44	3.90	3.70
Noncontrolling Interest Sharing Ratio	0.00%	-574.49%	220.36%	0.00%	0.23%	1.07%	0.84%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.76	1.19	1.15	1.14	1.17	1.04
Quick Ratio	0.00	0.35	0.77	0.73	0.80	0.81	0.71
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	269	-2,162	837	1,151	-519	31
Operating Cash Flow to CapEx	-145.53%	62.29%	-61.16%	69.67%	302.39%	216.78%	142.30%
Free Cash Flow to Firm to Interest Expense	0.00	2.49	-48.05	31.01	23.97	-3.71	0.36
Operating Cash Flow to Interest Expense	-3.22	2.80	-9.13	20.93	55.25	13.47	20.62
Operating Cash Flow Less CapEx to Interest Expense	-5.43	-1.69	-24.07	-9.11	36.98	7.26	6.13
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	2.36	2.69	2.27	2.13	2.11	2.08
Accounts Receivable Turnover	0.00	167.95	149.27	114.56	97.92	83.96	89.70
Inventory Turnover	0.00	8.60	11.97	10.31	10.95	11.39	11.20
Fixed Asset Turnover	0.00	0.00	0.00	0.00	11.38	11.47	10.57
Accounts Payable Turnover	0.00	3.43	4.87	4.49	4.17	4.02	4.12
Days Sales Outstanding (DSO)	0.00	2.17	2.45	3.19	3.73	4.35	4.07
Days Inventory Outstanding (DIO)	0.00	42.46	30.50	35.40	33.33	32.05	32.58
Days Payable Outstanding (DPO)	0.00	106.34	74.99	81.23	87.48	90.69	88.67
Cash Conversion Cycle (CCC)	0.00	-61.70	-42.05	-42.65	-50.42	-54.29	-52.02
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-630	487	-429	-478	102	-181
Invested Capital Turnover	0.00	-38.00	-257.00	713.81	-53.77	-161.00	-137.86
Increase / (Decrease) in Invested Capital	0.00	-630	1,117	-916	-49	580	139
Enterprise Value (EV)	0.00	7,994	49,771	23,198	24,377	35,538	38,287
Market Capitalization	4,550	4,550	51,457	26,041	28,944	39,539	43,091
Book Value per Share	$0.00	($140.25)	$1.24	$1.36	$2.29	$2.28	$2.53
Tangible Book Value per Share	$0.00	($140.39)	$1.24	$1.36	$2.27	$2.13	$2.43
Total Capital	0.00	771	4,297	3,256	5,118	6,132	6,231
Total Debt	0.00	1,375	2,121	842	1,014	1,955	1,608
Total Long-Term Debt	0.00	943	1,484	538	529	988	648
Net Debt	0.00	-22	-1,686	-2,843	-4,582	-4,075	-4,804
Capital Expenditures (CapEx)	214	484	672	811	877	870	1,246
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1,857	-2,278	-2,614	-4,164	-3,785	-5,118
Debt-free Net Working Capital (DFNWC)	0.00	-461	1,529	1,071	1,432	2,245	1,294
Net Working Capital (NWC)	0.00	-892	893	767	947	1,278	334
Net Nonoperating Expense (NNE)	248	102	497	14	-258	-93	-44
Net Nonoperating Obligations (NNO)	0.00	-27	-1,689	-2,843	-4,582	-4,075	-4,804
Total Depreciation and Amortization (D&A)	71	282	460	541	613	865	1,024
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-15.52%	-12.38%	-12.70%	-17.08%	-12.51%	-14.82%
Debt-free Net Working Capital to Revenue	0.00%	-3.85%	8.31%	5.20%	5.87%	7.42%	3.75%
Net Working Capital to Revenue	0.00%	-7.45%	4.85%	3.73%	3.88%	4.22%	0.97%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.08)	($0.05)	$0.76	$0.09	$0.11
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.42B	1.76B	1.78B	1.79B	1.82B
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.08)	($0.05)	$0.75	$0.08	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.42B	1.76B	1.80B	1.83B	1.86B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.76B	1.77B	1.79B	1.81B	1.83B
Normalized Net Operating Profit after Tax (NOPAT)	-449	-361	-1,046	-78	331	305	331
Normalized NOPAT Margin	-7.16%	-3.02%	-5.68%	-0.38%	1.36%	1.01%	0.96%
Pre Tax Income Margin	-11.11%	-3.87%	-8.38%	-0.45%	2.40%	1.56%	1.73%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.39	-3.40	-33.47	-4.41	9.46	2.84	5.63
NOPAT to Interest Expense	-4.64	-3.35	-23.24	-2.90	22.95	0.43	1.97
EBIT Less CapEx to Interest Expense	-8.60	-7.89	-48.40	-34.44	-8.81	-3.38	-8.86
NOPAT Less CapEx to Interest Expense	-6.85	-7.84	-38.17	-32.94	4.68	-5.78	-12.52
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-16.45%	-20.95%	-0.78%	0.00%	0.00%	115.58%	113.55%

