CPNG

MKT CAP:$37B

Coupang, Inc.

Market Cap

$37B

Consumer Cyclical·Specialty Retail·🇰🇷 South Korea·NYSE

Consumer Cyc.·Specialty Retail·🇰🇷·NYSE

Stock Price

$20.45-$2.92 (-12.49%)

Apr 24, 2026

Company Details

Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company sells various prod...

CEO

Bom Suk Kim

IPO Date

Mar 11, 2021

Website

www.coupang.com

Key Metrics TTM

Revenue

$30.8B

+39.8% YoY

Net Income

$1.2B

EPS (Diluted)

$0.66

Free Cash Flow

$1.1B

Revenue / Share

$16.63

Gross Margin

27.6%

Operating Margin

1.3%

Net Margin

3.9%

FCF Margin

3.4%

P/S

1.2x

P/E

31.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$34.5BEPS $0.11

Q4 2025

Feb 26, 2026

$8.8BEPS -$0.01

Q3 2025

Nov 4, 2025

$9.3BEPS $0.05

FY 2023

Feb 28, 2024

$24.4B+18.5%EPS $0.75

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$3.1B	$467M	-$216M
Q4 20	$3.8B	$649M	-$143M
Q1 21	$4.2B	$733M	-$267M
Q2 21	$4.5B	$658M	-$515M
Q3 21	$4.6B	$755M	-$315M
Q4 21	$5.1B	$806M	-$397M
Q1 22	$5.1B	$1.0B	-$206M
Q2 22	$5.0B	$1.2B	-$67M
Q3 22	$5.1B	$1.2B	$77M
Q4 22	$5.3B	$1.3B	$83M
Q1 23	$5.8B	$1.4B	$107M
Q2 23	$5.8B	$1.5B	$148M
Q3 23	$6.2B	$1.6B	$88M
Q4 23	$6.6B	$1.7B	$130M
Q3 25	$9.3B	$2.7B	$162M
Q4 25	$8.8B	$2.5B	$8M

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q4 20	7.3x	—
Q1 21	5.8x	—
Q2 21	4.2x	—
Q3 21	2.9x	—
Q4 21	2.7x	—
Q1 22	1.6x	—
Q2 22	1.1x	—
Q3 22	1.5x	—
Q4 22	1.5x	—
Q1 23	1.3x	137.3x
Q2 23	1.4x	72.2x
Q3 23	1.3x	70.7x
Q4 23	1.2x	21.1x
Q3 25	2.1x	43.7x
Q4 25	1.4x	37.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$210M	-$3M
Q4 20	$16M	-$153M
Q1 21	-$183M	-$330M
Q2 21	$31M	-$138M
Q3 21	-$55M	-$245M
Q4 21	-$203M	-$371M
Q1 22	-$55M	-$294M
Q2 22	-$18M	-$199M
Q3 22	$58M	-$225M
Q4 22	$580M	$459M
Q1 23	$501M	$406M
Q2 23	$820M	$443M
Q3 23	$722M	$532M
Q4 23	$609M	$376M
Q3 25	$808M	$448M
Q4 25	$17M	-$303M

Capital Expenditures

Quarter	CapEx
Q3 20	$214M
Q4 20	$170M
Q1 21	$147M
Q2 21	$169M
Q3 21	$190M
Q4 21	$168M
Q1 22	$239M
Q2 22	$181M
Q3 22	$283M
Q4 22	$121M
Q1 23	$95M
Q2 23	$377M
Q3 23	$190M
Q4 23	$234M
Q3 25	$360M
Q4 25	$320M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+74.3%	+79.9%
Q2 21	+71.3%	+84.3%
Q3 21	+48.1%	+47.9%
Q4 21	+33.5%	+38.7%
Q1 22	+21.6%	+19.0%
Q2 22	+12.5%	+2.2%
Q3 22	+9.8%	+1.3%
Q4 22	+4.9%	-4.2%
Q1 23	+13.4%	+7.0%
Q2 23	+15.9%	+11.5%
Q3 23	+21.2%	+21.3%
Q4 23	+23.1%	+22.6%
Q3 25	+59.7%	+59.9%
Q4 25	+51.3%	+55.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$7M	0.2%
Q4 20	$19M	0.5%
Q1 21	$87M	2.1%
Q2 21	$50M	1.1%
Q3 21	$56M	1.2%
Q4 21	$56M	1.1%
Q1 22	$56M	1.1%
Q2 22	$73M	1.4%
Q3 22	$63M	1.2%
Q4 22	$71M	1.3%
Q1 23	$70M	1.2%
Q2 23	$86M	1.5%
Q3 23	$84M	1.4%
Q4 23	$86M	1.3%
Q3 25	$118M	1.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 20	$683M
Q4 20	$792M
Q1 21	$1000M
Q2 21	$1.2B
Q3 21	$1.1B
Q4 21	$1.2B
Q1 22	$1.2B
Q2 22	$1.2B
Q3 22	$1.2B
Q4 22	$1.2B
Q1 23	$1.3B
Q2 23	$1.4B
Q3 23	$1.5B
Q4 23	$1.5B
Q3 25	$2.6B
Q4 25	$2.5B

Revenue Segments

Quarter	Product	Service, Other	Third-Party Merchant Services
Q1 21	$3.8B	$49M	$351M
Q2 21	$4.0B	$53M	$430M
Q3 21	$4.1B	$57M	$451M
Q4 21	$4.5B	$64M	$464M
Q1 22	$4.6B	$69M	$491M
Q2 22	$4.5B	$81M	$476M
Q3 22	$4.5B	$113M	$448M
Q4 22	$4.8B	$112M	$455M
Q1 23	$5.2B	$135M	$461M
Q2 23	$5.1B	$135M	$563M
Q3 23	$5.3B	$160M	$709M
Q4 23	$5.6B	$154M	$844M
Q3 25	$7.1B	$293M	$1.9B
Q4 25	$6.6B	$296M	$1.9B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3.4B	$0	$3.4B
Q2 22	$3.1B	$0	$3.1B
Q3 22	$2.9B	$0	$2.9B
Q4 22	$3.5B	$0	$3.5B
Q1 23	$3.8B	$0	$3.8B
Q2 23	$4.5B	$0	$4.5B
Q3 23	$4.9B	$0	$4.9B
Q4 23	$5.2B	$0	$5.2B
Q1 24	$5.2B	$0	$5.2B
Q2 24	$5.5B	$0	$5.5B
Q3 24	$5.8B	$0	$5.8B
Q4 24	$5.9B	$0	$5.9B
Q1 25	$6.1B	$0	$6.1B
Q2 25	$6.8B	$0	$6.8B
Q3 25	$7.2B	$0	$7.2B
Q4 25	$6.3B	$0	$6.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	1.60B	0.0%	—
Q4 20	1.72B	+7.8%	—
Q1 21	1.72B	0.0%	+7.8%
Q2 21	1.74B	+1.1%	+9.0%
Q3 21	1.75B	+0.2%	+9.2%
Q4 21	1.75B	+0.3%	+1.6%
Q1 22	1.76B	+0.3%	+1.8%
Q2 22	1.76B	+0.4%	+1.2%
Q3 22	1.79B	+1.6%	+2.5%
Q4 22	1.76B	-1.5%	+0.7%
Q1 23	1.79B	+1.7%	+2.1%
Q2 23	1.80B	+0.3%	+2.1%
Q3 23	1.81B	+0.4%	+1.0%
Q4 23	1.80B	-0.3%	+2.2%
Q3 25	1.86B	+3.4%	+3.9%
Q4 25	1.85B	-0.5%	+3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$74.7K	68K
Q1 22	$75.2K	68K
Q2 22	$74.1K	68K
Q3 22	$75.0K	68K
Q4 22	$84.6K	63K
Q1 23	$92.1K	63K
Q2 23	$92.7K	63K
Q3 23	$98.2K	63K
Q4 23	$84.1K	78K
Q3 25	$97.5K	95K
Q4 25	$81.8K	108K

Revenue / Employee