Coupang (CPNG) Financials

$28.75 +0.53 (+1.87%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$28.75 +0.00 (+0.01%)

As of 08/22/2025 07:53 PM Eastern

Annual Income Statements for Coupang

This table shows Coupang's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-768	-556	-1,543	-92	1,360	154
Consolidated Net Income / (Loss)	-697	-463	-1,543	-92	1,360	154
Net Income / (Loss) Continuing Operations	-697	-463	-1,543	-92	1,360	66
Total Pre-Tax Income	-697	-463	-1,542	-93	584	473
Total Operating Income	-642	-516	-1,494	-112	473	436
Total Gross Profit	1,033	1,986	2,951	4,710	6,190	8,831
Total Revenue	6,273	11,967	18,406	20,583	24,383	30,268
Operating Revenue	-	11,967	18,406	20,583	24,383	30,268
Total Cost of Revenue	5,240	9,981	15,455	15,873	18,193	21,437
Operating Cost of Revenue	5,240	9,981	15,455	15,873	18,193	21,437
Total Operating Expenses	1,675	2,502	4,445	4,822	5,717	8,395
Selling, General & Admin Expense	1,675	2,502	4,445	4,822	5,717	8,395
Total Other Income / (Expense), net	-55	53	-48	19	111	37
Interest Expense	97	108	45	27	48	140
Interest & Investment Income	19	11	9.00	53	178	216
Other Income / (Expense), net	23	150	-12	-7.00	-19	-39
Income Tax Expense	-0.24	0.29	1.00	-1.00	-776	407
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-88
Basic Earnings per Share	($39.48)	($19.16)	($1.08)	($0.05)	$0.76	$0.09
Weighted Average Basic Shares Outstanding	19.46M	29.01M	1.42B	1.77B	1.78B	1.79B
Diluted Earnings per Share	($39.48)	($19.16)	($1.08)	($0.05)	$0.75	$0.08
Weighted Average Diluted Shares Outstanding	19.46M	29.01M	1.42B	1.77B	1.80B	1.83B
Weighted Average Basic & Diluted Shares Outstanding	-	-	1.76B	1.77B	1.79B	1.81B

This table shows Coupang's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	102	91	145	91	1,033	5.00	-77	70	156	107	32
Consolidated Net Income / (Loss)	102	91	145	91	1,033	-24	-105	64	219	114	31
Net Income / (Loss) Continuing Operations	102	91	145	91	1,033	-24	-105	64	131	114	31
Total Pre-Tax Income	94	124	171	117	172	59	3.00	132	279	216	194
Total Operating Income	83	107	148	88	130	40	-25	109	312	154	149
Total Gross Profit	1,279	1,420	1,524	1,566	1,680	1,929	2,142	2,269	2,491	2,316	2,561
Total Revenue	5,327	5,801	5,838	6,184	6,560	7,114	7,323	7,866	7,965	7,908	8,524
Total Cost of Revenue	4,048	4,381	4,314	4,618	4,880	5,185	5,181	5,597	5,474	5,592	5,963
Operating Cost of Revenue	4,048	4,381	4,314	4,618	4,880	5,185	5,181	5,597	5,474	5,592	5,963
Total Operating Expenses	1,195	1,313	1,376	1,478	1,550	1,889	2,167	2,160	2,179	2,162	2,412
Selling, General & Admin Expense	1,195	1,313	1,376	1,478	1,550	1,889	2,167	2,160	2,179	2,162	2,412
Total Other Income / (Expense), net	10	17	23	29	42	19	28	23	-33	62	45
Interest Expense	7.00	8.00	13	13	14	27	37	36	40	23	25
Interest & Investment Income	27	32	42	50	54	55	53	55	53	49	51
Other Income / (Expense), net	-9.49	-7.00	-6.00	-8.00	2.00	-9.00	12	4.00	-46	36	19
Income Tax Expense	-8.47	33	26	26	-861	83	108	68	148	102	163
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	0.00	-	-29	-28	-6.00	-25	7.00	-1.00
Basic Earnings per Share	$0.06	$0.05	$0.08	$0.05	$0.58	$0.00	($0.04)	$0.04	$0.09	$0.06	$0.02
Weighted Average Basic Shares Outstanding	1.77B	1.78B	1.78B	1.78B	1.78B	1.79B	1.79B	1.80B	1.79B	1.81B	1.82B
Diluted Earnings per Share	$0.06	$0.05	$0.08	$0.05	$0.57	$0.00	($0.04)	$0.04	$0.08	$0.06	$0.02
Weighted Average Diluted Shares Outstanding	1.77B	1.79B	1.80B	1.81B	1.80B	1.82B	1.79B	1.83B	1.83B	1.84B	1.86B
Weighted Average Basic & Diluted Shares Outstanding	1.77B	1.78B	1.78B	1.79B	1.79B	1.79B	1.79B	1.80B	1.81B	1.82B	1.82B

This table details how cash moves in and out of Coupang's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	632	30	2,409	-123	1,910	434
Net Cash From Operating Activities	-312	302	-411	565	2,652	1,886
Net Cash From Continuing Operating Activities	-312	302	-411	565	2,652	1,886
Net Income / (Loss) Continuing Operations	-697	-463	-1,543	-92	1,360	66
Consolidated Net Income / (Loss)	-697	-463	-1,543	-92	1,360	66
Depreciation Expense	71	128	201	231	275	433
Amortization Expense	-	155	259	310	338	432
Non-Cash Adjustments To Reconcile Net Income	220	99	740	535	625	695
Changes in Operating Assets and Liabilities, net	94	383	-68	-419	54	260
Net Cash From Investing Activities	-218	-521	-676	-848	-927	-819
Net Cash From Continuing Investing Activities	-218	-521	-676	-848	-927	-819
Purchase of Property, Plant & Equipment	-218	-485	-674	-824	-896	-879
Acquisitions	-	-	-	0.00	0.00	68
Sale of Property, Plant & Equipment	3.54	0.51	2.00	13	19	9.00
Other Investing Activities, net	-3.94	-37	-4.00	-37	-50	-17
Net Cash From Financing Activities	1,184	179	3,577	247	199	-69
Net Cash From Continuing Financing Activities	1,184	179	3,577	247	199	-69
Repayment of Debt	-350	-40	-338	-472	-382	-752
Repurchase of Common Equity	-115	-97	-12	0.00	0.00	-178
Issuance of Debt	132	287	434	701	572	857
Issuance of Common Equity	1,516	29	3,493	18	9.00	4.00
Effect of Exchange Rate Changes	-22	70	-81	-87	-14	-564

