Coupang, Inc.
aboutcoupang.comWhat Do They Do?
Sells products through online retail and marketplace services, and provides restaurant delivery and video streaming to consumers and fintech services to customers.
10-K for FY2025, filed Feb 26, 2026Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange that provides retail, restaurant delivery, video…View ↗
The technology, infrastructure, and operational excellence we have built allow us to invest in customer experiences and new, adjacent…View ↗
Fast, reliable delivery experience, ranging from next-day, dawn, and even same-day delivery, with order cutoffs as late as midnight; Broad…View ↗
How Do They Make Money?
Consumers pay for products when they are delivered; merchants pay commissions when orders are completed and fees as fulfillment and logistics services are provided. Customers pay WOW subscription fees over the membership period; advertising is paid for as ads run or based on clicks and impressions.
10-K for FY2025, filed Feb 26, 2026Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred…View ↗
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online…View ↗
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as…View ↗
We offer a subscription service to our WOW membership programs, which provides customers with access to benefits such as access to Rocket…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$34.5B
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10-K for FY2025, filed Feb 26, 2026
$34.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Net retail sales
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
76%
FY2022: 89%
|
Net retail sales, FY2025
$26.3B Sources
|
Sold outright |
|
Third-party merchant services
|
21%
FY2022: 9.1%
|
Third-party merchant services, FY2025
$7.1B Sources
|
|
|
Other revenue
|
3.2%
FY2022: 1.8%
|
Other revenue, FY2025
$1.1B Sources
|
Who Are Their Customers?
Consumers buy products and services through Coupang's online businesses. Merchants and restaurants sell through Coupang's mobile app and website; Coupang also offers merchants fulfillment, logistics, and advertising services.
10-K for FY2025, filed Feb 26, 2026Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants, including…View ↗
We offer merchants of all sizes around the world the opportunity to sell through Coupang and provide effective solutions to improve…View ↗
We also have offerings for our suppliers and merchants to advertise on our websites and mobile applications.View ↗
Do Revenues Turn Into Profits?
Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$473MView ↗
10-K for FY2025, filed Feb 26, 2026
$208MView ↗
10-K for FY2025, filed Feb 26, 2026
$522MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$570MView ↗
- ▼ Now a loss
- vs $32M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Jun 11, 2026
Korean privacy regulator announced administrative fines against a subsidiary
The announced fines relate to the data incident and a separate advertising-program matter; the company plans to seek judicial relief.
Sources
8-K, filed Jun 11, 2026
On June 10, 2026, the Korean Personal Information Protection Commission (the “PIPC”) announced an administrative fine of approximately $278…View ↗
Growing. Revenue grew 88% in 4 years, from $18.4B in FY2021 to $34.5B in FY2025, about 17% a year.
Broader services and markets
The older report described retail, marketplace, grocery, restaurant delivery, streaming, fintech, and certain international initiatives. The latest report also describes operations in Taiwan and Farfetch’s global luxury marketplace, alongside retail, delivery, streaming, and fintech services.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 26, 2026Product Commerce, which primarily includes our core retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket…View ↗
Merchant services
The older report described marketplace services and merchant support. The latest report adds fulfillment and logistics services for merchants, including a fulfillment and logistics offering in Korea.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 26, 2026Small and medium-sized enterprises (SMEs) on Coupang form an essential part of our business, and we strive to be a growth driver for these…View ↗
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