# Coupang, Inc. (CPNG)

Informational only - not investment advice.

CIK: 0001834584
SIC: 5961 Retail-Catalog & Mail-Order Houses
SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5961 Retail-Catalog & Mail-Order Houses](/industry/5961/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1834584
Filing source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001834584-26-000024 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834584.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 34,534,000,000 USD | 2025 | verified |
| Net income | 208,000,000 USD | 2025 | verified |
| Assets | 17,787,000,000 USD | 2025 | verified |
| Free cash flow | 522,000,000 USD | 2025 | computed |
| Net margin | 0.60% | 2025 | computed |
| Operating margin | 1.37% | 2025 | computed |
| Revenue YoY | +14.09% | 2025 | computed |
| ROE | 4.50% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CPNG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.6% | 1.2% | 45 | 12 |
| Operating margin | 1.4% | 1.7% | 45 | 12 |
| Revenue growth | 14.1% | 6.5% | 91 | 12 |
| FCF margin | 1.5% | 3.5% | 36 | 12 |
| ROE | 4.5% | 9.5% | 40 | 11 |
| ROA | 1.2% | 1.5% | 45 | 12 |
| Liabilities / equity | 2.85 | 1.48 | 70 | 11 |
| Current ratio | 1.04 | 1.21 | 27 | 12 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5961 Retail-Catalog & Mail-Order Houses, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 34534000000 | USD | 2025 | 2026-02-26 |
| Net income | 208000000 | USD | 2025 | 2026-02-26 |
| Assets | 17787000000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834584.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 6,273,263,000 | 11,967,339,000 | 18,406,000,000 | 20,583,000,000 | 24,383,000,000 | 30,268,000,000 | 34,534,000,000 |
| Net income | -696,885,000 | -463,157,000 | -1,543,000,000 | -92,000,000 | 1,360,000,000 | 154,000,000 | 208,000,000 |
| Operating income | -641,923,000 | -515,994,000 | -1,494,000,000 | -112,000,000 | 473,000,000 | 436,000,000 | 473,000,000 |
| Gross profit |  |  |  | 4,710,000,000 | 6,190,000,000 | 8,831,000,000 | 10,141,000,000 |
| Diluted EPS | -39.48 | -19.16 | -1.08 | -0.05 | 0.75 | 0.08 | 0.11 |
| Operating cash flow | -311,843,000 | 301,554,000 | -411,000,000 | 565,000,000 | 2,652,000,000 | 1,886,000,000 | 1,773,000,000 |
| Capital expenditures | 217,823,000 | 484,630,000 | 674,000,000 | 824,000,000 | 896,000,000 | 879,000,000 | 1,251,000,000 |
| Share buybacks |  |  |  | 0.00 | 0.00 | 178,000,000 | 243,000,000 |
| Assets |  | 5,067,332,000 | 8,641,834,000 | 9,513,000,000 | 13,346,000,000 | 15,344,000,000 | 17,787,000,000 |
| Liabilities |  | 5,670,583,000 | 6,465,877,000 | 7,099,000,000 | 9,242,000,000 | 11,167,000,000 | 13,164,000,000 |
| Stockholders' equity |  |  | 2,176,000,000 | 2,414,000,000 | 4,089,000,000 | 4,102,000,000 | 4,623,000,000 |
| Cash and cash equivalents |  | 1,251,455,000 | 3,488,000,000 | 3,509,000,000 | 5,243,000,000 | 5,879,000,000 | 6,318,000,000 |
| Free cash flow | -529,666,000 | -183,076,000 | -1,085,000,000 | -259,000,000 | 1,756,000,000 | 1,007,000,000 | 522,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -11.11% | -3.87% | -8.38% | -0.45% | 5.58% | 0.51% | 0.60% |
| Operating margin | -10.23% | -4.31% | -8.12% | -0.54% | 1.94% | 1.44% | 1.37% |
| Return on equity |  |  | -70.91% | -3.81% | 33.26% | 3.75% | 4.50% |
| Return on assets |  | -9.14% | -17.86% | -0.97% | 10.19% | 1.00% | 1.17% |
| Liabilities / equity |  |  | 2.97 | 2.94 | 2.26 | 2.72 | 2.85 |
| Current ratio |  | 0.76 | 1.19 | 1.15 | 1.14 | 1.17 | 1.04 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834584.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.05 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.05 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.08 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 6,183,555,000 | 91,300,000 | 0.05 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 6,561,026,000 | 1,032,653,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 7,114,000,000 | 5,000,000 | 0.00 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 7,323,000,000 | -77,000,000 | -0.04 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 7,866,000,000 | 70,000,000 | 0.04 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 7,965,000,000 | 156,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 7,908,000,000 | 107,000,000 | 0.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 8,524,000,000 | 32,000,000 | 0.02 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 9,267,000,000 | 95,000,000 | 0.05 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 8,835,000,000 | -26,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 8,504,000,000 | -266,000,000 | -0.15 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 8,856,000,000 | -570,000,000 | -0.32 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CPNG's latest 10-K: [/company/CPNG/business/](/company/CPNG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CPNG's latest 10-K: [/company/CPNG/risk-factors/](/company/CPNG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000073/cpng-20260630.htm

Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Form 10-Q, as well as our audited consolidated financial statements included in our 2025 Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-Q. As a result of many factors, including, without limitation, those factors set forth in the “Risk Factors” section of our 2025 Form 10-K and the “Risk Factors” section of subsequent Form 10-Qs, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding.

[[GREPCENT_TABLE]]
[["","Page"],["Overview","22"],["Key Business Metrics","24"],["Results of Operations","25"],["Non-GAAP Financial Measures","29"],["Liquidity and Capital Resources","32"],["Critical Accounting Policies and Estimates","33"]]
[[/GREPCENT_TABLE]]

Overview

Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including Korea, Taiwan, Singapore, China, India, Japan, and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”

We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight—for millions of products across Korea and Taiwan. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies.

Data Incident and Customer Compensation Program

In November 2025, Coupang became aware of the Incident. For additional information, see Part I, Item 1A. “Risk Factors,” Part I, Item 1C. “Cybersecurity,” and Note 14 — "Commitments and Contingencies" to the consolidated financial statements included in Part II, Item 8 of our 2025 Form 10-K.

In December 2025, Coupang Corp. announced a customer compensation program to issue approximately $1.2 billion worth of vouchers, beginning in January 2026, to customers who were notified of the Incident at the end of November 2025 that were redeemable for future Coupang purchases. These vouchers are reflected as reductions to the selling price and revenue recognized on each corresponding transaction as they are redeemed. Voucher redemption concluded in mid-April 2026.

We believe that the Incident has increased the Korean government’s focus on our business and may continue to result in additional expenses, including from remediation, inquiries, enforcement actions, and litigation. See Note 10 — “Commitments and Contingencies” to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information on recent administrative fines.

Fulfillment Center Fire

In July 2026, a fire occurred at one of our leased fulfillment centers located in Incheon, Korea (the “Incheon FC Fire”). We are assessing the impact of the fire on our business, results of operations, and financial conditions. See Note 11 — "Subsequent Event" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information.

The Incheon FC Fire has not had a material impact on our third quarter revenue generation or ability to meet customer demand, nor do we expect a significant disruption to our ability to meet future customer demand.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","Q2 2026 Form 10-Q","22"]]
[[/GREPCENT_TABLE]]

Table of Contents

Segment Information

Our segments reflect the way we evaluate our business performance and manage operations. See Note 3 — "Segment Reporting" to the condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.

Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Korean WOW membership program.

