Coupang Inc Financials
This page shows Coupang Inc (CPNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Coupang’s economic improvement is real, but most new gross profit is being recycled into scale and infrastructure.
From FY2023 to FY2025, gross margin held near29.0% . Yet free cash flow margin fell from7.2% to1.5% ; with capex at its highest level in the period, better gross economics are still being consumed by reinvestment instead of piling up as surplus cash.
The balance sheet posture is sturdier than the near-1.0x current ratio suggests, because cash of
The cleanest measure of the core engine is operating cash flow, not net income: cash from operations stayed above
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Coupang Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Coupang Inc has an operating margin of 1.4%, meaning the company retains $1 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from 1.4% the prior year.
Coupang Inc's revenue grew 14.1% year-over-year to $34.5B, a solid pace of expansion. This earns a growth score of 81/100.
Coupang Inc carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Coupang Inc's current ratio of 1.04 is below the typical benchmark, resulting in a score of 20/100. However, the company holds substantial cash reserves (68% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Coupang Inc generated $1.8B in operating cash flow, capex of $1.3B consumed most of it, leaving $522.0M in free cash flow. This results in a low score of 40/100, reflecting heavy capital investment rather than weak cash generation.
Coupang Inc's ROE of 4.5% shows moderate profitability relative to equity, earning a score of 41/100. This is up from 3.8% the prior year.
Coupang Inc scores 3.30, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Coupang Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Coupang Inc generates $8.52 in operating cash flow ($1.8B OCF vs $208.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Coupang Inc earns $5.5 in operating income for every $1 of interest expense ($473.0M vs $86.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Coupang Inc generated $34.5B in revenue in fiscal year 2025. This represents an increase of 14.1% from the prior year.
Coupang Inc's EBITDA was $990.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.9% from the prior year.
Coupang Inc reported $208.0M in net income in fiscal year 2025. This represents an increase of 35.1% from the prior year.
Coupang Inc earned $0.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 37.5% from the prior year.
Cash & Balance Sheet
Coupang Inc generated $522.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 48.2% from the prior year.
Coupang Inc held $6.3B in cash against $648.0M in long-term debt as of fiscal year 2025.
Margins & Returns
Coupang Inc's gross margin was 29.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
Coupang Inc's operating margin was 1.4% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.
Coupang Inc's net profit margin was 0.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.
Coupang Inc's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.
Capital Allocation
Coupang Inc spent $243.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 36.5% from the prior year.
Coupang Inc invested $1.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 42.3% from the prior year.
CPNG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.5B-3.7% | $8.8B-4.7% | $9.3B+8.7% | $8.5B+7.8% | $7.9B-0.7% | $8.0B+1.3% | $7.9B+7.4% | $7.3B |
