Coupang Inc. (CPNG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.29	-$0.09	+69.0%	—	$8.9B	—
Q1 26	-$0.09	-$0.15	-66.7%	—	$8.5B	—
Q4 25	$0.05	-$0.01	-120.0%	—	$8.8B	—
Q3 25	$0.04	$0.05	+25.0%	—	$9.3B	—
Q2 25	$0.05	$0.02	-60.0%	—	$8.5B	—
Q1 25	$0.05	$0.05	0.0%	—	$7.9B	—
Q4 24	$0.01	$0.04	+300.0%	—	$8B	—
Q3 24	$0.01	$0.06	+500.0%	—	$7.9B	—
Q2 24	—	$0.07	—	—	$7.3B	—
Q1 24	$0.06	$0.05	-16.7%	—	$7.1B	—
Q4 23	$0.06	$0.08	+33.3%	—	$6.6B	—
Q3 23	$0.07	$0.05	-28.6%	—	$6.2B	—
Q2 23	$0.05	$0.08	+60.0%	—	$5.8B	—
Q1 23	$0.05	$0.05	0.0%	—	$5.8B	—
Q4 22	$0.05	$0.06	+20.0%	—	$5.3B	—
Q3 22	-$0.03	$0.05	+266.7%	—	$5.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.11	—	—	$34.5B	—
FY24	—	$0.09	—	—	$30.3B	—
FY23	—	$0.76	—	—	$24.4B	—
FY22	—	-$0.05	—	—	$20.6B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.1B	$6.3B	$12B	$18.4B	$20.6B	$24.4B	$30.3B	$34.5B
YoY change	—	+54.8%	+90.8%	+53.8%	+11.8%	+18.5%	+24.1%	+14.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.1B	6.3B	12B	18.4B	20.6B	24.4B	30.3B	34.5B
Cost of revenue	3.9B	5.2B	10B	15.5B	15.9B	18.2B	21.4B	24.4B
Gross profit	189.4M	1B	2B	3B	4.7B	6.2B	8.8B	10.1B
Gross margin	4.67%	16.5%	16.6%	16%	22.9%	25.4%	29.2%	29.4%
Research & development	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1.7B	2.5B	4.4B	4.8B	5.7B	—	—
Operating expenses	2.5B	3.4B	5B	8.9B	9.6B	11.4B	—	—
Operating income	-1.1B	-641.9M	-516M	-1.5B	-112M	473M	436M	473M
Operating margin	-26%	-10.2%	-4.31%	-8.12%	-0.54%	1.94%	1.44%	1.37%
Non-operating income, net	24.2M	22.6M	149.9M	-12M	-7M	-19M	-39M	11M
Pretax income	-1.1B	-697.1M	-462.9M	-1.5B	-93M	584M	473M	597M
Income tax	2.3M	-241K	292K	1M	-1M	-776M	407M	383M
Net income	-1.1B	-696.9M	-463.2M	-1.5B	-92M	1.4B	66M	214M
Net margin	-27.1%	-11.1%	-3.87%	-8.38%	-0.45%	5.58%	0.22%	0.62%
EBITDA	-994.9M	-551.5M	-379.9M	-1.3B	165M	907M	1B	1.2B
EPS	-0.69	-0.48	-0.33	-1.08	-0.05	0.76	0.09	0.11
Diluted EPS	-0.69	-0.48	-0.33	-1.08	-0.05	0.75	0.08	0.11

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.2B	6.6B	7.1B	7.3B	7.9B	8B	7.9B	8.5B	9.3B	8.8B	8.5B	8.9B
Cost of revenue	4.6B	4.9B	5.2B	5.2B	5.6B	5.5B	5.6B	6B	6.5B	6.3B	6.2B	6.4B
Gross profit	1.6B	1.7B	1.9B	2.1B	2.3B	2.5B	2.3B	2.6B	2.7B	2.5B	2.3B	2.5B
Gross margin	25.3%	25.6%	27.1%	29.3%	28.8%	31.3%	29.3%	30%	29.4%	28.8%	27%	28.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.5B	1.9B	—	—	—	—	—	—	—	—	—
Operating expenses	3B	3.1B	1.9B	—	—	—	—	—	—	—	—	—
Operating income	88M	131.1M	40M	-25M	109M	312M	154M	149M	162M	8M	-242M	-556M
Operating margin	1.42%	2%	0.56%	-0.34%	1.39%	3.92%	1.95%	1.75%	1.75%	0.09%	-2.85%	-6.28%
Non-operating income, net	-8M	556K	-9M	12M	4M	-46M	36M	19M	-27M	-17M	-44M	6M
Pretax income	117M	172.3M	59M	3M	132M	279M	216M	194M	165M	22M	-255M	-533M
Income tax	26M	-860.3M	83M	108M	68M	148M	102M	163M	70M	48M	11M	37M
Net income	91M	1B	-24M	-105M	64M	131M	114M	31M	95M	-26M	-266M	-570M
Net margin	1.47%	15.7%	-0.34%	-1.43%	0.81%	1.64%	1.44%	0.36%	1.03%	-0.29%	-3.13%	-6.44%
EBITDA	198M	263.1M	181M	146M	280M	439M	361M	345M	320M	174M	-99M	-363M