This table details how cash moves in and out of Coupang's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	627	437	620	517	336	-23	220	168	69	169	689
Net Cash From Operating Activities	580	501	820	722	609	212	664	334	676	354	545
Net Cash From Continuing Operating Activities	580	501	820	722	609	212	664	334	676	354	545
Net Income / (Loss) Continuing Operations	102	91	145	91	1,033	-24	-105	64	131	114	31
Consolidated Net Income / (Loss)	102	-	-	91	1,033	-24	-105	64	131	114	31
Depreciation Expense	57	64	66	68	77	95	106	112	120	122	126
Amortization Expense	79	84	79	85	90	103	-	114	107	116	121
Non-Cash Adjustments To Reconcile Net Income	163	138	179	140	168	175	127	219	71	178	260
Changes in Operating Assets and Liabilities, net	180	124	351	338	-759	-137	325	-175	247	-176	7.00
Net Cash From Investing Activities	-130	-83	-429	-152	-263	-117	-178	-383	-141	-213	-299
Net Cash From Continuing Investing Activities	-130	-83	-429	-152	-263	-117	-178	-383	-141	-213	-299
Purchase of Property, Plant & Equipment	-121	-95	-377	-190	-234	-107	-178	-380	-214	-239	-299
Sale of Property, Plant & Equipment	2.40	1.00	6.00	5.00	7.00	2.00	2.00	4.00	1.00	1.00	1.00
Other Investing Activities, net	-11	11	-58	33	-36	-80	-2.00	-7.00	72	25	-1.00
Net Cash From Financing Activities	21	78	251	33	-163	52	-132	-9.00	20	16	92
Net Cash From Continuing Financing Activities	21	78	251	33	-163	52	-132	-9.00	20	16	92
Repayment of Debt	-140	43	-38	-67	-320	37	-44	-332	-413	-279	-397
Issuance of Debt	158	32	287	98	155	14	90	321	432	295	486
Issuance of Common Equity	3.00	3.00	2.00	2.00	2.00	1.00	-	2.00	1.00	0.00	3.00
Effect of Exchange Rate Changes	156	-59	-22	-86	153	-170	-134	226	-486	12	351

This table presents Coupang's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,067	8,642	9,513	13,346	15,344
Total Current Assets	2,841	5,637	5,830	7,892	8,994
Cash & Equivalents	1,251	3,488	3,509	5,243	5,879
Restricted Cash	145	320	176	353	151
Accounts Receivable	71	175	184	314	407
Inventories, net	1,161	1,422	1,657	1,666	2,099
Prepaid Expenses	-	-	304	316	458
Plant, Property, & Equipment, net	0.00	0.00	1,820	2,465	2,813
Total Noncurrent Assets	2,227	3,005	1,863	2,989	3,537
Intangible Assets	-	-	-	37	271
Noncurrent Deferred & Refundable Income Taxes	-	-	40	925	622
Other Noncurrent Operating Assets	2,217	1,628	1,823	2,027	2,644
Total Liabilities & Shareholders' Equity	5,067	8,642	9,513	13,346	15,344
Total Liabilities	5,671	6,466	7,099	9,242	11,167
Total Current Liabilities	3,733	4,744	5,063	6,945	7,716
Short-Term Debt	431	637	304	485	545
Accounts Payable	2,908	3,443	3,622	5,099	5,554
Accrued Expenses	116	304	299	352	461
Current Deferred Revenue	65	94	92	97	141
Other Current Liabilities	212	267	746	912	1,015
Total Noncurrent Liabilities	1,938	1,722	2,036	2,297	3,451
Long-Term Debt	943	283	538	529	988
Noncurrent Employee Benefit Liabilities	135	237	264	381	693
Other Noncurrent Operating Liabilities	859	-	1,234	1,387	1,770
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	3,466	-	0.00	15	75
Total Equity & Noncontrolling Interests	-4,069	2,176	2,414	4,089	4,102
Total Preferred & Common Equity	-4,069	2,176	2,414	4,089	4,103
Total Common Equity	-4,069	2,176	2,414	4,089	4,103
Common Stock	70	7,874	8,154	8,489	8,736
Retained Earnings	-4,108	-5,651	-5,743	-4,383	-4,229
Accumulated Other Comprehensive Income / (Loss)	-31	-48	3.00	-17	-404
Noncontrolling Interest	-	-	-	0.00	-1.00

