COUPANG, INC., 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 20, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
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, 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 25.2
Documents incorporated by reference
Portions of the Registrant’s Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2024.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001834584    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,647,684,518  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   157,802,990  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Samil PricewaterhouseCoopers
Auditor Location Seoul, Republic of Korea
Auditor Firm ID 1103
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total net revenues $ 30,268 $ 24,383 $ 20,583
Cost of sales 21,437 18,193 15,873
Operating, general and administrative 8,395 5,717 4,822
Total operating cost and expenses 29,832 23,910 20,695
Operating income (loss) 436 473 (112)
Interest income 216 178 53
Interest expense (140) (48) (27)
Other expense, net (39) (19) (7)
Income (loss) before income taxes 473 584 (93)
Income tax expense (benefit) 407 (776) (1)
Net income (loss) 66 1,360 (92)
Net loss attributable to noncontrolling interests (88) 0 0
Net income (loss) attributable to Coupang stockholders $ 154 $ 1,360 $ (92)
Earnings per share      
Basic (in usd per share) $ 0.09 $ 0.76 $ (0.05)
Diluted (in usd per share) $ 0.08 $ 0.75 $ (0.05)
Weighted average shares outstanding      
Basic (in shares) 1,794 1,782 1,765
Diluted (in shares) 1,826 1,803 1,765
Net retail sales      
Total net revenues $ 23,866 $ 21,223 $ 18,338
Net other revenue      
Total net revenues $ 6,402 $ 3,160 $ 2,245
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Statement) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 66 $ 1,360 $ (92)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (352) (2) 9
Actuarial (loss) gain on defined severance benefits, net of tax (34) (18) 41
Total other comprehensive (loss) income (386) (20) 50
Comprehensive (loss) income (320) 1,340 (42)
Comprehensive (loss) income attributable to noncontrolling interests (87) 0 0
Comprehensive (loss) income $ (233) $ 1,340 $ (42)
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 5,879 $ 5,243
Restricted cash 151 353
Accounts receivable, net 407 314
Inventories 2,099 1,666
Prepaids and other current assets 458 316
Total current assets 8,994 7,892
Property and equipment, net 2,813 2,465
Operating lease right-of-use assets 2,016 1,601
Intangible assets, net 271 37
Deferred tax assets 622 925
Long-term lease deposits and other 628 426
Total assets 15,344 13,346
Liabilities, redeemable noncontrolling interests and stockholders' equity    
Accounts payable 5,554 5,099
Accrued expenses 461 352
Deferred revenue 141 97
Short-term borrowings 479 282
Current portion of long-term debt 66 203
Current portion of long-term operating lease obligations 422 386
Other current liabilities 593 526
Total current liabilities 7,716 6,945
Long-term debt 988 529
Long-term operating lease obligations 1,770 1,387
Defined severance benefits and other 693 381
Total liabilities 11,167 9,242
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest (Note 16) 75 15
Equity    
Class A — shares authorized 10,000, outstanding 1,643 and 1,616 Class B — shares authorized 250, outstanding 158 and 175 0 0
Additional paid-in capital 8,736 8,489
Accumulated other comprehensive loss (404) (17)
Accumulated deficit (4,229) (4,383)
Noncontrolling interests (1) 0
Total equity 4,102 4,089
Total liabilities, redeemable noncontrolling interests and equity $ 15,344 $ 13,346
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Dec. 31, 2024
Dec. 31, 2023
Common Class A    
Common stock, shares authorized (in shares) 10,000 10,000
Common stock, shares outstanding (in shares) 1,643 1,616
Common Class B    
Common stock, shares authorized (in shares) 250 250
Common stock, shares outstanding (in shares) 158 175
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CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Redeemable Noncontrolling Interest
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Noncontrolling Interests
Beginning Balance at Dec. 31, 2021 $ 2,176 $ 0 $ 0 $ 7,874 $ (47) $ (5,651) $ 0
Beginning balance (in shares) at Dec. 31, 2021     1,754        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (92)         (92)  
Foreign currency translation adjustments, net of tax 9       9    
Actuarial gain on defined severance benefits, net of tax 41       41    
Issuance of common stock upon exercise of stock options (in shares)     9        
Issuance of common stock upon exercise of stock options 18     18      
Issuance of common stock upon settlement of restricted stock units (in shares)     10        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 262     262      
Ending Balance at Dec. 31, 2022 2,414 0 $ 0 8,154 3 (5,743) 0
Ending balance (in shares) at Dec. 31, 2022     1,773        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 1,360         1,360  
Foreign currency translation adjustments, net of tax (2)       (2)    
Actuarial gain on defined severance benefits, net of tax (18)       (18)    
Issuance of common stock upon exercise of stock options (in shares)     4        
Issuance of common stock upon exercise of stock options 9     9      
Issuance of common stock upon settlement of restricted stock units (in shares)     14        
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 326     326      
Noncontrolling interest contribution 0 15          
Ending Balance at Dec. 31, 2023 4,089 15 $ 0 8,489 (17) (4,383) 0
Ending balance (in shares) at Dec. 31, 2023     1,791        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 143 (77)       154 (11)
Recognition of noncontrolling interest upon acquisition 10 69         10
Foreign currency translation adjustments, net of tax (353) 1     (353)    
Actuarial gain on defined severance benefits, net of tax (34)       (34)    
Issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon exercise of stock options 4     4      
Issuance of common stock upon settlement of restricted stock units (in shares)     19        
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 433     433      
Noncontrolling interest contribution 0 55          
Re-measurement of noncontrolling interest (12) 12   (12)      
Ending Balance at Dec. 31, 2024 $ 4,102 $ 75 $ 0 $ 8,736 $ (404) $ (4,229) $ (1)
Ending balance (in shares) at Dec. 31, 2024     1,801        
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 66 $ 1,360 $ (92)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 433 275 231
Provision for severance benefits 187 159 161
Equity-based compensation 433 326 262
Non-cash operating lease expense 432 338 310
Deferred income taxes 225 (884) (41)
Fulfillment center fire insurance gain (175) 0 0
Non-cash others 250 140 112
Change in operating assets and liabilities:      
Accounts receivable, net 209 (133) (34)
Inventories (376) (44) (367)
Other assets (152) (153) (249)
Accounts payable 507 1,514 444
Accrued expenses 60 43 7
Other liabilities (213) (289) (179)
Net cash provided by operating activities 1,886 2,652 565
Investing activities      
Purchases of property and equipment (879) (896) (824)
Proceeds from sale of property and equipment 9 19 13
Net cash acquired in acquisition 68 0 0
Other investing activities (17) (50) (37)
Net cash used in investing activities (819) (927) (848)
Financing activities      
Proceeds from issuance of common stock, equity-based compensation plan 4 9 18
Repurchase of Class A common stock (178) 0 0
Proceeds from short-term borrowings and long-term debt 857 572 701
Repayment of short-term borrowings and long-term debt (794) (392) (467)
Net short-term borrowings and other financing activities 42 10 (5)
Net cash (used in) provided by financing activities (69) 199 247
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (564) (14) (87)
Net increase (decrease) in cash and cash equivalents, and restricted cash 434 1,910 (123)
Cash and cash equivalents, and restricted cash, as of beginning of period 5,597 3,687 3,810
Cash and cash equivalents, and restricted cash, as of end of period $ 6,031 $ 5,597 $ 3,687
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Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Coupang, Inc. (“Coupang” or the “Parent”), together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”), is a technology and Fortune 200 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including South Korea, Taiwan, Singapore, China, India and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”
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 16 — "Business Combinations - Farfetch" for additional information.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our consolidated subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
The preparation of 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 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.
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive loss,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” on the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” on the consolidated statements of operations.
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, free delivery and discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $947 million, $711 million, and $605 million for 2024, 2023, and 2022, respectively.
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the
fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We grant restricted stock units (“RSUs”) that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
In the past, we granted stock options to certain employees. We determine compensation expense associated with stock options based on the estimated grant date fair value method using the Black-Scholes valuation model.
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation on the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive loss”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”) provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) 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 (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2024 and 2023, net receivables from customers and sellers were $174 million and $71 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
Intangible Assets
Intangible assets are primarily finite-lived and stated at cost, net of accumulated amortization. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which approximates the pattern in which the economic benefits are consumed.
Fulfillment Center Fire
In June 2021, a fire extensively damaged our Deokpyeong fulfillment center (“FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site. We are insured on property losses from the FC Fire, and while the insurer continues assessment of the total potential loss coverage on the claim, during the fourth quarter of 2024 we agreed to a settlement on a portion of the claim and now deem the recovery of insurance proceeds under the policy as probable. We recognized an insurance gain of $175 million in the fourth quarter of 2024, which included $116 million for the inventory loss included in “Cost of sales” and $59 million for property and equipment losses, included in “Operating, general and administrative”. We received provisional payments of $138 million in prior years, which were previously deferred within “Other current liabilities”, and received a further payment of $40 million in the fourth quarter of 2024. Whether and to what extent additional insurance recoveries will be received is currently unknown.
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using the rate implicit in the lease if it is readily determinable, otherwise we use our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No material impairment losses were recorded for 2024, 2023, and 2022.
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 69% and 47% were held at four and two financial institutions as of December 31, 2024 and 2023, respectively. As of December 31, 2024, no process payment company had 10% or more of our gross accounts receivable. As of December 31, 2023, our gross accounts receivable included amounts concentrated with three processing payment companies representing 51% of gross accounts receivable.
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to disclose the key terms of the program, the balance sheet presentation of the related amounts, and the amounts outstanding, including providing a rollforward of such amounts. As required by the ASU, we included disclosures in our consolidated financial statements, including the rollforward of supplier finance program obligations, which we presented in Note 12 — "Supplemental Financial Information" for 2024.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. We adopted ASU 2023-07 for 2024, and upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements.
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. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.
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.
Basis of Presentation
These condensed Parent company-only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of Coupang, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 — "Description of Business and Summary of Significant Accounting Policies" in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.
Certain subsidiaries in Korea hold various licenses and/or are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to terms which require the subsidiaries to meet certain financial covenants, including maintaining a positive net equity balance; having a minimum percentage of its total assets in low-risk, cash-like assets; and maintaining a minimum current asset to current liability ratio. In addition, the Parent has certain regulatory restrictions that only allow dividend payments to be made while maintaining a positive net equity balance or if dividends are paid out of the current years' income, if any.
v3.25.0.1
Net Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
(in millions)
202420232022
Net retail sales$23,866 $21,223 $18,338 
Third-party merchant services5,580 2,576 1,870 
Other revenue822 584 375 
Total net revenues$30,268 $24,383 $20,583 
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 earned from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue earned 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 consolidated balance sheets. We recognized revenue of $91 million, $89 million, and $86 million for 2024, 2023, and 2022 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.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
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. Based on the location of the legal entity that earned the revenue, over 90% of our total net revenues are from Korea. The remaining revenue is primarily from entities located in the United States, United Kingdom, and other countries in Europe and the Asia-Pacific region with none having over 5% of total net revenues.
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 earned from merchants that sell products through our mobile application and website, and from Rocket WOW membership.
Developing Offerings includes our more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service in Korea, Coupang 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 newly acquired global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from our luxury fashion marketplace through Farfetch, our online restaurant ordering and delivery services in Korea and retail operations in Taiwan.
The CODM uses two profitability measures, Segment Adjusted EBITDA and Segment Gross Profit, in assessing segment performance and allocating resources to each 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. Other segment items in reconciling from net revenues by segment to Segment Adjusted EBITDA include cost of sales, operating, general and administrative expense, and the adjustments described below.
Gross Profit is defined as total net revenues less cost of sales attributable to each reportable segment.
