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Coupang, Inc.CPNG

Sector
Consumer
Industry
Retail-Catalog & Mail-Order Houses
Exchange
NYSE

Stock Price $CPNG

Latest filings

You are here#28 of 30 in Consumer Discretionary by market cap

Filing record · 2021–202610-K510-Q178-K53

CPNG filed 5 annual reports (10-K), 17 quarterly reports (10-Q) and 53 current reports (8-K) between 2021 and 2026.

  1. Leadership change8-K · Jun ’21Jun ’21
  2. Leadership change8-K · Sep ’22Sep ’22
  3. Deal closed8-K · Jan ’24Jan ’24
  4. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  7. $34.53B
YoY changeLargest recent move+90.8%in FY20Latest +14.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CPNG Financial Metrics55 metrics

Income Statement15

Balance Sheet23

Cash Flow13

Per Share4

02—Overview

Coupang, Inc. Financial Overview 2021–2025

Updated Aug 15, 2026

Coupang reached a massive $34.5 billiona in total net revenues in FY2025, yet an unprecedented $1.2 billion customer compensation program triggered by a data breach underscores the extreme fragility of its bottom line. The e-commerce giant has successfully scaled its core operations and integrated new luxury segments like Farfetch, but severe administrative fines and mounting operational expenses continually erode its profit margins.

The company's top-line expansion has been relentless, with total net revenues nearly doubling from $18.4 billion in FY2021 to $34.5 billionb in FY2025. This 14% revenue growth in FY2025 was driven by higher per-customer spending and a strategic push into global fashion. However, heavy logistics investments and acquisition costs drove free cash flow down 48% to $527 million that same year. The financial strain only intensified into Q2 2026, as Coupang swung to a $570 million net loss driven by the data incident fallout and a staggering $410 million in administrative fines.

Despite this severe earnings volatility, the market has heavily priced in the company's top-line market share gains. At the close of FY2025, Coupang shares traded at $23.59c, commanding a steep 214.5x price-to-earnings multiple on just $0.11 in earnings per share.

Recent Developments (Q1 and Q2 2026)

Operating profitability deteriorated sharply during the first half of 2026. In Q1 2026, Coupang posted a $266 milliond net loss, and Adjusted EBITDA plummeted 92% year-over-year to $29 million. Top-line expansion slowed, with revenue growing 8% to $8.5 billion in the first quarter and 4% to $8.86 billion in the second quarter. Management actively repurchased $850 million in shares across both periods. In May 2026, Director Kevin M. Warsh resigned to chair the Federal Reserve, prompting a permanent board size reduction.

Bulls can highlight the Developing Offerings segment, which grew revenues by 20% year-over-year in the second quarter. Bears will note that core Product Commerce Adjusted EBITDA fell 42% over the same period due to escalating operating costs. Trading at 152.5x earnings as of the Q2 2026 reporting date, the stock appears richly valued relative to recent earnings performance.

What to watch: the deployment pace of the newly authorized $1 billione share repurchase program; timeline to profitability for the Developing Offerings segment