This table displays calculated financial ratios and metrics derived from Coupang's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,828,191,556.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,828,191,556.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.22%	23.14%	22.63%	25.44%	27.20%	21.42%	11.16%	16.40%	17.81%	10.92%	7.54%
EBITDA Growth	6.53%	42.69%	-49.19%	-67.60%	45.49%	64.88%	86.90%	106.47%	17.99%	-46.25%	-100.00%
EBIT Growth	-9.75%	78.52%	-69.00%	-109.15%	41.25%	101.52%	512.90%	1,392.31%	19.47%	-103.38%	-250.53%
NOPAT Growth	-4.88%	758.23%	-120.72%	597.23%	-22.79%	-81.24%	599.52%	-97.28%	76.49%	-106.45%	-308.42%
Net Income Growth	0.35%	911.69%	-126.37%	-172.41%	-29.67%	-78.80%	575.00%	129.52%	48.44%	-119.85%	-333.33%
EPS Growth	0.00%	850.00%	-100.00%	-150.00%	-20.00%	-85.96%	0.00%	150.00%	25.00%	-125.00%	-350.00%
Operating Cash Flow Growth	1,141.32%	4.99%	-57.68%	-19.02%	-53.74%	11.00%	66.98%	-17.92%	137.13%	-87.87%	-48.02%
Free Cash Flow Firm Growth	63.86%	-17.57%	118.58%	318.50%	317.86%	-152.24%	278.37%	-93.48%	-86.74%	-1,190.31%	-126.73%
Invested Capital Growth	302.92%	-11.42%	-30.63%	-139.45%	-119.51%	121.34%	-142.26%	-34.23%	15.73%	43.44%	29.22%
Revenue Q/Q Growth	5.93%	6.08%	8.44%	2.94%	7.42%	1.26%	-0.72%	7.79%	8.72%	-4.66%	-3.75%
EBITDA Q/Q Growth	-18.82%	28.33%	-57.94%	-26.19%	264.52%	45.43%	-13.18%	-3.04%	-3.61%	-33.75%	-100.00%
EBIT Q/Q Growth	-43.66%	65.00%	-76.57%	-141.94%	969.23%	135.40%	-28.57%	-11.58%	-19.64%	-106.67%	-3,077.78%
NOPAT Q/Q Growth	-45.46%	1,040.71%	-102.08%	5,477.60%	-93.96%	177.20%	-44.52%	-70.71%	291.75%	-110.14%	-1,691.73%
Net Income Q/Q Growth	-37.24%	1,035.16%	-102.32%	-337.50%	160.95%	242.19%	-47.95%	-72.81%	206.45%	-127.37%	-923.08%
EPS Q/Q Growth	-37.50%	1,040.00%	-100.00%	0.00%	200.00%	100.00%	-25.00%	-66.67%	150.00%	-140.00%	-650.00%
Operating Cash Flow Q/Q Growth	-11.95%	-15.65%	-65.21%	213.21%	-49.70%	102.40%	-47.63%	53.95%	45.32%	-89.65%	124.39%
Free Cash Flow Firm Q/Q Growth	68.90%	402.29%	-71.40%	711.34%	-68.99%	-172.49%	307.44%	-86.01%	-36.99%	-287.27%	-61.94%
Invested Capital Q/Q Growth	-39.61%	-204.79%	220.29%	-151.83%	70.13%	214.61%	-338.24%	-64.61%	81.25%	-141.33%	4.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.32%	25.61%	27.12%	29.25%	28.85%	31.27%	29.29%	30.04%	29.35%	28.79%	27.01%
EBITDA Margin	3.77%	4.56%	1.77%	1.27%	4.31%	6.19%	5.41%	4.87%	4.32%	3.00%	0.00%
Operating Margin	1.42%	1.98%	0.56%	-0.34%	1.39%	3.92%	1.95%	1.75%	1.75%	0.09%	-2.85%