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:
(in millions)
202420232022
Net revenues
Product Commerce$26,699 $23,594 $19,955 
Developing Offerings3,569 789 628 
Total net revenues$30,268 $24,383 $20,583 
Cost of sales
Product Commerce$18,594 $17,313 $15,280 
Developing Offerings2,843 880 593 
Total cost of sales$21,437 $18,193 $15,873 
Gross profit
Product Commerce$8,105 $6,282 $4,675 
Developing Offerings726 (91)35 
Total gross profit$8,831 $6,190 $4,710 
Operating, general and administrative(8,395)(5,717)(4,822)
Interest expense(140)(48)(27)
Interest income216 178 53 
Other expense, net(39)(19)(7)
Income (loss) before income taxes$473 $584 $(93)
Segment adjusted EBITDA
Product Commerce$2,006 $1,540 $606 
Developing Offerings(631)(466)(225)
Total segment adjusted EBITDA$1,375 $1,074 $381 
Reconciling items:
Depreciation and amortization(433)(275)(231)
Equity-based compensation(433)(326)(262)
Acquisition and restructuring related costs(127)— — 
KFTC administrative fine (see Note 14)(121)— — 
FC Fire insurance gain175 — — 
Interest expense(140)(48)(27)
Interest income216 178 53 
Other expense, net(39)(19)(7)
Income (loss) before income taxes$473 $584 $(93)
Note: Amounts may not foot due to rounding.
v3.25.0.1
Equity-based Compensation Plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Plans Equity-based Compensation Plans
Our 2021 Equity-based Compensation Plan (the “2021 Plan”) provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards. The number of shares of our common stock reserved for issuance under the 2021 Plan will be increased on January 1 of each calendar year through January 1, 2031. As of December 31, 2024, the maximum number of shares of our common stock that may be issued under the Plans is 480,960,672 shares and 315,173,683 shares of common stock are available for future grants to employees.
Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2021 Plan. Additionally, shares become available for future grant under the 2021 Plan if they were issued under stock awards under the 2021 Plan and we repurchase them or they are forfeited.
RSUs
RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee at each vesting date.
As of December 31, 2024, we had $904 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.6 years, net of estimated forfeitures.
The table below summarizes our RSU activity:
Outstanding RSUs
(in millions, except unit price)
Number of RSUsWeighted Average Grant-Date Fair Value
December 31, 202346 $17.25 
Granted44 19.77 
Vested(19)17.53 
Forfeited / cancelled(7)17.92 
December 31, 202464 $18.82 
The following information is provided for our RSUs:
(in millions, except unit price)
202420232022
Weighted average grant-date fair value of RSUs granted$19.77 $16.31 $17.24 
Fair value of RSUs at vesting$402 $223 $181 
Stock Options
In the past, we granted stock options to certain employees. Stock options generally expire ten years from the grant date.
The table below summarizes our stock option activity:
Outstanding Options
(in millions, except unit price)
Number
of
Options		Weighted
Average Exercise
Price		Weighted-Average
Remaining Contractual
Term (in years)		Aggregate Intrinsic Value
December 31, 202317 $7.60 4.90$152 
Forfeited / cancelled— $2.02 
Exercised(2)$2.34 
Exercised Withheld— $2.15 
December 31, 202415 $8.26 3.83$213 
Exercisable as of December 31, 202415 $8.39 3.82$206 
Expected to vest as of December 31, 2024— $1.99 4.38$6 
The following information is provided for our stock options:
(in millions, except unit price)
202420232022
Intrinsic fair value of stock options exercised$35 $57 $131 
Equity-based Compensation Expense
The following table presents the effects of equity-based compensation on the consolidated statements of operations:
(in millions)
202420232022
Cost of sales$17 $14 $16 
Operating, general and administrative416 312 246 
Total$433 $326 $262 
v3.25.0.1
Defined Severance Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined Severance Benefits Defined Severance Benefits
Changes in defined severance benefits obligation were as follows:
(in millions)
20242023
Beginning balance, January 1$396 $304 
Current service cost166 141 
Interest cost16 14 
Actuarial losses52 22 
Payments from plans(79)(84)
Cumulative effects of foreign currency translation(60)(1)
Ending balance, December 31$491 $396 
Current$96 $82 
Noncurrent$395 $314 
The accumulated benefit obligation for all defined severance benefits was $348 million and $288 million as of December 31, 2024 and 2023, respectively.
Net periodic cost consists of the following:
(in millions)
202420232022
Current service costs$166 $141 $143 
Interest cost16 14 9 
Amortization of:
Prior service cost2 3 3 
Net actuarial loss3 1 6 
Net periodic benefit cost$187 $159 $161 
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
December 31, 2024December 31, 2023
Discount rates3.50%–3.90%4.30%–4.80%
Salary growth rates5.00%–7.00%5.00%–7.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
202420232022
Discount rates4.30 %–4.80 %5.10 %–5.30 %2.70 %–3.00 %
Salary growth rates5.00 %–7.00 %5.00 %–8.00 %5.00 %–5.24 %
Estimated future benefit payments as of December 31, 2024 was as follows:
(in millions)
Less than 1 yearBetween 1-2 yearsBetween 2-5 yearsOver 5 yearsTotal
Defined severance benefits$98 $99 $305 $479 $981 
s
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to income taxation through certain of our subsidiaries primarily in the United States, South Korea, United Kingdom, and other foreign jurisdictions in which we do business.
The components of income tax expense (benefit) were as follows:
(in millions)
202420232022
Current taxes
United States$76 $62 $— 
Foreign106 46 39 
Current taxes182 108 39 
Deferred taxes
United States(15)21 (40)
Foreign240 (905)— 
Deferred taxes225 (884)(40)
Income tax expense (benefit)$407 $(776)$(1)
The components of income (loss) before income taxes are as follows:
(in millions)
202420232022
United States$(1,073)$(217)$(232)
Foreign1,546 801 139 
Income (loss) before income taxes$473 $584 $(93)
Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:
(in millions)
202420232022
Taxes computed at the federal statutory rate$99 $122 $(20)
Differences resulting from:
Statutory rate difference32 28 51 
Change in valuation allowances193 (1,031)(144)
U.S. taxes on foreign earnings153 108 103 
Stock compensation56 44 37 
Tax credit(133)(47)(35)
Other nondeductible expense17 — 5 
Other(10)— 2 
Income tax expense (benefit)$407 $(776)$(1)
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 income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
(in millions)
December 31, 2024December 31, 2023
Deferred tax assets
Provision and allowances$89 $69 
Stock compensation22 13 
Depreciation13 8 
Accrued expenses104 69 
Amortization22 21 
Defined severance benefits118 84 
Lease liabilities500 409 
Net operating loss carryforwards989 643 
Tax credits89 33 
Other48 36 
Total deferred tax assets1,994 1,385 
Less: valuation allowances(903)(82)
Total deferred tax assets net of valuation allowance$1,091 $1,303 
Deferred tax liabilities
Lease asset(466)(371)
Other(3)(7)
Total deferred tax liabilities(469)(378)
Net deferred tax assets$622 $925 
Changes in the valuation allowances were as follows:
(in millions)
202420232022
Beginning balance, January 1$(82)$(1,085)$(1,284)
Changes to existing valuation allowances(193)140 103 
Farfetch Acquisition(633)— — 
Derecognition of valuation allowances— 905 41 
Changes in foreign exchange rates, statutory rates and other5 (42)55 
Ending balance, December 31$(903)$(82)$(1,085)
The valuation allowance at December 31, 2022 was primarily related to our Korea net operating loss carryforwards that, in our judgement, were not more likely than not to be realized. During 2023, we continued to see improved and sustained profitability in Korea, which represents objective positive evidence for the realizability of certain deferred tax assets. As such, based on our analysis of the positive and negative evidence in each tax jurisdiction, during 2023 we released the valuation allowance primarily related to the Korea net operating loss deferred tax assets. The release of the valuation allowance in 2023 resulted in an increase to the carrying value of deferred tax assets on the balance sheet and a benefit to our provision for income taxes of $905 million. The valuation allowance at December 31, 2024 was primarily related to our U.S. and foreign net operating loss carryforwards for Farfetch subsidiaries.
As of December 31, 2024, we had $3.9 billion of federal, state and foreign net operating loss carryforwards available to reduce future corporate taxable income. Certain of these amounts are subject to annual limitations under applicable tax law. If not utilized, an immaterial amount of these losses will begin to expire in 2025 and $2.7 billion of these losses do not expire.
We have corporate tax credit carryforwards of $29 million in the United States which may be carried forward indefinitely to reduce future corporate regular income taxes, and $79 million of tax credit carryforwards in Korea which begin to expire in 2028.
We did not have any material uncertain tax positions as of December 31, 2024 and 2023.
The open tax years for our major tax jurisdictions are 2020 - 2024 for the United States and 2018 - 2024 for Korea.
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The following table presents the calculation of basic and diluted earnings per share:
(in millions, except per share amounts)
202420232022
Numerator
Net income (loss) attributable to Coupang stockholders$154 $1,360 $(92)
Denominator
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,794 1,782 1,765 
Dilutive effect of equity compensation awards32 21 — 
Diluted1,826 1,803 1,765 
Earnings per share:
Basic$0.09 $0.76 $(0.05)
Diluted$0.08 $0.75 $(0.05)
Anti-dilutive shares
1 3 24 
v3.25.0.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
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 three levels reflecting the significant inputs used to determine fair value.
The following summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelDecember 31, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,755 $1,582 
Money market fundCash and cash equivalentsLevel 1$828 $1,205 
Money market trustRestricted cashLevel 1$83 $86 
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 the long-term debt approximates its fair value as of December 31, 2024 and 2023, due primarily to the interest rates approximating market interest rates.
v3.25.0.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The following summarizes our property and equipment, net:
(in millions)
Useful LifeDecember 31, 2024December 31, 2023
Land$401 $323 
Buildings40 years794 751 
Equipment and furniture
1 - 8 years
1,136 914 
Leasehold improvements
(1)
929 662 
Vehicles
4 - 6 years
65 79 
Software4 years75 26 
Construction in progress377 347 
Property and equipment, gross$3,777 $3,102 
Less: Accumulated depreciation and amortization(964)(637)
Property and equipment, net$2,813 $2,465 
(1)Lesser of useful life or remaining lease term
For 2024, 2023, and 2022, depreciation and amortization expense on property and equipment was $369 million, $271 million, and $229 million, respectively.
Property and equipment under construction, which primarily consists of fulfillment centers and deposits for equipment, is recorded as construction in progress until it is ready for its intended use; thereafter, it is transferred to the related class of property and equipment and depreciated over its estimated useful life.
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
The following summarizes our finite-lived intangible assets, net:
(in millions)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
December 31, 2024
Trademarks(1)
$183 $(46)$137 
Customer relationships(1)
34 (6)28 
Developed technology and other(1)
109 (21)88 
Total$326 $(73)$253 

(in millions)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
December 31, 2023
Trademarks$8 $(4)$4 
Developed technology and other22 (5)17 
Total$30 $(9)$21 
(1)Includes intangible assets acquired in the Farfetch Acquisition. See Note 16 — "Business Combinations - Farfetch".
For 2024, 2023, and 2022, amortization expense of intangible assets was $64 million, $4 million, and $2 million, respectively. Indefinite-lived intangible assets as of December 31, 2024 and 2023 were $18 million and $16 million, respectively.
As of December 31, 2024, future amortization expense is expected to be as follows:
(in millions)Amortization Expense
2025$55 
202655 
202729 
202826 
202919 
Thereafter69 
Total$253 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
We are obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next ten years. These leases can contain renewal options. Because we are not reasonably certain to exercise these renewal options, or the renewal options are not solely within our discretion, the options are not considered in determining the lease term, and the associated potential option payments are excluded from expected minimum lease payments. Our leases generally do not include termination options for either party or restrictive financial or other covenants.
