COUPANG, INC., 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover - shares
6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-40115  
Entity Registrant Name COUPANG, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-2810505  
Entity Address, Address Line One 720 Olive Way  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 333-3839  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol CPNG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001834584  
Common class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,665,262,233
Common class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   157,802,990
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total net revenues $ 8,524 $ 7,323 $ 16,432 $ 14,437
Cost of sales 5,963 5,181 11,555 10,366
Operating, general and administrative 2,412 2,167 4,574 4,056
Total operating cost and expenses 8,375 7,348 16,129 14,422
Operating income (loss) 149 (25) 303 15
Interest income 51 53 100 108
Interest expense (25) (37) (48) (64)
Other income, net 19 12 55 3
Income before income taxes 194 3 410 62
Income tax expense 163 108 265 191
Net income (loss) 31 (105) 145 (129)
Net (loss) income attributable to noncontrolling interests (1) (28) 6 (57)
Net income (loss) attributable to Coupang stockholders $ 32 $ (77) $ 139 $ (72)
Earnings per share        
Earnings per share, basic (in USD per share) $ 0.02 $ (0.04) $ 0.08 $ (0.04)
Earnings per share, diluted (in USD per share) $ 0.02 $ (0.04) $ 0.08 $ (0.04)
Weighted-average shares outstanding        
Weighted-average shares outstanding, basic (in shares) 1,817 1,789 1,812 1,791
Weighted-average shares outstanding, diluted (in shares) 1,855 1,789 1,847 1,791
Net retail sales        
Total net revenues $ 6,507 $ 5,779 $ 12,595 $ 11,674
Net other revenue        
Total net revenues $ 2,017 $ 1,544 $ 3,837 $ 2,763
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 31 $ (105) $ 145 $ (129)
Other comprehensive income (loss):        
Foreign currency translation adjustments, net of tax 153 (79) 148 (184)
Actuarial gain on defined severance benefits, net of tax 3 2 5 3
Total other comprehensive income (loss) 156 (77) 153 (181)
Comprehensive income (loss) 187 (182) 298 (310)
Comprehensive (loss) income attributable to noncontrolling interests (1) (28) 3 (57)
Comprehensive income (loss) attributable to Coupang stockholders $ 188 $ (154) $ 295 $ (253)
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 6,796 $ 5,879
Restricted cash 93 151
Accounts receivable, net 499 407
Inventories 2,285 2,099
Prepaids and other current assets 503 458
Total current assets 10,176 8,994
Property and equipment, net 3,424 2,813
Operating lease right-of-use assets 2,540 2,016
Intangible assets, net 210 271
Deferred tax assets 646 622
Long-term lease deposits and other 835 628
Total assets 17,831 15,344
Liabilities, redeemable noncontrolling interests, and equity    
Accounts payable 6,487 5,554
Accrued expenses 430 461
Deferred revenue 188 141
Short-term borrowings 785 479
Current portion of long-term debt 169 66
Current portion of long-term operating lease obligations 505 422
Other current liabilities 805 593
Total current liabilities 9,369 7,716
Long-term debt 850 988
Long-term operating lease obligations 2,270 1,770
Defined severance benefits and other 657 693
Total liabilities 13,146 11,167
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 11) 0 75
Equity    
Class A — shares authorized 10,000, outstanding 1,661 and 1,643 Class B — shares authorized 250, outstanding 158 and 158 0 0
Additional paid-in capital 9,025 8,736
Accumulated other comprehensive loss (250) (404)
Accumulated deficit (4,090) (4,229)
Noncontrolling interests 0 (1)
Total equity 4,685 4,102
Total liabilities, redeemable noncontrolling interests, and equity $ 17,831 $ 15,344
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - shares
shares in Millions
Jun. 30, 2025
Dec. 31, 2024
Common class A    
Common stock, shares authorized (in shares) 10,000 10,000
Common stock, shares outstanding (in shares) 1,661 1,643
Common class B    
Common stock, shares authorized (in shares) 250 250
Common stock, shares outstanding (in shares) 158 158
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Redeemable Noncontrolling Interests
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Noncontrolling Interests
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2023   $ 15          
Beginning balance (in shares) at Dec. 31, 2023     1,791        
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2023 $ 4,089   $ 0 $ 8,489 $ (17) $ (4,383) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income   (25)          
Net (loss) income 1         5 (4)
Capital contributions from noncontrolling interest holders 0 55          
Recognition of noncontrolling interest upon acquisition 10 69         10
Foreign currency translation adjustments, net of tax (105)       (105)    
Actuarial gain on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options 1     1      
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 88     88      
Redeemable noncontrolling interests, ending balance at Mar. 31, 2024   114          
Ending balance (in shares) at Mar. 31, 2024     1,795        
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2024 4,085   $ 0 8,578 (121) (4,378) 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income   (21)          
Net (loss) income (84)         (77) (7)
Foreign currency translation adjustments, net of tax (79) (1)     (79)    
Actuarial gain on defined severance benefits, net of tax 2       2    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 0            
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Issuance of common stock upon settlement of restricted stock units 0            
Repurchase of Class A common stock (in shares)     (10)        
Repurchase of Class A common stock (178)     (178)      
Equity-based compensation 109     109      
Redeemable noncontrolling interests, ending balance at Jun. 30, 2024   92          
Ending balance (in shares) at Jun. 30, 2024     1,790        
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2024 3,855   $ 0 8,509 (198) (4,455) (1)
Redeemable noncontrolling interests, beginning balance at Dec. 31, 2024   75          
Beginning balance (in shares) at Dec. 31, 2024     1,801        
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2024 4,102   $ 0 8,736 (404) (4,229) (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income   4          
Net (loss) income 110         107 3