Developing Offerings includes more nascent offerings and services, including our on-demand delivery service consisting of Eats in Korea and Rocket Now in Japan, Play, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch. Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and Taiwan.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","Q2 2026 Form 10-Q","23"]]
[[/GREPCENT_TABLE]]

Table of Contents

Key Financial and Operating Highlights:

[[GREPCENT_TABLE]]
[["(in millions)","Three Months Ended June 30,","","% Change","","Six Months Ended June 30,","","% Change"],["2026","","2025","","","2026","","2025"],["Total net revenues","$","8,856","","","$","8,524","","","4","%","","$","17,360","","","$","16,432","","","6","%"],["Total net revenues, constant currency(1)","$","9,404","","","","","10","%","","$","17,940","","","","","9","%"],["Gross profit(2)","$","2,494","","","$","2,561","","","(3)","%","","$","4,791","","","$","4,877","","","(2)","%"],["Net (loss) income(4)","$","(570)","","","$","31","","","NM(3)","","$","(836)","","","$","145","","","NM(3)"],["Net (loss) income margin","(6.4)","%","","0.4","%","","","","(4.8)","%","","0.9","%"],["Adjusted EBITDA(1)","$","163","","","$","428","","","(62)","%","","$","192","","","$","810","","","(76)","%"],["Adjusted EBITDA margin(1)","1.8","%","","5.0","%","","","","1.1","%","","4.9","%"],["Net cash provided by operating activities","$","367","","","$","545","","","(33)","%","","$","551","","","$","899","","","(39)","%"],["Free cash flow(1)","$","51","","","$","247","","","(79)","%","","$","(59)","","","$","363","","","NM(3)"],["Segment adjusted EBITDA:"],["Product Commerce","$","382","","","$","663","","","(42)","%","","$","740","","","$","1,213","","","(39)","%"],["Developing Offerings","$","(219)","","","$","(235)","","","NM(3)","","$","(548)","","","$","(403)","","","NM(3)"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","Trailing Twelve Months Ended June 30,","","% Change"],["(in millions)","2026","","2025"],["Net cash provided by operating activities","$","1,425","","","$","1,909","","","(25)","%"],["Free cash flow(1)","$","105","","","$","784","","","(87)","%"]]
[[/GREPCENT_TABLE]]

(1)Total net revenues, constant currency; total net revenues growth, constant currency; adjusted EBITDA; adjusted EBITDA margin; and free cash flow are non-GAAP measures. See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with U.S. GAAP.

(2)Gross profit is calculated as total net revenues minus cost of sales.

(3)Non-meaningful.

(4)Net loss for the three and six months ended June 30, 2026 includes certain administrative fines of approximately $410 million.

Key Business Metrics

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["Net revenues per Product Commerce Active Customer","","June 30,","March 31,"],["2026","","$","301","","$","300"],["2026 - constant currency","","$","321","","$","303"],["2025","","$","307","","$","294"],["Percentage change","","(2)","%","2","%"],["Percentage change - constant currency","","5","%","3","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(in millions)","","Three Months Ended"],["Product Commerce Active Customers","","June 30,","March 31,"],["2026","","24.7","","23.9"],["2025","","23.9","","23.4"],["Percentage change","","3","%","2","%"]]
[[/GREPCENT_TABLE]]

We experienced a lower year-over-year growth rate in Product Commerce Active Customers in the first and second quarters of 2026 primarily due to the impact of the Incident.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","Q2 2026 Form 10-Q","24"]]
[[/GREPCENT_TABLE]]

Table of Contents

Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer

Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce Active Customers are added in a recent period.

Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.

Product Commerce Active Customers

A customer is anyone who has created an account on our apps or websites, identified by a unique email address. As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.

Results of Operations

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1834584/000183458426000024/cpng-20251231.htm
Complete FY 2025 MD&A: /company/CPNG/mda/fy2025/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-K. As a result of many factors, including, without limitation, those factors set forth in Part I, Item 1A. “Risk Factors” in this Form 10-K, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding.