Our finance leases as of December 31, 2024 and 2023 were not material and are included in “Property and equipment, net”, on our consolidated balance sheets.
The components of operating lease cost were as follows:
(in millions)
202420232022
Operating lease cost$595 $457 $410 
Variable and short-term lease cost51 42 40 
Total operating lease cost $646 $499 $450 
Supplemental disclosure of cash flow information related to operating leases were as follows:
(in millions)
202420232022
Cash paid for the amount used to measure the operating lease liabilities$572 $445 $367 
Operating lease assets obtained in exchange for lease obligations$878 $428 $426 
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations$123 $133 $8 
Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments, and new leases.
The assumptions used to value operating leases for the periods presented were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term6.1 years5.7 years
Weighted-average discount rate7.62 %7.77 %
As of December 31, 2024, we had entered into operating leases that have not commenced with future minimum lease payments of $215 million, that have not been recognized on our consolidated balance sheets. These leases have non-cancellable lease terms of 2 to 10 years.
v3.25.0.1
Supplemental Financial Information
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Supplemental financial information Supplemental Financial Information
Supplemental Disclosure of Cash Flow Information
(in millions)
202420232022
Supplemental disclosure of cash-flow information
Cash paid for income taxes, net of refunds$138 $110 $6 
Cash paid for interest$85 $31 $19 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$81 $23 $(68)
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.
December 31,
(in millions)202420232022
Current assets
Cash and cash equivalents$5,879 $5,243 $3,509 
Restricted cash
151 353 176 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 1 2 
Total cash, cash equivalents and restricted cash$6,031 $5,597 $3,687 
Supplier Financing Arrangements
We have agreements with third-party financial institutions to facilitate participating vendors’ and suppliers’ ability to settle payment obligations from us to designated third-party financial institutions. Participating vendors and suppliers may, at their sole discretion, settle obligations prior to their scheduled due dates at a discounted price to the participating financial institutions. The invoices that have been confirmed as valid under the program require payment, in full, based on the original standard invoice terms. Confirmed invoices owed to financial institutions under these programs are included within “Accounts payable” on the consolidated balance sheets.
Changes in the amount of supplier finance obligations were as follows:
(in millions)2024
Confirmed obligations outstanding, January 1$459 
Invoices confirmed during the year4,028 
Confirmed invoices paid during the year(3,985)
Foreign currency related changes(59)
Confirmed obligations outstanding, December 31$443 
v3.25.0.1
Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Borrowing LimitDecember 31, 2024December 31, 2023
Maturity DateInterest rate (%)
January 2025 - December 20252.26–5.54$464 $331 $282 
April 2025 - June 2025
TAIBOR + 1.25%
199 151 — 
September 2025
(1)
10 — — 
Total principal short-term borrowings$673 $482 $282 
Less: unamortized discounts(3)— 
Total short-term borrowings$479 $282 
Weighted-average interest rates3.07 %3.49 %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Our short-term borrowings generally include lines of credit and loan facilities with financial institutions to be drawn upon for general operating purposes.
Taiwan Revolving Credit Facility
In September 2024, a Taiwan subsidiary entered into a new five-year senior unsecured credit facility (the “Taiwan Revolving Credit Facility”) providing for revolving loans in an aggregate principal amount of up to $199 million. The Taiwan Revolving Credit Facility permits the borrower to obtain incremental commitments up to $296 million, subject to customary conditions. Borrowings under the Taiwan Revolving Credit Facility bear interest at a rate per annum equal to the Taipei Interbank Offered Rate (“TAIBOR”) plus 1.25%.
The Taiwan Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of December 31, 2024, there was $151 million balance outstanding on the Taiwan Revolving Credit Facility.
Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)
Contractual
Borrowing LimitDecember 31, 2024December 31, 2023
Description
Maturity DateInterest rate (%)
April 2023 Term Loan(1)
Apr 20266.76$156 $156 $178 
Revolving Credit Facility
Feb 2026
(2)
875 — — 
March 2022 Term Loan(1)
Mar 20274.26273 273 310 
August 2021 Term Loan(1)
Aug 20274.90111 111 — 
Farfetch Term Loan
Oct 2027
SOFR
+6.25493 493 — 
Other Term Loan Facilities(1)
Apr 2025 - Nov 20263.78-4.4538 38 247 
Total principal long-term debt$1,946 $1,071 $735 
Less: current portion of long-term debt(66)(203)
Less: unamortized discounts(17)(3)
Total long-term debt$988 $529 
(1)At December 31, 2024, we had pledged up to $717 million of land and buildings as collateral against long-term loan facilities.
(2)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (“SOFR”) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Revolving Credit Facility
In January 2024, our senior unsecured credit facility (“the Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions.
The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions.
The Revolving Credit Facility contains financial covenants that require us to maintain certain maximum net leverage ratios and minimum liquidity amounts.
Farfetch Term Loans
As part of the Farfetch Acquisition, our subsidiary assumed the then outstanding syndicated Term Loans (“Farfetch Term Loans”) under Farfetch’s existing credit agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. Repayment of the Farfetch Term Loans is due in quarterly installments, of 0.25% of the original principal balance, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early payment is permitted. The Farfetch Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum.
In January 2025, the Farfetch Term Loans were amended to (i) waive technical defaults that resulted from our restructuring actions related to Farfetch subsidiaries in Italy and (ii) require loan prepayment (not to exceed $125 million) from restricted cash proceeds received for Italian VAT receivables and the Limited Partnership in turn extended its commitment to provide the remaining $148 million cash contribution to the earlier of the loan repayment date or April 2028. Coupang, Inc. has not provided any security or guaranty of repayment of the Farfetch Term Loans and is not obligated to provide additional cash funding to Farfetch beyond its share of the Limited Partnership’s remaining commitment.
The Farfetch Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The Farfetch Term Loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch.
We were in compliance with the financial covenants for each of our borrowings and debt agreements as of December 31, 2024.
Future contractual principal payments for long-term debt as of December 31, 2024 were as follows:
(in millions)
Long-term debt
2025$71 
2026201 
2027799 
2028— 
2029— 
Thereafter— 
Total$1,071 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
The following summarizes our minimum contractual commitments as of December 31, 2024:
(in millions)
Minimum royalty payments(1)
Unconditional purchase obligations (unrecognized)Long-term debt (including interest)Operating leasesTotal
2025$41 $593 $154 $563 $1,351 
202634 516 271 492 1,313 
202732 386 852 418 1,688 
202831 317 — 355 703 
202931 311 — 278 620 
Thereafter95 313 — 687 1,095 
Total undiscounted payments$264 $2,436 $1,277 $2,793 $6,770 
Less: lease imputed interest(601)
Total lease commitments$2,192 
(1)Contract terminated by mutual agreement in February 2025.
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 the purchases of technology related services, fulfillment center construction contracts, and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.
New Guards Group
In February 2025, New Guards Group Holdings S.p.A. (“New Guards”) and certain of its subsidiaries (collectively “NGGH”), a subsidiary acquired in the Farfetch Acquisition, and Authentic Brands Group LLC (the “licensor”) entered into a settlement agreement and mutual release with the licensor (the “Mutual Termination Agreement”) related to a license agreement. The license agreement granted NGGH distribution rights for Reebok-branded footwear and apparel ranges within certain countries in the European region and provided for minimum guaranteed royalties to be paid by NGGH over the remaining eight years of the agreement, with no cancellation rights. Pursuant to the Mutual Termination Agreement, NGGH’s distribution rights and licensor’s right to receive guaranteed minimum royalty payments over the remaining term totaling $264 million was terminated, in exchange for the transfer of inventory and certain working capital balances to a new licensee. In addition, NGGH entered into a Transition Services Agreement (“TSA”) with the new licensee to provide support services through April 2025 and licensee agreed to reimburse the cost of such services.
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 determines 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, Inc., 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 on May 22, 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 of 2024, a derivative action was 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 of 2025, we received two 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 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 search 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. Payments of administrative fines to the KFTC are not stayed during an appeal process and as a result, we accrued the administrative fine in the second quarter of 2024, resulting in a charge, included within “Operating, general and administrative”, 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, and the first hearing of the administrative litigation action was held in November 2024 and the second hearing will be held at the end of March 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. Last November, in response to the KFTC’s criminal referral, the Seoul Eastern District Prosecutors’ Office initiated a criminal investigation into Coupang Corp. and CPLB.
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.
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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Our certificate of incorporation provides for two classes of common stock, and authorizes shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors. Our authorized capital stock consists of 10 billion shares of Class A common stock, par value $0.0001 per share; 250 million shares of Class B common stock, par value $0.0001 per share; and 2 billion shares of undesignated preferred stock, par value $0.0001 per share. No preferred stock was issued and outstanding as of December 31, 2024 and 2023.
The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to twenty-nine votes. In addition, each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except certain transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock.
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 December 31, 2024 and 2023, the ending balance in accumulated other comprehensive income (loss) related to foreign currency translation adjustments was $(309) million and $43 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(95) million and $(61) million, respectively.
Share Repurchase
In April 2024, we repurchased 10 million shares of our Class A common stock for $178 million in a private transaction.
v3.25.0.1
Business Combinations - Farfetch
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations - Farfetch Business Combinations - Farfetch
Farfetch Acquisition
On January 30, 2024 we completed the acquisition of Farfetch. We believe the acquisition will 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 following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
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. During 2024, certain insignificant measurement period adjustments were made to the initial allocation, and the preliminary amount of goodwill was increased by $35 million. Goodwill was recorded in our Developing Offerings segment.
The identifiable intangible assets acquired were as follows:
(in millions, except years)Weighted Average Useful LifeEstimated 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 consolidated statement of operations since the closing of the acquisition were as follows:
(in millions)2024
Total net revenues
$1,658 
Net loss
$(352)
Acquisition-related costs were recorded as operating expenses for 2024 and were not material.
Supplemental Pro Forma Information (Unaudited)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
(in millions)20242023
Pro Forma Information
Total net revenues
$30,455 $26,712 
Net (loss) income
$(20)$965 
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.
Redeemable Noncontrolling Interests
In December 2023, we established a subsidiary, Surpique LP (the “Limited Partnership”) for the purposes of providing the Bridge Loan and acquiring all of the business and assets of Farfetch. The Limited Partnership is 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 as of 2024 and 2023.
Greenoaks’ 19.9% equity interest in the Limited Partnership is subject to a put/call option after the acquisition was completed, whereby their equity interest can be purchased at either parties’ option after seven years has elapsed and no initial public offering of the acquired Farfetch assets has taken place. The put/call option is to be calculated based on market value of the Farfetch business at the time of exercise. As of December 31, 2023, we recognized a redeemable noncontrolling interest of $15 million for Greenoaks’ equity interest in the Limited Partnership. During 2024, Greenoaks contributed a further $55 million in connection with the Bridge Loan and acquisition of Farfetch, which we recognized as additional redeemable noncontrolling interest. It is probable that the redeemable noncontrolling interest will be redeemed and we have elected to adjust the carrying value to its redemption value over a seven year period following the Farfetch acquisition. The redemption value is estimated at $100 million as of December 31, 2024.
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 in our Class A common stock.
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Schedule I - Condensed Financial information of Parent (Coupang, Inc.)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial information of Parent (Coupang, Inc.)
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Statements of Operations and Comprehensive Income/(Loss)
(in millions)
202420232022
Management service fee revenues$20 $18 $17 
Operating cost and expenses(558)(400)(324)
Interest expense(2)(2)(2)
Other income, net63 84 28 
Loss before equity in earnings of subsidiaries(477)(300)(281)
Equity in earnings of subsidiaries722 1,783 189 
Income (loss) before taxes245 1,483 (92)
Income tax expense91 123 — 
Net income (loss)$154 $1,360 $(92)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax(353)(2)9 
Actuarial (loss) gain on defined severance benefits, net of tax
(34)(18)41 
Total other comprehensive (loss) income
(387)(20)50 
Comprehensive (loss) income$(233)$1,340 $(42)
See accompanying notes to condensed financial statements.