Foreign currency translation adjustments, net of tax (2) (3)     (2)    
Actuarial gain on defined severance benefits, net of tax 2       2    
Issuance of common stock upon settlement of restricted stock units (in shares)     6        
Issuance of common stock upon settlement of restricted stock units 0            
Re-measurement of noncontrolling interest (3) 3   (3)      
Equity-based compensation 121     121      
Acquisition of noncontrolling interest 44 (51)   44      
Dividends paid to noncontrolling interest 0 (4)          
Redeemable noncontrolling interests, ending balance at Mar. 31, 2025   24          
Ending balance (in shares) at Mar. 31, 2025     1,807        
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2025 4,374   $ 0 8,898 (404) (4,122) 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 31         32 (1)
Foreign currency translation adjustments, net of tax 153       153    
Actuarial gain on defined severance benefits, net of tax 3       3    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 3     3      
Issuance of common stock upon settlement of restricted stock units (in shares)     6        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 113     113      
Acquisition of noncontrolling interest 8 (24)   11 (2)   (1)
Acquisition of noncontrolling interest (in shares)     5        
Redeemable noncontrolling interests, ending balance at Jun. 30, 2025   $ 0          
Ending balance (in shares) at Jun. 30, 2025     1,819        
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2025 $ 4,685   $ 0 $ 9,025 $ (250) $ (4,090) $ 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income (loss) $ 145 $ (129)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 248 201
Provision for severance benefits 115 90
Equity-based compensation 234 197
Non-cash operating lease expense 237 211
Deferred income taxes 23 103
Other 89 118
Change in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (80) 23
Inventories (110) (163)
Other assets (276) (132)
Accounts payable 370 351
Accrued expenses (55) 111
Other liabilities (41) (105)
Net cash provided by operating activities 899 876
Investing activities    
Purchases of property and equipment (538) (285)
Proceeds from sale of property and equipment 2 4
Net cash acquired in acquisition 0 68
Other investing activities 24 (82)
Net cash used in investing activities (512) (295)
Financing activities    
Proceeds from issuance of common stock, equity-based compensation plan 3 1
Repurchase of Class A common stock 0 (178)
Proceeds from short-term borrowings and long-term debt 781 104
Repayment of short-term borrowings and long-term debt (649) (62)
Other financing activities (27) 55
Net cash provided by (used in) financing activities 108 (80)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 363 (304)
Net increase in cash and cash equivalents and restricted cash 858 197
Cash and cash equivalents and restricted cash, as of beginning of period 6,031 5,597
Cash and cash equivalents and restricted cash, as of end of period $ 6,889 $ 5,794
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2024 Form 10-K.
Farfetch Acquisition
In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to Note 11 — "Business Combinations - Farfetch" for additional information.
Recent Accounting Pronouncements Yet To Be Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entity’s income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. The ASU is effective for our 2025 annual period and can be applied either prospectively or retrospectively. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures.
In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”, which requires public entities to disaggregate significant expense categories within functional line items to enhance transparency and comparability in financial reporting. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date and provides additional implementation guidance for ASU 2024-03 to ensure consistent application. Both standards are effective for annual reporting periods beginning with the fiscal year ending December 31, 2027, and interim reporting periods beginning with the period ending March 31, 2028, with early adoption permitted. We are evaluating the effect of adopting these standards on our financial reporting and disclosures.
v3.25.2
Net Revenues
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Net retail sales$6,507 $5,779 $12,595 $11,674 
Third-party merchant services1,755 1,374 3,317 2,421 
Other revenue262 170 520 342 
Total net revenues$8,524 $7,323 $16,432 $14,437 
This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from owned inventory product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue from our Rocket WOW membership program and various other offerings.
Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in “Deferred revenue” on the condensed consolidated balance sheets. We recognized revenue of $139 million and $92 million for the six
months ended June 30, 2025 and 2024, respectively, primarily related to payments in advance of products and services delivered which were included in “Deferred revenue” on the consolidated balance sheets as of the beginning of the respective years.
v3.25.2
Segment Reporting
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market along with other international markets. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. We have two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance.
Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery category offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions and logistics and fulfillment fees from merchants that sell products through our mobile application and website, and from our Rocket WOW membership program.
Developing Offerings includes our more nascent offerings and services, including Eats, our restaurant ordering and delivery service, Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from Farfetch, Eats, and retail operations in Taiwan.
The CODM uses two profitability measures, Segment Gross Profit and Segment Adjusted EBITDA, in assessing segment performance and allocating resources to each segment. Segment Gross Profit and Segment Adjusted EBITDA are evaluated on a monthly basis by our CODM by monitoring actual results versus prior periods. This comparison is performed to make strategic assessments and decisions regarding segment profitability, resource allocation, pricing strategies and cost optimization, and whether to reinvest profits into each of these segments or into other initiatives.