| Cost of Revenue | $6.2B-1.3% | $6.3B-3.9% | $6.5B+9.8% | $6.0B+6.6% | $5.6B+2.2% | $5.5B-2.2% | $5.6B+8.0% | $5.2B |
| Gross Profit | $2.3B-9.7% | $2.5B-6.5% | $2.7B+6.2% | $2.6B+10.6% | $2.3B-7.0% | $2.5B+9.8% | $2.3B+5.9% | $2.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.5B+0.1% | $2.5B-0.9% | $2.6B+6.1% | $2.4B+11.6% | $2.2B-0.8% | $2.2B+0.9% | $2.2B-0.3% | $2.2B |
| Operating Income | -$242.0M-3125.0% | $8.0M-95.1% | $162.0M+8.7% | $149.0M-3.2% | $154.0M-50.6% | $312.0M+186.2% | $109.0M+536.0% | -$25.0M |
| Interest Expense | $13.0M-18.8% | $16.0M-27.3% | $22.0M-12.0% | $25.0M+8.7% | $23.0M-42.5% | $40.0M+11.1% | $36.0M-2.7% | $37.0M |
| Income Tax | $11.0M-77.1% | $48.0M-31.4% | $70.0M-57.1% | $163.0M+59.8% | $102.0M-31.1% | $148.0M+117.6% | $68.0M-37.0% | $108.0M |
| Net Income | -$266.0M-923.1% | -$26.0M-127.4% | $95.0M+196.9% | $32.0M-70.1% | $107.0M-31.4% | $156.0M+122.9% | $70.0M+190.9% | -$77.0M |
| EPS (Diluted) | $-0.15 | N/A | $0.05+150.0% | $0.02-66.7% | $0.06 | N/A | $0.04+200.0% | $-0.04 |
CPNG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.4B-2.2% | $17.8B-4.7% | $18.7B+4.7% | $17.8B+11.5% | $16.0B+4.2% | $15.3B-6.1% | $16.3B+7.5% | $15.2B |
| Current Assets | $9.4B-3.4% | $9.7B-10.3% | $10.8B+6.2% | $10.2B+10.5% | $9.2B+2.4% | $9.0B-2.4% | $9.2B+4.6% | $8.8B |
| Cash & Equivalents | $6.3B-0.3% | $6.3B-12.6% | $7.2B+6.4% | $6.8B+11.2% | $6.1B+4.0% | $5.9B+1.0% | $5.8B+5.2% | $5.5B |
| Inventory | $2.0B-9.7% | $2.3B-9.3% | $2.5B+8.8% | $2.3B+11.5% | $2.0B-2.4% | $2.1B-3.8% | $2.2B+9.5% | $2.0B |
| Accounts Receivable | $351.0M-3.3% | $363.0M-7.6% | $393.0M-21.2% | $499.0M+3.1% | $484.0M+18.9% | $407.0M-21.3% | $517.0M-5.5% | $547.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $13.5B+2.3% | $13.2B-5.5% | $13.9B+5.9% | $13.1B+13.4% | $11.6B+3.8% | $11.2B-7.4% | $12.1B+7.3% | $11.2B |
| Current Liabilities | $9.6B+2.8% | $9.4B-8.2% | $10.2B+8.8% | $9.4B+18.4% | $7.9B+2.5% | $7.7B-5.7% | $8.2B+4.2% | $7.9B |
| Long-Term Debt | $617.0M-4.8% | $648.0M | N/A | N/A | N/A | $988.0M | N/A | N/A |
| Total Equity | $3.9B-15.0% | $4.6B-2.5% | $4.7B+1.2% | $4.7B+7.1% | $4.4B+6.6% | $4.1B-2.2% | $4.2B+8.8% | $3.9B |
| Retained Earnings | -$4.3B-6.6% | -$4.0B-0.7% | -$4.0B+2.3% | -$4.1B+0.8% | -$4.1B+2.5% | -$4.2B+3.6% | -$4.4B+1.6% | -$4.5B |
CPNG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $184.0M+124.4% | $82.0M-89.6% | $792.0M+45.3% | $545.0M+54.0% | $354.0M-47.6% | $676.0M+102.4% | $334.0M-49.7% | $664.0M |
| Capital Expenditures | $296.0M-17.8% | $360.0M+2.0% | $353.0M+18.1% | $299.0M+25.1% | $239.0M+11.7% | $214.0M-43.7% | $380.0M+113.5% | $178.0M |
| Free Cash Flow | -$112.0M+59.7% | -$278.0M-163.3% | $439.0M+78.5% | $246.0M+113.9% | $115.0M-75.1% | $462.0M+1104.3% | -$46.0M-109.5% | $486.0M |
| Investing Cash Flow | -$302.0M+19.7% | -$376.0M-2.7% | -$366.0M-22.4% | -$299.0M-40.4% | -$213.0M-51.1% | -$141.0M+63.2% | -$383.0M-115.2% | -$178.0M |
| Financing Cash Flow | $348.0M+168.6% | -$507.0M-433.6% | $152.0M+65.2% | $92.0M+475.0% | $16.0M-20.0% | $20.0M+322.2% | -$9.0M+93.2% | -$132.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $391.0M+141.4% | $162.0M+100.0% | $81.0M | $0 | $0 | $0 | $0 | N/A |
CPNG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.0%-1.8pp | 28.8%-0.6pp | 29.3%-0.7pp | 30.0%+0.8pp | 29.3%-2.0pp | 31.3%+2.4pp | 28.8%-0.4pp | 29.3% |
| Operating Margin | -2.9%-2.9pp | 0.1%-1.7pp | 1.8%0.0pp | 1.8%-0.2pp | 1.9%-2.0pp | 3.9%+2.5pp | 1.4%+1.7pp | -0.3% |