EPS	0.05	0.58	0	-0.04	0.04	0.09	0.06	0.02	0.05	-0.01	-0.15	-0.32
Diluted EPS	0.05	0.57	0	-0.04	0.04	0.08	0.06	0.02	0.05	-0.01	-0.15	-0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	28.9B	39.4B	42.9B	24.7B
Enterprise value	—	—	—	—	—	26.4B	37.3B	41.2B	24.2B
Shares outstanding	1.6B	1.6B	1.7B	1.4B	1.8B	1.8B	1.8B	1.8B	1.8B

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	21.2	597.5	200.4	184.2
P/S	—	—	—	—	—	1.18	1.3	1.24	0.7
P/B	—	—	—	—	—	7.06	9.61	9.28	8.25
EV/EBITDA	—	—	—	—	—	29.1	35.6	34.3	-526.9
EV/Sales	—	—	—	—	—	1.08	1.23	1.19	0.68
Earnings yield	—	—	—	—	—	4.71%	0.17%	0.5%	0.54%
FCF yield	—	—	—	—	—	6.09%	2.55%	1.22%	-1%
PEG	—	—	—	—	—	—	—	—	-0.11

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	4.67%	16.5%	16.6%	16%	22.9%	25.4%	29.2%	29.4%	28.2%
Operating margin	-26%	-10.2%	-4.31%	-8.12%	-0.54%	1.94%	1.44%	1.37%	-6.28%
Net margin	-27.1%	-11.1%	-3.87%	-8.38%	-0.45%	5.58%	0.22%	0.62%	-2.16%
ROE	—	19.7%	11.4%	-70.9%	-3.81%	33.3%	1.61%	4.63%	-20%
ROA	—	-21.6%	-9.14%	-17.9%	-0.97%	10.2%	0.43%	1.2%	-2.14%
ROIC	—	18.5%	16.7%	-184.6%	-8.57%	29%	3.12%	5.77%	-25%
Return on tangible assets	—	-21.6%	-9.16%	-17.9%	-0.97%	10.2%	0.45%	1.23%	-4.45%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.15	0.76	1.19	1.15	1.14	1.17	1.04	0.87
Quick ratio	—	0.81	0.45	0.89	0.82	0.9	0.89	0.79	0.68
Debt / equity	—	-0.36	-0.55	0.97	1	0.68	0.91	1	1.89
Debt / assets	—	0.4	0.44	0.25	0.25	0.21	0.24	0.26	0.32
Net debt / EBITDA	—	-0.1	-2.59	1.05	-6.71	-2.71	-2.06	-1.4	-14.9
Interest coverage	-14.4	-6.19	-3.3	-33.3	-2.44	13.2	4.38	7.94	-6.91
Effective tax rate	0%	0%	0%	0%	0%	0%	86%	64.2%	0%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.53	3.92	7.01	12.9	11.7	13.7	16.9	19	19.5
EPS (basic)	-0.69	-0.48	-0.33	-1.08	-0.05	0.76	0.09	0.11	0.11
EPS (diluted)	-0.69	-0.48	-0.33	-1.08	-0.05	0.75	0.08	0.11	-0.43
Book value per share	—	-2.21	-2.38	1.53	1.37	2.29	2.29	2.54	1.67
FCF per share	-0.49	-0.33	-0.11	-0.76	-0.15	0.99	0.56	0.29	0.06
Cash per share	—	0.76	0.73	2.45	1.99	2.94	3.28	3.48	3.4
Capex per share	0.06	0.13	0.28	0.47	0.46	0.49	0.48	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.3%	3.42%	4.05%	3.65%	3.94%	3.6%	2.87%	—	—
Capex / operating cash flow	-13.6%	-58.4%	112%	-91.8%	204.3%	35.8%	53.1%	—	—
Payout ratio	—	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	1.3B	3.5B	3.5B	5.2B	5.9B	6.3B
Receivables	63.9M	71.3M	175.3M	184M	314M	407M	363M
Inventory	631.7M	1.2B	1.4B	1.7B	1.7B	2.1B	2.3B
Total current assets	2.2B	2.8B	5.6B	5.8B	7.9B	9B	9.7B
Property, plant & equipment	834M	1.8B	2.4B	2.9B	3.3B	4B	5.6B
Goodwill & intangibles	8M	8.5M	19.5M	—	—	542M	380M
Total assets	3.2B	5.1B	8.6B	9.5B	13.3B	15.3B	17.8B
Accounts payable	1.6B	2.9B	3.4B	3.6B	5.1B	5.6B	6.3B
Short-term debt	111.5M	431.4M	636.6M	630M	871M	967M	1.5B
Total current liabilities	1.9B	3.7B	4.7B	5.1B	6.9B	7.7B	9.4B
Long-term debt	1.2B	1.8B	1.5B	1.8B	1.9B	2.8B	3.1B
Total liabilities	6.8B	9.1B	6.5B	7.1B	9.3B	11.2B	13.2B
Shareholders' equity	-3.5B	-4.1B	2.2B	2.4B	4.1B	4.1B	4.6B
Total debt	1.3B	2.2B	2.1B	2.4B	2.8B	3.7B	4.6B