Segment Gross Profit is defined as total net revenues less cost of sales attributable to each reportable segment.
Segment Adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.
We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.
Reportable segment financial information is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Net revenues
Product Commerce$7,334 $6,431 $14,204 $12,925 
Developing Offerings1,190 892 2,228 1,512 
Total net revenues$8,524 $7,323 $16,432 $14,437 
Cost of sales
Product Commerce$4,944 $4,481 $9,663 $9,139 
Developing Offerings1,019 700 1,892 1,227 
Total cost of sales$5,963 $5,181 $11,555 $10,366 
Gross profit
Product Commerce$2,390 $1,950 $4,541 $3,786 
Developing Offerings171 192 336 285 
Total gross profit$2,561 $2,142 $4,877 $4,071 
Other segment items (1)
Product Commerce1,727 1,420 3,328 2,789 
Developing Offerings406 392 739 671 
Total other segment items$2,133 $1,812 $4,067 $3,460 
Segment adjusted EBITDA
Product Commerce$663 $530 $1,213 $997 
Developing Offerings(235)(200)(403)(386)
Total segment adjusted EBITDA$428 $330 $810 $611 
(1)Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within “Other segment Items” for any individual segment.
Reconciliations of segment profit or loss:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Total gross profit2,561 2,142 4,877 4,071 
Operating, general and administrative(2,412)(2,167)(4,574)(4,056)
Interest expense(25)(37)(48)(64)
Interest income51 53 100 108 
Other income, net19 12 55 
Income before income taxes$194 $3 $410 $62 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Total segment adjusted EBITDA
$428 $330 $810 $611 
Depreciation and amortization$(126)$(106)$(248)$(201)
Equity-based compensation(113)(109)(234)(197)
Acquisition and restructuring related losses, net(40)(19)(25)(77)
KFTC administrative fine (see Note 10)— (121)— (121)
Interest expense(25)(37)(48)(64)
Interest income51 53 100 108 
Other income, net19 12 55 
Income before income taxes$194 $3 $410 $62 
Note: Amounts may not foot due to rounding.
v3.25.2
Defined Severance Benefits
6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Defined Severance Benefits Defined Severance Benefits
Net periodic benefit costs consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Current service costs$52 $39 $102 $79 
Interest cost
Amortization of:
Prior service cost— — 
Net actuarial loss
Net periodic benefit cost$59 $45 $115 $90 
v3.25.2
Income Taxes
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, U.S. taxes on foreign earnings such as the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences.
The decrease in our effective tax rate for the three and six months ended June 30, 2025 is primarily due to the loss before income taxes incurred by Farfetch in the prior year period, with no offsetting tax benefit, the impact of the non-deductible KFTC administrative fine (the “administrative fine”) in the prior year period discussed in Note 10 — "Commitments and Contingencies", and the decrease in U.S. taxes on foreign earnings.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA introduces a broad range of tax reform provisions, including modifications to the international tax framework and changes to certain business-related exclusions, deductions, and credits. Certain provisions are effective starting in 2025. As the effects of changes in tax rates and laws are recognized in the period of enactment, the impacts of the OBBBA are not included in our results for the six months ended June 30, 2025. We are currently assessing its impact on our condensed consolidated financial statements.
v3.25.2
Earnings per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock and potentially dilutive common stock outstanding during the period.
We have two classes of common stock outstanding, Class A common stock and Class B common stock (collectively “common stock”), with equal rights to dividends and income. Earnings per share attributable to Coupang stockholders are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)
2025202420252024
Numerator:
Net income (loss) attributable to Coupang stockholders
$32 $(77)$139 $(72)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,817 1,789 1,812 1,791 
Dilutive effect of equity compensation awards38 — 35 — 
Diluted1,855 1,789 1,847 1,791 
Earnings per share:
Basic$0.02 $(0.04)$0.08 $(0.04)
Diluted$0.02 $(0.04)$0.08 $(0.04)
Anti-dilutive shares— 34 — 28 
Note: Amounts may not foot due to rounding.
v3.25.2
Fair Value Measurement
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported in one of the three levels reflecting the significant inputs used to determine fair value.
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelJune 30, 2025December 31, 2024
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,837 $1,755 
Money market fundCash and cash equivalentsLevel 1$1,548 $828 
Money market trustRestricted cashLevel 1$91 $83 
v3.25.2
Supplemental Financial Information
6 Months Ended
Jun. 30, 2025
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
Six Months Ended June 30,
(in millions)
20252024
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$291 $274 
Operating lease assets obtained in exchange for lease obligations$368 $663 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$235 $43 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$60 $47 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)June 30, 2025December 31, 2024
Current assets
Cash and cash equivalents$6,796 $5,879 
Restricted cash
93 151 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other
— 
Total cash, cash equivalents, and restricted cash
$6,889 $6,031 
Supplier Financing Arrangements
Confirmed invoices owed to financial institutions under supplier financing arrangements were as follows:
(in millions)June 30, 2025December 31, 2024
Amounts included in accounts payable
$467 $443 
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of June 30, 2025 and December 31, 2024, the ending balance in accumulated other comprehensive income (loss) related to foreign currency translation adjustments was $(160) million and $(309) million, respectively, and the amount related to actuarial losses on defined severance benefits was $(90) million and $(95) million, respectively.
