olivLaw · US equity research
Coupang, Inc. CPNG
Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)
Coupang is a technology company listed on the New York Stock Exchange that offers retail, restaurant delivery, video streaming and fintech services in more than 190 countries and territories. The company is going through a difficult stretch: the November 2025 data incident led to customer vouchers of about 1.2 billion USD and large administrative fines in Korea that produced a net loss in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Coupang, Inc. (CPNG) stock was 17.05 USD (+11.95% on the day), with beta 1.11, 52-week range 13.75–30.22 USD. Latest reported quarter (Q3 2026): revenue of 10.0 bn USD (+7.5% YoY), net income of -501.0 m USD (−627.4% YoY), diluted EPS -0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 13.08 – 16.24
- above the upper band · %B 1.26 · band width 21.5%
- SMA 50 / 200
- 14.74 / 17.19
- mixed trend
- MACD (12, 26, 9)
- 0.17 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.1% | −1.1% | +21.2 pp | — |
| 3 months | +6.6% | −0.5% | +7.0 pp | — |
| 6 months | −4.7% | +4.4% | −9.1 pp | — |
| Year to date | −27.7% | +12.3% | −40.0 pp | — |
| 1 year | −46.9% | +13.5% | −60.5 pp | +6.8% |
| 3 years | +2.0% | +76.4% | −74.4 pp | +16.0% |
| 5 years | −43.0% | +63.7% | −106.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.0 bn | 7.9 bn | 8.5 bn | 9.3 bn | 8.8 bn | 8.5 bn | 8.9 bn | 10.0 bn |
| Cost of revenue | 5.5 bn | 5.6 bn | 6.0 bn | 6.5 bn | 6.3 bn | 6.2 bn | 6.4 bn | 7.4 bn |
| Gross profit | 2.5 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.5 bn | 2.3 bn | 2.5 bn | 2.6 bn |
| Operating income | 312.0 m | 154.0 m | 149.0 m | 162.0 m | 8.0 m | -242.0 m | -556.0 m | -450.0 m |
| Depreciation & amortisation | 120.0 m | 122.0 m | 126.0 m ≈ | 133.0 m ≈ | 136.0 m | 143.0 m | 145.0 m ≈ | 149.0 m ≈ |
| Interest expense | 40.0 m | 23.0 m | 25.0 m | 22.0 m | 16.0 m | 13.0 m | 25.0 m | 22.0 m |
| Pre-tax income | 279.0 m | 216.0 m | 194.0 m | 165.0 m | 22.0 m | -255.0 m | -533.0 m | -514.0 m |
| Income tax | 148.0 m | 102.0 m | 163.0 m | 70.0 m | 48.0 m | 11.0 m | 37.0 m | -13.0 m |
| Net income | 156.0 m | 107.0 m | 32.0 m | 95.0 m | -26.0 m | -266.0 m | -570.0 m | -501.0 m |
| Diluted EPS | 0.08 ≈ | 0.06 | 0.02 | 0.05 | -0.01 ≈ | -0.15 | -0.32 | -0.28 |
| Operating cash flow | 676.0 m | 354.0 m | 545.0 m ≈ | 792.0 m ≈ | 82.0 m | 184.0 m | 367.0 m ≈ | 212.0 m ≈ |
| Capex | 214.0 m | 239.0 m | 299.0 m ≈ | 353.0 m ≈ | 360.0 m | 296.0 m | 317.0 m ≈ | 284.0 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 81.0 m ≈ | 162.0 m | 391.0 m | 459.0 m ≈ | 201.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 6.3 bn | 12.0 bn | 18.4 bn | 20.6 bn | 24.4 bn | 30.3 bn | 34.5 bn |
| Revenue YoY | unavailable | +90.8% | — | +11.8% | +18.5% | +24.1% | +14.1% |
| Net income | -696.9 m | -463.2 m | -1.5 bn | -92.0 m | 1.4 bn | 154.0 m | 208.0 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | −88.7% | +35.1% |
| Diluted EPS | -39.48 | -19.16 | -1.08 | -0.05 | 0.75 | 0.08 | 0.11 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | −89.3% | +37.5% |
| net % | -11.1% | -3.9% | -8.4% | -0.4% | 5.6% | 0.5% | 0.6% |
| Free cash flow | -529.7 m | -183.1 m | -1.1 bn | -259.0 m | 1.8 bn | 1.0 bn | 522.0 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.3 bn USD