EBIT Margin	1.29%	2.01%	0.44%	-0.18%	1.44%	3.34%	2.40%	1.97%	1.46%	-0.10%	-3.36%
Profit (Net Income) Margin	1.47%	15.75%	-0.34%	-1.43%	0.81%	2.75%	1.44%	0.36%	1.03%	-0.29%	-3.13%
Tax Burden Percent	77.78%	600.58%	-40.68%	-3,500.00%	48.48%	78.49%	52.78%	15.98%	57.58%	-118.18%	104.31%
Interest Burden Percent	146.25%	130.30%	190.32%	-23.08%	116.81%	104.89%	113.68%	115.48%	122.22%	-244.44%	89.16%
Effective Tax Rate	22.22%	-500.58%	140.68%	3,600.00%	51.52%	53.05%	47.22%	84.02%	42.42%	218.18%	0.00%
Return on Invested Capital (ROIC)	90.01%	0.00%	-8.37%	1,420.36%	105.64%	0.00%	192.32%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	89.01%	0.00%	-8.08%	1,451.64%	105.31%	0.00%	191.53%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-79.07%	0.00%	6.40%	-1,352.89%	-99.94%	0.00%	-184.13%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	10.93%	41.73%	-1.97%	67.47%	5.69%	3.72%	8.19%	9.92%	10.18%	4.86%	-3.99%
Cash Return on Invested Capital (CROIC)	6.66%	0.00%	174.92%	0.00%	0.00%	-508.98%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.04%	4.29%	0.91%	-0.37%	2.97%	7.05%	4.83%	3.85%	2.80%	-0.21%	-7.08%
Return on Assets (ROA)	3.46%	33.59%	-0.70%	-3.01%	1.68%	5.80%	2.90%	0.71%	1.97%	-0.61%	-6.58%
Return on Common Equity (ROCE)	10.93%	41.63%	-1.93%	66.55%	5.62%	3.68%	8.05%	9.81%	10.08%	4.82%	-3.97%
Return on Equity Simple (ROE_SIMPLE)	14.65%	0.00%	30.52%	25.80%	23.11%	0.00%	6.68%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	68	781	-16	875	53	146	81	24	93	-9.45	-169
NOPAT Margin	1.11%	11.90%	-0.23%	11.95%	0.67%	1.84%	1.03%	0.28%	1.01%	-0.11%	-1.99%
Net Nonoperating Expense Percent (NNEP)	1.00%	6.79%	-0.29%	-31.28%	0.33%	1.68%	0.79%	0.15%	0.04%	-0.36%	-2.21%
Return On Investment Capital (ROIC_SIMPLE)	-	15.30%	-	-	-	2.42%	1.37%	0.37%	1.29%	-0.15%	-2.72%
Cost of Revenue to Revenue	74.68%	74.39%	72.88%	70.75%	71.15%	68.73%	70.71%	69.96%	70.65%	71.21%	72.99%
SG&A Expenses to Revenue	23.90%	23.63%	26.55%	29.59%	27.46%	27.36%	27.34%	28.30%	27.60%	28.70%	29.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.90%	23.63%	26.55%	29.59%	27.46%	27.36%	27.34%	28.30%	27.60%	28.70%	29.86%
Earnings before Interest and Taxes (EBIT)	80	132	31	-13	113	266	190	168	135	-9.00	-286
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	233	299	126	93	339	493	428	415	400	265	0.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.36	7.08	7.80	9.71	10.51	9.64	9.06	11.61	12.38	9.32	8.78
Price to Tangible Book Value (P/TBV)	10.36	7.14	8.53	10.59	11.34	10.32	9.52	12.16	12.93	9.72	9.20