Stock Repurchase Program
In May 2025, our Board of Directors authorized a stock repurchase program for up to $1 billion of our outstanding shares of Class A common stock. We may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means in accordance with applicable securities laws and other restrictions. The program has no expiration date, and we are not obligated to repurchase any portion of our total authorization. There were no repurchases of our Class A common stock during the three and six months ended June 30, 2025.
v3.25.2
Short-term Borrowings and Long-term Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Revolving Credit Facility
In June 2025, we entered into a five-year revolving credit agreement (the “Revolving Credit Facility”), replacing our prior revolving credit and guaranty agreement entered into in February 2021, which was terminated in connection with the entry into the new Revolving Credit Facility. The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term Secured Overnight Financing Rate (Term SOFR), plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of June 30, 2025, there was no balance outstanding on the Revolving Credit Facility.
In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the “Limited Partnership”) as part of the Farfetch Acquisition (“Farfetch Term Loans”).
Farfetch Term Loans
As of June 30, 2025, $392 million was outstanding under the Farfetch Term Loans.
In July 2025, we fully redeemed the Farfetch Term Loans financed by borrowings under our Revolving Credit Facility.
Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of long-term debt approximates its fair value as of June 30, 2025 and December 31, 2024 due primarily to the interest rates approximating market interest rates.
We were in compliance with the financial covenants for each of our borrowings and debt agreements as of June 30, 2025.
v3.25.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Long-term contractual commitments primarily include operating leases, long-term debt, and unconditional purchase obligations. Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to purchases of technology related services, fulfillment center construction contracts, content, and software licenses. During the six months ended June 30, 2025, we entered into various new unrecognized long-term contract commitments with remaining payments as of June 30, 2025 of $668 million through 2033. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.
Legal Matters
From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determine loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Litigation
On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc. et al. was brought against Coupang and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12, and 15 of the Securities Act of 1933. The action was amended in May 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. Between August and December 2023, three separate stockholders’ derivative actions were filed in the United States District Court for the Southern District of New York and in December 2024 and March 2025, derivative actions were filed in Delaware Chancery Court, in each case against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the various derivative actions. Aside from the aforementioned actions, there have been additional Delaware Section 220 records inspection demands. These derivative actions and related demands purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al., bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We intend to vigorously defend against the aforementioned actions. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurances as to the scope and outcome of these matters and no assurances as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected. In February and March 2025, we received demands on the Board of Directors alleging claims similar to those in the class and derivative actions and demanding civil actions by the Board against certain current and former directors and officers. Those demands have been provided to the Board of Directors to evaluate.
Korean Fair Trade Commission Investigations
In June 2021, the Korea Fair Trade Commission (the “KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act by two of our Korean subsidiaries, Coupang Corp. and Coupang Private Label Brands (“CPLB”), including certain alleged treatment of private labelled products provided by CPLB. In June 2024, the KFTC publicly announced that as a result of their investigation, they determined that Coupang Corp.’s product rankings disclosure violated Korean law (a regulatory finding subject to judicial review), and that they would impose an administrative fine on Coupang Corp., direct Coupang Corp. and CPLB to take certain related corrective actions, and refer the matter for criminal prosecution. In the second quarter of 2024, we accrued an administrative fine of approximately $121 million. Coupang Corp. will pay the administrative fine in six installments over two years and made the first payment in October 2024 and will make the last payment in June 2026.
In August 2024, Coupang Corp. and CPLB received the KFTC’s formal written decision, and in September 2024, Coupang Corp. and CPLB appealed such decision. That appeal is pending. Hearings of the administrative litigation action were held in November 2024, March 2025, June 2025, July 2025, and a fifth hearing is scheduled for September 2025. Coupang Corp. and CPLB also filed a preliminary injunction with the Seoul High Court to stay the fine and corrective orders during the pendency of the appeal. In October 2024, the Seoul High Court granted Coupang Corp.’s and CPLB’s request for suspension of the KFTC’s corrective orders,
but dismissed the request for a stay of the KFTC’s administrative fine. The KFTC subsequently appealed the Seoul High Court’s decision to grant a suspension of the corrective orders and in February 2025, the Supreme Court of Korea dismissed the KFTC’s appeal. In response to the KFTC’s criminal referral, the Seoul Eastern District Prosecutors’ Office initiated a criminal investigation into Coupang Corp. and CPLB.
The Seoul Eastern District Prosecutors’ Office issued an indictment dated May 1, 2025, on the same underlying facts as the administrative case, and the first hearing is scheduled for October 2025. The maximum penalty under the indictment is a fine of approximately $200,000. We intend to vigorously defend against these charges in court.
The KFTC is also investigating Coupang Corp. on other matters related to the alleged violations of certain KFTC regulations. Coupang Corp. is diligently cooperating with these investigations, and actively defending its practices as appropriate.
Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from these other KFTC investigations, in excess of the amounts accrued. Accordingly, we can provide no assurance as to the scope and outcome of these matters and no assurance as to whether our business, financial position, results of operations, or cash flows will not be materially adversely affected.
v3.25.2
Business Combinations - Farfetch
6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations - Farfetch Business Combinations – Farfetch
Farfetch Acquisition
On January 30, 2024, we completed the acquisition of Farfetch. We acquired Farfetch primarily to allow us to expand into luxury retail. We have accounted for this acquisition as a business combination. Total purchase consideration consisted of amounts previously funded to Farfetch under a loan prior to acquisition (the “Bridge Loan”) and required partial repayment of the Farfetch Term Loans at the close of the transaction.
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Purchase Price Allocation
The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents$126 
Accounts receivable, net286 
Inventories305 
Prepaids and other current assets221 
Intangible assets325 
Operating lease right-of-use assets209 
Other assets318 
Liabilities assumed
Accounts payable(529)
Long-term debt(557)
Operating lease obligations(214)
Other liabilities(343)
Net assets assumed
147 
Noncontrolling interests
(78)
Goodwill on acquisition
139 
Total consideration
$208 
The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill which is not deductible for tax purposes. Goodwill represents the future economic benefits we expect to achieve as a result of the acquisition, including the workforce of the acquired business as well as future operational and logistical cost efficiencies expected to be achieved.
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
The results of Farfetch included in our condensed consolidated statement of operations since the closing of the acquisition were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024
Total net revenues
$460 $748 
Net loss
$(108)$(230)
Supplemental Pro Forma Information (Unaudited)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2024
Pro Forma Information
Total net revenues
$7,323 $14,624 
Net loss
$(108)$(228)
These pro forma results are based on estimates and assumptions, which we believe are reasonable. They are illustrative only and are not the results that would have been achieved had the acquisition actually occurred on January 1, 2023, nor are they indicative of future results. The pro forma results include adjustments related to the business combination, including amortization of acquired intangibles, stock-based compensation, lease expense, and income taxes.
Following the Farfetch Acquisition, we have continued to undertake various restructuring actions, including the early exit of certain assumed contractual obligations. In February 2025, we entered into a settlement agreement and mutual release with Authentic Brands Group LLC related to a license agreement that terminated guaranteed minimum royalty payments totaling $264 million over the eight remaining years of the agreement.
Redeemable Noncontrolling Interests
In December 2023, we established the Limited Partnership for the purposes of providing the Bridge Loan and acquiring all of the business and assets of Farfetch. The Limited Partnership was initially owned 80.1% by Coupang, Inc. and 19.9% by certain funds advised or managed by Greenoaks Capital Partners, LLC (“Greenoaks”), a related party. The Limited Partnership is included in the Company’s consolidated operating results for the three and six months ended June 30, 2025 and 2024.
On April 7, 2025, we entered into a Master Transaction Agreement (the “Agreement”) with Greenoaks resulting in the indirect acquisition of the Limited Partnership partner units representing all of Greenoaks’ equity interest in the Limited Partnership, and all rights and obligations associated with such limited partner units. Concurrently with the execution of the Agreement, we paid to Greenoaks consideration with a fair value of $122 million consisting of a $14 million cash payment and the issuance of 5,465,099 shares of our Class A Common Stock with a fair value of $108 million based on the closing market price of $19.76 per share on the acquisition date.
Mr. Neil Mehta, a member of the Company’s Board of Directors, has served as a Managing Partner of Greenoaks since April 2012. Greenoaks and certain funds and accounts to which Greenoaks serves as the investment adviser and related persons or entities, including Mr. Mehta, have ownership interests in our Class A common stock.
In February 2025, we acquired the remaining 40% of the Palm Angels brand (“Palm Angels”) not owned by New Guards Group Holdings S.p.A. (“New Guards”), a subsidiary acquired in the Farfetch Acquisition, and subsequently sold the rights to Palm Angels, as part of our Farfetch restructuring actions.
v3.25.2
Insider Trading Arrangements
3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting.
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Principles of Consolidation
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair statement of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2024 Form 10-K.
Recent Accounting Pronouncements Yet To Be Adopted
Recent Accounting Pronouncements Yet To Be Adopted
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entity’s income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. The ASU is effective for our 2025 annual period and can be applied either prospectively or retrospectively. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures.