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Balance Sheets
(in millions)
December 31, 2024December 31, 2023
Assets
Cash and cash equivalents$1,016 $1,592 
Restricted cash— 79 
Other current assets66 20 
Total current assets1,082 1,691 
Other assets12 12 
Investment in subsidiaries3,058 2,438 
Total assets$4,152 $4,141 
Liabilities and stockholders' equity
Other current liabilities$49 $42 
Total current liabilities49 42 
Other liabilities— 10 
Total liabilities49 52 
Stockholders' equity
Common stock— — 
Additional paid-in capital8,736 8,489 
Accumulated other comprehensive loss
(404)(17)
Accumulated deficit(4,229)(4,383)
Total stockholders' equity4,103 4,089 
Total liabilities and stockholders' equity$4,152 $4,141 
See accompanying notes to condensed financial statements.
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Statements of Cash Flows
(in millions)
202420232022
Operating activities
Net cash (used in) provided by operating activities
$(126)$95 $(79)
Investing activities
Capital contribution to subsidiaries(349)(121)(725)
Return of capital contribution from subsidiaries90 61 80 
Increase of short-term loans(95)(25)— 
Net cash used in investing activities
(354)(85)(645)
Financing activities
Repurchase of common units and preferred units(178)— — 
Proceeds from issuance of common stock/units, equity-based compensation plan4 9 18 
Other financing activities(1)— — 
Net cash (used in) provided by financing activities
(175)9 18 
Cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
(655)19 (706)
Cash and cash equivalents as of beginning of the period1,671 1,652 2,358 
Cash and cash equivalents as of end of the period$1,016 $1,671 $1,652 
See accompanying notes to condensed financial statements.
v3.25.0.1
Schedule I - Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Description of Business and Summary of Significant Accounting Policies
Description of Business
Coupang, Inc. (“Coupang” or the “Parent”), together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”), is a technology and Fortune 200 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including South Korea, Taiwan, Singapore, China, India and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”
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 16 — "Business Combinations - Farfetch" for additional information.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our consolidated subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
The preparation of 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 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.
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive loss,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” on the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” on the consolidated statements of operations.
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, free delivery and discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $947 million, $711 million, and $605 million for 2024, 2023, and 2022, respectively.
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the
fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We grant restricted stock units (“RSUs”) that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
In the past, we granted stock options to certain employees. We determine compensation expense associated with stock options based on the estimated grant date fair value method using the Black-Scholes valuation model.
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation on the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive loss”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”) provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) 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 (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2024 and 2023, net receivables from customers and sellers were $174 million and $71 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
Intangible Assets
Intangible assets are primarily finite-lived and stated at cost, net of accumulated amortization. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which approximates the pattern in which the economic benefits are consumed.
Fulfillment Center Fire
In June 2021, a fire extensively damaged our Deokpyeong fulfillment center (“FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site. We are insured on property losses from the FC Fire, and while the insurer continues assessment of the total potential loss coverage on the claim, during the fourth quarter of 2024 we agreed to a settlement on a portion of the claim and now deem the recovery of insurance proceeds under the policy as probable. We recognized an insurance gain of $175 million in the fourth quarter of 2024, which included $116 million for the inventory loss included in “Cost of sales” and $59 million for property and equipment losses, included in “Operating, general and administrative”. We received provisional payments of $138 million in prior years, which were previously deferred within “Other current liabilities”, and received a further payment of $40 million in the fourth quarter of 2024. Whether and to what extent additional insurance recoveries will be received is currently unknown.
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using the rate implicit in the lease if it is readily determinable, otherwise we use our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No material impairment losses were recorded for 2024, 2023, and 2022.
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 69% and 47% were held at four and two financial institutions as of December 31, 2024 and 2023, respectively. As of December 31, 2024, no process payment company had 10% or more of our gross accounts receivable. As of December 31, 2023, our gross accounts receivable included amounts concentrated with three processing payment companies representing 51% of gross accounts receivable.
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to disclose the key terms of the program, the balance sheet presentation of the related amounts, and the amounts outstanding, including providing a rollforward of such amounts. As required by the ASU, we included disclosures in our consolidated financial statements, including the rollforward of supplier finance program obligations, which we presented in Note 12 — "Supplemental Financial Information" for 2024.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. We adopted ASU 2023-07 for 2024, and upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements.
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. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.
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.
Basis of Presentation
These condensed Parent company-only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of Coupang, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 — "Description of Business and Summary of Significant Accounting Policies" in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.
Certain subsidiaries in Korea hold various licenses and/or are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to terms which require the subsidiaries to meet certain financial covenants, including maintaining a positive net equity balance; having a minimum percentage of its total assets in low-risk, cash-like assets; and maintaining a minimum current asset to current liability ratio. In addition, the Parent has certain regulatory restrictions that only allow dividend payments to be made while maintaining a positive net equity balance or if dividends are paid out of the current years' income, if any.
v3.25.0.1
Schedule I - Debt
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Debt DebtThe Parent has a $875 million unsecured credit facility (the “Revolving Credit Facility”) as further described in Note 13 — "Short-Term Borrowings and Long-Term Debt" which was amended to extend the term to February 2026. As of December 31, 2024, there was no balance outstanding on the Revolving Credit Facility.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 154 $ 1,360 $ (92)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Gaurav Anand [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Gaurav Anand, our Chief Financial Officer, adopted a pre-arranged stock trading plan (the “Plan”) in accordance with the SEC guidelines specified under Rule 10b5-1(c) under the Exchange Act and the policies of Coupang regarding stock transactions, to sell up to 301,400 shares of Coupang Class A Common Stock (the “Shares”), subject to certain terms and conditions, beginning no earlier than March 10, 2025. The Plan, which was entered into on December 8, 2024, will terminate the earlier of the sale of all 301,400 Shares pursuant to the Plan or December 17, 2025. Mr. Anand entered into the Plan to primarily satisfy certain tax obligations.
Name Gaurav Anand  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 8, 2024  
Expiration Date December 17, 2025  
Arrangement Duration 374 days  
Aggregate Available 301,400 301,400
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Coupang has a cyber risk management framework designed to identify, assess, and manage cyber related risks. Cyber related risks are identified through self-identification, audits, assessments, and incidents. Our vulnerability scanning process uses both automated tools and penetration testing to identify vulnerabilities within our environment.
We seek to identify, manage and reduce the risks and potential vulnerabilities by integrating controls and solutions into information security and technology projects based on severity and priority.

The Chief Information Security Officer (“CISO”), who has extensive cybersecurity knowledge and skills gained from over 15 years of work experience at the Company and elsewhere, leads our global information security organization responsible for overseeing the Coupang information security program. The CISO regularly reviews our cyber strategy with technology leadership in order to integrate the cyber strategy across the organization. The CISO is updated on cybersecurity threats from experienced information security officers in our security organization on an ongoing basis and in conjunction with management, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. Supporting the CISO, is the dedicated information security team, which comprises almost 200 individuals. In addition to full-time employees, external consultancy services provide us with certain information security services and specialized advice.

We conduct annual assessments by certified external third-party assessors as part of our industry-recognized information security certifications, ISO 27001, 27017, 27701, and ISMS-P. We periodically have external third-party consultants conduct maturity assessments of our Information Security program. The results of these audits and assessments inform us about possible risks which are managed through our enterprise risk management process. We employ external third-party vendors to provide cyber threat intelligence when relevant information is available or as requested. We also employ systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider, customer or otherwise implicating the third-party technology and systems we use. We also have a program of Cyber Tabletop exercises, run periodically, with key people in our business, to further enhance our capabilities to respond and recover to a cyber incident.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Coupang has a cyber risk management framework designed to identify, assess, and manage cyber related risks. Cyber related risks are identified through self-identification, audits, assessments, and incidents. Our vulnerability scanning process uses both automated tools and penetration testing to identify vulnerabilities within our environment.
We seek to identify, manage and reduce the risks and potential vulnerabilities by integrating controls and solutions into information security and technology projects based on severity and priority.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Coupang executive leadership team provides oversight and guidance on cyber policies, procedures, and strategies. Our Board of Director’s role in risk oversight is consistent with our leadership structure, with the executive leadership team having responsibility for assessing and managing risks we face in executing our business plans, and the Board and its committees providing oversight in connection with those efforts.
In addition to the full Board, the Audit Committee of the Board plays an important role in the oversight of our enterprise risk assessment and management activities, which identify key risks to our business, including risks related to cybersecurity, data privacy, and regulations, and assesses any steps taken to monitor and control such risk. The Audit Committee regularly meets with the CISO to discuss various cybersecurity matters including cyber strategy, cybersecurity risks, controls, including results of audits, mitigation strategies, areas of emerging risks, incidents, if any, and industry trends. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee through ongoing updates until resolution.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Coupang executive leadership team provides oversight and guidance on cyber policies, procedures, and strategies. Our Board of Director’s role in risk oversight is consistent with our leadership structure, with the executive leadership team having responsibility for assessing and managing risks we face in executing our business plans, and the Board and its committees providing oversight in connection with those efforts.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee regularly meets with the CISO to discuss various cybersecurity matters including cyber strategy, cybersecurity risks, controls, including results of audits, mitigation strategies, areas of emerging risks, incidents, if any, and industry trends. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee through ongoing updates until resolution.
Cybersecurity Risk Role of Management [Text Block]
In addition to the full Board, the Audit Committee of the Board plays an important role in the oversight of our enterprise risk assessment and management activities, which identify key risks to our business, including risks related to cybersecurity, data privacy, and regulations, and assesses any steps taken to monitor and control such risk. The Audit Committee regularly meets with the CISO to discuss various cybersecurity matters including cyber strategy, cybersecurity risks, controls, including results of audits, mitigation strategies, areas of emerging risks, incidents, if any, and industry trends. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee through ongoing updates until resolution.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
In addition to the full Board, the Audit Committee of the Board plays an important role in the oversight of our enterprise risk assessment and management activities, which identify key risks to our business, including risks related to cybersecurity, data privacy, and regulations, and assesses any steps taken to monitor and control such risk. The Audit Committee regularly meets with the CISO to discuss various cybersecurity matters including cyber strategy, cybersecurity risks, controls, including results of audits, mitigation strategies, areas of emerging risks, incidents, if any, and industry trends. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee through ongoing updates until resolution.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Chief Information Security Officer (“CISO”), who has extensive cybersecurity knowledge and skills gained from over 15 years of work experience at the Company and elsewhere, leads our global information security organization responsible for overseeing the Coupang information security program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
In addition to the full Board, the Audit Committee of the Board plays an important role in the oversight of our enterprise risk assessment and management activities, which identify key risks to our business, including risks related to cybersecurity, data privacy, and regulations, and assesses any steps taken to monitor and control such risk. The Audit Committee regularly meets with the CISO to discuss various cybersecurity matters including cyber strategy, cybersecurity risks, controls, including results of audits, mitigation strategies, areas of emerging risks, incidents, if any, and industry trends. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee through ongoing updates until resolution.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our consolidated subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our consolidated subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Fiscal Year
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our consolidated subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
Use of Estimates
The preparation of 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 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.
Segment Information
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive loss,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” on the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” on the consolidated statements of operations.
Revenue Recognition
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, free delivery and discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $947 million, $711 million, and $605 million for 2024, 2023, and 2022, respectively.