- Financial debt
- 1.6 bn USD
- Net debt
- -4.7 bn USD
- Equity
- 4.6 bn USD
- Total assets
- 17.8 bn USD
- Debt / equity
- 0.35x
- Current ratio
- 1.04x
- ROE
- 4.8%
- ROA
- 1.3%
- FCF margin
- 1.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.0 bn | 18.4 bn | 20.6 bn | 24.4 bn | 30.3 bn | 34.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 10.0 bn | 15.5 bn | 15.9 bn | 18.2 bn | 21.4 bn | 24.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 2.0 bn ≈ | 3.0 bn ≈ | 4.7 bn | 6.2 bn | 8.8 bn | 10.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -516.0 m | -1.5 bn | -112.0 m | 473.0 m | 436.0 m | 473.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 127.5 m | 201.0 m | 231.0 m | 275.0 m | 433.0 m | 517.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -388.5 m ≈ | -1.3 bn ≈ | 119.0 m ≈ | 748.0 m ≈ | 869.0 m ≈ | 990.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 107.8 m | 45.0 m | 27.0 m | 48.0 m | 140.0 m | 86.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -462.9 m | -1.5 bn | -93.0 m | 584.0 m | 473.0 m | 597.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 292.0 k | 1.0 m | -1.0 m | -776.0 m | 407.0 m | 383.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -463.2 m | -1.5 bn | -92.0 m | 1.4 bn | 154.0 m | 208.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -19.16 | -1.08 | -0.05 | 0.75 | 0.08 | 0.11 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 29.0 m | 1.4 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 3.5 bn | 3.5 bn | 5.2 bn | 5.9 bn | 6.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 12.0 m | 90.0 m | 64.0 m | 314.0 m | 407.0 m | 363.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 1.2 bn | 1.4 bn | 1.7 bn | 1.7 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 2.8 bn | 5.6 bn | 5.8 bn | 7.9 bn | 9.0 bn | 9.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.0 bn | 1.3 bn | 1.8 bn | 2.5 bn | 2.8 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 4.2 m | 9.7 m | — | — | — | — | SEC (XBRL)· 03 Mar 2022verified |
| Intangibles (excl. goodwill) | — | — | — | 37.0 m | 271.0 m | 190.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 5.1 bn | 8.6 bn | 9.5 bn | 13.3 bn | 15.3 bn | 17.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 2.9 bn | 3.4 bn | 3.6 bn | 5.1 bn | 5.6 bn | 6.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 156.7 m | 7.8 m | 175.0 m | 282.0 m | 479.0 m | 960.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 353.3 m | 283.2 m | 538.0 m | 529.0 m | 988.0 m | 648.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 3.7 bn | 4.7 bn | 5.1 bn | 6.9 bn | 7.7 bn | 9.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 5.7 bn | 6.5 bn | 7.1 bn | 9.2 bn | 11.2 bn | 13.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -4.1 bn † | 2.2 bn | 2.4 bn | 4.1 bn | 4.1 bn | 4.6 bn | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 301.6 m | -411.0 m | 565.0 m | 2.7 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 484.6 m | 674.0 m | 824.0 m | 896.0 m | 879.0 m | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -183.1 m ≈ | -1.1 bn ≈ | -259.0 m ≈ | 1.8 bn ≈ | 1.0 bn ≈ | 522.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -520.7 m | -676.0 m | -848.0 m | -927.0 m | -819.0 m | -1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 178.5 m | 3.6 bn | 247.0 m | 199.0 m | -69.0 m | -247.