Price to Revenue (P/Rev)	1.31	1.19	1.24	1.38	1.53	1.31	1.27	1.69	1.74	1.25	0.98
Price to Earnings (P/E)	70.67	21.28	24.96	35.61	42.71	256.75	154.67	149.03	150.52	207.17	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.42%	4.70%	4.01%	2.81%	2.34%	0.39%	0.65%	0.67%	0.66%	0.48%	0.00%
Enterprise Value to Invested Capital (EV/IC)	61.06	0.00	49.22	0.00	0.00	348.41	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.20	1.00	1.10	1.23	1.38	1.17	1.13	1.53	1.60	1.11	0.87
Enterprise Value to EBITDA (EV/EBITDA)	28.49	22.85	40.96	34.62	37.23	28.16	23.94	29.44	31.04	25.39	28.16
Enterprise Value to EBIT (EV/EBIT)	70.35	53.69	73.51	144.80	151.17	89.52	62.91	66.91	71.00	79.10	3,801.78
Enterprise Value to NOPAT (EV/NOPAT)	76.97	22.13	29.06	50.42	59.18	584.15	196.41	164.46	159.64	225.81	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.62	9.19	11.98	15.09	21.86	18.84	17.25	25.83	22.77	21.59	18.97
Enterprise Value to Free Cash Flow (EV/FCFF)	1,469.78	21.19	23.05	19.43	32.67	0.00	35.12	122.72	166.55	1,253.20	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.95	0.25	0.46	0.39	0.37	0.47	0.35	0.39	0.53	0.35	0.58
Long-Term Debt to Equity	0.62	0.13	0.25	0.27	0.28	0.24	0.23	0.18	0.13	0.14	0.16
Financial Leverage	-0.89	-1.14	-0.79	-0.93	-0.95	-1.05	-0.96	-1.08	-1.02	-1.06	-1.05
Leverage Ratio	3.86	3.51	3.65	3.85	3.87	3.46	3.60	3.83	3.88	3.76	4.01
Compound Leverage Factor	5.65	4.57	6.94	-0.89	4.52	3.63	4.09	4.42	4.75	-9.20	3.57
Debt to Total Capital	48.78%	19.81%	31.70%	28.17%	27.16%	31.88%	26.16%	27.80%	34.60%	25.81%	36.81%
Short-Term Debt to Total Capital	16.89%	9.48%	14.43%	9.12%	6.83%	15.77%	9.34%	14.70%	26.07%	15.41%	26.89%
Long-Term Debt to Total Capital	31.89%	10.34%	17.27%	19.05%	20.33%	16.11%	16.82%	13.10%	8.53%	10.40%	9.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.29%	1.95%	1.66%	1.50%	1.21%	0.44%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.22%	79.89%	66.35%	70.17%	71.34%	66.91%	73.41%	72.20%	65.40%	74.19%	63.19%
Debt to EBITDA	2.85	0.95	2.82	1.61	1.49	1.55	1.07	1.08	1.44	1.07	2.12
Net Debt to EBITDA	-2.53	-4.29	-5.24	-4.41	-4.09	-3.23	-3.18	-3.04	-2.77	-3.19	-3.80
Long-Term Debt to EBITDA	1.86	0.50	1.54	1.09	1.12	0.78	0.69	0.51	0.36	0.43	0.57
Debt to NOPAT	7.71	0.92	2.00	2.34	2.37	32.13	8.75	6.02	7.43	9.48	-22.56
Net Debt to NOPAT	-6.82	-4.16	-3.72	-6.43	-6.50	-66.98	-26.06	-16.96	-14.27	-28.33	40.44
Long-Term Debt to NOPAT	5.04	0.48	1.09	1.59	1.78	16.24	5.63	2.83	1.83	3.82	-6.08
Altman Z-Score	3.57	3.36	3.18	3.45	3.68	3.87	3.77	4.06	4.10	3.61	3.14