Equity-Based Compensation
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the
fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We grant restricted stock units (“RSUs”) that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
In the past, we granted stock options to certain employees. We determine compensation expense associated with stock options based on the estimated grant date fair value method using the Black-Scholes valuation model.
Defined Severance Benefits
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation on the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive loss”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”) provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) 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 (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2024 and 2023, net receivables from customers and sellers were $174 million and $71 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
Intangible Assets
Intangible Assets
Intangible assets are primarily finite-lived and stated at cost, net of accumulated amortization. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which approximates the pattern in which the economic benefits are consumed.
Leases
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using the rate implicit in the lease if it is readily determinable, otherwise we use our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No material impairment losses were recorded for 2024, 2023, and 2022.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 69% and 47% were held at four and two financial institutions as of December 31, 2024 and 2023, respectively. As of December 31, 2024, no process payment company had 10% or more of our gross accounts receivable. As of December 31, 2023, our gross accounts receivable included amounts concentrated with three processing payment companies representing 51% of gross accounts receivable.
Recent Accounting Pronouncements Adopted / Recent Accounting Pronouncements Yet To Be Adopted
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to disclose the key terms of the program, the balance sheet presentation of the related amounts, and the amounts outstanding, including providing a rollforward of such amounts. As required by the ASU, we included disclosures in our consolidated financial statements, including the rollforward of supplier finance program obligations, which we presented in Note 12 — "Supplemental Financial Information" for 2024.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. We adopted ASU 2023-07 for 2024, and upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements.
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. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.
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.
v3.25.0.1
Net Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Details of total net revenues were as follows:
(in millions)
202420232022
Net retail sales$23,866 $21,223 $18,338 
Third-party merchant services5,580 2,576 1,870 
Other revenue822 584 375 
Total net revenues$30,268 $24,383 $20,583 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of segment reporting information by segment
Reportable segment financial information is as follows:
(in millions)
202420232022
Net revenues
Product Commerce$26,699 $23,594 $19,955 
Developing Offerings3,569 789 628 
Total net revenues$30,268 $24,383 $20,583 
Cost of sales
Product Commerce$18,594 $17,313 $15,280 
Developing Offerings2,843 880 593 
Total cost of sales$21,437 $18,193 $15,873 
Gross profit
Product Commerce$8,105 $6,282 $4,675 
Developing Offerings726 (91)35 
Total gross profit$8,831 $6,190 $4,710 
Operating, general and administrative(8,395)(5,717)(4,822)
Interest expense(140)(48)(27)
Interest income216 178 53 
Other expense, net(39)(19)(7)
Income (loss) before income taxes$473 $584 $(93)
Segment adjusted EBITDA
Product Commerce$2,006 $1,540 $606 
Developing Offerings(631)(466)(225)
Total segment adjusted EBITDA$1,375 $1,074 $381 
Reconciling items:
Depreciation and amortization(433)(275)(231)
Equity-based compensation(433)(326)(262)
Acquisition and restructuring related costs(127)— — 
KFTC administrative fine (see Note 14)(121)— — 
FC Fire insurance gain175 — — 
Interest expense(140)(48)(27)
Interest income216 178 53 
Other expense, net(39)(19)(7)
Income (loss) before income taxes$473 $584 $(93)
Note: Amounts may not foot due to rounding.
v3.25.0.1
Equity-based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The table below summarizes our RSU activity:
Outstanding RSUs
(in millions, except unit price)
Number of RSUsWeighted Average Grant-Date Fair Value
December 31, 202346 $17.25 
Granted44 19.77 
Vested(19)17.53 
Forfeited / cancelled(7)17.92 
December 31, 202464 $18.82 
Schedule of Restricted Stock Unit activity and related information
The following information is provided for our RSUs:
(in millions, except unit price)
202420232022
Weighted average grant-date fair value of RSUs granted$19.77 $16.31 $17.24 
Fair value of RSUs at vesting$402 $223 $181 
Schedule of Stock Options Activity
The table below summarizes our stock option activity:
Outstanding Options
(in millions, except unit price)
Number
of
Options		Weighted
Average Exercise
Price		Weighted-Average
Remaining Contractual
Term (in years)		Aggregate Intrinsic Value
December 31, 202317 $7.60 4.90$152 
Forfeited / cancelled— $2.02 
Exercised(2)$2.34 
Exercised Withheld— $2.15 
December 31, 202415 $8.26 3.83$213 
Exercisable as of December 31, 202415 $8.39 3.82$206 
Expected to vest as of December 31, 2024— $1.99 4.38$6 
Schedule of Valuation Assumptions for Stock Options
The following information is provided for our stock options:
(in millions, except unit price)
202420232022
Intrinsic fair value of stock options exercised$35 $57 $131 
Schedule of Equity-Based Compensation
The following table presents the effects of equity-based compensation on the consolidated statements of operations:
(in millions)
202420232022
Cost of sales$17 $14 $16 
Operating, general and administrative416 312 246 
Total$433 $326 $262 
v3.25.0.1
Defined Severance Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefits Liabilities
Changes in defined severance benefits obligation were as follows:
(in millions)
20242023
Beginning balance, January 1$396 $304 
Current service cost166 141 
Interest cost16 14 
Actuarial losses52 22 
Payments from plans(79)(84)
Cumulative effects of foreign currency translation(60)(1)
Ending balance, December 31$491 $396 
Current$96 $82 
Noncurrent$395 $314 
Schedule of Components of Net Periodic Costs
Net periodic cost consists of the following:
(in millions)
202420232022
Current service costs$166 $141 $143 
Interest cost16 14 9 
Amortization of:
Prior service cost2 3 3 
Net actuarial loss3 1 6 
Net periodic benefit cost$187 $159 $161 
Schedule of Principal Actuarial Assumptions Used to Determine Defined Benefits Liabilities and Net Period Cost
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
December 31, 2024December 31, 2023
Discount rates3.50%–3.90%4.30%–4.80%
Salary growth rates5.00%–7.00%5.00%–7.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
202420232022
Discount rates4.30 %–4.80 %5.10 %–5.30 %2.70 %–3.00 %
Salary growth rates5.00 %–7.00 %5.00 %–8.00 %5.00 %–5.24 %
Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits
Estimated future benefit payments as of December 31, 2024 was as follows:
(in millions)
Less than 1 yearBetween 1-2 yearsBetween 2-5 yearsOver 5 yearsTotal
Defined severance benefits$98 $99 $305 $479 $981 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense (benefit) were as follows:
(in millions)
202420232022
Current taxes
United States$76 $62 $— 
Foreign106 46 39 
Current taxes182 108 39 
Deferred taxes
United States(15)21 (40)
Foreign240 (905)— 
Deferred taxes225 (884)(40)
Income tax expense (benefit)$407 $(776)$(1)
Schedule of Income (Loss) Before Income Taxes
The components of income (loss) before income taxes are as follows:
(in millions)
202420232022
United States$(1,073)$(217)$(232)
Foreign1,546 801 139 
Income (loss) before income taxes$473 $584 $(93)
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:
(in millions)
202420232022
Taxes computed at the federal statutory rate$99 $122 $(20)
Differences resulting from:
Statutory rate difference32 28 51 
Change in valuation allowances193 (1,031)(144)
U.S. taxes on foreign earnings153 108 103 
Stock compensation56 44 37 
Tax credit(133)(47)(35)
Other nondeductible expense17 — 5 
Other(10)— 2 
Income tax expense (benefit)$407 $(776)$(1)
Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities
The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
(in millions)
December 31, 2024December 31, 2023
Deferred tax assets
Provision and allowances$89 $69 
Stock compensation22 13 
Depreciation13 8 
Accrued expenses104 69 
Amortization22 21 
Defined severance benefits118 84 
Lease liabilities500 409 
Net operating loss carryforwards989 643 
Tax credits89 33 
Other48 36 
Total deferred tax assets1,994 1,385 
Less: valuation allowances(903)(82)
Total deferred tax assets net of valuation allowance$1,091 $1,303 
Deferred tax liabilities
Lease asset(466)(371)
Other(3)(7)
Total deferred tax liabilities(469)(378)
Net deferred tax assets$622 $925 
Summary of Valuation Allowance
Changes in the valuation allowances were as follows:
(in millions)
202420232022
Beginning balance, January 1$(82)$(1,085)$(1,284)
Changes to existing valuation allowances(193)140 103 
Farfetch Acquisition(633)— — 
Derecognition of valuation allowances— 905 41 
Changes in foreign exchange rates, statutory rates and other5 (42)55 
Ending balance, December 31$(903)$(82)$(1,085)
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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:
(in millions, except per share amounts)
202420232022
Numerator
Net income (loss) attributable to Coupang stockholders$154 $1,360 $(92)
Denominator
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,794 1,782 1,765 
Dilutive effect of equity compensation awards32 21 — 
Diluted1,826 1,803 1,765 
Earnings per share:
Basic$0.09 $0.76 $(0.05)
Diluted$0.08 $0.75 $(0.05)
Anti-dilutive shares
1 3 24 
v3.25.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
The following summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions)
ClassificationMeasurement LevelDecember 31, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,755 $1,582 
Money market fundCash and cash equivalentsLevel 1$828 $1,205 
Money market trustRestricted cashLevel 1$83 $86 
v3.25.0.1
Property and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
The following summarizes our property and equipment, net:
(in millions)
Useful LifeDecember 31, 2024December 31, 2023
Land$401 $323 
Buildings40 years794 751 
Equipment and furniture
1 - 8 years
1,136 914 
Leasehold improvements
(1)
929 662 
Vehicles
4 - 6 years
65 79 
Software4 years75 26 
Construction in progress377 347 
Property and equipment, gross$3,777 $3,102 
Less: Accumulated depreciation and amortization(964)(637)
Property and equipment, net$2,813 $2,465 
(1)Lesser of useful life or remaining lease term
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-Lived Intangible Assets
The following summarizes our finite-lived intangible assets, net:
(in millions)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
December 31, 2024
Trademarks(1)
$183 $(46)$137 
Customer relationships(1)
34 (6)28 
Developed technology and other(1)
109 (21)88 
Total$326 $(73)$253 

(in millions)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
December 31, 2023
Trademarks$8 $(4)$4 
Developed technology and other22 (5)17 
Total$30 $(9)$21 
(1)Includes intangible assets acquired in the Farfetch Acquisition. See Note 16 — "Business Combinations - Farfetch".
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2024, future amortization expense is expected to be as follows:
(in millions)Amortization Expense
2025$55 
202655 
202729 
202826 
202919 
Thereafter69 
Total$253 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Lease Impacts
The components of operating lease cost were as follows:
(in millions)
202420232022
Operating lease cost$595 $457 $410 
Variable and short-term lease cost51 42 40 
Total operating lease cost $646 $499 $450 
Supplemental disclosure of cash flow information related to operating leases were as follows:
(in millions)
202420232022
Cash paid for the amount used to measure the operating lease liabilities$572 $445 $367 
Operating lease assets obtained in exchange for lease obligations$878 $428 $426 
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations$123 $133 $8 
Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments, and new leases.
The assumptions used to value operating leases for the periods presented were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term6.1 years5.7 years
Weighted-average discount rate7.62 %7.77 %
v3.25.0.1
Supplemental Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
Supplemental Disclosure of Cash Flow Information
(in millions)
202420232022
Supplemental disclosure of cash-flow information
Cash paid for income taxes, net of refunds$138 $110 $6 
Cash paid for interest$85 $31 $19 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$81 $23 $(68)
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.