This table presents Coupang's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	8,127	9,710	10,687	11,563	14,949	15,195	16,342	15,986	17,831
Total Current Assets	4,928	6,115	6,717	7,430	8,569	8,809	9,212	9,206	10,176
Cash & Equivalents	2,903	3,792	4,473	4,858	5,226	5,536	5,822	6,113	6,796
Restricted Cash	157	330	269	400	347	257	139	86	93
Accounts Receivable	169	127	139	285	601	547	517	484	499
Inventories, net	1,406	1,667	1,565	1,641	1,938	1,992	2,181	2,049	2,285
Prepaid Expenses	-	198	270	246	457	477	553	474	503
Plant, Property, & Equipment, net	1,540	1,811	2,119	2,201	2,509	2,563	2,997	2,953	3,424
Total Noncurrent Assets	1,659	1,784	1,851	1,932	3,871	3,823	4,133	3,827	4,231
Intangible Assets	-	-	-	-	349	319	306	215	210
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	841	757	764	612	646
Other Noncurrent Operating Assets	1,648	442	422	446	2,681	2,747	3,063	3,000	3,375
Total Liabilities & Shareholders' Equity	8,127	9,710	10,687	11,563	14,949	15,195	16,342	15,986	17,831
Total Liabilities	5,955	7,150	7,912	8,634	10,750	11,248	12,065	11,588	13,146
Total Current Liabilities	4,029	5,174	5,643	6,506	7,435	7,858	8,185	7,911	9,369
Short-Term Debt	440	692	750	966	887	501	401	556	954
Accounts Payable	2,941	3,685	4,077	4,616	5,370	5,621	5,899	5,702	6,487
Accrued Expenses	249	247	272	312	388	516	473	391	430
Current Deferred Revenue	129	93	93	86	135	139	191	172	188
Other Current Liabilities	270	457	452	527	655	1,081	1,221	1,090	1,310
Total Noncurrent Liabilities	1,925	1,976	2,268	2,129	3,315	3,390	3,880	3,677	3,777
Long-Term Debt	561	523	719	528	1,062	1,047	1,194	1,002	850
Noncurrent Employee Benefit Liabilities	222	275	294	306	585	603	716	597	657
Other Noncurrent Operating Liabilities	1,142	-	-	-	1,668	1,740	1,970	2,078	2,270
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	114	92	84	24	0.00
Total Equity & Noncontrolling Interests	2,172	2,560	2,775	2,928	4,085	3,855	4,193	4,374	4,685
Total Preferred & Common Equity	2,172	2,560	2,775	2,928	4,079	3,856	4,189	4,372	4,685
Total Common Equity	2,172	2,560	2,775	2,928	4,079	3,856	4,189	4,372	4,685
Common Stock	8,081	8,228	8,316	8,402	8,578	8,509	8,625	8,898	9,025
Retained Earnings	-5,845	-5,652	-5,507	-5,415	-4,378	-4,455	-4,385	-4,122	-4,090
Accumulated Other Comprehensive Income / (Loss)	-64	-16	-34	-59	-121	-198	-51	-404	-250
Noncontrolling Interest	-	-	-	-	6.00	-1.00	4.00	2.00	0.00

