Stocks CPNG Financial statements
Financial statementsCoupang, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Coupang, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 6,273 | 11,967 | 18,406 | 20,583 | 24,383 | 30,268 | 34,534 |
| Cost of revenue | 5,240 | 9,981 | 15,455 | 15,873 | 18,193 | 21,437 | 24,393 |
| Gross profit | 1,033 | 1,986 | 2,951 | 4,710 | 6,190 | 8,831 | 10,141 |
| General and administrative | 1,675 | 2,502 | 4,445 | 4,822 | 5,717 | 8,395 | 9,668 |
| Operating income | -642 | -516 | -1,494 | -112 | 473 | 436 | 473 |
| Interest expense | 96.9 | 108 | 45 | 27 | 48 | 140 | 86 |
| Interest income | 9 | 53 | 178 | 216 | 199 | ||
| Other non-operating income | 22.6 | 150 | -12 | -7 | -19 | -39 | 11 |
| Pre-tax income | -697 | -463 | -1,542 | -93 | 584 | 473 | 597 |
| Income tax | -0.24 | 0.29 | 1 | -1 | -776 | 407 | 383 |
| Net income to minority interests | 0 | 0 | -88 | 6 | |||
| Net income | -697 | -463 | -1,543 | -92 | 1,360 | 154 | 208 |
| EBITDA | -571 | -388 | -1,293 | 119 | 748 | 869 | 990 |
| EPS, basic | -39.48 | -19.16 | -1.08 | -0.05 | 0.76 | 0.09 | 0.11 |
| EPS, diluted | -39.48 | -19.16 | -1.08 | -0.05 | 0.75 | 0.08 | 0.11 |
| Shares, basic (weighted) | 19.5 | 29 | 1,424 | 1,765 | 1,782 | 1,794 | 1,818 |
| Shares, diluted (weighted) | 19.5 | 29 | 1,424 | 1,765 | 1,803 | 1,826 | 1,855 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,372 | 1,251 | 3,488 | 3,509 | 5,243 | 5,879 | 6,318 |
| Receivables | 12 | 90 | 64 | 314 | 407 | 363 | |
| Inventory | 1,161 | 1,422 | 1,657 | 1,666 | 2,099 | 2,256 | |
| Other current assets | 212 | 232 | 303 | 316 | 458 | 660 | |
| Total current assets | 2,841 | 5,637 | 5,830 | 7,892 | 8,994 | 9,691 | |
| Property, plant and equipment | 1,018 | 1,348 | 1,820 | 2,465 | 2,813 | 3,722 | |
| Lease right-of-use assets | 1,011 | 1,375 | 1,405 | 1,601 | 2,016 | 2,765 | |
| Goodwill | 4.25 | 9.74 | |||||
| Intangible assets | 37 | 271 | 190 | ||||
| Total assets | 5,067 | 8,642 | 9,513 | 13,346 | 15,344 | 17,787 | |
| Accounts payable | 2,908 | 3,443 | 3,622 | 5,099 | 5,554 | 6,298 | |
| Accrued liabilities | 116 | 304 | 299 | 352 | 461 | 515 | |
| Deferred revenue | 65.3 | 94 | 92 | 97 | 141 | 188 | |
| Short-term debt | 67.6 | 342 | 129 | 203 | 66 | 0 | |
| Total current liabilities | 3,733 | 4,744 | 5,063 | 6,945 | 7,716 | 9,357 | |
| Lease liabilities | 859 | 1,201 | 1,234 | 1,387 | 1,770 | 2,482 | |
| Total liabilities | 5,671 | 6,466 | 7,099 | 9,242 | 11,167 | 13,164 | |
| Total debt | 353 | 283 | 538 | 529 | 988 | 648 | |
| Paid-in capital | 25 | 7,874 | 8,154 | 8,489 | 8,736 | 9,025 | |
| Retained earnings | -4,108 | -5,651 | -5,743 | -4,383 | -4,229 | -4,021 | |
| Other comprehensive income | -31.1 | -47.7 | 3 | -17 | -404 | -381 | |
| Shareholders' equity | -3,533 | -4,069 | 2,176 | 2,414 | 4,089 | ||
| Minority interests | 0 | -1 | 0 | ||||
| Total equity | -3,533 | -4,069 | 2,176 | 2,414 | 4,089 | 4,102 | 4,623 |
| Total liabilities and equity | 5,067 | 8,642 | 9,513 | 13,346 | 15,344 | 17,787 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -697 | -463 | -1,543 | -92 | 1,360 | 66 | 214 |
| Depreciation and amortization | 70.9 | 128 | 201 | 231 | 275 | 433 | 517 |
| Stock-based compensation | 20.8 | 31.3 | 249 | 262 | 326 | 433 | 475 |
| Deferred income tax | 0 | 0 | 0 | -40 | -884 | 225 | 37 |
| Change in receivables | -40 | -4.31 | -120 | -34 | -133 | 209 | 37 |
| Change in inventory | -279 | -504 | -528 | -367 | -44 | -376 | -233 |
| Change in payables | 417 | 1,066 | 728 | 444 | 1,514 | 507 | 515 |
| Cash from operations | -312 | 302 | -411 | 565 | 2,652 | 1,886 | 1,773 |
| Capital expenditures | -218 | -485 | -674 | -824 | -896 | -879 | -1,251 |
| Acquisitions | 0 | 0 | 68 | 0 | |||
| Cash from investing | -218 | -521 | -676 | -848 | -927 | -819 | -1,254 |
| Debt issued | 28.8 | 142 | 409 | 524 | 572 | 857 | 2,900 |
| Debt repaid | -1.88 | -35.1 | -170 | -446 | -392 | -794 | -2,881 |
| Share buybacks | -115 | -97 | 0 | 0 | 0 | -178 | -243 |
| Cash from financing | 1,184 | 179 | 3,577 | 247 | 199 | -69 | -247 |
| Exchange rate effect | -22.4 | 70.4 | -81 | -87 | -14 | -564 | 109 |
| Net change in cash | 632 | 29.8 | 2,409 | -123 | 1,910 | 434 | 381 |
| Free cash flow | -530 | -183 | -1,085 | -259 | 1,756 | 1,007 | 522 |
| Interest paid | 19.1 | 23.7 | 21 | 19 | 31 | 85 | 65 |
| Income taxes paid | 2.54 | 0.86 | 3 | 6 | 110 | 138 | 177 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 28.4% | Gross profit / revenue. |
