Revenue growth decelerated to 3.9% YoY in 2026Q2, while gross margin fell to 28.2% and SG&A surged 25% YoY, driving an operating loss of $556M.
Coupang, Inc. (CPNG) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 35.46B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B | 11.97B | 6.27B | 4.05B |
| Revenue Growth % | 9.92% | 14.09% | 24.14% | 18.46% | 11.83% | 53.8% | 90.77% | 54.76% | - |
| Cost of Goods Sold | 25.41B | 24.39B | 21.44B | 18.19B | 15.87B | 15.46B | 9.98B | 5.24B | 3.86B |
| COGS % of Revenue | - | 70.63% | 70.82% | 74.61% | 77.12% | 83.97% | 83.4% | 83.53% | 95.33% |
| Gross Profit | 10.05B | 10.14B | 8.83B | 6.19B | 4.71B | 2.95B | 1.99B | 1.03B | 189.38M |
| Gross Margin % | 28.35% | 29.37% | 29.18% | 25.39% | 22.88% | 16.03% | 16.6% | 16.47% | 4.67% |
| Gross Profit Growth % | - | 14.83% | 42.67% | 31.42% | 59.61% | 48.57% | 92.24% | 445.57% | - |
| Operating Expenses | 10.68B | 9.67B | 8.39B | 5.72B | 4.82B | 4.45B | 2.5B | 1.68B | 1.24B |
| OpEx % of Revenue | - | 28% | 27.74% | 23.45% | 23.43% | 24.15% | 20.91% | 26.7% | 30.63% |
| Selling, General & Admin | 10.68B | 9.67B | 8.39B | 5.72B | 4.82B | 4.45B | 2.5B | 1.68B | 1.24B |
| SG&A % of Revenue | - | 28% | 27.74% | 23.45% | 23.43% | 24.15% | 20.91% | 26.7% | 30.63% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -628M | 473M | 436M | 473M | -112M | -1.49B | -515.99M | -641.92M | -1.05B |
| Operating Margin % | -1.77% | 1.37% | 1.44% | 1.94% | -0.54% | -8.12% | -4.31% | -10.23% | -25.96% |
| Operating Income Growth % | - | 8.49% | -7.82% | 522.32% | 92.5% | -189.54% | 19.62% | 39% | - |
| EBITDA | -71M | 990M | 869M | 748M | 119M | -1.29B | -388.48M | -571.01M | -998.79M |
| EBITDA Margin % | -0.2% | 2.87% | 2.87% | 3.07% | 0.58% | -7.02% | -3.25% | -9.1% | -24.64% |
| EBITDA Growth % | -105.9% | 13.92% | 16.18% | 528.57% | 109.2% | -232.84% | 31.97% | 42.83% | - |
| D&A (Non-Cash Add-back) | 557M | 517M | 433M | 275M | 231M | 201M | 127.52M | 70.91M | 53.62M |
| EBIT | -525M | 683M | 613M | 632M | -66M | -1.5B | -355.1M | -600.22M | -1.02B |
| Net Interest Income | 109M | 113M | 76M | 130M | 26M | -36M | -96.77M | -77.77M | -67.02M |
| Interest Income | 185M | 199M | 216M | 178M | 53M | 9M | 10.99M | 19.14M | 3.92M |
| Interest Expense | 76M | 86M | 140M | 48M | 27M | 45M | 107.76M | 96.91M | 70.95M |
| Other Income/Expense | 27M | 124M | 37M | 111M | 19M | -48M | 53.13M | -55.2M | -42.85M |
| Pretax Income | -601M | 597M | 473M | 584M | -93M | -1.54B | -462.87M | -697.13M | -1.1B |
| Pretax Margin % | -1.69% | 1.73% | 1.56% | 2.4% | -0.45% | -8.38% | -3.87% | -11.11% | -27.02% |
| Income Tax | 166M | 383M | 407M | -776M | -1M | 1M | 292K | -241K | 2.28M |
| Effective Tax Rate % | -27.62% | 64.15% | 86.05% | -132.88% | 1.08% | -0.06% | -0.06% | 0.03% | -0.21% |
| Net Income | -767M | 208M | 154M | 1.36B | -92M | -1.54B | -463.16M | -696.88M | -1.1B |
| Net Margin % | -2.16% | 0.6% | 0.51% | 5.58% | -0.45% | -8.38% | -3.87% | -11.11% | -27.08% |
| Net Income Growth % | -310.14% | 35.06% | -88.68% | 1578.26% | 94.04% | -233.15% | 33.54% | 36.5% | - |
| Net Income (Continuing) | -767M | 214M | 66M | 1.36B | -92M | -1.54B | -463.16M | -696.88M | -1.1B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | 0.11 | 0.08 | 0.75 | -0.05 | -1.08 | -0.33 | -0.48 | -0.69 |
| EPS Growth % | -314.84% | 30.49% | -88.76% | 1539.54% | 95.18% | -227.27% | 31.25% | 30.43% | - |
| EPS (Basic) | - | 0.11 | 0.09 | 0.76 | -0.05 | -1.08 | -0.33 | -0.48 | -0.69 |
| Diluted Shares Outstanding | 1.8B | 1.85B | 1.83B | 1.8B | 1.76B | 1.42B | 1.71B | 1.6B | 1.6B |
| Basic Shares Outstanding | 1.8B | 1.82B | 1.79B | 1.78B | 1.76B | 1.42B | 1.71B | 1.6B | 1.6B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CPNG stock.