Noncontrolling Interest Sharing Ratio	0.00%	0.23%	1.78%	1.35%	1.22%	1.07%	1.70%	1.05%	0.98%	0.84%	0.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.14	1.14	1.15	1.12	1.13	1.17	1.16	1.09	1.06	1.04	0.97
Quick Ratio	0.79	0.80	0.78	0.77	0.77	0.81	0.83	0.78	0.75	0.71	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-274	830	238	1,928	598	-434	899	126	79	-148	-240
Operating Cash Flow to CapEx	390.27%	268.28%	201.90%	377.27%	88.83%	317.37%	148.74%	182.89%	226.29%	22.78%	62.59%
Free Cash Flow to Firm to Interest Expense	-21.11	59.27	8.80	52.12	16.61	-10.84	39.10	5.03	3.60	-9.28	-18.49
Operating Cash Flow to Interest Expense	55.54	43.50	7.85	17.95	9.28	16.90	15.39	21.80	36.00	5.13	14.15
Operating Cash Flow Less CapEx to Interest Expense	41.31	27.29	3.96	13.19	-1.17	11.58	5.04	9.88	20.09	-17.38	-8.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.35	2.13	2.08	2.10	2.07	2.11	2.01	1.95	1.92	2.08	2.10
Accounts Receivable Turnover	101.87	97.92	70.60	79.26	71.97	83.96	57.26	61.69	73.99	89.70	84.14
Inventory Turnover	11.40	10.95	10.54	11.17	10.91	11.39	10.96	10.58	10.10	11.20	12.24
Fixed Asset Turnover	12.38	11.38	11.90	11.61	11.11	11.47	11.37	10.78	10.35	10.57	10.67
Accounts Payable Turnover	4.60	4.17	4.20	4.10	3.96	4.02	3.95	3.74	3.71	4.12	4.29
Days Sales Outstanding (DSO)	3.58	3.73	5.17	4.61	5.07	4.35	6.37	5.92	4.93	4.07	4.34
Days Inventory Outstanding (DIO)	32.03	33.33	34.63	32.68	33.46	32.05	33.31	34.50	36.13	32.58	29.82
Days Payable Outstanding (DPO)	79.43	87.48	86.99	89.10	92.07	90.69	92.50	97.66	98.26	88.67	85.14
Cash Conversion Cycle (CCC)	-43.82	-50.42	-47.19	-51.81	-53.54	-54.29	-52.82	-57.25	-57.20	-52.02	-50.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	456	-478	575	-298	-89	102	-243	-400	-75	-181	-172
Invested Capital Turnover	81.32	-53.77	36.61	118.87	157.23	-161.00	187.12	-92.44	-410.54	-137.86	-169.30
Increase / (Decrease) in Invested Capital	343	-49	-254	-1,053	-545	580	-818	-102	14	139	71
Enterprise Value (EV)	27,854	24,377	28,301	33,304	39,757	35,538	34,979	49,311	53,887	38,287	30,414
Market Capitalization	30,324	28,944	31,805	37,458	44,035	39,539	39,594	54,396	58,703	43,091	34,516
Book Value per Share	$1.64	$2.29	$2.27	$2.16	$2.34	$2.28	$2.42	$2.58	$2.60	$2.53	$2.15
Tangible Book Value per Share	$1.64	$2.27	$2.08	$1.98	$2.16	$2.13	$2.30	$2.46	$2.49	$2.43	$2.05
Total Capital	5,717	5,118	6,148	5,495	5,872	6,132	5,956	6,489	7,249	6,231	6,219
Total Debt	2,788	1,014	1,949	1,548	1,595	1,955	1,558	1,804	2,508	1,608	2,289