December 31,
(in millions)202420232022
Current assets
Cash and cash equivalents$5,879 $5,243 $3,509 
Restricted cash
151 353 176 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 1 2 
Total cash, cash equivalents and restricted cash$6,031 $5,597 $3,687 
Schedule of Supplier Finance Program
Changes in the amount of supplier finance obligations were as follows:
(in millions)2024
Confirmed obligations outstanding, January 1$459 
Invoices confirmed during the year4,028 
Confirmed invoices paid during the year(3,985)
Foreign currency related changes(59)
Confirmed obligations outstanding, December 31$443 
v3.25.0.1
Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Borrowing LimitDecember 31, 2024December 31, 2023
Maturity DateInterest rate (%)
January 2025 - December 20252.26–5.54$464 $331 $282 
April 2025 - June 2025
TAIBOR + 1.25%
199 151 — 
September 2025
(1)
10 — — 
Total principal short-term borrowings$673 $482 $282 
Less: unamortized discounts(3)— 
Total short-term borrowings$479 $282 
Weighted-average interest rates3.07 %3.49 %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Schedule of Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)
Contractual
Borrowing LimitDecember 31, 2024December 31, 2023
Description
Maturity DateInterest rate (%)
April 2023 Term Loan(1)
Apr 20266.76$156 $156 $178 
Revolving Credit Facility
Feb 2026
(2)
875 — — 
March 2022 Term Loan(1)
Mar 20274.26273 273 310 
August 2021 Term Loan(1)
Aug 20274.90111 111 — 
Farfetch Term Loan
Oct 2027
SOFR
+6.25493 493 — 
Other Term Loan Facilities(1)
Apr 2025 - Nov 20263.78-4.4538 38 247 
Total principal long-term debt$1,946 $1,071 $735 
Less: current portion of long-term debt(66)(203)
Less: unamortized discounts(17)(3)
Total long-term debt$988 $529 
(1)At December 31, 2024, we had pledged up to $717 million of land and buildings as collateral against long-term loan facilities.
(2)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (“SOFR”) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Schedule of Long-Term Debt Maturities
Future contractual principal payments for long-term debt as of December 31, 2024 were as follows:
(in millions)
Long-term debt
2025$71 
2026201 
2027799 
2028— 
2029— 
Thereafter— 
Total$1,071 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Minimum Contractual Commitments
The following summarizes our minimum contractual commitments as of December 31, 2024:
(in millions)
Minimum royalty payments(1)
Unconditional purchase obligations (unrecognized)Long-term debt (including interest)Operating leasesTotal
2025$41 $593 $154 $563 $1,351 
202634 516 271 492 1,313 
202732 386 852 418 1,688 
202831 317 — 355 703 
202931 311 — 278 620 
Thereafter95 313 — 687 1,095 
Total undiscounted payments$264 $2,436 $1,277 $2,793 $6,770 
Less: lease imputed interest(601)
Total lease commitments$2,192 
(1)Contract terminated by mutual agreement in February 2025.
v3.25.0.1
Business Combinations - Farfetch (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(in millions)Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
Total consideration
$208 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The identifiable intangible assets acquired were as follows:
(in millions, except years)Weighted Average Useful LifeEstimated 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 Acquisition, Pro Forma Information
The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:
(in millions)2024
Total net revenues
$1,658 
Net loss
$(352)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
(in millions)20242023
Pro Forma Information
Total net revenues
$30,455 $26,712 
Net (loss) income
$(20)$965 
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
 3 Months Ended 12 Months Ended 24 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
numberOfReportableSegment
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
segement
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Number of reportable segments     2   2      
Advertising expenses   $ 947,000,000       $ 711,000,000 $ 605,000,000  
Accounts receivable, net $ 174,000,000 174,000,000 $ 174,000,000 $ 174,000,000 $ 174,000,000 71,000,000   $ 71,000,000
FC Fire insurance gain 175,000,000 175,000,000       0 0  
Impairment losses of long-lived assets, including intangible assets   $ 0       $ 0 $ 0  
Accounts receivable | Customer concentration risk | Three payment processing companies                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Concentration risk (in percentage)           51.00%    
Four financial institutions | Cash and cash equivalents | Financial institutions                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Concentration risk (in percentage)       69.00%        
Two financial institutions | Cash and cash equivalents | Financial institutions                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Concentration risk (in percentage)           47.00%    
Fire                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Refundable insurance advance payment 40,000,000             $ 138,000,000
Fire | Cost of sales                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Damages awarded, value 116,000,000              
Fire | Operating, general and administrative                
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]                
Damages awarded, value $ 59,000,000              
v3.25.0.1
Net Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total net revenues $ 30,268 $ 24,383 $ 20,583
Deferred revenue recognized in period 91 89 86
Net retail sales      
Disaggregation of Revenue [Line Items]      
Total net revenues 23,866 21,223 18,338
Third-party merchant services      
Disaggregation of Revenue [Line Items]      
Total net revenues 5,580 2,576 1,870
Other revenue      
Disaggregation of Revenue [Line Items]      
Total net revenues $ 822 $ 584 $ 375
v3.25.0.1
Segment Reporting - Narrative (Details) - 12 months ended Dec. 31, 2024
numberOfReportableSegment
Total
segement
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Number of operating segments     2
Number of reportable segments 2   2
KOREA, REPUBLIC OF      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenue, one geographical area, percentage   90.00%  
v3.25.0.1
Segment Reporting - Schedule of segment reporting information by segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues   $ 30,268 $ 24,383 $ 20,583
Cost of sales   21,437 18,193 15,873
Gross profit   8,831 6,190 4,710
Operating, general and administrative   (8,395) (5,717) (4,822)
Total segment adjusted EBITDA   1,375 1,074 381
Reconciling items:        
Equity-based compensation   (433) (326) (262)
FC Fire insurance gain $ 175 175 0 0
Interest expense   (140) (48) (27)
Interest income   216 178 53
Other expense, net   (39) (19) (7)
Income (loss) before income taxes   473 584 (93)
Operating Segments | Product Commerce        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues   26,699 23,594 19,955
Cost of sales   18,594 17,313 15,280
Gross profit   8,105 6,282 4,675
Total segment adjusted EBITDA   2,006 1,540 606
Operating Segments | Developing Offerings        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues   3,569 789 628
Cost of sales   2,843 880 593
Gross profit   726 (91) 35
Total segment adjusted EBITDA   (631) (466) (225)
Reconciling items:        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating, general and administrative   (8,395) (5,717) (4,822)
Reconciling items:        
Depreciation and amortization   (433) (275) (231)
Equity-based compensation   (433) (326) (262)
Acquisition and restructuring related costs   (127) 0 0
KFTC administrative fine (see Note 14)   (121) 0 0
FC Fire insurance gain   175 0 0
Interest expense   (140) (48) (27)
Interest income   216 178 53
Other expense, net   (39) (19) (7)
Income (loss) before income taxes   $ 473 $ 584 $ (93)
v3.25.0.1
Equity-based Compensation Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 28, 2021
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 904  
Unamortized compensation expense, period for recognition 2 years 7 months 6 days  
Minimum | RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 2 years  
Maximum | RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 4 years  
Maximum | Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 10 years  
Common Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Maximum number of shares to be issued (in shares)   480,960,672
Number of shares available for grant (in shares) 315,173,683  
v3.25.0.1
Equity-based Compensation Plans - Schedule of Restricted Stock Units Activity (Details) - RSUs - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of RSUs      
RSUs outstanding, beginning balance (in shares) 46    
RSUs grants in period (in shares) 44    
RSUs vested in period (in shares) (19)    
RSUs forfeited / cancelled in period (in shares) (7)    
RSUs outstanding, ending balance (in shares) 64 46  
Weighted Average Grant-Date Fair Value      
Weighted average grant date fair value of RSU at beginning period (in usd per share) $ 17.25    
Weighted-average grant date fair value of grants during period (in usd per share) 19.77 $ 16.31 $ 17.24
Weighted average grant date fair value of grants vested (in usd per share) 17.53    
Weighted average grant date fair value of grants forfeited / cancelled (in usd per share) 17.92    
Weighted average grant date fair value of RSU at ending period (in usd per share) $ 18.82 $ 17.25  
v3.25.0.1
Equity-based Compensation Plans - Schedule of RSU Information (Details) - RSUs - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of grants during period (in usd per share) $ 19.77 $ 16.31 $ 17.24
Fair value of RSUs at vesting $ 402 $ 223 $ 181
v3.25.0.1
Equity-based Compensation Plans - Schedule of Stock Options Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Options    
Options outstanding at beginning of the period (in shares) 17  
Options forfeited/cancelled (in shares) 0  
Options exercised (in shares) (2)  
Options exercised withheld (in shares) 0  
Options outstanding at ending of the period (in shares) 15 17
Options exercisable at end of the period (in shares) 15  
Options expected to vest as of December 31, 2023 (in shares) 0  
Weighted Average Exercise Price    
Weighted average exercise price of options outstanding at beginning of the period (in USD per share) $ 7.60  
Weighted average exercise price of options forfeited/cancelled (in USD per share) 2.02  
Weighted average exercise price of options exercised (in USD per share) 2.34  
Weighted average exercise price of options withheld (in USD per share) 2.15  
Weighted average exercise price of options outstanding at ending of the period (in USD per share) 8.26 $ 7.60
Weighted average exercise price of options exercisable as of December 31, 2023 (in USD per share) 8.39  
Weighted average exercise price of options expected to vest as of December 31, 2023 (in USD per share) $ 1.99  
Weighted-Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term of options outstanding (in years) 3 years 9 months 29 days 4 years 10 months 24 days
Weighted average remaining contractual term of options exercisable as of December 31, 2024 (in years) 3 years 9 months 25 days  
Weighted average remaining contractual term of options expected to vest as of December 31, 2024 (in years) 4 years 4 months 17 days  
Aggregate Intrinsic Value    
Intrinsic value of options outstanding at beginning of period $ 213 $ 152
Intrinsic value of options exercisable as of December 31, 2024 206  
Intrinsic value of options expected to vest as of December 31, 2024 $ 6  
v3.25.0.1
Equity-based Compensation Plans - Schedule of Valuation Assumptions for Stock Options (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Intrinsic fair value of stock options exercised $ 35 $ 57 $ 131
v3.25.0.1
Equity-based Compensation Plans - Schedule of Equity Based Compensation Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 433 $ 326 $ 262
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense 17 14 16
Operating, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 416 $ 312 $ 246
v3.25.0.1
Defined Severance Benefits - Schedule of Defined Benefits Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Defined benefit obligation, beginning balance $ 396 $ 304  
Current service costs 166 141 $ 143
Interest cost 16 14 9
Actuarial losses 52 22  
Payments from plans (79) (84)  
Cumulative effects of foreign currency translation (60) (1)  
Defined benefit obligation, ending balance 491 396 $ 304
Current 96 82  
Noncurrent $ 395 $ 314  
v3.25.0.1
Defined Severance Benefits - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Accumulated benefit obligation $ 348 $ 288
v3.25.0.1
Defined Severance Benefits - Schedule of Components of Net Periodic Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Current service costs $ 166 $ 141 $ 143
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense)    
Interest cost $ 16 14 9
Amortization of:      
Prior service cost 2 3 3
Net actuarial loss 3 1 6
Net periodic benefit cost $ 187 $ 159 $ 161
v3.25.0.1