In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”, which requires public entities to disaggregate significant expense categories within functional line items to enhance transparency and comparability in financial reporting. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date and provides additional implementation guidance for ASU 2024-03 to ensure consistent application. Both standards are effective for annual reporting periods beginning with the fiscal year ending December 31, 2027, and interim reporting periods beginning with the period ending March 31, 2028, with early adoption permitted. We are evaluating the effect of adopting these standards on our financial reporting and disclosures.
v3.25.2
Net Revenues (Tables)
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of Revenue
Details of total net revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Net retail sales$6,507 $5,779 $12,595 $11,674 
Third-party merchant services1,755 1,374 3,317 2,421 
Other revenue262 170 520 342 
Total net revenues$8,524 $7,323 $16,432 $14,437 
v3.25.2
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Reportable segment financial information is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Net revenues
Product Commerce$7,334 $6,431 $14,204 $12,925 
Developing Offerings1,190 892 2,228 1,512 
Total net revenues$8,524 $7,323 $16,432 $14,437 
Cost of sales
Product Commerce$4,944 $4,481 $9,663 $9,139 
Developing Offerings1,019 700 1,892 1,227 
Total cost of sales$5,963 $5,181 $11,555 $10,366 
Gross profit
Product Commerce$2,390 $1,950 $4,541 $3,786 
Developing Offerings171 192 336 285 
Total gross profit$2,561 $2,142 $4,877 $4,071 
Other segment items (1)
Product Commerce1,727 1,420 3,328 2,789 
Developing Offerings406 392 739 671 
Total other segment items$2,133 $1,812 $4,067 $3,460 
Segment adjusted EBITDA
Product Commerce$663 $530 $1,213 $997 
Developing Offerings(235)(200)(403)(386)
Total segment adjusted EBITDA$428 $330 $810 $611 
(1)Other segment items relate to operating, general and administrative expense, excluding depreciation and amortization, equity-based compensation expense, impairments and other items that we do not believe are reflective of our ongoing operations. The CODM does not regularly review disaggregated expense information included within “Other segment Items” for any individual segment.
Reconciliations of segment profit or loss:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Total gross profit2,561 2,142 4,877 4,071 
Operating, general and administrative(2,412)(2,167)(4,574)(4,056)
Interest expense(25)(37)(48)(64)
Interest income51 53 100 108 
Other income, net19 12 55 
Income before income taxes$194 $3 $410 $62 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Total segment adjusted EBITDA
$428 $330 $810 $611 
Depreciation and amortization$(126)$(106)$(248)$(201)
Equity-based compensation(113)(109)(234)(197)
Acquisition and restructuring related losses, net(40)(19)(25)(77)
KFTC administrative fine (see Note 10)— (121)— (121)
Interest expense(25)(37)(48)(64)
Interest income51 53 100 108 
Other income, net19 12 55 
Income before income taxes$194 $3 $410 $62 
Note: Amounts may not foot due to rounding.
v3.25.2
Defined Severance Benefits (Tables)
6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit costs
Net periodic benefit costs consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2025202420252024
Current service costs$52 $39 $102 $79 
Interest cost
Amortization of:
Prior service cost— — 
Net actuarial loss
Net periodic benefit cost$59 $45 $115 $90 
v3.25.2
Earnings per Share (Tables)
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss Per Share/Common Unit
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)
2025202420252024
Numerator:
Net income (loss) attributable to Coupang stockholders
$32 $(77)$139 $(72)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,817 1,789 1,812 1,791 
Dilutive effect of equity compensation awards38 — 35 — 
Diluted1,855 1,789 1,847 1,791 
Earnings per share:
Basic$0.02 $(0.04)$0.08 $(0.04)
Diluted$0.02 $(0.04)$0.08 $(0.04)
Anti-dilutive shares— 34 — 28 
Note: Amounts may not foot due to rounding.
v3.25.2
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of financial assets measured at fair value on a recurring basis
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelJune 30, 2025December 31, 2024
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,837 $1,755 
Money market fundCash and cash equivalentsLevel 1$1,548 $828 
Money market trustRestricted cashLevel 1$91 $83 
v3.25.2
Supplemental Financial Information (Tables)
6 Months Ended
Jun. 30, 2025
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Disclosure of Cash-flow Information
Supplemental Disclosure of Cash flow Information
Six Months Ended June 30,
(in millions)
20252024
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$291 $274 
Operating lease assets obtained in exchange for lease obligations$368 $663 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$235 $43 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$60 $47 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)June 30, 2025December 31, 2024
Current assets
Cash and cash equivalents$6,796 $5,879 
Restricted cash
93 151 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other
— 
Total cash, cash equivalents, and restricted cash
$6,889 $6,031 
Supplier Finance Program
Confirmed invoices owed to financial institutions under supplier financing arrangements were as follows:
(in millions)June 30, 2025December 31, 2024
Amounts included in accounts payable
$467 $443 
v3.25.2
Business Combinations - Farfetch (Tables)
6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Business Combination, Recognized Asset Acquired and Liability Assumed The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents$126 
Accounts receivable, net286 
Inventories305 
Prepaids and other current assets221 
Intangible assets325 