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 178.0 m | 243.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.8% | 29 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 18.8% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -16.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial29/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COUPANG, INC. (CPNG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 34.5 bn USD in 2025; YoY growth 14.1%; net margin -3.8%; ROE -36.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.8%
What contradicts it
- Net margin: -3.8%
- Interest coverage: -16.3x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMZNAmazon.com, Inc. | 2,876.6 bn | 21.5 | 27.4% | 16.9% | +12.4% | +14% / +82% |
| CDWCdw Corp | 21.1 bn | 19.7 | 42.5% | 4.5% | +6.8% | +17% / −20% |
| NSITInsight Enterprises, Inc. | 5.2 bn | 25.7 | 13.1% | 2.5% | −5.2% | +103% / +16% |
| JMIAJumia Technologies AG | 1.3 bn | — | -108.9% | -32.6% | +12.8% | −57% / +60% |
| BZUNBaozun Inc. | 597.0 m | — | -6.6% | -2.4% | +10.2% | +21% / +16% |
| LITBLightInTheBox Holding Co., Ltd. | 590.4 m | 68.0 | — | 3.7% | −12.1% | +42% / −63% |
| GCTGigacloud Technology Inc | 539.8 m | 13.7 | 32.3% | 10.6% | +11.1% | +56% / +495% |
| HNSTThe Honest Company, Inc. | 476.3 m | — | -6.9% | -3.6% | −1.9% | +65% / +86% |
| TDUPThredUp Inc. | 290.9 m | — | -39.2% | -6.9% | +19.5% | −71% / +12% |
| DIBS1stdibs.com, Inc. | 186.9 m | — | -9.2% | -8.5% | +1.5% | −3% / +30% |
| NXHNeighborhood Intelligence, Inc. | 163.0 m | — | -47.0% | -7.1% | −25.1% | −72% / −91% |
| AKAa.k.a. Brands Holding Corp. | 116.0 m | — | -29.5% | -4.8% | +4.4% | −26% / +9% |
| SFIXStitch Fix, Inc. | 79.5 m | — | -6.3% | -0.9% | +6.4% | −31% / −21% |
| HOURHour Loop, Inc. | 53.9 m | 37.0 | 21.8% | 1.1% | +3.0% | −28% / +3% |
| GROVGrove Collaborative Holdings, Inc. | 47.4 m | — | — | -4.1% | −14.6% | −19% / −44% |
| LVLULulu’s Fashion Lounge Holdings, Inc. | 31.0 m | — | -602.9% | -3.2% | −10.6% | +107% / −74% |
| UZXLinkage Global Inc | 21.7 m | — | -63.1% | -144.5% | −50.5% | −98% / unavailable |
| GIFTGiftify, Inc. | 21.1 m | — | -36.2% | -8.8% | −6.5% | −47% / −85% |
| CHWYChewy, Inc. | 2.3 k | 35.3 | 72.0% | 2.1% | +6.2% | −33% / +34% |
| QVCGQVC Group, Inc. | 8 | — | -6.3% | -0.2% | −7.8% | unavailable / unavailable |
| CPNGCoupang, Inc. | — | — | -36.0% | -3.8% | +14.1% | −47% / +2% |
| BWMXBetterware De Mexico, S.a.p.i. De C.v | — | — | 54.1% | 5.0% | +8.4% | +19% / +22% |
| DDLDingdong (Cayman) Limited | — | — | 25.7% | 1.0% | +10.2% | +10% / −11% |
| HEPSD-MARKET Electronic Services & Trading | — | — | -39.7% | -2.8% | +11.1% | +19% / +100% |
| VIPSVipshop Holdings Limited | — | 1.4 | 18.3% | 6.8% | +2.0% | −30% / −14% |
1- and 3-year price returns: for CPNG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Coupang is a technology company listed on the New York Stock Exchange that offers retail, restaurant delivery, video streaming and fintech services in more than 190 countries and territories 1. The company is going through a difficult stretch: the November 2025 data incident led to customer vouchers of about 1.2 billion USD 1 and large administrative fines in Korea that produced a net loss in the second quarter of 2026 23.