This table displays calculated financial ratios and metrics derived from Coupang's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	90.77%	53.80%	11.83%	18.46%	24.14%
EBITDA Growth	0.00%	84.71%	-1,147.67%	140.34%	152.84%	18.28%
EBIT Growth	0.00%	40.89%	-311.37%	92.10%	481.51%	-12.56%
NOPAT Growth	0.00%	19.62%	-189.54%	92.50%	1,504.98%	-94.48%
Net Income Growth	0.00%	33.54%	-233.15%	94.04%	1,578.26%	-88.68%
EPS Growth	0.00%	51.47%	94.36%	95.37%	1,600.00%	-89.33%
Operating Cash Flow Growth	0.00%	196.70%	-236.29%	237.47%	369.38%	-28.88%
Free Cash Flow Firm Growth	0.00%	0.00%	-904.71%	138.72%	37.41%	-145.12%
Invested Capital Growth	0.00%	0.00%	177.26%	-188.15%	-11.42%	121.34%
Revenue Q/Q Growth	0.00%	0.00%	7.43%	1.23%	5.33%	4.87%
EBITDA Q/Q Growth	0.00%	0.00%	-7.63%	215.65%	9.15%	18.16%
EBIT Q/Q Growth	0.00%	0.00%	-29.86%	79.97%	14.66%	50.95%
NOPAT Q/Q Growth	0.00%	0.00%	-21.63%	81.08%	204.38%	-90.94%
Net Income Q/Q Growth	0.00%	0.00%	-26.44%	84.65%	216.94%	-84.09%
EPS Q/Q Growth	0.00%	0.00%	62.37%	-150.00%	212.50%	-85.96%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-114.77%	358.93%	1.10%	3.68%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	167.20%	5,970.95%	-142.66%
Invested Capital Q/Q Growth	0.00%	0.00%	167.76%	-478.94%	-204.79%	214.61%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	16.47%	16.60%	16.03%	22.88%	25.39%	29.18%
EBITDA Margin	-8.74%	-0.70%	-5.68%	2.05%	4.38%	4.17%
Operating Margin	-10.23%	-4.31%	-8.12%	-0.54%	1.94%	1.44%
EBIT Margin	-9.87%	-3.06%	-8.18%	-0.58%	1.86%	1.31%
Profit (Net Income) Margin	-11.11%	-3.87%	-8.38%	-0.45%	5.58%	0.51%
Tax Burden Percent	99.97%	100.06%	100.06%	98.92%	232.88%	32.56%
Interest Burden Percent	112.56%	126.43%	102.39%	78.15%	128.63%	119.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-132.88%	86.05%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-271.89%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-271.29%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	267.88%	0.00%	0.00%
Return on Equity (ROE)	0.00%	76.78%	-196.22%	-4.01%	41.73%	3.72%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-444.32%	0.00%	0.00%	-508.98%
Operating Return on Assets (OROA)	0.00%	-7.22%	-21.97%	-1.31%	3.97%	2.77%
Return on Assets (ROA)	0.00%	-9.14%	-22.51%	-1.01%	11.90%	1.07%
Return on Common Equity (ROCE)	0.00%	517.85%	236.17%	-4.01%	41.63%	3.68%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.38%	-70.91%	-3.81%	33.26%	3.75%
Net Operating Profit after Tax (NOPAT)	-449	-361	-1,046	-78	1,102	61
NOPAT Margin	-7.16%	-3.02%	-5.68%	-0.38%	4.52%	0.20%
Net Nonoperating Expense Percent (NNEP)	0.00%	-764.93%	-57.95%	-0.60%	6.96%	2.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-2.41%	21.59%	1.00%
Cost of Revenue to Revenue	83.53%	83.40%	83.97%	77.12%	74.61%	70.82%
SG&A Expenses to Revenue	26.70%	20.91%	24.15%	23.43%	23.45%	27.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.70%	20.91%	24.15%	23.43%	23.45%	27.74%
Earnings before Interest and Taxes (EBIT)	-619	-366	-1,506	-119	454	397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-548	-84	-1,046	422	1,067	1,262
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	23.65	10.79	7.08	9.64
Price to Tangible Book Value (P/TBV)	0.00	0.00	23.65	10.79	7.14	10.32
Price to Revenue (P/Rev)	0.73	0.38	2.80	1.27	1.19	1.31
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	21.28	256.75
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	4.70%	0.39%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	102.27	0.00	0.00	348.41
Enterprise Value to Revenue (EV/Rev)	0.00	0.67	2.70	1.13	1.00	1.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	54.97	22.85	28.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	53.69	89.52
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	22.13	584.15
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	26.51	0.00	41.06	9.19	18.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	29.75	0.00	27.71	21.19	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	-2.28	0.97	0.35	0.25	0.47
Long-Term Debt to Equity	0.00	-1.56	0.68	0.22	0.13	0.24
Financial Leverage	0.00	0.04	-1.09	-0.99	-1.14	-1.05
Leverage Ratio	0.00	-8.40	8.72	3.96	3.51	3.46
Compound Leverage Factor	0.00	-10.62	8.93	3.09	4.51	4.13
Debt to Total Capital	0.00%	178.20%	49.36%	25.86%	19.81%	31.88%
Short-Term Debt to Total Capital	0.00%	55.93%	14.81%	9.34%	9.48%	15.77%
Long-Term Debt to Total Capital	0.00%	122.27%	34.55%	16.52%	10.34%	16.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	449.27%	0.00%	0.00%	0.29%	1.21%
Common Equity to Total Capital	0.00%	-527.47%	50.64%	74.14%	79.89%	66.91%
Debt to EBITDA	0.00	-16.40	-2.03	2.00	0.95	1.55
Net Debt to EBITDA	0.00	0.26	1.61	-6.74	-4.29	-3.23
Long-Term Debt to EBITDA	0.00	-11.25	-1.42	1.27	0.50	0.78
Debt to NOPAT	0.00	-3.81	-2.03	-10.74	0.92	32.13
Net Debt to NOPAT	0.00	0.06	1.61	36.26	-4.16	-66.98
Long-Term Debt to NOPAT	0.00	-2.61	-1.42	-6.86	0.48	16.24
Altman Z-Score	0.00	1.26	5.54	3.57	3.44	3.90
Noncontrolling Interest Sharing Ratio	0.00%	-574.49%	220.36%	0.00%	0.23%	1.07%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.76	1.19	1.15	1.14	1.17
Quick Ratio	0.00	0.35	0.77	0.73	0.80	0.81
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	269	-2,162	837	1,151	-519
Operating Cash Flow to CapEx	-145.53%	62.29%	-61.16%	69.67%	302.39%	216.78%
Free Cash Flow to Firm to Interest Expense	0.00	2.49	-48.05	31.01	23.97	-3.71
Operating Cash Flow to Interest Expense	-3.22	2.80	-9.13	20.93	55.25	13.47
Operating Cash Flow Less CapEx to Interest Expense	-5.43	-1.69	-24.07	-9.11	36.98	7.26
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	2.36	2.69	2.27	2.13	2.11
Accounts Receivable Turnover	0.00	167.95	149.27	114.56	97.92	83.96
Inventory Turnover	0.00	8.60	11.97	10.31	10.95	11.39
Fixed Asset Turnover	0.00	0.00	0.00	0.00	11.38	11.47
Accounts Payable Turnover	0.00	3.43	4.87	4.49	4.17	4.02
Days Sales Outstanding (DSO)	0.00	2.17	2.45	3.19	3.73	4.35
Days Inventory Outstanding (DIO)	0.00	42.46	30.50	35.40	33.33	32.05
Days Payable Outstanding (DPO)	0.00	106.34	74.99	81.23	87.48	90.69
Cash Conversion Cycle (CCC)	0.00	-61.70	-42.05	-42.65	-50.42	-54.29
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-630	487	-429	-478	102
Invested Capital Turnover	0.00	-38.00	-257.00	713.81	-53.77	-161.00
Increase / (Decrease) in Invested Capital	0.00	-630	1,117	-916	-49	580
Enterprise Value (EV)	0.00	7,994	49,771	23,198	24,377	35,538
Market Capitalization	4,550	4,550	51,457	26,041	28,944	39,539
Book Value per Share	$0.00	($140.25)	$1.24	$1.36	$2.29	$2.28
Tangible Book Value per Share	$0.00	($140.39)	$1.24	$1.36	$2.27	$2.13
Total Capital	0.00	771	4,297	3,256	5,118	6,132
Total Debt	0.00	1,375	2,121	842	1,014	1,955
Total Long-Term Debt	0.00	943	1,484	538	529	988
Net Debt	0.00	-22	-1,686	-2,843	-4,582	-4,075
Capital Expenditures (CapEx)	214	484	672	811	877	870
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1,857	-2,278	-2,614	-4,164	-3,785
Debt-free Net Working Capital (DFNWC)	0.00	-461	1,529	1,071	1,432	2,245
Net Working Capital (NWC)	0.00	-892	893	767	947	1,278
Net Nonoperating Expense (NNE)	248	102	497	14	-258	-93
Net Nonoperating Obligations (NNO)	0.00	-27	-1,689	-2,843	-4,582	-4,075
Total Depreciation and Amortization (D&A)	71	282	460	541	613	865
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-15.52%	-12.38%	-12.70%	-17.08%	-12.51%
Debt-free Net Working Capital to Revenue	0.00%	-3.85%	8.31%	5.20%	5.87%	7.42%
Net Working Capital to Revenue	0.00%	-7.45%	4.85%	3.73%	3.88%	4.22%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.08)	($0.05)	$0.76	$0.09
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.42B	1.76B	1.78B	1.79B
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.08)	($0.05)	$0.75	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.42B	1.76B	1.80B	1.83B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.76B	1.77B	1.79B	1.81B
Normalized Net Operating Profit after Tax (NOPAT)	-449	-361	-1,046	-78	331	305
Normalized NOPAT Margin	-7.16%	-3.02%	-5.68%	-0.38%	1.36%	1.01%
Pre Tax Income Margin	-11.11%	-3.87%	-8.38%	-0.45%	2.40%	1.56%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-6.39	-3.40	-33.47	-4.41	9.46	2.84
NOPAT to Interest Expense	-4.64	-3.35	-23.24	-2.90	22.95	0.43
EBIT Less CapEx to Interest Expense	-8.60	-7.89	-48.40	-34.44	-8.81	-3.38
NOPAT Less CapEx to Interest Expense	-6.85	-7.84	-38.17	-32.94	4.68	-5.78
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-16.45%	-20.95%	-0.78%	0.00%	0.00%	115.58%

