Coupang LLC (CPNG) financial statements
Coupang LLC reported revenue of $34.5B in fiscal 2025, up 32.9% a year over 6 years.
Net income was $208M and the operating margin 1.4%, against -10.2% in 2019.
Free cash flow was $522M, and the company returned $243M in net buybacks.
The diluted share count rose 9431% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Coupang LLC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $6.3B | $12.0B | $18.4B | $20.6B | $24.4B | $30.3B | $34.5B |
| Cost of revenue | $5.2B | $10.0B | $15.5B | $15.9B | $18.2B | $21.4B | $24.4B |
| Gross profit | $1.0B | $2.0B | $3.0B | $4.7B | $6.2B | $8.8B | $10.1B |
| Selling, general and admin | $1.7B | $2.5B | $4.4B | $4.8B | $5.7B | $8.4B | $9.7B |
| Operating income | -$642M | -$516M | -$1.5B | -$112M | $473M | $436M | $473M |
| Interest expense | $97M | $108M | $45M | $27M | $48M | $140M | $86M |
| Pre-tax income | -$697M | -$463M | -$1.5B | -$93M | $584M | $473M | $597M |
| Income tax | -$241,000 | $292,000 | $1M | -$1M | -$776M | $407M | $383M |
| Net income | -$697M | -$463M | -$1.5B | -$92M | $1.4B | $154M | $208M |
| EPS (diluted) | -$39.48 | -$19.16 | -$1.08 | -$0.05 | $0.75 | $0.08 | $0.11 |
| Diluted shares | 19M | 29M | 1.42B | 1.76B | 1.80B | 1.83B | 1.85B |
| Gross margin | 16.5% | 16.6% | 16.0% | 22.9% | 25.4% | 29.2% | 29.4% |
| Operating margin | -10.2% | -4.3% | -8.1% | -0.5% | 1.9% | 1.4% | 1.4% |
| Net margin | -11.1% | -3.9% | -8.4% | -0.4% | 5.6% | 0.5% | 0.6% |
Balance sheet
Fiscal years, from Coupang LLC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.3B | $3.5B | $3.5B | $5.2B | $5.9B | $6.3B |
| Receivables | — | $71M | $175M | $184M | $314M | $407M | $363M |
| Inventory | — | $1.2B | $1.4B | $1.7B | $1.7B | $2.1B | $2.3B |
| Total current assets | — | $2.8B | $5.6B | $5.8B | $7.9B | $9.0B | $9.7B |
| Property, plant and equipment | — | $1.0B | $1.3B | $1.8B | $2.5B | $2.8B | $3.7B |
| Goodwill | — | $4M | $10M | — | — | — | — |
| Total assets | — | $5.1B | $8.6B | $9.5B | $13.3B | $15.3B | $17.8B |
| Total current liabilities | — | $3.7B | $4.7B | $5.1B | $6.9B | $7.7B | $9.4B |
| Total liabilities | — | $5.7B | $6.5B | $7.1B | $9.2B | $11.2B | $13.2B |
| Shareholders' equity | -$3.5B | -$4.1B | $2.2B | $2.4B | $4.1B | $4.1B | $4.6B |
| Net debt | -$1.4B | -$1.2B | -$3.1B | -$3.4B | -$5.0B | -$5.8B | -$6.3B |
Cash flow
Fiscal years, from Coupang LLC's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$312M | $302M | -$411M | $565M | $2.7B | $1.9B | $1.8B |
| Capital spending | $218M | $485M | $674M | $824M | $896M | $879M | $1.3B |
| Free cash flow | -$530M | -$183M | -$1.1B | -$259M | $1.8B | $1.0B | $522M |
| Stock-based compensation | $21M | $31M | $249M | $262M | $326M | $433M | $475M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$178M | -$243M |
| Net borrowing | $27M | $107M | $239M | $234M | $180M | $63M | $19M |
| Free cash flow margin | -8.4% | -1.5% | -5.9% | -1.3% | 7.2% | 3.3% | 1.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CPNG.
Open CPNG in InvestinglyQuestions
What was Coupang LLC's revenue in 2025?
$34.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Coupang LLC generate?
$522M in fiscal 2025 (operating cash flow minus capital spending).
From Coupang LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.