SWOT
Strengths
- A fully integrated chain, from technology to delivery, allows fast delivery and competitive prices for customers 1.
- A large base of active customers and rising purchase frequency support revenue in the core segment 13.
- The company is present in many countries and runs a varied services platform that can be extended 1.
Weaknesses
Opportunities
Risks
- Data incident and compensationhigh
Unauthorized access to customer accounts led to compensation vouchers that reduce revenue and could weigh on profitability in coming quarters 12.
- Fines and regulation in Koreahigh
Administrative fines and investigations could continue, and in extreme cases criminal liability could reach executives 12.
- Losses in newer servicesmedium
Expansion into new services and geographies carries high costs, and losses could persist if the necessary scale is not reached 13.
- Cybersecuritymedium
Security incidents could interrupt orders and damage reputation, and the company has already faced such an incident 1.
- Incheon fulfillment center firelow
A fire at a leased fulfillment center in Incheon in July 2026 is still being assessed, and its final impact on operations is not yet known 2.
Investment thesis
What would need to be true (bull case)
- If active customers return to pre-incident levels, Product Commerce revenue could return to a healthier growth path 23.
- The fully integrated chain offers a cost advantage that is hard to replicate, which could support margins over the long term 1.
- Fast-growing newer services could become profitable if they reach the necessary scale, and cash flow could improve 13.
What would break the thesis
- Compensation and fines could keep weighing on revenue and profitability even after the vouchers are fully redeemed 23.
- If losses in newer services do not shrink, overall profitability could remain fragile 3.
- Concentration on one major market and regulatory pressure in Korea could limit the company's flexibility 1.
What to watch
- Trend in Product Commerce Active Customers after the data incidentQ3 2026
- Level of administrative fines and outcome of the Korean investigationsnext 10-Q
- Final impact of the Incheon fire on delivery capacityQ3 2026
- Trend in losses of the Developing Offerings segment2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Coupang organizes its activity into two segments: Product Commerce, which includes owned-inventory retail, the third-party marketplace, Rocket Fresh and associated advertising, and Developing Offerings, which brings together Eats, Play, fintech, the Taiwan operations and Farfetch 1. Its model rests on controlling the entire chain, from technology and automation to storage and delivery, which allows fast delivery and lower prices for customers 1. The company also presents itself as a platform for small and medium-sized enterprises that can sell through its logistics infrastructure 1.
Revenue is split between owned-inventory retail sales, called net retail sales, and other revenue, which includes marketplace commissions, merchant delivery services, advertising and WOW subscriptions 1. In fiscal 2025 retail sales made up the large majority of revenue, while other revenue grew much faster 1. The company posted a small net profit in 2025, and free cash flow fell considerably from the year before 1.
Segments
Developing Offerings
The segment groups newer services such as Eats food delivery in Korea, Rocket Now in Japan, Play, fintech, the Taiwan retail operations and Farfetch, the global luxury marketplace 12. In Q2 2026 revenue grew 20% on a reported basis and 24% at constant currency, but the segment still posts adjusted EBITDA losses 3. The company describes these offerings as early-stage, and their growth is an important part of its expansion strategy 1.
Market context
Coupang operates in e-commerce, food delivery, streaming and digital payments, markets where competition is intense and consumers quickly compare price and delivery speed 1. The company considers that Korea's e-commerce market still has room to grow, but it is also one of the most competitive in the world 1. Profitability depends on the density of the warehouse network and on labor and energy costs 1.
International expansion, including Taiwan, Japan and Europe through Farfetch, opens new markets but brings regulatory risks and the cost of building logistics infrastructure 1. If demand for online commerce keeps growing, the company could recover part of the growth rate lost after the incident 2.
Trends
- Digital commerce and fast delivery demandtailwind
Demand for fast delivery and online grocery supports revenue growth in Product Commerce, especially when active customer numbers rise 13.
- Expansion into new servicesmixed
Growth into food delivery, fintech and streaming could diversify revenue, but losses in these segments remain a short-term burden 13.