This table displays calculated financial ratios and metrics derived from Coupang's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.94%	13.37%	15.88%	21.22%	23.14%	22.63%	25.44%	27.20%	21.42%	11.16%	16.40%
EBITDA Growth	160.56%	460.72%	359.27%	6.53%	42.69%	-49.19%	-67.60%	45.49%	64.88%	86.90%	106.47%
EBIT Growth	118.43%	148.73%	285.93%	-9.75%	78.52%	-69.00%	-109.15%	41.25%	101.52%	512.90%	1,392.31%
NOPAT Growth	132.77%	154.53%	367.01%	-4.88%	758.23%	-120.72%	597.23%	-22.79%	-81.24%	599.52%	-97.28%
Net Income Growth	125.19%	143.48%	292.08%	0.35%	911.69%	-126.37%	-172.41%	-29.67%	-78.80%	575.00%	129.52%
EPS Growth	-33.33%	141.67%	300.00%	0.00%	850.00%	-100.00%	-150.00%	-20.00%	-85.96%	0.00%	150.00%
Operating Cash Flow Growth	385.50%	1,011.92%	4,590.20%	1,141.32%	4.99%	-57.68%	-19.02%	-53.74%	11.00%	66.98%	-17.92%
Free Cash Flow Firm Growth	172.20%	-2,108.70%	-57.71%	63.86%	-17.57%	118.58%	318.50%	317.86%	-152.24%	278.37%	-93.48%
Invested Capital Growth	-188.15%	256.78%	398.91%	302.92%	-11.42%	-30.63%	-139.45%	-119.51%	121.34%	-142.26%	-34.23%
Revenue Q/Q Growth	4.43%	8.89%	0.64%	5.93%	6.08%	8.44%	2.94%	7.42%	1.26%	-0.72%	7.79%
EBITDA Q/Q Growth	-4.19%	18.35%	15.73%	-18.82%	28.33%	-57.94%	-26.19%	264.52%	45.43%	-13.18%	-3.04%
EBIT Q/Q Growth	-16.58%	35.24%	42.00%	-43.66%	65.00%	-76.57%	-141.94%	969.23%	135.40%	-28.57%	-11.58%
NOPAT Q/Q Growth	26.42%	-13.68%	59.82%	-45.46%	1,040.71%	-102.08%	5,477.60%	-93.96%	177.20%	-44.52%	-70.71%
Net Income Q/Q Growth	12.60%	-10.88%	59.34%	-37.24%	1,035.16%	-102.32%	-337.50%	160.95%	242.19%	-47.95%	-72.81%
EPS Q/Q Growth	20.00%	-16.67%	60.00%	-37.50%	1,040.00%	-100.00%	0.00%	200.00%	100.00%	-25.00%	-66.67%
Operating Cash Flow Q/Q Growth	897.24%	-13.63%	63.67%	-11.95%	-15.65%	-65.21%	213.21%	-49.70%	102.40%	-47.63%	53.95%
Free Cash Flow Firm Q/Q Growth	232.54%	-227.07%	31.01%	68.90%	402.29%	-71.40%	711.34%	-68.99%	-172.49%	307.44%	-86.01%
Invested Capital Q/Q Growth	-478.94%	293.23%	-8.88%	-39.61%	-204.79%	220.29%	-151.83%	70.13%	214.61%	-338.24%	-64.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.01%	24.48%	26.10%	25.32%	25.61%	27.12%	29.25%	28.85%	31.27%	29.29%	30.04%
EBITDA Margin	3.93%	4.28%	4.92%	3.77%	4.56%	1.77%	1.27%	4.31%	6.19%	5.41%	4.87%
Operating Margin	1.57%	1.84%	2.54%	1.42%	1.98%	0.56%	-0.34%	1.39%	3.92%	1.95%	1.75%
EBIT Margin	1.39%	1.72%	2.43%	1.29%	2.01%	0.44%	-0.18%	1.44%	3.34%	2.40%	1.97%
Profit (Net Income) Margin	1.92%	1.57%	2.48%	1.47%	15.75%	-0.34%	-1.43%	0.81%	2.75%	1.44%	0.36%
Tax Burden Percent	109.04%	73.39%	84.80%	77.78%	600.58%	-40.68%	-3,500.00%	48.48%	78.49%	52.78%	15.98%
Interest Burden Percent	126.64%	124.00%	120.42%	146.25%	130.30%	190.32%	-23.08%	116.81%	104.89%	113.68%	115.48%
Effective Tax Rate	-9.04%	26.61%	15.20%	22.22%	-500.58%	140.68%	3,600.00%	51.52%	53.05%	47.22%	84.02%
Return on Invested Capital (ROIC)	1,218.98%	191.78%	188.76%	90.01%	0.00%	-8.37%	1,420.36%	105.64%	0.00%	192.32%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1,218.49%	191.20%	187.86%	89.01%	0.00%	-8.08%	1,451.64%	105.31%	0.00%	191.53%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-1,203.18%	-178.71%	-168.37%	-79.07%	0.00%	6.40%	-1,352.89%	-99.94%	0.00%	-184.13%	0.00%
Return on Equity (ROE)	15.80%	13.07%	20.39%	10.93%	41.73%	-1.97%	67.47%	5.69%	3.72%	8.19%	9.92%
Cash Return on Invested Capital (CROIC)	0.00%	-142.77%	-84.90%	6.66%	0.00%	174.92%	0.00%	0.00%	-508.98%	0.00%	0.00%
Operating Return on Assets (OROA)	3.15%	3.98%	5.62%	3.04%	4.29%	0.91%	-0.37%	2.97%	7.05%	4.83%	3.85%
Return on Assets (ROA)	4.35%	3.63%	5.74%	3.46%	33.59%	-0.70%	-3.01%	1.68%	5.80%	2.90%	0.71%
Return on Common Equity (ROCE)	15.80%	13.07%	20.39%	10.93%	41.63%	-1.93%	66.55%	5.62%	3.68%	8.05%	9.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.14%	15.45%	14.65%	0.00%	30.52%	25.80%	23.11%	0.00%	6.68%	0.00%
Net Operating Profit after Tax (NOPAT)	91	79	125	68	781	-16	875	53	146	81	24
NOPAT Margin	1.71%	1.35%	2.15%	1.11%	11.90%	-0.23%	11.95%	0.67%	1.84%	1.03%	0.28%
Net Nonoperating Expense Percent (NNEP)	0.49%	0.58%	0.90%	1.00%	6.79%	-0.29%	-31.28%	0.33%	1.68%	0.79%	0.15%