Total Long-Term Debt	1,823	529	1,062	1,047	1,194	988	1,002	850	618	648	617
Net Debt	-2,470	-4,582	-3,624	-4,245	-4,366	-4,075	-4,641	-5,085	-4,816	-4,804	-4,102
Capital Expenditures (CapEx)	185	227	105	176	376	213	238	298	350	360	294
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,369	-4,164	-3,552	-4,341	-4,533	-3,785	-4,348	-5,128	-4,821	-5,118	-4,979
Debt-free Net Working Capital (DFNWC)	1,889	1,432	2,021	1,452	1,428	2,245	1,851	1,761	2,503	1,294	1,412
Net Working Capital (NWC)	924	947	1,134	951	1,027	1,278	1,295	807	613	334	-260
Net Nonoperating Expense (NNE)	-23	-252	7.73	980	-11	-73	-33	-7.19	-1.73	17	97
Net Nonoperating Obligations (NNO)	-2,472	-4,582	-3,624	-4,245	-4,366	-4,075	-4,641	-5,085	-4,816	-4,804	-4,102
Total Depreciation and Amortization (D&A)	153	167	95	106	226	227	238	247	265	274	286
Debt-free, Cash-free Net Working Capital to Revenue	-14.55%	-17.08%	-13.82%	-15.97%	-15.71%	-12.51%	-14.00%	-15.89%	-14.32%	-14.82%	-14.17%
Debt-free Net Working Capital to Revenue	8.16%	5.87%	7.87%	5.34%	4.95%	7.42%	5.96%	5.46%	7.44%	3.75%	4.02%
Net Working Capital to Revenue	3.99%	3.88%	4.41%	3.50%	3.56%	4.22%	4.17%	2.50%	1.82%	0.97%	-0.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.58	$0.00	($0.04)	$0.04	$0.09	$0.06	$0.02	$0.05	($0.02)	($0.15)
Adjusted Weighted Average Basic Shares Outstanding	1.78B	1.78B	1.79B	1.79B	1.80B	1.79B	1.81B	1.82B	1.82B	1.82B	1.83B
Adjusted Diluted Earnings per Share	$0.05	$0.57	$0.00	($0.04)	$0.04	$0.08	$0.06	$0.02	$0.05	($0.02)	($0.15)
Adjusted Weighted Average Diluted Shares Outstanding	1.81B	1.80B	1.82B	1.79B	1.83B	1.83B	1.84B	1.86B	1.86B	1.86B	1.83B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.79B	1.79B	1.79B	1.79B	1.80B	1.81B	1.82B	1.82B	1.83B	1.83B	1.80B
Normalized Net Operating Profit after Tax (NOPAT)	68	91	28	-18	76	218	81	104	93	5.60	-169
Normalized NOPAT Margin	1.11%	1.39%	0.39%	-0.24%	0.97%	2.74%	1.03%	1.22%	1.01%	0.06%	-1.99%
Pre Tax Income Margin	1.89%	2.62%	0.83%	0.04%	1.68%	3.50%	2.73%	2.28%	1.78%	0.25%	-3.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.15	9.43	1.15	-0.35	3.14	6.65	8.26	6.72	6.14	-0.56	-22.00
NOPAT to Interest Expense	5.27	55.77	-0.60	23.65	1.47	3.66	3.53	0.95	4.24	-0.59	-13.03
EBIT Less CapEx to Interest Expense	-8.08	-6.79	-2.74	-5.11	-7.31	1.33	-2.09	-5.20	-9.77	-23.06	-44.62
NOPAT Less CapEx to Interest Expense	-8.97	39.55	-4.49	18.89	-8.98	-1.66	-6.81	-10.97	-11.67	-23.09	-35.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	17.89%	18.39%	115.58%	0.00%	0.00%	17.65%	113.55%	-381.93%

