Coupang, Inc. CPNG
Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange that provides retail, restaurant delivery, video streaming, and fintech services to customers under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. We serve millions of customers in over 190 countries and territories around the world.
We have organized our operations into two segments: Product Commerce and Developing Offerings. These segments reflect the way we evaluate our business performance and manage operations. Information on our segments is included in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations — Overview — Segment Information." Financial information for our segments is included in Note 3 — "Segment Reporting" to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.53B | $30.27B | $24.38B | $20.58B | $18.41B | $11.97B | $6.27B | — |
| Cost of revenue | $24.39B | $21.44B | $18.19B | $15.87B | $15.46B | $9.98B | $5.24B | — |
| Gross profit | $10.14B | $8.83B | $6.19B | $4.71B | $2.95B | $1.99B | $1.03B | — |
| SG&A | $9.67B | $8.39B | $5.72B | $4.82B | $4.45B | $2.50B | $1.68B | — |
| Total operating expenses | $34.06B | $29.83B | $23.91B | $20.70B | $19.90B | $12.48B | $6.92B | — |
| Operating income | $473.0M | $436.0M | $473.0M | -$112.0M | -$1.49B | -$516.0M | -$641.9M | — |
| Interest expense | $86.0M | $140.0M | $48.0M | $27.0M | $45.0M | $107.8M | $96.9M | — |
| Pre-tax income | $597.0M | $473.0M | $584.0M | -$93.0M | -$1.54B | -$462.9M | -$697.1M | — |
| Income tax | $383.0M | $407.0M | $776.0M | $1.0M | $1.0M | $292.0K | $241.0K | — |
| Net income | $214.0M | $66.0M | $1.36B | -$92.0M | -$1.54B | -$463.2M | -$696.9M | — |
| EPS, basic | 0.11 | 0.09 | 0.76 | -0.05 | -1.08 | -19.16 | -39.48 | — |
| EPS, diluted | 0.11 | 0.08 | 0.75 | -0.05 | -1.08 | -19.16 | -39.48 | — |
| Shares, diluted (wtd. avg.) | $1.85B | $1.83B | $1.80B | $1.76B | $1.42B | $29.0M | $19.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.32B | $5.88B | $5.24B | $3.69B | $3.81B | $1.40B | $1.37B | $739.9M |
| Receivables | $363.0M | $407.0M | $314.0M | $64.0M | $90.0M | $12.0M | — | — |
| Inventory | $2.26B | $2.10B | $1.67B | $1.66B | $1.42B | $1.16B | — | — |
| Total current assets | $9.69B | $8.99B | $7.89B | $5.83B | $5.64B | $2.84B | — | — |
| Property, plant and equipment | $3.72B | $2.81B | $2.46B | $1.82B | — | — | — | — |
| Goodwill | — | — | — | — | $9.7M | $4.2M | — | — |
| Other intangibles | $190.0M | $271.0M | $37.0M | — | — | — | — | — |
| Total assets | $17.79B | $15.34B | $13.35B | $9.51B | $8.64B | $5.07B | — | — |
| Accounts payable | $6.30B | $5.55B | $5.10B | $3.62B | $3.44B | $2.91B | — | — |
| Short-term debt | $0 | $66.0M | $203.0M | $129.0M | $341.7M | $67.6M | — | — |
| Total current liabilities | $9.36B | $7.72B | $6.95B | $5.06B | $4.74B | $3.73B | — | — |
| Long-term debt | $648.0M | $988.0M | $529.0M | $538.0M | $283.2M | $353.3M | — | — |
| Total liabilities | $13.16B | $11.17B | $9.24B | $7.10B | $6.47B | $5.67B | — | — |
| Retained earnings | -$4.02B | -$4.23B | -$4.38B | -$5.74B | -$5.65B | -$4.11B | — | — |
| Total equity | $4.62B | $4.10B | $4.09B | $2.41B | $2.18B | -$4.07B | -$3.53B | -$2.77B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.77B | $1.89B | $2.65B | $565.0M | -$411.0M | $301.6M | -$311.8M | — |
| Depreciation and amortisation | $517.0M | $433.0M | $275.0M | $231.0M | $201.0M | $127.5M | $70.9M | — |
| Stock-based compensation | $475.0M | $433.0M | $326.0M | $262.0M | $249.0M | $31.3M | $20.8M | — |
| Capital expenditure | $1.25B | $879.0M | $896.0M | $824.0M | $674.0M | $484.6M | $217.8M | — |
| Investing cash flow | -$1.25B | -$819.0M | -$927.0M | -$848.0M | -$676.0M | -$520.7M | -$218.2M | — |
| Financing cash flow | -$247.0M | -$69.0M | $199.0M | $247.0M | $3.58B | $178.5M | $1.18B | — |
| Buybacks | $243.0M | $178.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017102.
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