Coupang
CPNG · NYSERetail-Catalog & Mail-Order Houses · Fiscal year ends Dec 31
Coupang reported revenue of $34.5B in the fiscal year ended Dec 2025, up 14.1% from the year before. Operating income was $473M, an operating margin of 1.4%, and net income was $208M. Operating cash flow of $1.8B less capital expenditure of $1.3B left free cash flow of $522M. It held more cash than debt (net cash $5.7B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $20.6B | $24.4B | $30.3B | $34.5B |
| Cost of revenue | $15.5B | $15.9B | $18.2B | $21.4B | $24.4B |
| Gross profit | $3B | $4.7B | $6.2B | $8.8B | $10.1B |
| Operating income | −$1.5B | −$112M | $473M | $436M | $473M |
| Interest expense | $45M | $27M | $48M | $140M | $86M |
| Pre-tax income | −$1.5B | −$93M | $584M | $473M | $597M |
| Income tax | $1M | −$1M | −$776M | $407M | $383M |
| Net income | −$1.5B | −$92M | $1.4B | $154M | $208M |
| Diluted EPS | −1.08 | −0.05 | 0.75 | 0.08 | 0.11 |
| Diluted shares | 1,424M | 1,765M | 1,803M | 1,826M | 1,855M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $3.5B | $5.2B | $5.9B | $6.3B |
| Receivables | $90M | $64M | $314M | $407M | $363M |
| Inventory | $1.4B | $1.7B | $1.7B | $2.1B | $2.3B |
| Current assets | $5.6B | $5.8B | $7.9B | $9B | $9.7B |
| Net PP&E | $1.3B | $1.8B | $2.5B | $2.8B | $3.7B |
| Goodwill | $10M | – | – | – | – |
| Total assets | $8.6B | $9.5B | $13.3B | $15.3B | $17.8B |
| Payables | $3.4B | $3.6B | $5.1B | $5.6B | $6.3B |
| Deferred revenue | $94M | $92M | $97M | $141M | $188M |
| Current liabilities | $4.7B | $5.1B | $6.9B | $7.7B | $9.4B |
| Short-term debt | $342M | $129M | $203M | $66M | $0 |
| Long-term debt | $283M | $538M | $529M | $988M | $648M |
| Total liabilities | $6.5B | $7.1B | $9.2B | $11.2B | $13.2B |
| Shareholders' equity | $2.2B | $2.4B | $4.1B | $4.1B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$411M | $565M | $2.7B | $1.9B | $1.8B |
| Capital expenditure | $674M | $824M | $896M | $879M | $1.3B |
| Free cash flow | −$1.1B | −$259M | $1.8B | $1B | $522M |
| Depreciation & amortisation | $201M | $231M | $275M | $433M | $517M |
| Stock-based compensation | $249M | $262M | $326M | $433M | $475M |
| Acquisitions | – | $0 | $0 | −$68M | $0 |
| Share buybacks | – | $0 | $0 | $178M | $243M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.8% | 18.5% | 24.1% | 14.1% |
| Operating income growth (YoY) | – | – | – | −7.8% | 8.5% |
| EPS growth (YoY) | – | – | – | −89.3% | 37.5% |
| Gross margin | 16.0% | 22.9% | 25.4% | 29.2% | 29.4% |
| Operating margin | −8.1% | −0.5% | 1.9% | 1.4% | 1.4% |
| Net margin | −8.4% | −0.4% | 5.6% | 0.5% | 0.6% |
| Return on equityBlank when equity is negative | −70.9% | −3.8% | 33.3% | 3.8% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −38.3% | −2.5% | 7.4% | 5.7% | 5.6% |
| Free cash flow margin | −5.9% | −1.3% | 7.2% | 3.3% | 1.5% |
| Cash conversion (CFO ÷ net income) | 0.27x | −6.14x | 1.95x | 12.2x | 8.52x |
| Receivable days | 2 | 1 | 5 | 5 | 4 |
| Inventory days | 34 | 38 | 33 | 36 | 34 |
| Payable days | 81 | 83 | 102 | 95 | 94 |
| Interest cover | −33.2x | −4.15x | 9.85x | 3.11x | 5.50x |
| Debt ÷ equity | 0.29x | 0.28x | 0.18x | 0.26x | 0.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.9B | −$2.8B | −$4.5B | −$4.8B | −$5.7B |
| Current ratio | 1.19x | 1.15x | 1.14x | 1.17x | 1.04x |
Recent filings
More in Retail-Catalog & Mail-Order Houses
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.