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

Coupang brought in $34.5B of revenue in fiscal 2025, Qvc $8.3B in fiscal 2025. Revenue changed by +14.1% at Coupang and -7.8% at Qvc on the year before, so Coupang grew faster. Coupang kept 0.6% of its revenue as net profit, Qvc -26.1%. Free cash flow was $522M at Coupang and $287M at Qvc.

Side by side, latest fiscal year

CPNGQVCCQ
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$34.5B$8.3B
Revenue growth+14.1%-7.8%
Net income$208M-$2.2B
Net margin0.6%-26.1%
Free cash flow$522M$287M
Free cash flow margin1.5%3.5%
Earnings per share (diluted)$0.11n/a
Cash$6.3B$1.5B
Debt$648M$5B
Price to earnings125.0n/a
Market value$24.7B$12
Dividend yieldn/an/a
Rank by revenue in sector#30 of 1065 · Consumer discretionary#143 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: $34.5BQVCCQ FY2018: $11.3BQVCCQ FY2019: $11BQVCCQ FY2020: $11.5BQVCCQ FY2021: $11.4BQVCCQ FY2022: $9.9BQVCCQ FY2023: $9.4BQVCCQ FY2024: $9BQVCCQ FY2025: $8.3BFY18FY19FY20FY21FY22FY23FY24FY25
CPNG $34.5BQVCCQ $8.3B
Net income
CPNG FY2019: -$696.9MCPNG FY2021: -$463.2MCPNG FY2021: -$1.5BCPNG FY2022: -$92MCPNG FY2023: $1.4BCPNG FY2024: $154MCPNG FY2025: $208MQVCCQ FY2018: $882MQVCCQ FY2019: $767MQVCCQ FY2020: $844MQVCCQ FY2021: $787MQVCCQ FY2022: -$1.9BQVCCQ FY2023: $159MQVCCQ FY2024: -$1.1BQVCCQ FY2025: -$2.2BFY18FY19FY20FY21FY22FY23FY24FY25
CPNG $208MQVCCQ -$2.2B
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%QVCCQ FY2018: 7.8%QVCCQ FY2019: 7.0%QVCCQ FY2020: 7.4%QVCCQ FY2021: 6.9%QVCCQ FY2022: -18.9%QVCCQ FY2023: 1.7%QVCCQ FY2024: -11.9%QVCCQ FY2025: -26.1%FY18FY19FY20FY21FY22FY23FY24FY25
CPNG 0.6%QVCCQ -26.1%
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%QVCCQ FY2019: -2.6%QVCCQ FY2020: +4.4%QVCCQ FY2021: -1.0%QVCCQ FY2022: -12.9%QVCCQ FY2023: -4.4%QVCCQ FY2024: -4.8%QVCCQ FY2025: -7.8%FY19FY20FY21FY22FY23FY24FY25
CPNG +14.1%QVCCQ -7.8%
Free cash flow
CPNG FY2019: -$529.7MCPNG FY2021: -$183.1MCPNG FY2021: -$1.1BCPNG FY2022: -$259MCPNG FY2023: $1.8BCPNG FY2024: $1BCPNG FY2025: $522MQVCCQ FY2019: $1BQVCCQ FY2020: $2BQVCCQ FY2021: $959MQVCCQ FY2022: $193MQVCCQ FY2023: $912MQVCCQ FY2024: $362MQVCCQ FY2025: $287MFY19FY20FY21FY22FY23FY24FY25
CPNG $522MQVCCQ $287M

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 $8.3B 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 -26.1% in fiscal 2025.

Which grew revenue faster, Coupang or Qvc?

In their latest fiscal years revenue changed by +14.1% at Coupang and -7.8% 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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