Operating lease right-of-use assets209 
Other assets318 
Liabilities assumed
Accounts payable(529)
Long-term debt(557)
Operating lease obligations(214)
Other liabilities(343)
Net assets assumed
147 
Noncontrolling interests
(78)
Goodwill on acquisition
139 
Total consideration
$208 
Finite-Lived Intangible Assets Acquired
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
Business Combination, Pro Forma Information
The results of Farfetch included in our condensed consolidated statement of operations since the closing of the acquisition were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024
Total net revenues
$460 $748 
Net loss
$(108)$(230)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
2024
Pro Forma Information
Total net revenues
$7,323 $14,624 
Net loss
$(108)$(228)
v3.25.2
Net Revenues - Schedule of disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total net revenues $ 8,524 $ 7,323 $ 16,432 $ 14,437
Net retail sales        
Disaggregation of Revenue [Line Items]        
Total net revenues 6,507 5,779 12,595 11,674
Third-party merchant services        
Disaggregation of Revenue [Line Items]        
Total net revenues 1,755 1,374 3,317 2,421
Other revenue        
Disaggregation of Revenue [Line Items]        
Total net revenues $ 262 $ 170 $ 520 $ 342
v3.25.2
Net Revenues - Narrative (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized in period $ 139 $ 92
v3.25.2
Segment Reporting - Narrative (Details)
6 Months Ended
Jun. 30, 2025
Segment
measure
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
Number of profitability measures | measure 2
v3.25.2
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues $ 8,524 $ 7,323 $ 16,432 $ 14,437
Total cost of sales 5,963 5,181 11,555 10,366
Total gross profit 2,561 2,142 4,877 4,071
Total other segments items 2,133 1,812 4,067 3,460
Total segment adjusted EBITDA 428 330 810 611
Reconciliations of segment profit or loss        
Total gross profit 2,561 2,142 4,877 4,071
Operating, general and administrative (2,412) (2,167) (4,574) (4,056)
Total segment adjusted EBITDA 428 330 810 611
Interest expense (25) (37) (48) (64)
Interest income 51 53 100 108
Other income, net 19 12 55 3
Income before income taxes 194 3 410 62
Operating segments | Product Commerce        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 7,334 6,431 14,204 12,925
Total cost of sales 4,944 4,481 9,663 9,139
Total gross profit 2,390 1,950 4,541 3,786
Total other segments items 1,727 1,420 3,328 2,789
Total segment adjusted EBITDA 663 530 1,213 997
Reconciliations of segment profit or loss        
Total gross profit 2,390 1,950 4,541 3,786
Total segment adjusted EBITDA 663 530 1,213 997
Operating segments | Developing Offerings        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 1,190 892 2,228 1,512
Total cost of sales 1,019 700 1,892 1,227
Total gross profit 171 192 336 285
Total other segments items 406 392 739 671
Total segment adjusted EBITDA (235) (200) (403) (386)
Reconciliations of segment profit or loss        
Total gross profit 171 192 336 285
Total segment adjusted EBITDA (235) (200) (403) (386)
Segment reconciling items        
Reconciliations of segment profit or loss        
Operating, general and administrative (2,412) (2,167) (4,574) (4,056)
Depreciation and amortization (126) (106) (248) (201)
Equity-based compensation (113) (109) (234) (197)
Acquisition and restructuring related losses, net (40) (19) (25) (77)
KFTC administrative fine 0 (121) 0 (121)
Interest expense (25) (37) (48) (64)
Interest income 51 53 100 108
Other income, net $ 19 $ 12 $ 55 $ 3
v3.25.2
Defined Severance Benefits (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Retirement Benefits [Abstract]        
Current service costs $ 52 $ 39 $ 102 $ 79
Interest cost 4 4 8 8
Amortization of:        
Prior service cost 0 1 0 1
Net actuarial loss 3 1 5 2
Net periodic benefit cost $ 59 $ 45 $ 115 $ 90
v3.25.2
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income (loss) attributable to Coupang stockholders $ 32 $ (77) $ 139 $ (72)
Denominator:        
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) 1,817 1,789 1,812 1,791
Dilutive effect of equity compensation awards (in shares) 38 0 35 0
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,855 1,789 1,847 1,791
Earnings per share        
Earnings per share, basic (in USD per share) $ 0.02 $ (0.04) $ 0.08 $ (0.04)
Earnings per share, diluted (in USD per share) $ 0.02 $ (0.04) $ 0.08 $ (0.04)
Anti-dilutive shares 0 34 0 28
v3.25.2
Fair Value Measurement (Details) - Level 1 - Fair Value, Recurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Money market trust    
Financial assets    
Cash and cash equivalents $ 1,837 $ 1,755
Restricted cash 91 83
Money market fund    
Financial assets    
Cash and cash equivalents $ 1,548 $ 828
v3.25.2
Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental disclosure of cash flow information    
Cash paid for the amount used to measure the operating lease liabilities $ 291 $ 274
Operating lease assets obtained in exchange for lease obligations 368 663
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations 235 43
Non-cash investing and financing activities    
Increase in property and equipment-related accounts payable $ 60 $ 47
v3.25.2
Supplemental Financial Information - Schedule of Cash and Cash Equilvalents (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Current assets        
Cash and cash equivalents $ 6,796 $ 5,879    
Restricted cash 93 151    
Noncurrent assets        
Restricted cash included in long-term leasehold deposits and other 0 1    
Total cash, cash equivalents, and restricted cash $ 6,889 $ 6,031 $ 5,794 $ 5,597
v3.25.2
Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]    
Amounts included in accounts payable $ 467 $ 443
v3.25.2
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
May 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Total equity $ 4,685   $ 4,374 $ 4,102 $ 3,855 $ 4,085 $ 4,089