Return On Investment Capital (ROIC_SIMPLE)	2.79%	-	-	-	15.30%	-	-	-	2.42%	1.37%	0.37%
Cost of Revenue to Revenue	75.99%	75.52%	73.90%	74.68%	74.39%	72.88%	70.75%	71.15%	68.73%	70.71%	69.96%
SG&A Expenses to Revenue	22.44%	22.63%	23.57%	23.90%	23.63%	26.55%	29.59%	27.46%	27.36%	27.34%	28.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.44%	22.63%	23.57%	23.90%	23.63%	26.55%	29.59%	27.46%	27.36%	27.34%	28.30%
Earnings before Interest and Taxes (EBIT)	74	100	142	80	132	31	-13	113	266	190	168
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	210	248	287	233	299	126	93	339	493	428	415
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.79	11.09	11.15	10.36	7.08	7.80	9.71	10.51	9.64	9.06	11.61
Price to Tangible Book Value (P/TBV)	10.79	11.09	11.15	10.36	7.14	8.53	10.59	11.34	10.32	9.52	12.16
Price to Revenue (P/Rev)	1.27	1.33	1.40	1.31	1.19	1.24	1.38	1.53	1.31	1.27	1.69
Price to Earnings (P/E)	0.00	136.29	72.19	70.67	21.28	24.96	35.61	42.71	256.75	154.67	149.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.73%	1.39%	1.42%	4.70%	4.01%	2.81%	2.34%	0.39%	0.65%	0.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	32.16	38.31	61.06	0.00	49.22	0.00	0.00	348.41	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.13	1.25	1.31	1.20	1.00	1.10	1.23	1.38	1.17	1.13	1.53
Enterprise Value to EBITDA (EV/EBITDA)	54.97	36.09	30.04	28.49	22.85	40.96	34.62	37.23	28.16	23.94	29.44
Enterprise Value to EBIT (EV/EBIT)	0.00	143.16	71.51	70.35	53.69	73.51	144.80	151.17	89.52	62.91	66.91
Enterprise Value to NOPAT (EV/NOPAT)	0.00	153.07	78.89	76.97	22.13	29.06	50.42	59.18	584.15	196.41	164.46
Enterprise Value to Operating Cash Flow (EV/OCF)	41.06	23.78	14.77	10.62	9.19	11.98	15.09	21.86	18.84	17.25	25.83
Enterprise Value to Free Cash Flow (EV/FCFF)	27.71	0.00	0.00	1,469.78	21.19	23.05	19.43	32.67	0.00	35.12	122.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.93	0.98	0.95	0.25	0.46	0.39	0.37	0.47	0.35	0.39
Long-Term Debt to Equity	0.22	0.66	0.71	0.62	0.13	0.25	0.27	0.28	0.24	0.23	0.18
Financial Leverage	-0.99	-0.93	-0.90	-0.89	-1.14	-0.79	-0.93	-0.95	-1.05	-0.96	-1.08
Leverage Ratio	3.96	4.00	3.95	3.86	3.51	3.65	3.85	3.87	3.46	3.60	3.83
Compound Leverage Factor	5.01	4.96	4.75	5.65	4.57	6.94	-0.89	4.52	3.63	4.09	4.42
Debt to Total Capital	25.86%	48.31%	49.53%	48.78%	19.81%	31.70%	28.17%	27.16%	31.88%	26.16%	27.80%
Short-Term Debt to Total Capital	9.34%	13.97%	13.63%	16.89%	9.48%	14.43%	9.12%	6.83%	15.77%	9.34%	14.70%
Long-Term Debt to Total Capital	16.52%	34.34%	35.90%	31.89%	10.34%	17.27%	19.05%	20.33%	16.11%	16.82%	13.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.29%	1.95%	1.66%	1.50%	1.21%	0.44%	0.00%
Common Equity to Total Capital	74.14%	51.69%	50.47%	51.22%	79.89%	66.35%	70.17%	71.34%	66.91%	73.41%	72.20%
Debt to EBITDA	2.00	3.24	2.83	2.85	0.95	2.82	1.61	1.49	1.55	1.07	1.08
Net Debt to EBITDA	-6.74	-2.34	-2.10	-2.53	-4.29	-5.24	-4.41	-4.09	-3.23	-3.18	-3.04
Long-Term Debt to EBITDA	1.27	2.30	2.05	1.86	0.50	1.54	1.09	1.12	0.78	0.69	0.51
Debt to NOPAT	-10.74	13.74	7.43	7.71	0.92	2.00	2.34	2.37	32.13	8.75	6.02
Net Debt to NOPAT	36.26	-9.93	-5.50	-6.82	-4.16	-3.72	-6.43	-6.50	-66.98	-26.06	-16.96
Long-Term Debt to NOPAT	-6.86	9.77	5.38	5.04	0.48	1.09	1.59	1.78	16.24	5.63	2.83
Altman Z-Score	3.64	3.91	3.86	3.57	3.36	3.18	3.45	3.68	3.87	3.77	4.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.23%	1.78%	1.35%	1.22%	1.07%	1.70%	1.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.18	1.19	1.14	1.14	1.15	1.12	1.13	1.17	1.16	1.09
Quick Ratio	0.73	0.76	0.82	0.79	0.80	0.78	0.77	0.77	0.81	0.83	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,007	-1,279	-883	-274	830	238	1,928	598	-434	899	126
Operating Cash Flow to CapEx	489.38%	532.98%	221.02%	390.27%	268.28%	201.90%	377.27%	88.83%	317.37%	148.74%	182.89%
Free Cash Flow to Firm to Interest Expense	143.72	-159.89	-67.89	-21.11	59.27	8.80	52.12	16.61	-10.84	39.10	5.03
Operating Cash Flow to Interest Expense	82.82	62.63	63.08	55.54	43.50	7.85	17.95	9.28	16.90	15.39	21.80
Operating Cash Flow Less CapEx to Interest Expense	65.89	50.88	34.54	41.31	27.29	3.96	13.19	-1.17	11.58	5.04	9.88
