Wednesday 4 November 2026 Export CPNG’s income statement to Excel — free account

Coupang, Inc.

Coupang, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $34.5 billion, up 14.1% from fiscal 2024.

Revenue: +7.50%
EPS: −660.0%
Free cash flow: −116.3%
Total debt: −80.7%

Quarter to September 2026, against a year earlier

16.97 1.74 +11.42%

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Market cap: $27.4B
P/E: 0.0×
Fwd P/E: −26.4×
Dividend yield: —
F-score: 6/9
Altman Z: 3.69
Beneish M: −2.93
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Coupang, Inc. (CPNG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Product Commerce	29,592	85.69%
Developing Offerings	4,942	14.31%
Gross margin		29.37%
Operating margin		1.37%
Pre-tax margin		1.73%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Net retail sales	26,312 76.19%	23,866 78.85%	21,223 87.04%	18,338 89.09%	16,488 89.58%	11,045 92.29%	5,787 92.25%
Third-party merchant services	7,113 20.60%	5,580 18.44%	2,576 10.56%	1,870 9.09%	1,695 9.21%	790 6.60%	441 7.03%
Other revenue	1,109 3.21%	822 2.72%	584 2.40%	375 1.82%	223 1.21%	133 1.11%	45 0.72%
Net other revenue	8,222	6,402	3,160	2,245	1,918	922	486
Revenue	34,534	30,268	24,383	20,583	18,406	11,967	6,273

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Product Commerce	29,592 85.69%	26,699 88.21%	23,594 96.76%	19,955 96.95%	17,838 96.91%	11,873 99.21%
Developing Offerings	4,942 14.31%	3,569 11.79%	789 3.24%	628 3.05%	568 3.09%	94 0.79%
Revenue	34,534	30,268	24,383	20,583	18,406	11,967

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Product Commerce	‡	‡	‡	‡	‡	‡
Developing Offerings	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Net revenues per Product Commerce active customer	Q3 FY2026	$332.00	$323.00	+2.79%
Net revenues per Product Commerce active customer (constant currency)	Q3 FY2026	$342.00	$329.00	+3.95%
Product Commerce Active Customers	Q3 FY2026	25.2M	24.7M	+2.02%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Net revenues per Product Commerce active customer	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net revenues per Product Commerce active customer (constant currency)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Product Commerce Active Customers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.