Defined Severance Benefits - Schedule of Principal Actuarial Assumptions Used to Determine Defined Benefits Liabilities (Details)
Dec. 31, 2024
Dec. 31, 2023
Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate (in percentage) 3.50% 4.30%
Salary growth rate (in percentage) 5.00% 5.00%
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate (in percentage) 3.90% 4.80%
Salary growth rate (in percentage) 7.00% 7.00%
v3.25.0.1
Defined Severance Benefits - Schedule of Principal Actuarial Assumptions Used to Determine the Net Period Cost (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percentage) 4.30% 5.10% 2.70%
Salary growth rate (in percentage) 5.00% 5.00% 5.00%
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percentage) 4.80% 5.30% 3.00%
Salary growth rate (in percentage) 7.00% 8.00% 5.24%
v3.25.0.1
Defined Severance Benefits - Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Retirement Benefits [Abstract]  
Less than 1 year $ 98
Between 1-2 years 99
Between 2-5 years 305
Over 5 years 479
Defined severance benefits $ 981
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current taxes      
Current taxes $ 182 $ 108 $ 39
Deferred taxes      
Deferred taxes 225 (884) (40)
Income tax expense (benefit) 407 (776) (1)
United States      
Current taxes      
United States 76 62 0
Deferred taxes      
United States (15) 21 (40)
Foreign      
Current taxes      
Foreign 106 46 39
Deferred taxes      
Foreign $ 240 $ (905) $ 0
v3.25.0.1
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) before income taxes $ 473 $ 584 $ (93)
United States      
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) from continuing operations before income taxes, domestic (1,073) (217) (232)
Foreign      
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) from continuing operations before income taxes, foreign $ 1,546 $ 801 $ 139
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Taxes computed at the federal statutory rate $ 99 $ 122 $ (20)
Statutory rate difference 32 28 51
Change in valuation allowances 193 (1,031) (144)
U.S. taxes on foreign earnings 153 108 103
Stock compensation 56 44 37
Tax credit (133) (47) (35)
Other nondeductible expense 17 0 5
Other (10) 0 2
Income tax expense (benefit) $ 407 $ (776) $ (1)
v3.25.0.1
Income Taxes - Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets        
Provision and allowances $ 89 $ 69    
Stock compensation 22 13    
Depreciation 13 8    
Accrued expenses 104 69    
Amortization 22 21    
Defined severance benefits 118 84    
Lease liabilities 500 409    
Net operating loss carryforwards 989 643    
Tax credits 89 33    
Other 48 36    
Total deferred tax assets 1,994 1,385    
Less: valuation allowances (903) (82) $ (1,085) $ (1,284)
Total deferred tax assets net of valuation allowance 1,091 1,303    
Deferred tax liabilities        
Lease asset (466) (371)    
Other (3) (7)    
Total deferred tax liabilities (469) (378)    
Net deferred tax assets $ 622 $ 925    
v3.25.0.1
Income Taxes - Reconcilation of the Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Deferred tax assets, valuation allowance, beginning balance $ (82) $ (1,085) $ (1,284)
Changes to existing valuation allowances (193) 140 103
Farfetch Acquisition (633) 0 0
Derecognition of valuation allowances 0 905 41
Changes in foreign exchange rates, statutory rates and other 5 (42) 55
Deferred tax assets, valuation allowance, ending balance $ (903) $ (82) $ (1,085)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Owned, Federal Income Tax Note [Line Items]      
Derecognition of valuation allowances $ 0 $ 905 $ 41
Operating loss carryforwards 3,900    
Deferred tax assets carryforwards, not subject to expiration 2,700    
Unrecognized tax benefits 0 $ 0  
State and local jurisdiction      
Investments, Owned, Federal Income Tax Note [Line Items]      
Corporate tax credit carryforward 29    
Foreign tax authority      
Investments, Owned, Federal Income Tax Note [Line Items]      
Corporate tax credit carryforward $ 79    
v3.25.0.1
Earnings per Share - Schedule of Basic and Diluted Loss Per Share/Common Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator      
Net income (loss) $ 154 $ 1,360 $ (92)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Weighted Average Number of Shares Outstanding, Basic (in shares) 1,794 1,782 1,765
Dilutive effect of equity compensation awards (in shares) 32 21 0
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, diluted (in shares) 1,826 1,803 1,765
Earnings per share:      
Basic (in usd per share) $ 0.09 $ 0.76 $ (0.05)
Diluted (in usd per share) $ 0.08 $ 0.75 $ (0.05)
Antidilutive securities excluded from computation of net loss per share (in shares) 1 3 24
v3.25.0.1
Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value (Details) - Fair value, recurring - Level 1 - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Money market trust    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 1,755 $ 1,582
Restricted cash 83 86
Money market fund    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 828 $ 1,205
v3.25.0.1
Property and Equipment, net -Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,777 $ 3,102
Less: Accumulated depreciation and amortization (964) (637)
Property and equipment, net 2,813 2,465
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 401 323
Buildings    
Property, Plant and Equipment [Line Items]    
Useful Life 40 years  
Property and equipment, gross $ 794 751
Equipment and furniture    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,136 914
Equipment and furniture | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life 1 year  
Equipment and furniture | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life 8 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 929 662
Vehicles    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 65 79
Vehicles | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life 4 years  
Vehicles | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life 6 years  
Software    
Property, Plant and Equipment [Line Items]    
Useful Life 4 years  
Property and equipment, gross $ 75 26
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 377 $ 347
v3.25.0.1
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 369 $ 271 $ 229
v3.25.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 326 $ 30
Accumulated Amortization (73) (9)
Net Carrying Value 253 21
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 183 8
Accumulated Amortization (46) (4)
Net Carrying Value 137 4
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 34  
Accumulated Amortization (6)  
Net Carrying Value 28  
Developed technology and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value 109 22
Accumulated Amortization (21) (5)
Net Carrying Value $ 88 $ 17
v3.25.0.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Amortization of intangible assets $ 64 $ 4 $ 2
Indefinite-lived intangible assets $ 18 $ 16  
v3.25.0.1
Intangible Assets - Future Amortization (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2025 $ 55  
2026 55  
2027 29  
2028 26  
2029 19  
Thereafter 69  
Net Carrying Value $ 253 $ 21
v3.25.0.1
Leases - Narrative (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, remaining lease term 10 years
Lessee, operating lease, lease not yet commenced, undiscounted amount $ 215
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, lease not yet commenced, term of contract 2 years
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, lease not yet commenced, term of contract 10 years
v3.25.0.1
Leases - Schedule of Lease Cost and Balance Sheet Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 595 $ 457 $ 410
Variable and short-term lease cost 51 42 40
Total operating lease cost $ 646 $ 499 $ 450
v3.25.0.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental disclosure of cash-flow information      
Cash paid for the amount used to measure the operating lease liabilities $ 572 $ 445 $ 367
Operating lease assets obtained in exchange for lease obligations 878 428 426
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations $ 123 $ 133 $ 8
Weighted Average Remaining Lease Term [Abstract]      
Weighted-average remaining lease term 6 years 1 month 6 days 5 years 8 months 12 days  
Weighted-average discount rate 7.62% 7.77%  
v3.25.0.1
Supplemental Financial Information - Schedule of cash flow (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Cash paid for income taxes, net of refunds $ 138 $ 110 $ 6
Cash paid for interest 85 31 19
Increase (decrease) in property and equipment-related accounts payable $ 81 $ 23 $ (68)
v3.25.0.1
Supplemental Financial Information - Schedule of cash and cash equilvalents (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Income and Expenses [Abstract]        
Cash and cash equivalents $ 5,879 $ 5,243 $ 3,509  
Restricted cash 151 353 176  
Restricted cash included in long-term leasehold deposits and other 1 1 2  
Total cash, cash equivalents and restricted cash $ 6,031 $ 5,597 $ 3,687 $ 3,810
v3.25.0.1
Supplemental Financial Information - Supplier Financing Arrangement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]    
Confirmed obligations outstanding, January 1 $ 459  
Invoices confirmed during the year 4,028  
Confirmed invoices paid during the year (3,985)  
Foreign currency related changes (59)  
Confirmed obligations outstanding, December 31 $ 443  
Supplier finance program, obligation, statement of financial position [extensible enumeration] Accounts payable Accounts payable
v3.25.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Short-term Borrowings (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]        
Borrowing Limit     $ 1,946  
Total short-term borrowings     $ 479 $ 282
Weighted average interest rate (in percent)     3.07% 3.49%
Taiwan Revolving Credit Facility | Taiwan Revolving Credit Facility | Line of credit        
Line of Credit Facility [Line Items]        
Variable interest rate (in percent) 1.25%   1.25%  
Line of credit        
Line of Credit Facility [Line Items]        
Borrowing Limit     $ 673  
Total principal short-term borrowings     482 $ 282
Less: unamortized discounts     (3) 0
Total short-term borrowings     479 282
Line of credit | January 2025 - December 2025        
Line of Credit Facility [Line Items]        
Borrowing Limit     464  
Total principal short-term borrowings     $ 331 282
Line of credit | January 2025 - December 2025 | Minimum        
Line of Credit Facility [Line Items]        
Interest rate (%)     2.26%  
Line of credit | January 2025 - December 2025 | Maximum        
Line of Credit Facility [Line Items]        
Interest rate (%)     5.54%  
Line of credit | April 2025 - June 2025        
Line of Credit Facility [Line Items]        
Borrowing Limit     $ 199  
Total principal short-term borrowings     151 0
Line of credit | September 2025        
Line of Credit Facility [Line Items]        
Borrowing Limit     10  
Total principal short-term borrowings     $ 0 $ 0
Variable interest rate (in percent)   1.35%    
v3.25.0.1
Short-Term Borrowings and Long-Term Debt - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 30, 2024
USD ($)
Sep. 30, 2024
Dec. 31, 2024
USD ($)
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]            
Total principal long-term debt     $ 1,071     $ 735
Borrowing Limit     $ 1,946      
Farfetch Holdings | Farfetch term loans | Subsidiary of Limited Partnership            
Debt Instrument [Line Items]            
Variable interest rate (in percent) 6.25%          
Borrowing Limit $ 575          
Farfetch Term Loan repayment $ 58          
Term loan acquired through credit agreement quarterly repayments (in percent) 0.0025          
Farfetch Holdings | Farfetch term loans | Subsidiary of Limited Partnership | Subsequent event            
Debt Instrument [Line Items]            
Debt instrument, repurchase amount       $ 148    
Farfetch Holdings | Farfetch term loans | Subsidiary of Limited Partnership | Subsequent event | Maximum            
Debt Instrument [Line Items]            
Debt instrument, covenant, loan prepayment       $ 125    
Line of credit | Farfetch term loans            
Debt Instrument [Line Items]            
Variable interest rate (in percent)     6.25%      
Total principal long-term debt     $ 493     $ 0
Borrowing Limit     493      
Taiwan Revolving Credit Facility | Line of credit | Taiwan Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt instrument term   5 years        
Borrowing limit, total initial borrowings     199      
Line of credit, additional incremental borrowings     $ 296      
Variable interest rate (in percent)   1.25% 1.25%      
Total principal long-term debt     $ 151      
February 2026 | Line of credit            
Debt Instrument [Line Items]            
Borrowing limit, total initial borrowings         $ 875  
Line of credit, additional incremental borrowings         $ 1,250  
v3.25.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Borrowing Limit $ 1,946  
Total principal long-term debt 1,071 $ 735
Less: current portion of long-term debt (66) (203)