For fiscal year 2025, Coupang, Inc. (CPNG) reported total revenue of $34.53B. This represents a 751.9% increase compared to $4.05B in 2018.
Coupang, Inc. (CPNG) is profitable, generating $208.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.6%.
Coupang, Inc. (CPNG) reported an operating income of $473.0M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Coupang, Inc. (CPNG) generated $10.14B in gross profit for the year, representing a gross profit margin of 29.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Farfetch integration and margin pressure
Metrics are mathematically derived from official filings.
Growth Deceleration Amidst Expansion
Revenue growth slowed to 3.9% YoY in 2026Q2, down from 10.9% in 2025Q4, suggesting a sharp deceleration in the core Korean business. According to recent financial statements, this is the lowest growth rate in the past ten quarters.
The sequential slowdown from 7.5% in 2026Q1 to 3.9% in 2026Q2 indicates a potential maturation of the domestic market, as the company's primary revenue driver, Product Commerce, faces saturation. The Taiwan expansion and Farfetch acquisition have not yet offset this deceleration, and the lack of guidance suggests management uncertainty about near-term growth. Investors should monitor whether this is a temporary dip or a structural trend, especially as the company pivots to new geographies and verticals.
Gross Margin Compression Pressures Profitability
Gross margin fell to 28.2% in 2026Q2, down from 30.0% a year earlier, reflecting a mix shift toward lower-margin products and increased promotional activity. As reported in the income statement, this is the lowest gross margin in the last five quarters.
The 180 basis point YoY decline in gross margin suggests intensifying competitive pressure, possibly from Naver and other domestic players, as well as the integration of Farfetch's luxury inventory, which may carry different margin characteristics. With operating margin at -6.3%, the company is unable to absorb these gross margin declines, leading to wider operating losses. The sustainability of the 28-29% gross margin range is questionable, especially if the company continues to prioritize growth over profitability in new markets.
Negative Operating Leverage Exposed
Operating income swung from a $149M profit in 2025Q2 to a $556M loss in 2026Q2, despite only a 4.7% increase in revenue. Based on reported figures, SG&A expenses surged by 25% YoY, indicating that fixed costs are not scaling efficiently with revenue.
The high-fixed-cost logistics network, which is a competitive advantage, becomes a liability when revenue growth slows. SG&A as a percentage of revenue rose from 28.2% in 2025Q2 to 33.7% in 2026Q2, suggesting that the company is investing heavily in new initiatives (Taiwan, Farfetch) without corresponding revenue contribution. This negative operating leverage is a key concern, as it implies that even modest revenue growth may not translate to profitability without significant cost discipline.
Earnings Miss Clouds Quality
The 2026Q2 EPS of -$0.32 missed consensus by $0.23, with net income of -$570M, a stark reversal from the $32M profit in 2025Q2. According to the latest earnings release, this miss appears driven by one-off charges, but the lack of guidance raises questions about recurring profitability.
The magnitude of the EPS miss, combined with a revenue beat, suggests that the shortfall is cost-related rather than demand-related. Stock-based compensation of $161M in 2026Q2 is elevated, but it does not fully explain the $556M operating loss. The absence of formal guidance indicates that management may be uncertain about the timing of margin recovery, and investors should scrutinize the upcoming quarters for any non-recurring items that may distort the underlying earnings power.
SG&A Escalation Outpaces Revenue
SG&A expenses grew to $3.0B in 2026Q2, up from $2.4B in 2025Q2, a 25% increase, while revenue grew only 4.7%. As disclosed in the income statement, this is the primary driver of the operating loss, indicating a lack of expense discipline.
The surge in SG&A likely reflects investments in Taiwan, Farfetch integration, and possibly increased marketing to defend market share in Korea. However, the lack of corresponding revenue growth suggests that these investments are not yet yielding returns. The company's cost structure is heavily weighted toward fulfillment and delivery, which are variable with volume, but the fixed component is rising. Management's ability to control SG&A while scaling new initiatives will be critical to returning to profitability.
2026Q2 Marks a Profitability Inflection
The 2026Q2 operating loss of $556M is the largest in the past ten quarters, reversing a trend of improving profitability through 2025. Based on the financial data, this quarter represents a clear inflection point, likely driven by the Farfetch acquisition and increased investments.
Prior to 2026Q2, the company had shown steady progress toward profitability, with operating margins peaking at 3.9% in 2024Q4. The sudden deterioration suggests that the Farfetch acquisition and Taiwan expansion are more costly than anticipated, or that competitive pressures in Korea have intensified. This inflection may be temporary if the investments pay off, but it also signals a strategic shift away from near-term profitability. Investors should monitor whether this is a one-time reset or the beginning of a prolonged period of losses.
Short Thesis: Margin Erosion and Growth Stall
Short-sellers would argue that the 2026Q2 results expose a broken model: revenue growth is decelerating, gross margins are compressing, and SG&A is ballooning. As reported in the latest 10-Q, the company is burning cash while expanding into risky ventures like Farfetch.
The core Korean business appears to be maturing, and the company's response—acquiring a distressed luxury platform and entering Taiwan—may dilute focus and destroy value. The lack of guidance and the magnitude of the EPS miss suggest that management is not in control of costs. If the Korean market is truly saturated, the company may never achieve the operating leverage that justifies its valuation. The regulatory overhang from KFTC adds another layer of risk, potentially forcing changes to the 1P/3P mix that could further pressure margins.