- Regulatory scrutiny in Koreaheadwind
The South Korean government has increased its scrutiny of the company after the data incident, leading to fines and extra costs 12.
- Artificial intelligence in shoppingmixed
AI shopping tools can attract customers but could also reduce the role of direct platforms in product discovery if shoppers move to other channels 1.
Competitive position
Coupang competes with offline and online retailers, price search and comparison platforms, food delivery services, grocery chains, logistics providers and card issuers and payment platforms 1. In online luxury it competes with other global marketplaces, and in streaming with on-demand services 1.
The company's advantage lies in its fully integrated chain and fast delivery capability, but competitive pressure could limit margins if rivals cut prices or expand their own networks 1. The company says intense competition could cost it market share if it does not innovate enough 1.
- Offline and omnichannel retailers
Competitors in everyday goods, general merchandise and groceries, named as part of the competitive field 1.
- Online commerce platforms and marketplaces
Platforms that help customers discover and buy products, including through AI-based shopping tools 1.
- Food delivery services
Direct competitors in the Eats business, where the company is trying to grow in a crowded field 1.
- Payment services and card issuers
Card issuers and payment platforms competing in the company's fintech area 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Court rejects injunction lawsuit by Coupang over data breach-related fineKorea Times — Business · 05 Nov 2026 · EN
- Court rejects injunction lawsuit by Coupang over data breach-related fineYonhap News (KR, EN) · 05 Nov 2026 · EN
- 'Coupang uses US lobbying to frame Korean sanctions as discrimination'Korea Times — Business · 05 Nov 2026 · EN
- Coupang's mounting losses threaten growth model amid regulatory pressureKorea Times — Business · 04 Nov 2026 · EN
- (2nd LD) Coupang swings to Q3 loss on warehouse fire-related costsYonhap News (KR, EN) · 04 Nov 2026 · EN
- Coupang swings to Q3 loss on warehouse fire-related costsKorea Times — Business · 03 Nov 2026 · EN
- (LEAD) Coupang swings to Q3 loss on warehouse fire-related costsYonhap News (KR, EN) · 03 Nov 2026 · EN
- Coupang swings to Q3 loss on warehouse fire-related costsYonhap News (KR, EN) · 03 Nov 2026 · EN
- Rights commission calls for leniency for ex-Coupang workers indicted in 'blacklist' caseKorea Times — Business · 29 Oct 2026 · EN
- Rights commission calls for leniency for ex-Coupang workers indicted in 'blacklist' caseYonhap News (KR, EN) · 29 Oct 2026 · EN
- [COVER STORY] Coupang issue becomes bellwether for Korea's treatment of US firms: ex-AMCHAM chiefKorea Times — Business · 26 Oct 2026 · EN
- Corporate watchdog chief calls for tougher penalties for obstructing investigationsKorea Times — Business · 25 Oct 2026 · EN
- Bereaved family members denounce labor inspection results on CoupangKorea Times — Business · 23 Oct 2026 · EN
- Bereaved family members denounce labor inspection results on CoupangYonhap News (KR, EN) · 23 Oct 2026 · EN
- Labor ministry to fine Coupang, logistics units 1.96 bln won for workplace violationsYonhap News (KR, EN) · 22 Oct 2026 · EN
- US ambassador urges fair treatment for American firms in KoreaKorea Times — Business · 21 Oct 2026 · EN
- Lawmakers slam Coupang for refusing to cooperate with antitrust probeKorea Times — Business · 12 Oct 2026 · EN
- (LEAD) Coupang services disrupted around midnight during updateYonhap News (KR, EN) · 09 Oct 2026 · EN
- Coupang services disrupted around midnight during updateYonhap News (KR, EN) · 09 Oct 2026 · EN
- Coupang files lawsuits over $462 million in South Korea fines over data breachCNA (Channel NewsAsia) · 08 Oct 2026 · EN
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report11 Jun 2026Other events
- Current report (amendment)14 May 2026Departure or appointment of officers
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Coupang, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Coupang, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Coupang, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.