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CPNG

Coupang, Inc.

CPNG

Coupang, Inc. • NYSE
$28.16 ▲ 0.97% (+0.27)
Market Cap $51.43 B
52w High $34.08
52w Low $19.02
Dividend Yield 0%
P/E 134.1
Volume 5.02M
Outstanding Shares 1.83B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.267B ▲ $2.558B ▲ $95M ▲ 1.025% ▲ $0.05 ▲ $320M ▼
Q2-2025 $8.524B ▲ $2.412B ▲ $32M ▼ 0.375% ▼ $0.018 ▼ $345M ▼
Q1-2025 $7.908B ▼ $2.162B ▼ $107M ▼ 1.353% ▼ $0.06 ▼ $361M ▼
Q4-2024 $7.965B ▲ $2.179B ▲ $156M ▲ 1.959% ▲ $0.087 ▲ $439M ▲
Q3-2024 $7.866B $2.16B $70M 0.89% $0.04 $280M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.229B ▲ $18.668B ▲ $13.927B ▲ $4.741B ▲
Q2-2025 $6.796B ▲ $17.831B ▲ $13.146B ▲ $4.685B ▲
Q1-2025 $6.113B ▲ $15.986B ▲ $11.588B ▲ $4.372B ▲
Q4-2024 $5.879B ▲ $15.344B ▼ $11.242B ▼ $4.103B ▼
Q3-2024 $5.822B $16.342B $12.065B $4.189B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $95M ▲ $807.579M ▲ $-373.269M ▼ $154.944M ▲ $435M ▼ $447.537M ▲
Q2-2025 $31M ▼ $545M ▲ $-299M ▼ $92M ▲ $689M ▲ $246M ▲
Q1-2025 $114M ▼ $354M ▼ $-213M ▼ $16M ▼ $169M ▲ $115M ▼
Q4-2024 $131M ▲ $676M ▲ $-141M ▲ $20M ▲ $69M ▼ $462M ▲
Q3-2024 $64M $334M $-383M $-9M $168M $-46M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $11.83Bn ▲$6.09Bn ▼$6.51Bn ▲$7.08Bn ▲
Service Other
Service Other
 $420.00M ▲$260.00M ▼$260.00M ▲$290.00M ▲
ThirdParty Merchant Services
ThirdParty Merchant Services
 $3.03Bn ▲$1.56Bn ▼$1.75Bn ▲$1.89Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Coupang has shifted from a period of heavy losses to being consistently profitable at the operating level in the last couple of years. Revenue has grown strongly every year, and gross profit has risen even faster, suggesting better margins from scale and efficiency. That said, net income has been uneven, with one standout year and then a step down, which hints at some one‑off benefits and still‐developing, not yet fully stable, profitability. Overall, the business model is proving it can make money, but earnings are still in an early, potentially volatile phase.

Balance Sheet

Balance Sheet The balance sheet looks much stronger than it did a few years ago. Cash has grown to a level that comfortably covers the company’s debt, giving Coupang flexibility to keep investing even in a weaker environment. Total assets have expanded steadily as the company has built out logistics and technology infrastructure, while shareholder equity has moved from negative to clearly positive territory. In plain terms, the financial foundation is now solid, though the asset base is capital‑intensive and must keep earning its cost over time.

Cash Flow

Cash Flow Coupang has made a clear transition from burning cash to generating it. Operating cash flow has improved markedly over the five‑year span, turning from negative to solidly positive as the core business matured. After funding capital spending, free cash flow is now positive as well, which means the company can largely fund its own growth without relying heavily on outside financing. Capital investments remain meaningful, but they are no longer overwhelming the cash produced by the business.

Competitive Edge

Competitive Edge Coupang holds a very strong position in South Korea’s e‑commerce market, anchored by its dense logistics network and ultra‑fast delivery promise. Its membership program, grocery, food delivery, and streaming offerings deepen customer loyalty and make it harder for rivals to lure users away. This creates a powerful ecosystem effect, similar in concept to other global e‑commerce leaders, but tuned to local preferences. Key risks include aggressive competition, pressure on pricing and margins, and the challenge of replicating its success in international markets where its brand and infrastructure are less established.

Innovation and R&D

Innovation and R&D The company is highly technology‑driven, with heavy emphasis on automation, AI‑powered logistics, and a tightly integrated fulfillment network. It continues to layer on new services—such as grocery, food delivery, streaming, payments, and potentially cloud and fintech—using its core logistics and data capabilities as a backbone. Experiments with robotics, digital twins, and AI‑driven customer tools suggest an ongoing commitment to operational innovation and customer experience. The flip side is execution risk: many of these initiatives are long‑term bets that require continued spending and may not all pay off equally well.

Summary

Coupang has evolved from a fast‑growing but loss‑making e‑commerce player into a business that now shows consistent operating profits and healthy cash generation. Its balance sheet and cash flows give it room to keep investing, while its logistics network and membership ecosystem form a strong competitive moat in its home market. The company’s strategy leans heavily on technology and service expansion, which offers significant growth potential but also brings complexity and execution risk. Overall, the story is one of a scaled platform that has crossed an important financial turning point, yet is still in the process of proving how durable and stable its profitability can be over time.

NEWS

November 4, 2025 · 4:05 PM UTC

Coupang Announces Results for Third Quarter 2025

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October 28, 2025 · 9:42 PM UTC

U.S. Technology Company Coupang Presents Its Vision to Accelerate AI-driven Commerce at the APEC CEO Summit

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October 21, 2025 · 4:05 PM UTC

Coupang to Announce Third Quarter 2025 Results on November 4, 2025

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October 21, 2025 · 9:29 AM UTC

Coupang Named Official APEC PR Partner, Delivering Messages of Support in South Korea Through Rocket Delivery

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September 24, 2025 · 9:00 AM UTC

Coupang Powers Lemme's Expansion Into South Korea, Bringing U.S. Wellness Brand to Millions of New Customers

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