Coupang
South Korea's dominant online retailer, with a growing retail media business.
Seattle, Washington, USA · founded 2010 · coupang.com
CPNG NYSE
What Coupang does
Coupang runs South Korea's largest e-commerce platform, known for fast "Rocket" delivery, plus food delivery and streaming. Most operations are in Korea, though the company is US-incorporated and listed in New York.
It sells sponsored product ads to sellers and brands, following Amazon's playbook of turning a shopping destination into a retail media network.
How it makes money
Mostly product sales and marketplace fees, with advertising as a smaller but high-margin line.
Where it meets invalid traffic
Marketplace ad fraud risk centres on click spam and fake reviews rather than open-web bots.
Products
- Coupang Ads
- Rocket Delivery
- Coupang Play
Quarterly revenue
From SEC XBRL filings · latest quarter +3.9% year on yearQuarterly net income
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $20.6B | $24.4B | $30.3B | $34.5B |
| Net income | $-1.5B | $-92M | $1.4B | $154M | $208M |
| Diluted EPS | $-1.08 | $-0.05 | $0.75 | $0.08 | $0.11 |
Earnings, explained
Coupang's Q2 revenue rises 4%, but swings to $570M net loss on fines
Coupang reported Q2 2026 net revenues of $8.9 billion, up 4% year-over-year. The company posted a net loss attributable to stockholders of $570 million, a decrease of $602 million from the same period last year, mainly due to $410 million in administrative fines in Korea. Excluding these fines, the net loss was $160 million. Adjusted EBITDA for the quarter was $163 million, down 62% from last year. No forward guidance was provided in the release.
Despite modest revenue growth, Coupang's profitability was hit hard by large administrative fines and higher costs. This highlights the challenges of maintaining margins and managing regulatory risks in a competitive e-commerce market.
SEC filings
EDGAR| Filed | Form | What it is |
|---|---|---|
| 2026-08-04 | 10-Q | Quarterly report |
| 2026-08-04 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-06-12 | 8-K | Shareholder vote |
| 2026-06-11 | 8-K | Other events |
| 2026-05-14 | 8-K/A | Executive or director change |
| 2026-05-05 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-05-05 | 10-Q | Quarterly report |
| 2026-04-27 | DEF 14A | DEF 14A |
| 2026-02-26 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2026-02-26 | 10-K | Annual report |
| 2026-02-06 | 8-K | Executive or director change |
| 2025-12-29 | 8-K/A | Item 1.05 · Regulation FD disclosure · Financial statements and exhibits |
| 2025-12-16 | 8-K | Item 1.05 |
| 2025-11-04 | 10-Q | Quarterly report |
| 2025-11-04 | 8-K | Results of operations (earnings) · Financial statements and exhibits |
| 2025-10-20 | 8-K | Executive or director change |