Financials Breakdown Chart

Key Financial Trends

Here's a concise, data-driven look at Coupang's performance across the last four years, using quarterly income statements, balance sheets, and cash flow data (CPNG). The focus is on trends in revenue, margins, cash flow, and leverage that may matter to retail investors.

Revenue growth with a higher absolute level: Total revenue rose from about $5.3B in 2022 to $8.8B in 2025 Q4, with 2025 quarterly cycles showing continued year-over-year expansion (peak around $9.27B in Q3 2025).
Solid gross margins maintained: Gross margin has stayed in the high-20% range (roughly 25–30%), with Q3 2025 at about 29% (2.72B gross profit on $9.27B revenue) and Q4 2025 near the same band.
Operating cash flow turning consistently positive in 2025: Net cash from continuing operating activities was positive in every 2025 quarter (e.g., Q1 ~$354M, Q2 ~$545M, Q3 ~$792M, Q4 ~$82M), signaling ongoing cash generation from core operations.
Strong liquidity on the balance sheet: Cash and equivalents hovered around $6–7B in 2025, with about $7.2B reported in Q3 2025, providing ample liquidity to fund operations and capex.
Earnings per share and per-share metrics show variability: Q1 2025 and Q3 2025 delivered positive earnings per share (roughly $0.05–$0.06), while Q4 2025 slipped to about -$0.02 per share, reflecting quarterly swings in profitability.
Liquidity metrics are roughly balanced: Current assets (~$10.8–11.0B in mid-2025) vs. current liabilities (~$9.0–11.0B) yield a current ratio around 1.0–1.1x, indicating modest liquidity headroom but adequate for short-term needs.
Leverage remains notable but within a manageable band: Total liabilities around $13.9B and total equity near $4.7B in 2025 Q3 suggest a debt-to-equity profile approaching 3x, which is a consideration for risk-aware investors.
Debt mix and interest costs are meaningful: Short-term debt around $1.89B and long-term debt around $618M (as of 2025 Q3) contribute to ongoing interest expense, a factor for profit dynamics and cash flow.
Net income can flip to a small loss: In 2025 Q4, Net Income attributable to common shareholders fell to about -$26M despite robust revenue, highlighting quarterly profitability volatility partly due to tax and expense dynamics.
Cash flow from investing and financing pressures cash balance: Q4 2025 saw a large net cash outflow driven by investing and financing activities (net change in cash around -$912M), despite positive operating cash flow. This indicates ongoing CAPEX and funding needs ahead of continued growth.

Takeaways for investors:

- Coupang has demonstrated meaningful revenue growth and resilient gross margins over the period, complemented by improving operating cash flow in 2025.

- A sizable cash cushion remains, which supports near-term liquidity and capex needs, but the company carries a substantial liability load and periodic net income volatility.

- The balance sheet shows a debt-heavy but manageable structure, with significant working capital considerations and ongoing financing activity that investors may want to monitor going forward.

05/24/26 01:07 PM ETAI Generated. May Contain Errors.

Coupang Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Coupang's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Coupang's net income appears to be on a downward trend, with a most recent value of $214 million in 2025, falling from -$696.89 million in 2019. The previous period was $66 million in 2024. See where experts think Coupang is headed by visiting Coupang's forecast page.

Coupang's total operating income in 2025 was $473 million, based on the following breakdown:

Total Gross Profit: $10.14 billion
Total Operating Expenses: $9.67 billion

Over the last 6 years, Coupang's total revenue changed from $6.27 billion in 2019 to $34.53 billion in 2025, a change of 450.5%.

Coupang's total liabilities were at $13.16 billion at the end of 2025, a 17.9% increase from 2024, and a 132.1% increase since 2020.

In the past 5 years, Coupang's cash and equivalents has ranged from $1.25 billion in 2020 to $6.32 billion in 2025, and is currently $6.32 billion as of their latest financial filing in 2025.

Over the last 6 years, Coupang's book value per share changed from 0.00 in 2019 to 2.53 in 2025, a change of 253.1%.

Related Companies

Financial statements for NYSE:CPNG last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Coupang (CPNG) Financials

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Coupang (CPNG) Financials

Annual Income Statements for Coupang

Quarterly Income Statements for Coupang

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Quarterly Cash Flow Statements for Coupang

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Quarterly Metrics And Ratios for Coupang

Financials Breakdown Chart

Key Financial Trends

Coupang Financials - Frequently Asked Questions

When does Coupang's financial year end?

How has Coupang's net income changed over the last 6 years?

What is Coupang's operating income?

How has Coupang's revenue changed over the last 6 years?

How much debt does Coupang have?

How much cash does Coupang have?

How has Coupang's book value per share changed over the last 6 years?

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