| Operating margin | -1.8% | Operating income / revenue. |
| EBITDA margin | -0.2% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -1.7% | Pre-tax income / revenue. |
| Net margin | -2.2% | Net income / revenue. |
| FCF margin | 0.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 4.0% | Cash from operations / revenue. |
| Return on assets (ROA) | -4.4% | Net income / average total assets. |
| Stock-based pay / revenue | 1.5% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.7% | Capital expenditures / revenue. |
| D&A / revenue | 1.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 14.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 18.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 23.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 14.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 29.1% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 38.6% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 8.5% | Operating income vs the same period a year earlier. Only from a positive base. |
| EBITDA growth, 1y | 13.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 102.6% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 35.1% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 37.5% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | -6.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 46.4% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 42.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -48.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Total assets growth, 1y | 15.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 23.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 28.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 1.6% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 1.7% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 129.7% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.87x | Current assets / current liabilities. |
| Quick ratio | 0.61x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.57x | (Cash + short-term investments) / current liabilities. |
| Debt / assets | 3.6% | Total debt / total assets. |
| Liabilities / assets | 82.8% | Total liabilities / total assets. |
| Net debt | -$5.49B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Interest coverage | -8.26x | Operating income / interest expense. |
| Working capital | -$1.38B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 1.0% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 2.04x | Revenue / average total assets. |
| Fixed asset turnover | 9.45x | Revenue / average property, plant and equipment. |
| Inventory turnover | 12.3x | Cost of revenue / average inventory. |
| Days inventory | 30 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 97.7x | Revenue / average receivables. |
| Days sales outstanding | 4 days | 365 x average receivables / revenue. |
| Days payables | 91 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | -57 days | Days inventory + days sales outstanding - days payables. |
| Capex / operating cash flow | 93.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$0.43 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $19.71 | Revenue / diluted weighted shares. |
| FCF per share | $0.06 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.79 | Cash from operations / diluted weighted shares. |
| Cash per share | $3.40 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 1,104.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $24.95B | Share price x shares outstanding. |
| Enterprise value | $19.46B | Market cap + total debt - cash - short-term investments. |
| P/S | 0.70x | Market cap / revenue. |
| P/FCF | 252x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 17.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.55x | Enterprise value / revenue. |
| EV/FCF | 197x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 0.4% | Free cash flow / market cap. |
| Earnings yield | -3.1% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 4.4% | (Dividends paid + share buybacks) / market cap. |
What was Coupang, Inc.'s revenue in fiscal 2025?
Coupang, Inc. reported revenue of $34.53B for fiscal 2025, 14.1% higher than the year before.
Was Coupang, Inc. profitable in fiscal 2025?
Yes. Net income was $208.0M, a net margin of 0.6%.
How much free cash flow did Coupang, Inc. generate in fiscal 2025?
Cash from operations of $1.77B minus capital expenditures of $1.25B left free cash flow of $522.0M.