Coupang, Inc.CPNG
Coupang, Inc. Debt Disclosure
Short-Term Borrowings and Long-Term Debt
DebtThe Parent has a $1.5 billion unsecured credit facility (the “Revolving Credit Facility”) as further described in Note 13 — "Short-Term Borrowings and Long-Term Debt" which was amended to extend the term to February 2026. As of December 31, 2025, there was no balance outstanding on the Revolving Credit Facility.
Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions) | Interest rate as of December 31, 2025 (%) | Borrowing limit as of December 31, 2025 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Maturity Date | ||||||||||||||||||||||||||
| January 2026 - November 2026 | 2.67% to 4.87% | $ | 1,068 | $ | 963 | $ | 482 | |||||||||||||||||||
Revolving Credit Facility | (1) | 1,500 | — | — | ||||||||||||||||||||||
| Total principal short-term borrowings | $ | 2,568 | $ | 963 | $ | 482 | ||||||||||||||||||||
| Less: unamortized discounts | (3) | (3) | ||||||||||||||||||||||||
| Total short-term borrowings | $ | 960 | $ | 479 | ||||||||||||||||||||||
| Weighted-average interest rates | 3.02 | % | 3.07 | % | ||||||||||||||||||||||
(1)Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to , plus an applicable margin ranging from 0.75% to 1.25%.
Our short-term borrowings generally include lines of credit and loan facilities with financial institutions to be drawn upon for general operating purposes.
Revolving Credit Facility
In June 2025, we entered into a five-year revolving credit agreement (the “Revolving Credit Facility”), replacing our prior revolving credit and guaranty agreement entered into in February 2021, which was terminated in connection with the entry into the new Revolving Credit Facility. The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to , plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the “Limited Partnership”) as part of the Farfetch Acquisition (“Farfetch Term Loans”). In December 2025, we repaid the $425 million outstanding balance on the Revolving Credit Facility. As of December 31, 2025, there was no balance outstanding on the Revolving Credit Facility.
Other Credit Facilities
During 2025, we entered into various unsecured borrowings under other revolving credit facilities, which are due in 2026. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants. As of December 31, 2025, aggregate outstanding borrowings under all other credit facilities totaled $963 million with a weighted average interest rate of 3.02%.
Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions) | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||
Issue Date | Contractual Maturity Date | Fixed vs. Floating | Amount | Interest Rate (%) | Amount | Interest Rate (%) | |||||||||||||||||||||||||||||
| Secured | |||||||||||||||||||||||||||||||||||
| November 2021 | 2026 | Fixed | $ | — | $ | 38 | 3.78 | ||||||||||||||||||||||||||||
| April 2023 | 2026 | Fixed | — | 156 | 6.76 | ||||||||||||||||||||||||||||||
| March 2022 | 2027 | Fixed | — | 273 | 4.26 | ||||||||||||||||||||||||||||||
| August 2024 | 2027 | Fixed | 114 | 4.90 | 111 | 4.90 | |||||||||||||||||||||||||||||
| Unsecured | |||||||||||||||||||||||||||||||||||
| Farfetch Term Loans | 2027 | Floating | — | 493 | 11.57 | ||||||||||||||||||||||||||||||
| November 2025 | 2027 | Fixed | 74 | 2.65 | — | ||||||||||||||||||||||||||||||
| February 2025 | 2028 | Fixed | 23 | 4.18 | — | ||||||||||||||||||||||||||||||
| September 2025 | 2028 | Fixed | 439 | 3.80 | — | ||||||||||||||||||||||||||||||
| Total principal long-term debt | $ | 650 | $ | 1,071 | |||||||||||||||||||||||||||||||
| Less: current portion of long-term debt | — | (66) | |||||||||||||||||||||||||||||||||
| Less: unamortized discounts | (2) | (17) | |||||||||||||||||||||||||||||||||
| Total long-term debt | $ | 648 | $ | 988 | |||||||||||||||||||||||||||||||
Term Loan Agreement
In September 2025, we entered into an unsecured three-year term loan agreement with aggregate borrowings of $439 million to refinance existing facility-backed secured loans maturing in April 2026 and March 2027. The term loan agreement contains customary affirmative and negative covenants and consists of two tranches with an average fixed interest rate of 3.80%.
Farfetch Term Loans
In 2025, we fully redeemed the $493 million of principal amount outstanding on the Farfetch Term Loans.
Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements.
We were in compliance with the financial covenants for each of our borrowings and debt agreements as of December 31, 2025.
Future contractual principal payments for long-term debt as of December 31, 2025 were as follows:
(in millions) | Long-term debt | ||||
| 2026 | $ | — | |||
| 2027 | 187 | ||||
| 2028 | 463 | ||||
| 2029 | — | ||||
| 2030 | — | ||||
| Thereafter | — | ||||
| Total | $ | 650 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 3, 2022 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.