[[GREPCENT_TABLE]]
[["","Page"],["Overview","47"],["Key Business Metrics","49"],["Results of Operations","50"],["Non-GAAP Financial Measures","54"],["Liquidity and Capital Resources","56"],["Critical Accounting Estimates","58"],["Recently Adopted Accounting Pronouncements","60"]]
[[/GREPCENT_TABLE]]

Overview

Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including Korea, Taiwan, Singapore, China, India, Japan, and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”

We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight—across millions of products in Korea. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies.

Data Incident and Customer Compensation Program

In November 2025, Coupang became aware of a data incident involving unauthorized access to customer accounts (the “Incident”). For additional information, see Part I, Item 1A. “Risk Factors,” Part I, Item 1C. “Cybersecurity,” and Note 14 — "Commitments and Contingencies" to the consolidated financial statements included in Part II, Item 8. “Financial Statements and Supplementary Data” of this Form 10-K.

In December 2025, Coupang Corp., our Korean subsidiary, announced a customer compensation program to issue approximately $1.2 billion worth of vouchers, beginning in January 2026, to customers who were notified of the Incident at the end of November 2025 that may be applied towards future Coupang purchases (the “Customer Compensation Program”). These vouchers will be reflected as reductions to the selling price and revenue recognized on each corresponding transaction as they are redeemed. The Customer Compensation Program may reduce net revenues growth and profitability primarily in the first quarter of 2026.

We believe that the Incident has increased and may further increase the Korean government’s focus on our business and could result in additional expenses, including from remediation, inquiries, enforcement actions, and litigation.

Farfetch Acquisition

In January 2024 we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry. Throughout 2024 and 2025, we undertook restructuring actions to reduce headcount and exit leases and licensing agreements associated with Farfetch. See Note 16 — "Business Combinations - Farfetch" to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","2025 Form 10-K","47"]]
[[/GREPCENT_TABLE]]

Table of Contents

Fulfillment Center Fire

In June 2021, a fire extensively damaged our Deokpyeong fulfillment center (“FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site. We are insured on property losses from the FC Fire, and while the insurer continues assessment of the total potential loss coverage on the claim, during the fourth quarter of 2024 we agreed to a settlement on a portion of the claim and deemed the recovery of insurance proceeds under the policy as probable. We recognized an insurance gain of $175 million in the fourth quarter of 2024, which included $116 million for the inventory loss included in “Cost of sales” and $59 million for property and equipment losses, included in “Operating, general and administrative”. Whether and to what extent additional insurance recoveries will be received is currently unknown.

Segment Information

Our segments reflect the way we evaluate our business performance and manage operations. See Note 3 — "Segment Reporting" to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants, including SMEs) and Rocket Fresh, our fresh grocery offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Korean retail WOW membership program.

Developing Offerings includes more nascent offerings and services, including Eats (our restaurant ordering and delivery service), Play (our online content streaming service), fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings. Developing Offerings also includes Farfetch (our global luxury fashion marketplace). Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and retail operations in Taiwan.

Key Financial and Operating Highlights:

[[GREPCENT_TABLE]]
[["(in millions)","2025","","2024(1)","","% Change"],["Total net revenues","$","34,534","","","$","30,268","","","14","%"],["Total net revenues, constant currency(2)","$","35,834","","","$","31,552","","","18","%"],["Gross profit(3)","$","10,141","","","$","8,831","","","15","%"],["Net income(4)","$","214","","","$","66","","","224","%"],["Net income margin","0.6","%","","0.2","%"],["Adjusted EBITDA(2)","$","1,490","","","$","1,375","","","8","%"],["Adjusted EBITDA margin(2)","4.3","%","","4.5","%"],["Net cash provided by operating activities","$","1,773","","","$","1,886","","","(6)","%"],["Free cash flow(2)","$","527","","","$","1,016","","","(48)","%"],["Segment adjusted EBITDA:"],["Product Commerce","$","2,485","","","$","2,006","","","24","%"],["Developing Offerings","$","(995)","","","$","(631)","","","58","%"]]
[[/GREPCENT_TABLE]]

(1)Includes results of operations of Farfetch from acquisition date, January 30, 2024.

