Coupang, Inc.

Listed Company

CPNGCIK 0001834584NYSELarge AcceleratedRetail-Catalog & Mail-Order HousesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$34.53B

Net Income

$208.00M

Total Assets

$17.79B

Equity

$4.62B

Shares Out

—

Op. Cash Flow

$1.77B

Business

Coupang, Inc. operates as a technology-driven commerce company that provides retail, restaurant delivery, video streaming and fintech services. It offers consumer-facing products and services under brands including Coupang, Coupang Eats, Coupang Play and Farfetch, plus payment and membership features like Coupang Pay and a WOW membership. Key business segments include its retail marketplace and logistics/fulfillment services (FLC), on-demand food delivery, OTT streaming, advertising, and the Farfetch luxury marketplace. Coupang serves primarily South Korea, with operations in Taiwan and global reach through e-commerce platforms, mobile and web apps, nationwide fulfillment centers, and international shipping channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenues	34,534	30,268	24,383	20,583	18,406
Cost of sales	24,393	21,437	18,193	15,873	15,455
Operating, general and administrative	9,668	8,395	5,717	4,822	4,445
Total operating cost and expenses	34,061	29,832	23,910	20,695	19,900
Operating income	473	436	473	−112	−1,494
Interest income	199	216	178	53	9
Interest expense	−86	−140	−48	−27	—
Other income (expense), net	11	−39	−19	−7	−12
Income before income taxes	597	473	584	−93	−1,542
Income tax expense (benefit)	383	407	−776	−1	1
Net income	214	66	1,360	—	—
Net income (loss) attributable to noncontrolling interests	6	−88	0	0	—
Net income attributable to Coupang stockholders	208	154	1,360	−92	−1,543
Basic (in usd per share)	0.11	0.09	0.76	−0.05	−1.08
Diluted (in usd per share)	0.11	0.08	0.75	−0.05	−1.08
Basic (in shares)	1,818	1,794	1,782	1,765	1,424
Diluted (in shares)	1,855	1,826	1,803	1,765	1,424

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6,318	5,879	5,243	3,509	3,488
Restricted cash	94	151	353	176	320
Accounts receivable, net	363	407	314	—	—
Inventories	2,256	2,099	1,666	1,657	1,422
Prepaids and other current assets	660	458	316	—	—
Total current assets	9,691	8,994	7,892	5,830	5,637
Property and equipment, net	3,722	2,813	2,465	1,820	—
Operating lease right-of-use assets	2,765	2,016	1,601	1,405	1,375
Intangible assets, net	190	271	37	—	—
Deferred tax assets	596	622	925	40	—
Long-term lease deposits and other	823	628	426	418	270
Total assets	17,787	15,344	13,346	9,513	8,642
Accounts payable	6,298	5,554	5,099	3,622	3,443
Accrued expenses	515	461	352	299	304
Deferred revenue	188	141	97	92	94
Short-term borrowings	960	479	282	175	8
Current portion of long-term debt	0	66	203	129	342
Current portion of long-term operating lease obligations	545	422	386	326	287
Other current liabilities	851	593	526	420	267
Total current liabilities	9,357	7,716	6,945	5,063	4,744
Long-term debt	648	988	—	—	—
Long-term operating lease obligations	2,482	1,770	1,387	1,234	1,201
Defined severance benefits and other	677	693	381	264	237
Total liabilities	13,164	11,167	9,242	7,099	6,466
Commitments and contingencies (Note 14)	—	—	—	—	—
Redeemable noncontrolling interests (Note 16)	0	75	15	0	—
Common stock	0	0	0	0	175,000
Additional paid-in capital	9,025	8,736	8,489	8,154	7,874
Accumulated other comprehensive loss	−381	−404	−17	3	−48
Accumulated deficit	−4,021	−4,229	−4,383	−5,743	−5,651
Noncontrolling interests	0	−1	0	—	—
Total equity	4,623	4,102	4,089	2,414	2,176
Total liabilities, redeemable noncontrolling interests, and equity	17,787	15,344	13,346	9,513	8,642

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	214	66	1,360	—	—
Depreciation and amortization	517	433	275	231	201
Provision for severance benefits	246	187	159	161	128
Equity-based compensation	475	433	326	262	249
Non-cash operating lease expense	507	432	338	310	259
Deferred income taxes	37	225	−884	−41	0
Fulfillment center fire insurance gain	0	−175	0	0	—
Other	209	250	140	112	78
Accounts receivable, net	37	209	−133	−34	−120
Inventories	−233	−376	−44	−367	−528
Other assets	−517	−152	−153	−249	−178
Accounts payable	515	507	1,514	444	728
Accrued expenses	49	60	43	7	207
Other liabilities	−283	−213	−289	−179	−177
Net cash provided by operating activities	1,773	1,886	2,652	565	−411
Purchases of property and equipment	−1,251	−879	−896	−824	−674
Proceeds from sale of property and equipment	5	9	19	13	2
Net cash acquired in acquisition	0	68	0	0	—
Other investing activities	−8	−17	−50	−37	−4
Net cash used in investing activities	−1,254	−819	−927	−848	−676
Proceeds from issuance of common stock, equity-based compensation plan	5	4	9	18	62
Repurchase of Class A common stock	−243	−178	0	0	—
Proceeds from short-term borrowings and long-term debt	2,900	857	572	701	434
Repayment of short-term borrowings and long-term debt	−2,881	−794	−392	−467	−336
Other financing activities	−28	42	10	−5	−2
Net cash (used in) provided by financing activities	−247	−69	199	247	3,577
Effect of exchange rate changes on cash and cash equivalents and restricted cash	109	−564	−14	−87	−81
Net increase in cash and cash equivalents and restricted cash	381	434	1,910	−123	2,409

Filings

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