Net debt	54.2M	982.7M	-1.4B	-1.1B	-2.5B	-2.2B	-1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	4.9B	5.2B	5.2B	5.5B	5.8B	5.9B	6.1B	6.8B	7.2B	6.3B	6.3B	6.1B
Receivables	285.1M	314M	601M	547M	517M	407M	484M	499M	393M	363M	351M	363M
Inventory	1.6B	1.7B	1.9B	2B	2.2B	2.1B	2B	2.3B	2.5B	2.3B	2B	2.1B
Total current assets	7.4B	7.9B	8.6B	8.8B	9.2B	9B	9.2B	10.2B	10.8B	9.7B	9.4B	9.3B
Property, plant & equipment	3.7B	3.3B	4.4B	4.6B	5.2B	4B	5.3B	6B	6.2B	5.6B	6.5B	6.5B
Goodwill & intangibles	—	—	349M	319M	306M	542M	215M	210M	201M	380M	178M	167M
Total assets	11.6B	13.3B	14.9B	15.2B	16.3B	15.3B	16B	17.8B	18.7B	17.8B	17.4B	17.4B
Accounts payable	4.6B	5.1B	5.4B	5.6B	5.9B	5.6B	5.7B	6.5B	6.8B	6.3B	6B	6.3B
Short-term debt	965.5M	871M	887M	928M	857M	967M	1B	1.5B	1.9B	1.5B	2.2B	2.5B
Total current liabilities	6.5B	6.9B	7.4B	7.9B	8.2B	7.7B	7.9B	9.4B	10.2B	9.4B	9.6B	10.6B
Long-term debt	1.8B	1.9B	2.7B	2.8B	3.2B	2.8B	3.1B	3.1B	3.1B	3.1B	3.2B	3.1B
Total liabilities	8.6B	9.3B	10.8B	11.2B	12.1B	11.2B	11.6B	13.1B	13.9B	13.2B	13.5B	14.4B
Shareholders' equity	2.9B	4.1B	4.2B	3.9B	4.3B	4.1B	4.4B	4.7B	4.7B	4.6B	3.9B	3B
Total debt	2.8B	2.8B	3.6B	3.7B	4B	3.7B	4.1B	4.6B	4.9B	4.6B	5.4B	5.6B
Net debt	-2.1B	-2.5B	-1.6B	-1.8B	-1.8B	-2.2B	-2B	-2.2B	-2.3B	-1.7B	-905M	-477M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.1B	-696.9M	-463.2M	-1.5B	-92M	1.4B	66M	214M
Depreciation & amortization	53.6M	70.9M	127.5M	201M	231M	275M	433M	517M
Stock-based compensation	27.3M	20.8M	31.3M	249M	262M	326M	433M	475M
Change in working capital	213.7M	39.1M	364.5M	-261M	-385M	895M	-25M	-481M
Operating cash flow	-684.4M	-366.8M	432.4M	-732M	397M	2.5B	1.6B	1.8B
Capital expenditure	-93.1M	-214.3M	-484.1M	-672M	-811M	-877M	-870M	—
Investing cash flow	-91.8M	-218.2M	-520.7M	-676M	-848M	-927M	-819M	-8M
Dividends paid	—	—	—	—	—	—	—	—
Share repurchases	0	-114.6M	-97M	0	0	—	-178M	-243M
Financing cash flow	359.3M	-678.6M	143.2M	3.6B	280.5M	-202M	-867M	-3.1B
Net change in cash	-416.9M	-1.3B	55M	2.2B	-170.5M	1.3B	-47M	-1.4B
Free cash flow	-787.9M	-529.7M	-183.1M	-1.1B	-259M	1.8B	1B	522M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	91M	1B	-24M	-105M	64M	131M	114M	31M	95M	-26M	-266M	-570M
Depreciation & amortization	68M	77.2M	95M	106M	112M	120M	122M	126M	133M	136M	143M	145M
Stock-based compensation	84M	85.9M	88M	109M	114M	122M	121M	113M	118M	123M	122M	161M
Change in working capital	295M	97.7M	-154M	128M	-135M	136M	-94M	-43M	144M	-488M	2M	-50M
Operating cash flow	638M	1.3B	242M	433M	365M	599M	447M	545M	792M	82M	184M	367M
Capital expenditure	-185M	-227.2M	-105M	-176M	-376M	-213M	-238M	—	—	—	—	—
Investing cash flow	-152M	-263.3M	-117M	-178M	-383M	-141M	-213M	-1M	-16M	-16M	-8M	-10M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	—	0	0	—	0	-81M	-162M	-391M	-459M
Financing cash flow	4M	-492.4M	34M	1M	-332M	-348M	-251M	-293M	-1B	-1.6B	-851M	-955M
Net change in cash	490M	551M	159M	256M	-350M	110M	-17M	251M	-241M	-1.5B	-675M	-598M
Free cash flow	532M	375.6M	105M	486M	-46M	462M	115M	246M	439M	-278M	-112M	50M

Coupang Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement