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Coupang vs QVC: revenue, profit, margins and growth compared

Coupang brought in $34.5B of revenue in fiscal 2025, QVC $9.2B in fiscal 2025. Revenue changed by +14.1% at Coupang and -8.0% at QVC on the year before, so Coupang grew faster. Coupang kept 0.6% of its revenue as net profit, QVC -26.4%. Free cash flow was $522M at Coupang and $118M at QVC.

Side by side, latest fiscal year

CPNGQVCAQ
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$34.5B$9.2B
Revenue growth+14.1%-8.0%
Net income$208M-$2.4B
Net margin0.6%-26.4%
Free cash flow$522M$118M
Free cash flow margin1.5%1.3%
Earnings per share (diluted)$0.11-$302.97
Cash$6.3B$2B
Debt$648M$5.9B
Price to earnings125.0n/a
Market value$24.7Bn/a
Dividend yieldn/an/a
Rank by revenue in sector#30 of 1065 · Consumer discretionary#129 of 1065 · Consumer discretionary

Over the years

Revenue
CPNG FY2019: $6.3BCPNG FY2021: $12BCPNG FY2021: $18.4BCPNG FY2022: $20.6BCPNG FY2023: $24.4BCPNG FY2024: $30.3BCPNG FY2025: $34.5BQVCAQ FY2018: $14.1BQVCAQ FY2019: $13.5BQVCAQ FY2020: $14.2BQVCAQ FY2021: $14BQVCAQ FY2022: $12.1BQVCAQ FY2023: $10.9BQVCAQ FY2024: $10BQVCAQ FY2025: $9.2BFY18FY19FY20FY21FY22FY23FY24FY25
CPNG $34.5BQVCAQ $9.2B
Net income
CPNG FY2019: -$696.9MCPNG FY2021: -$463.2MCPNG FY2021: -$1.5BCPNG FY2022: -$92MCPNG FY2023: $1.4BCPNG FY2024: $154MCPNG FY2025: $208MQVCAQ FY2018: $916MQVCAQ FY2019: -$456MQVCAQ FY2020: $1.2BQVCAQ FY2021: $340MQVCAQ FY2022: -$2.6BQVCAQ FY2023: -$145MQVCAQ FY2024: -$1.3BQVCAQ FY2025: -$2.4BFY18FY19FY20FY21FY22FY23FY24FY25
CPNG $208MQVCAQ -$2.4B
Net margin
CPNG FY2019: -11.1%CPNG FY2021: -3.9%CPNG FY2021: -8.4%CPNG FY2022: -0.4%CPNG FY2023: 5.6%CPNG FY2024: 0.5%CPNG FY2025: 0.6%QVCAQ FY2018: 6.5%QVCAQ FY2019: -3.4%QVCAQ FY2020: 8.4%QVCAQ FY2021: 2.4%QVCAQ FY2022: -21.4%QVCAQ FY2023: -1.3%QVCAQ FY2024: -12.9%QVCAQ FY2025: -26.4%FY18FY19FY20FY21FY22FY23FY24FY25
CPNG 0.6%QVCAQ -26.4%
Revenue growth
CPNG FY2021: +90.8%CPNG FY2021: +53.8%CPNG FY2022: +11.8%CPNG FY2023: +18.5%CPNG FY2024: +24.1%CPNG FY2025: +14.1%QVCAQ FY2019: -4.3%QVCAQ FY2020: +5.3%QVCAQ FY2021: -0.9%QVCAQ FY2022: -13.8%QVCAQ FY2023: -9.8%QVCAQ FY2024: -8.0%QVCAQ FY2025: -8.0%FY19FY20FY21FY22FY23FY24FY25
CPNG +14.1%QVCAQ -8.0%
Free cash flow
CPNG FY2019: -$529.7MCPNG FY2021: -$183.1MCPNG FY2021: -$1.1BCPNG FY2022: -$259MCPNG FY2023: $1.8BCPNG FY2024: $1BCPNG FY2025: $522MQVCAQ FY2018: $998MQVCAQ FY2019: $959MQVCAQ FY2020: $2.2BQVCAQ FY2021: $981MQVCAQ FY2022: -$74MQVCAQ FY2023: $689MQVCAQ FY2024: $326MQVCAQ FY2025: $118MFY18FY19FY20FY21FY22FY23FY24FY25
CPNG $522MQVCAQ $118M

Fiscal years as each company reports them; the two may end in different months.

Questions about Coupang and QVC

Which is bigger by revenue, Coupang or QVC?

Coupang is bigger by revenue: $34.5B in fiscal 2025, against $9.2B for QVC in fiscal 2025.

Which keeps more of its revenue as profit, Coupang or QVC?

Coupang had a net margin of 0.6% in fiscal 2025; QVC had -26.4% in fiscal 2025.

Which grew revenue faster, Coupang or QVC?

In their latest fiscal years revenue changed by +14.1% at Coupang and -8.0% at QVC.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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