(2)Total net revenues, constant currency; total net revenues growth, constant currency; adjusted EBITDA; adjusted EBITDA margin; and free cash flow are non-GAAP measures. See “Non-GAAP Financial Measures” below for the reconciliation of the non-GAAP measures with their comparable amounts prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(3)Gross profit is calculated as total net revenues minus cost of sales, and 2024 includes $116 million of insurance gains related to inventory destroyed in the FC Fire.

(4)Net income for 2024 includes $175 million of insurance gains related to the FC Fire and $121 million of costs related to the Korea Fair Trade Commission (the “KFTC”) administrative fine described in Note 14 — "Commitments and Contingencies" in Part II, Item 8. “Financial Statements and Supplementary Data”.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","2025 Form 10-K","48"]]
[[/GREPCENT_TABLE]]

Table of Contents

Key Business Metrics

[[GREPCENT_TABLE]]
[["","Three Months Ended"],["Net revenues per Product Commerce Active Customer","December 31,","September 30,","June 30,","March 31,"],["2025","$","301","","$","323","","$","307","","$","294"],["2025 - constant currency","$","312","","$","329","","$","315","","$","321"],["2024","$","302","","$","307","","$","296","","$","302"],["Percentage change","\u2014","%","5","%","4","%","(3)","%"],["Percentage change - constant currency","3","%","7","%","6","%","6","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(in millions)","Three Months Ended"],["Product Commerce Active Customers","December 31,","September 30,","June 30,","March 31,"],["2025","24.6","","24.7","","23.9","","23.4"],["2024","22.8","","22.5","","21.7","","21.5"],["Percentage change","8","%","10","%","10","%","9","%"]]
[[/GREPCENT_TABLE]]

Net Revenues per Product Commerce Active Customer and Constant Currency Net Revenues per Product Commerce Active Customer

Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce Active Customers are added in a recent period.

Constant currency net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period translated using the prior period exchange rate to exclude the effect of foreign exchange rate movements divided by the total number of Product Commerce Active Customers in that period. Constant currency net revenues per Product Commerce Active Customer is a key indicator to evaluate net revenues per Product Commerce Active Customer between periods as it excludes the effects of foreign currency volatility that are not indicative of customer engagement and retention.

Product Commerce Active Customers

A customer is anyone who has created an account on our apps or websites, identified by a unique email address. As of the last date of each quarterly reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant quarterly period. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers who have made a purchase in the period as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.

[[GREPCENT_TABLE]]
[["","Coupang, Inc.","","2025 Form 10-K","49"]]
[[/GREPCENT_TABLE]]

Ta

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CPNG/mda/fy2025/
All MD&A years: /company/CPNG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CPNG/mda/fy2024/): filed 2025-02-25; accession 0001834584-25-000030 (https://www.sec.gov/Archives/edgar/data/1834584/000183458425000030/cpng-20241231.htm)
- [FY 2023 MD&A](/company/CPNG/mda/fy2023/): filed 2024-02-28; accession 0001834584-24-000023 (https://www.sec.gov/Archives/edgar/data/1834584/000183458424000023/cpng-20231231.htm)
- [FY 2022 MD&A](/company/CPNG/mda/fy2022/): filed 2023-03-01; accession 0001834584-23-000023 (https://www.sec.gov/Archives/edgar/data/1834584/000183458423000023/cpng-20221231.htm)
- [FY 2021 MD&A](/company/CPNG/mda/fy2021/): filed 2022-03-03; accession 0001834584-22-000015 (https://www.sec.gov/Archives/edgar/data/1834584/000183458422000015/cpng-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5961 Retail-Catalog & Mail-Order Houses) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CPNG.md · JSON record: /company/CPNG.json · verified financials: /company/CPNG/financials.json / /company/CPNG/financials.csv · machine TOC for the whole site: /llms.txt