Less: unamortized discounts (17) (3)
Total 988 529
Line of credit | Farfetch term loans    
Debt Instrument [Line Items]    
Borrowing Limit 493  
Total principal long-term debt $ 493 0
Variable interest rate (in percent) 6.25%  
Apr 2026 | Line of credit    
Debt Instrument [Line Items]    
Interest rate (%) 6.76%  
Borrowing Limit $ 156  
Total principal long-term debt 156 178
Feb 2026 | Line of credit    
Debt Instrument [Line Items]    
Borrowing Limit 875  
Total principal long-term debt $ 0 0
Mar 2027 | Line of credit    
Debt Instrument [Line Items]    
Interest rate (%) 4.26%  
Borrowing Limit $ 273  
Total principal long-term debt $ 273 310
Aug 2027 | Line of credit    
Debt Instrument [Line Items]    
Interest rate (%) 4.90%  
Borrowing Limit $ 111  
Total principal long-term debt 111 0
Apr 2025 - Nov 2026 | Line of credit    
Debt Instrument [Line Items]    
Borrowing Limit 38  
Total principal long-term debt $ 38 $ 247
Apr 2025 - Nov 2026 | Line of credit | Minimum    
Debt Instrument [Line Items]    
Interest rate (%) 3.78%  
Apr 2025 - Nov 2026 | Line of credit | Maximum    
Debt Instrument [Line Items]    
Interest rate (%) 4.45%  
October 2023 - March 2027 | Line of credit    
Debt Instrument [Line Items]    
Assets pledged as collateral $ 717  
February 2024 | Line of credit | Federal funds rate or composite overnight bank borrowings rate    
Debt Instrument [Line Items]    
Variable interest rate (in percent) 0.50%  
February 2024 | Line of credit | Adjusted one month SOFR    
Debt Instrument [Line Items]    
Variable interest rate (in percent) 1.00%  
v3.25.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Maturities of Long-term Debt [Abstract]    
2025 $ 71  
2026 201  
2027 799  
2028 0  
2029 0  
Thereafter 0  
Total $ 1,071 $ 735
v3.25.0.1
Commitments and Contingencies - Schedule of Minimum Contractual Commitments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Minimum royalty payments  
2025 $ 41
2026 34
2027 32
2028 31
2029 31
Thereafter 95
Total undiscounted payments 264
Unconditional purchase obligations (unrecognized)  
2025 593
2026 516
2027 386
2028 317
2029 311
Thereafter 313
Total undiscounted payments 2,436
Long-term debt (including interest)  
2025 154
2026 271
2027 852
2028 0
2029 0
Thereafter 0
Total undiscounted payments 1,277
Operating leases  
2025 563
2026 492
2027 418
2028 355
2029 278
Thereafter 687
Total undiscounted payments 2,793
Less: lease imputed interest (601)
Total lease commitments 2,192
Total  
2025 1,351
2026 1,313
2027 1,688
2028 703
2029 620
Thereafter 1,095
Total undiscounted payments $ 6,770
v3.25.0.1
Commitment and Contingencies - Narrative (Details)
$ in Millions
 3 Months Ended 5 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Dec. 31, 2023
action
Dec. 31, 2024
USD ($)
paymentInstallment
Other Commitments [Line Items]      
Royalty guarantees, commitments     $ 264
Number of legal actions filed against former and current directors and officers | action   3  
New Guards Group      
Other Commitments [Line Items]      
Licensing agreement, remaining term     8 years
KFTC vs Coupang      
Other Commitments [Line Items]      
Number of penalty payment installments | paymentInstallment     6
Penalty payment term     2 years
KFTC vs Coupang | Judicial ruling      
Other Commitments [Line Items]      
Damages awarded, value $ 121    
v3.25.0.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
votePerShare
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Class of Stock [Line Items]    
Preferred stock, shares authorized (in shares) 2,000,000,000  
Preferred stock, par value (in usd per share) | $ / shares $ 0.0001  
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Repurchase of Class A common stock | $ $ 178  
Accumulated foreign currency adjustment attributable to parent    
Class of Stock [Line Items]    
Equity, Attributable to Parent, Total | $ (309) $ 43
Accumulated defined benefit plans adjustment attributable to parent    
Class of Stock [Line Items]    
Equity, Attributable to Parent, Total | $ $ (95) $ (61)
Class A and Class B Common Stock    
Class of Stock [Line Items]    
Repurchase of Class A common stock (in shares) 10,000,000  
Additional Paid-in Capital    
Class of Stock [Line Items]    
Repurchase of Class A common stock | $ $ 178  
Common Class A    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 10,000,000,000 10,000,000,000
Common stock, par value (in usd per share) | $ / shares $ 0.0001  
Number of votes per share of common stock | votePerShare 1  
Common Class B    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, par value (in usd per share) | $ / shares $ 0.0001  
Number of votes per share of common stock | votePerShare 29  
Number of Class A shares granted in conversion (in shares) 1  
v3.25.0.1
Business Combinations - Farfetch - Consideration (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Business Combination, Separately Recognized Transactions [Line Items]  
Total purchase consideration $ 208
Farfetch term loans | Subsidiary of Limited Partnership  
Business Combination, Separately Recognized Transactions [Line Items]  
Farfetch Term Loan repayment 58
Bridge loan  
Business Combination, Separately Recognized Transactions [Line Items]  
Bridge Loan contribution $ 150
v3.25.0.1
Business Combinations - Farfetch - Schedule of recognized assets and liabilities assumed (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Assets acquired  
Cash and cash equivalents $ 126
Accounts receivable, net 288
Inventories 310
Prepaids and other current assets 224
Property and equipment, net 95
Intangible assets 325
Operating lease right-of-use assets 209
Other non-current assets 227
Liabilities assumed  
Accounts payable (505)
Other current liabilities (169)
Long-term debt (557)
Operating lease obligations (214)
Other non-current liabilities (177)
Net assets assumed 182
Noncontrolling interests (78)
Goodwill on acquisition 104
Total purchase consideration $ 208
v3.25.0.1
Business Combinations - Farfetch - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 18, 2023
Jan. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Separately Recognized Transactions [Line Items]          
Option period that equity interest can be purchased 7 years        
Redeemable noncontrolling interest (Note 16)     $ 15 $ 75 $ 15
Noncontrolling interest contribution       0 $ 0
Greenoaks Capital Partners, LLC          
Business Combination, Separately Recognized Transactions [Line Items]          
Noncontrolling interest contribution   $ 55      
Farfetch Holdings          
Business Combination, Separately Recognized Transactions [Line Items]          
Goodwill, measurement period adjustment       35  
Redeemable Noncontrolling Interest, Equity, Redemption Value       $ 100  
Redeemable Noncontrolling Interest, Equity, Redemption, Term       7 years  
Farfetch Holdings | Limited Partnership          
Business Combination, Separately Recognized Transactions [Line Items]          
General partner ownership interest (in percent)     80.10%    
Farfetch Holdings | Limited Partnership | Greenoaks Capital Partners, LLC          
Business Combination, Separately Recognized Transactions [Line Items]          
Limited partnership ownership interest (in percent) 19.90%   19.90%    
v3.25.0.1
Business Combinations - Farfetch - Finite-lived intangible assets acquired (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Fair Value $ 325
Brand trademarks  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 130
Customer relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 34
Supplier relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 15 years
Estimated Fair Value $ 61
Developed technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 3 years
Estimated Fair Value $ 38
Brand licenses  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 8 years
Estimated Fair Value $ 62
v3.25.0.1
Business Combinations - Farfetch - Proforma Information (Details) - Farfetch Holdings - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]    
Total net revenues $ 1,658  
Net loss (352)  
Total net revenues 30,455 $ 26,712
Net (loss) income $ (20) $ 965
v3.25.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]      
Management service fee revenues $ 30,268 $ 24,383 $ 20,583
Operating cost and expenses (29,832) (23,910) (20,695)
Interest expense (140) (48) (27)
Other expense, net (39) (19) (7)
Income (loss) before income taxes 473 584 (93)
Income tax expense (benefit) 407 (776) (1)
Net income (loss) attributable to Coupang stockholders 154 1,360 (92)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (353) (2) 9
Actuarial (loss) gain on defined severance benefits, net of tax (34) (18) 41
Total other comprehensive (loss) income (386) (20) 50
Comprehensive (loss) income (233) 1,340 (42)
Parent company      
Condensed Income Statements, Captions [Line Items]      
Management service fee revenues 20 18 17
Operating cost and expenses (558) (400) (324)
Interest expense (2) (2) (2)
Other expense, net 63 84 28
Loss before equity in earnings of subsidiaries (477) (300) (281)
Equity in earnings of subsidiaries 722 1,783 189
Income (loss) before income taxes 245 1,483 (92)
Income tax expense (benefit) 91 123 0
Net income (loss) attributable to Coupang stockholders 154 1,360 (92)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (353) (2) 9
Actuarial (loss) gain on defined severance benefits, net of tax (34) (18) 41
Total other comprehensive (loss) income (387) (20) 50
Comprehensive (loss) income $ (233) $ 1,340 $ (42)
v3.25.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Cash and cash equivalents $ 5,879 $ 5,243 $ 3,509
Total current assets 8,994 7,892  
Total assets 15,344 13,346  
Liabilities and stockholders' equity      
Other current liabilities 593 526  
Total current liabilities 7,716 6,945  
Total liabilities 11,167 9,242  
Stockholders' equity      
Common stock 0 0  
Additional paid-in capital 8,736 8,489  
Accumulated other comprehensive loss (404) (17)  
Accumulated deficit (4,229) (4,383)  
Total liabilities, redeemable noncontrolling interests and equity 15,344 13,346  
Parent company      
Assets      
Cash and cash equivalents 1,016 1,592  
Restricted cash 0 79  
Prepaids and other current assets 66 20  
Total current assets 1,082 1,691  
Other assets 12 12  
Investment in subsidiaries 3,058 2,438  
Total assets 4,152 4,141  
Liabilities and stockholders' equity      
Other current liabilities 49 42  
Total current liabilities 49 42  
Other liabilities 0 10  
Total liabilities 49 52  
Stockholders' equity      
Common stock 0 0  
Additional paid-in capital 8,736 8,489  
Accumulated other comprehensive loss (404) (17)  
Accumulated deficit (4,229) (4,383)  
Equity, Attributable to Parent, Total 4,103 4,089  
Total liabilities, redeemable noncontrolling interests and equity $ 4,152 $ 4,141  
v3.25.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net cash (used in) provided by operating activities $ 1,886 $ 2,652 $ 565
Investing activities      
Increase of short-term loans (95) (25) 0
Net cash used in investing activities (819) (927) (848)
Financing activities      
Repurchase of Class A common stock (178) 0 0
Proceeds from issuance of common stock, equity-based compensation plan 4 9 18
Proceeds from short-term borrowings and long-term debt 857 572 701
Net cash (used in) provided by financing activities (69) 199 247
Cash and cash equivalents      
Net increase (decrease) in cash and cash equivalents, and restricted cash 434 1,910 (123)
Cash and cash equivalents, and restricted cash, as of beginning of period 5,597 3,687 3,810
Cash and cash equivalents, and restricted cash, as of end of period 6,031 5,597 3,687
Parent company      
Operating activities      
Net cash (used in) provided by operating activities (126) 95 (79)
Investing activities      
Capital contribution to subsidiaries (349) (121) (725)
Return of capital contribution from subsidiaries 90 61 80
Net cash used in investing activities (354) (85) (645)
Financing activities      
Repurchase of Class A common stock (178) 0 0
Proceeds from issuance of common stock, equity-based compensation plan 4 9 18
Proceeds from short-term borrowings and long-term debt (1) 0 0
Net cash (used in) provided by financing activities (175) 9 18
Cash and cash equivalents      
Net increase (decrease) in cash and cash equivalents, and restricted cash (655) 19 (706)
Cash and cash equivalents, and restricted cash, as of beginning of period 1,671 1,652 2,358
Cash and cash equivalents, and restricted cash, as of end of period $ 1,016 $ 1,671 $ 1,652
v3.25.0.1
Schedule I - Debt (Details) - USD ($)
Dec. 31, 2024
Jan. 31, 2024
Dec. 31, 2023
Feb. 28, 2021
Parent company        
Debt Instrument [Line Items]        
Restricted cash $ 0   $ 79,000,000  
February 2026 | Line of credit        
Debt Instrument [Line Items]        
Borrowing limit, total initial borrowings   $ 875,000,000    
February 2026 | Line of credit | Parent company        
Debt Instrument [Line Items]        
Borrowing limit, total initial borrowings       $ 875,000,000
Balance drawn $ 0