| Net Margin | -3.1%-2.8pp | -0.3%-1.3pp | 1.0%+0.7pp | 0.4%-1.0pp | 1.4%-0.6pp | 2.0%+1.1pp | 0.9%+1.9pp | -1.1% |
| Return on Equity | -6.8%-6.2pp | -0.6%-2.6pp | 2.0%+1.3pp | 0.7%-1.8pp | 2.5%-1.3pp | 3.8%+2.1pp | 1.7%+3.7pp | -2.0% |
| Return on Assets | -1.5%-1.4pp | -0.1%-0.7pp | 0.5%+0.3pp | 0.2%-0.5pp | 0.7%-0.4pp | 1.0%+0.6pp | 0.4%+0.9pp | -0.5% |
| Current Ratio | 0.97-0.1 | 1.04-0.0 | 1.06-0.0 | 1.09-0.1 | 1.160.0 | 1.17+0.0 | 1.130.0 | 1.12 |
| Debt-to-Equity | 0.16+0.0 | 0.14-2.8 | 2.94+0.1 | 2.81+0.2 | 2.65+2.4 | 0.24-2.6 | 2.88-0.0 | 2.92 |
| FCF Margin | -1.3%+1.8pp | -3.1%-7.9pp | 4.7%+1.8pp | 2.9%+1.4pp | 1.5%-4.4pp | 5.8%+6.4pp | -0.6%-7.2pp | 6.6% |
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Frequently Asked Questions
What is Coupang Inc's annual revenue?
Coupang Inc (CPNG) reported $34.5B in total revenue for fiscal year 2025. This represents a 14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Coupang Inc's revenue growing?
Coupang Inc (CPNG) revenue grew by 14.1% year-over-year, from $30.3B to $34.5B in fiscal year 2025.
Is Coupang Inc profitable?
Yes, Coupang Inc (CPNG) reported a net income of $208.0M in fiscal year 2025, with a net profit margin of 0.6%.
What is Coupang Inc's EBITDA?
Coupang Inc (CPNG) had EBITDA of $990.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Coupang Inc have?
As of fiscal year 2025, Coupang Inc (CPNG) had $6.3B in cash and equivalents against $648.0M in long-term debt.
What is Coupang Inc's gross margin?
Coupang Inc (CPNG) had a gross margin of 29.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Coupang Inc's operating margin?
Coupang Inc (CPNG) had an operating margin of 1.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Coupang Inc's net profit margin?
Coupang Inc (CPNG) had a net profit margin of 0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Coupang Inc's return on equity (ROE)?
Coupang Inc (CPNG) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Coupang Inc's free cash flow?
Coupang Inc (CPNG) generated $522.0M in free cash flow during fiscal year 2025. This represents a -48.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Coupang Inc's operating cash flow?
Coupang Inc (CPNG) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Coupang Inc's total assets?
Coupang Inc (CPNG) had $17.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Coupang Inc's capital expenditures?
Coupang Inc (CPNG) invested $1.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Coupang Inc's current ratio?
Coupang Inc (CPNG) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Coupang Inc's debt-to-equity ratio?
Coupang Inc (CPNG) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Coupang Inc's return on assets (ROA)?
Coupang Inc (CPNG) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Coupang Inc's Altman Z-Score?
Coupang Inc (CPNG) has an Altman Z-Score of 3.30, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Coupang Inc's Piotroski F-Score?
Coupang Inc (CPNG) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Coupang Inc's earnings high quality?
Coupang Inc (CPNG) has an earnings quality ratio of 8.52x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Coupang Inc cover its interest payments?
Coupang Inc (CPNG) has an interest coverage ratio of 5.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Coupang Inc?
Coupang Inc (CPNG) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.