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.27	2.31	2.31	2.35	2.13	2.08	2.10	2.07	2.11	2.01	1.95
Accounts Receivable Turnover	114.56	142.98	135.18	101.87	97.92	70.60	79.26	71.97	83.96	57.26	61.69
Inventory Turnover	10.31	10.63	11.01	11.40	10.95	10.54	11.17	10.91	11.39	10.96	10.58
Fixed Asset Turnover	0.00	13.14	12.29	12.38	11.38	11.90	11.61	11.11	11.47	11.37	10.78
Accounts Payable Turnover	4.49	4.61	4.51	4.60	4.17	4.20	4.10	3.96	4.02	3.95	3.74
Days Sales Outstanding (DSO)	3.19	2.55	2.70	3.58	3.73	5.17	4.61	5.07	4.35	6.37	5.92
Days Inventory Outstanding (DIO)	35.40	34.35	33.15	32.03	33.33	34.63	32.68	33.46	32.05	33.31	34.50
Days Payable Outstanding (DPO)	81.23	79.12	80.99	79.43	87.48	86.99	89.10	92.07	90.69	92.50	97.66
Cash Conversion Cycle (CCC)	-42.65	-42.22	-45.14	-43.82	-50.42	-47.19	-51.81	-53.54	-54.29	-52.82	-57.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-429	829	755	456	-478	575	-298	-89	102	-243	-400
Invested Capital Turnover	713.81	141.68	87.81	81.32	-53.77	36.61	118.87	157.23	-161.00	187.12	-92.44
Increase / (Decrease) in Invested Capital	-916	1,358	1,008	343	-49	-254	-1,053	-545	580	-818	-102
Enterprise Value (EV)	23,198	26,658	28,934	27,854	24,377	28,301	33,304	39,757	35,538	34,979	49,311
Market Capitalization	26,041	28,388	30,952	30,324	28,944	31,805	37,458	44,035	39,539	39,594	54,396
Book Value per Share	$1.36	$1.44	$1.56	$1.64	$2.29	$2.27	$2.16	$2.34	$2.28	$2.42	$2.58
Tangible Book Value per Share	$1.36	$1.44	$1.56	$1.64	$2.27	$2.08	$1.98	$2.16	$2.13	$2.30	$2.46
Total Capital	3,256	4,953	5,499	5,717	5,118	6,148	5,495	5,872	6,132	5,956	6,489
Total Debt	842	2,393	2,724	2,788	1,014	1,949	1,548	1,595	1,955	1,558	1,804
Total Long-Term Debt	538	1,701	1,974	1,823	529	1,062	1,047	1,194	988	1,002	850
Net Debt	-2,843	-1,730	-2,019	-2,470	-4,582	-3,624	-4,245	-4,366	-4,075	-4,641	-5,085
Capital Expenditures (CapEx)	119	94	371	185	227	105	176	376	213	238	298
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,614	-2,490	-2,919	-3,369	-4,164	-3,552	-4,341	-4,533	-3,785	-4,348	-5,128
Debt-free Net Working Capital (DFNWC)	1,071	1,632	1,823	1,889	1,432	2,021	1,452	1,428	2,245	1,851	1,761
Net Working Capital (NWC)	767	941	1,073	924	947	1,134	951	1,027	1,278	1,295	807
Net Nonoperating Expense (NNE)	-11	-12	-20	-23	-252	7.73	980	-11	-73	-33	-7.19
Net Nonoperating Obligations (NNO)	-2,843	-1,731	-2,020	-2,472	-4,582	-3,624	-4,245	-4,366	-4,075	-4,641	-5,085
Total Depreciation and Amortization (D&A)	136	148	145	153	167	95	106	226	227	238	247
Debt-free, Cash-free Net Working Capital to Revenue	-12.70%	-11.71%	-13.23%	-14.55%	-17.08%	-13.82%	-15.97%	-15.71%	-12.51%	-14.00%	-15.89%
Debt-free Net Working Capital to Revenue	5.20%	7.68%	8.26%	8.16%	5.87%	7.87%	5.34%	4.95%	7.42%	5.96%	5.46%
Net Working Capital to Revenue	3.73%	4.42%	4.86%	3.99%	3.88%	4.41%	3.50%	3.56%	4.22%	4.17%	2.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.05	$0.08	$0.05	$0.58	$0.00	($0.04)	$0.04	$0.09	$0.06	$0.02
Adjusted Weighted Average Basic Shares Outstanding	1.77B	1.77B	1.78B	1.78B	1.78B	1.79B	1.79B	1.80B	1.79B	1.81B	1.82B
Adjusted Diluted Earnings per Share	$0.06	$0.05	$0.08	$0.05	$0.57	$0.00	($0.04)	$0.04	$0.08	$0.06	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	1.77B	1.79B	1.80B	1.81B	1.80B	1.82B	1.79B	1.83B	1.83B	1.84B	1.86B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.77B	1.78B	1.78B	1.79B	1.79B	1.79B	1.79B	1.80B	1.81B	1.82B	1.82B
Normalized Net Operating Profit after Tax (NOPAT)	58	79	125	68	91	28	-18	76	218	81	104
Normalized NOPAT Margin	1.10%	1.35%	2.15%	1.11%	1.39%	0.39%	-0.24%	0.97%	2.74%	1.03%	1.22%
Pre Tax Income Margin	1.76%	2.14%	2.93%	1.89%	2.62%	0.83%	0.04%	1.68%	3.50%	2.73%	2.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.56	12.50	10.92	6.15	9.43	1.15	-0.35	3.14	6.65	8.26	6.72
NOPAT to Interest Expense	12.99	9.82	9.65	5.27	55.77	-0.60	23.65	1.47	3.66	3.53	0.95
EBIT Less CapEx to Interest Expense	-6.37	0.75	-17.62	-8.08	-6.79	-2.74	-5.11	-7.31	1.33	-2.09	-5.20
NOPAT Less CapEx to Interest Expense	-3.93	-1.93	-18.88	-8.97	39.55	-4.49	18.89	-8.98	-1.66	-6.81	-10.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.89%	18.39%	115.58%	0.00%	0.00%