Maximum              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Stock repurchase program, authorized amount   $ 1,000          
Accumulated foreign currency adjustment attributable to parent              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Total equity (160)     (309)      
Accumulated defined benefit plans adjustment attributable to parent              
Accumulated Other Comprehensive Income (Loss) [Line Items]              
Total equity $ (90)     $ (95)      
v3.25.2
Short-Term Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions
1 Months Ended
Jul. 31, 2025
Jun. 30, 2025
Line of Credit Facility [Line Items]    
Debt instrument, variable interest rate, type [extensible enumeration]   Term Secured Overnight Financing Rate (Term SOFR) [Member]
Credit agreement | Revolving credit facility | Line of credit    
Line of Credit Facility [Line Items]    
Debt instrument, term   5 years
Borrowing limit, total initial borrowings   $ 1,500
Credit agreement | Revolving credit facility | Line of credit | Subsequent event    
Line of Credit Facility [Line Items]    
Proceeds from issuance of long-term debt $ 425  
Farfetch Holdings | Farfetch term loan | Subsidiary of Limited Partnership    
Line of Credit Facility [Line Items]    
Long-term debt   $ 392
Minimum | Credit agreement | Revolving credit facility | Line of credit    
Line of Credit Facility [Line Items]    
Variable rate   0.75%
Maximum | Credit agreement | Revolving credit facility | Line of credit    
Line of Credit Facility [Line Items]    
Variable rate   1.25%
v3.25.2
Commitments and Contingencies (Details)
$ in Millions
3 Months Ended 5 Months Ended 6 Months Ended
May 01, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
action
Jun. 30, 2025
USD ($)
paymentInstallment
Other Commitments [Line Items]        
Contractual obligation       $ 668.0
Number of legal actions filed against former and current directors and officers | action     3  
KFTC vs Coupang        
Other Commitments [Line Items]        
Number of penalty payment installments | paymentInstallment       6
Penalty payment term       2 years
KFTC vs Coupang | Maximum        
Other Commitments [Line Items]        
Loss contingency, damages sought, value $ 0.2      
KFTC vs Coupang | Judicial ruling        
Other Commitments [Line Items]        
Loss contingency, damages awarded   $ 121.0    
v3.25.2
Business Combinations - Farfetch - Farfetch Acquisition (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Business Combination, Separately Recognized Transaction [Line Items]  
Total consideration $ 208
Farfetch term loan | Subsidiary of Limited Partnership  
Business Combination, Separately Recognized Transaction [Line Items]  
Farfetch Term Loan repayment 58
Bridge Loan  
Business Combination, Separately Recognized Transaction [Line Items]  
Bridge Loan contribution $ 150
v3.25.2
Business Combinations - Farfetch - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Assets acquired  
Cash and cash equivalents $ 126
Accounts receivable, net 286
Inventories 305
Prepaids and other current assets 221
Intangible assets 325
Operating lease right-of-use assets 209
Other assets 318
Liabilities assumed  
Accounts payable (529)
Long-term debt (557)
Operating lease obligations (214)
Other liabilities (343)
Net assets assumed 147
Noncontrolling interests (78)
Goodwill on acquisition 139
Total consideration $ 208
v3.25.2
Business Combinations - Farfetch - Finite-Lived Intangible Assets Acquired (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Estimated Fair Value $ 325
Brand trademarks  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 130
Customer relationships  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 34
Supplier relationships  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Useful Life 15 years
Estimated Fair Value $ 61
Developed technology  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Useful Life 3 years
Estimated Fair Value $ 38
Brand licenses  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Useful Life 8 years
Estimated Fair Value $ 62
v3.25.2
Business Combinations - Farfetch - Proforma Information (Details) - Farfetch Holdings - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Business Combination, Pro Forma Information [Line Items]    
Total net revenues $ 460 $ 748
Net loss (108) (230)
Total net revenues 7,323 14,624
Net loss $ (108) $ (228)
v3.25.2
Business Combinations - Farfetch - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended
Apr. 07, 2025
Jan. 30, 2024
Feb. 28, 2025
Dec. 31, 2023
New Guards Group        
Business Combination, Pro Forma Information [Line Items]        
Royalty guarantees, commitments, amount     $ 264  
Licensing agreement, term     8 years  
Farfetch Holdings        
Business Combination, Pro Forma Information [Line Items]        
Total consideration   $ 208    
Farfetch Holdings | Limited Partnership        
Business Combination, Pro Forma Information [Line Items]        
Members or limited partners, ownership interest       80.10%
Farfetch Holdings | Limited Partnership | Greenoaks Capital Partners, LLC        
Business Combination, Pro Forma Information [Line Items]        
Members or limited partners, ownership interest       19.90%
Greenoaks Capital Partners, LLC        
Business Combination, Pro Forma Information [Line Items]        
Total consideration $ 122      
Payments to acquire businesses, gross $ 14      
Greenoaks Capital Partners, LLC | Common class A        
Business Combination, Pro Forma Information [Line Items]        
Business acquisition, equity interest issued (in shares) 5,465,099      
Consideration transferred, equity interest, share issued, value $ 108      
Shares issued, price per share (in USD per share) $ 19.76      
Palm Angels        
Business Combination, Pro Forma Information [Line Items]        
Voting equity interest acquired, percentage     40.00%