03—Filings

Recent SEC Filings

  1. 8-KCoupang, Inc. 8-K Report, Financial Results (Aug 4, 2026)Coupang reported second quarter 2026 results on August 4, 2026, showing headline growth alongside a sharp deterioration in profitability. Total net revenues were $8.9 billion, up 4% YoY reported and 10% on a constant currency basis, with Product Commerce revenue up 1% reported (8% constant currency) and Developing Offerings up 20% reported (24% constant currency). However, the company recorded a GAAP operating loss of $(556) million, driven in part by approximately $410 million of certain administrative fines in Korea. Excluding those fines, operating loss was $(146) million versus operating income of $149 million a year earlier, and gross margin fell 188 bps to 28.2%, with Product Commerce gross margin down 204 bps and Product Commerce adjusted EBITDA margin down 390 bps to 5.1%. Cash generation and balance sheet trends also weakened. Trailing twelve-month operating cash flow fell 25% to $1.4 billion and free cash flow fell 87% to $105 million. Short-term borrowings rose to $1.985 billion from $960 million at year-end, while cash fell to $6.1 billion, and total equity dropped to $3.0 billion from $4.6 billion, reflected in an accumulated deficit of $(4.9) billion. The company repurchased 23.2 million Class A shares for $459 million during the quarter, continuing capital return even as free cash flow compressed. Management's commentary references a data incident and its ongoing impact on the business, which investors should monitor closely. For investors, the key questions are whether the fines are truly non-recurring, how quickly margins can recover from the data incident and competitive investment, and whether the Developing Offerings segment's growth can offset core Product Commerce margin pressure. Adjusted figures are non-GAAP and management's definitions of 'certain administrative fines' should be scrutinized.
  2. 8-KCoupang, Inc. 8-K Report, Shareholder Vote Results (Jun 12, 2026)Coupang, Inc. (CPNG) filed an 8-K on June 12, 2026, detailing the results of its 2026 Annual Meeting of Stockholders held on June 11, 2026. The meeting saw strong participation, with approximately 91.2% of the voting power present, indicating significant shareholder engagement. All matters presented to the stockholders, including the election of directors, ratification of the independent auditor, and advisory approval of executive compensation, passed with substantial support. Key outcomes include the election of all seven director nominees to serve until the 2027 Annual Meeting, the ratification of Samil PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and a non-binding advisory vote approving the compensation of named executive officers. The overwhelming support for these proposals suggests shareholder confidence in the current leadership and corporate governance of Coupang.
  3. 8-KCoupang, Inc. 8-K Report, Corporate Update (Jun 11, 2026)Coupang, Inc. announced on June 11, 2026, via an 8-K filing, that its Korean subsidiary, Coupang Corp., has been assessed administrative fines totaling approximately $410 million by the Korean Personal Information Protection Commission (PIPC). The fines are comprised of two parts: approximately $278 million related to a previously disclosed November 2025 data incident, and approximately $132 million for alleged violations of the Korean Personal Information Protection Act concerning the collection and storage of data for a third-party advertising program. The PIPC has also directed Coupang Corp. to implement specific corrective actions for both matters. The Company intends to vigorously contest these penalties through judicial review at the Seoul Administrative Court, as the PIPC's formal written decisions have not yet been received, and the final amounts, findings, and corrective measures may differ. Coupang Corp. will recognize the estimated aggregate fine of $410 million as an operating expense within its second quarter 2026 results, which will not be tax-deductible. Investors should note that the final outcome of the judicial process is uncertain and could impact the company's financial performance.
  4. 8-KCoupang, Inc. 8-K/A Report, Executive Changes (May 14, 2026)Coupang, Inc. (CPNG) has filed an 8-K reporting the resignation of director Kevin M. Warsh, effective May 13, 2026. Mr. Warsh resigned following his confirmation by the U.S. Senate to serve as Chairman of the Board of Governors of the United States Federal Reserve System. This departure is a direct consequence of federal ethics and conflict of interest regulations, which prohibit him from holding both positions simultaneously. This event, while notable due to Mr. Warsh's new high-profile government role, is not attributed to any disagreements with Coupang's management or operations. The company will proceed with reducing the size of its Board of Directors by one member as a result of his resignation and he will no longer be up for re-election at the upcoming annual meeting. Investors should note that this change does not reflect any operational or strategic issues within Coupang itself but is driven by external regulatory requirements for Mr. Warsh's new federal appointment.
  5. 8-KCoupang, Inc. 8-K Report, Financial Results (May 5, 2026)Coupang reported first-quarter 2026 results that showed solid top-line growth but a sharp deterioration in profitability. Total net revenues rose 8% year over year to $8.5 billion (8% on a constant-currency basis), led by Developing Offerings (+28% reported, +25% constant currency) and Product Commerce (+4% reported, +5% constant currency). Gross profit was flat on a constant-currency basis at $2.3 billion, but gross margin fell 228 bps to 27.0%, and operating, general and administrative expenses rose about 17% to $2.5 billion. The result was an operating loss of $(242) million, a net loss attributable to stockholders of $(266) million, diluted EPS of $(0.15), and adjusted EBITDA of just $29 million (0.3% margin, down 449 bps). Product Commerce adjusted EBITDA fell 35% to $358 million, while Developing Offerings losses widened to $(329) million. Cash generation weakened as well. Operating cash flow for the quarter was $184 million and free cash flow was $(110) million. On a trailing-twelve-month basis, free cash flow fell 71% to $301 million. Cash and equivalents were roughly flat at $6.3 billion, but short-term borrowings rose to $1.67 billion from $960 million at year-end, and total equity declined to $3.9 billion from $4.6 billion. Meanwhile, the company repurchased 20.4 million Class A shares for $391 million in the quarter, and its board recently added $1 billion to the repurchase authorization. Management attributes forward-looking risk partly to a recent data incident, which it says remains under investigation, and the excerpt does not include specific guidance figures. For investors, the central question is whether margin pressure in Product Commerce and the scale of Developing Offerings investment are temporary or structural, and whether buybacks are being funded responsibly while free cash flow and profitability are compressing.
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04—See also

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