Key Financial Trends

Examining Coupang's (NYSE: CPNG) financial statements from Q3 2022 through Q2 2025 reveals significant trends and developments in its financial health and operational performance.

Revenue Growth and Profitability:

Total revenue has steadily increased from approximately $5.10 billion in Q3 2022 to $8.52 billion in Q2 2025, demonstrating strong business expansion.
Despite rising revenues, net income showed volatility, including losses in the early parts of 2024 but a positive turnaround with $31 million in Q2 2025.
Gross profit has improved consistently, increasing from about $1.56 billion in Q3 2022 to $2.56 billion in Q2 2025, indicating improved cost management or pricing power.
Gross margin improvements are tempered by significant selling, general and administrative expenses, which remain high and fluctuate quarter-to-quarter.
Basic and diluted earnings per share recovered from losses to $0.02 per share in Q2 2025, signaling improvement in bottom-line profitability.

Cash Flow and Capital Expenditures:

Net cash from operating activities has grown substantially, achieving $545 million in Q2 2025 compared to $58 million in Q3 2022, reflecting improving core cash-generating ability.
Capital expenditures remain significant, with property, plant & equipment purchases averaging $200 million to nearly $380 million quarterly, which could pressure free cash flow.
The company continues to invest heavily in infrastructure and operations, as demonstrated by consistent investment activity.

Balance Sheet Strength and Leverage:

Coupang's cash and equivalents have nearly doubled from about $2.9 billion in Q3 2022 to approximately $6.8 billion in Q2 2025, providing strong liquidity.
Total liabilities have also increased from about $8.6 billion in Q3 2022 to $13.1 billion in Q2 2025, with both current and long-term debt rising, indicating higher leverage.
Common equity has increased steadily to $4.7 billion in Q2 2025 from $2.9 billion in Q3 2022, but retained earnings remain negative, reflecting cumulative losses over time.

Summary: Coupang has demonstrated robust revenue growth and improving profitability in recent quarters, with growing cash flow from operations supporting its capital-intensive investments. However, the company faces elevated leverage and ongoing high capital expenditure requirements that weigh on financial flexibility. Investors should watch Coupang’s ability to sustain profitable growth while managing its debt load and capital needs.

08/24/25 03:12 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Coupang's Financials

When does Coupang's financial year end?

According to the most recent income statement we have on file, Coupang's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Coupang's net income changed over the last 5 years?

Coupang's net income appears to be on a downward trend, with a most recent value of $154 million in 2024, falling from -$696.89 million in 2019. The previous period was $1.36 billion in 2023. Check out Coupang's forecast to explore projected trends and price targets.

What is Coupang's operating income?

Coupang's total operating income in 2024 was $436 million, based on the following breakdown:

Total Gross Profit: $8.83 billion
Total Operating Expenses: $8.40 billion

How has Coupang's revenue changed over the last 5 years?

Over the last 5 years, Coupang's total revenue changed from $6.27 billion in 2019 to $30.27 billion in 2024, a change of 382.5%.

How much debt does Coupang have?

Coupang's total liabilities were at $11.17 billion at the end of 2024, a 20.8% increase from 2023, and a 96.9% increase since 2020.

How much cash does Coupang have?

In the past 4 years, Coupang's cash and equivalents has ranged from $1.25 billion in 2020 to $5.88 billion in 2024, and is currently $5.88 billion as of their latest financial filing in 2024.

How has Coupang's book value per share changed over the last 5 years?

Over the last 5 years, Coupang's book value per share changed from 0.00 in 2019 to 2.28 in 2024, a change of 228.1%.

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This page (NYSE:CPNG) was last updated on 8/24/2025 by MarketBeat.com Staff

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Coupang (CPNG) Financials

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Coupang (CPNG) Financials

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