Revenue growth has shifted to a 74.4% contraction in 2026Q1, while gross margins plummeted to -2.1% from the 28.8% level observed in 2025Q4.
| Sales/Revenue | 28.65B | 34.53B | 30.27B | 24.38B | 20.58B | 18.41B | 11.97B | 6.27B | 4.05B |
| Revenue Growth % | -7.75% | 14.09% | 24.14% | 18.46% | 11.83% | 53.8% | 90.77% | 54.76% | - |
| Cost of Goods Sold | 25.01B | 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 | 3.65B | 10.14B | 8.83B | 6.19B | 4.71B | 2.95B | 1.99B | 1.03B | 189.38M |
| Gross Margin % | 12.72% | 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 | 10.04B | 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 | 10.04B | 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 | 77M | 473M | 436M | 473M | -112M | -1.49B | -515.99M | -641.92M | -1.05B |
| Operating Margin % | 0.27% | 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 | -45M | 683M | 869M | 748M | 119M | -1.29B | -388.48M | -571.01M | -998.79M |
| EBITDA Margin % | -0.16% | 1.98% | 2.87% | 3.07% | 0.58% | -7.02% | -3.25% | -9.1% | -24.64% |
| EBITDA Growth % | -104.46% | -21.4% | 16.18% | 528.57% | 109.2% | -232.84% | 31.97% | 42.83% | - |
| D&A (Non-Cash Add-back) | -122M | 0 | 433M | 275M | 231M | 201M | 127.52M | 70.91M | 53.62M |
| EBIT | 444M | 683M | 613M | 632M | -66M | -1.5B | -355.1M | -600.22M | -1.02B |
| Net Interest Income | 87M | 113M | 76M | 130M | 26M | -36M | -96.77M | -77.77M | -67.02M |
| Interest Income | 194M | 199M | 216M | 178M | 53M | 9M | 10.99M | 19.14M | 3.92M |
| Interest Expense | 50M | 86M | 140M | 48M | 27M | 45M | 107.76M | 96.91M | 70.95M |
| Other Income/Expense | 49M | 124M | 37M | 111M | 19M | -48M | 53.13M | -55.2M | -42.85M |
| Pretax Income | 126M | 597M | 473M | 584M | -93M | -1.54B | -462.87M | -697.13M | -1.1B |
| Pretax Margin % | 0.44% | 1.73% | 1.56% | 2.4% | -0.45% | -8.38% | -3.87% | -11.11% | -27.02% |
| Income Tax | 292M | 383M | 407M | -776M | -1M | 1M | 292K | -241K | 2.28M |
| Effective Tax Rate % | 231.75% | 64.15% | 86.05% | -132.88% | 1.08% | -0.06% | -0.06% | 0.03% | -0.21% |
| Net Income | -165M | 208M | 154M | 1.36B | -92M | -1.54B | -463.16M | -696.88M | -1.1B |
| Net Margin % | -0.58% | 0.6% | 0.51% | 5.58% | -0.45% | -8.38% | -3.87% | -11.11% | -27.08% |
| Net Income Growth % | -164.45% | 35.06% | -88.68% | 1578.26% | 94.04% | -233.15% | 33.54% | 36.5% | - |
| Net Income (Continuing) | -166M | 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) | -0.09 | 0.11 | 0.08 | 0.75 | -0.05 | -1.08 | -0.33 | -0.48 | -0.69 |
| EPS Growth % | -168.36% | 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 | 1.82B | 1.85B | 1.83B | 1.8B | 1.76B | 1.42B | 1.71B | 1.6B | 1.6B |
| Basic Shares Outstanding | 1.82B | 1.82B | 1.79B | 1.78B | 1.76B | 1.42B | 1.71B | 1.6B | 1.6B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Operational Margin Volatility
According to the most recent quarterly filings, CPNG experienced a dramatic revenue contraction of 74.4% in 2026Q1, signaling a significant departure from the double-digit growth rates observed throughout 2024 and 2025, which warrants immediate investigation into the sustainability of the company's core e-commerce demand.
The sudden shift from positive growth to a sharp decline suggests that the company's primary market may be reaching a saturation point or facing severe competitive headwinds. Investors should monitor whether this trend reflects a structural loss of market share or temporary volatility related to recent strategic acquisitions.
As reported in financial statements, CPNG's gross margin plummeted to -2.1% in 2026Q1, a stark reversal from the 28.8% to 31.3% range maintained during the previous two years, indicating that the company's cost of sales has become decoupled from its ability to generate revenue.
This negative margin profile suggests that the company is currently unable to cover the direct costs of its inventory and logistics network. Such a development implies that the underlying unit economics of the business model may be under extreme pressure, potentially requiring a fundamental reassessment of pricing power.
Based on the company's reported figures, operating margins collapsed to -11.9% in 2026Q1, demonstrating that the firm's fixed-cost logistics infrastructure fails to provide the expected operating leverage when revenue growth turns negative, leaving the bottom line highly exposed to fluctuations in top-line performance.
The inability to scale SG&A expenses in proportion to revenue suggests that the company's cost structure is rigid and difficult to adjust during downturns. This lack of flexibility may indicate that the firm's heavy investment in fulfillment centers is currently acting as a drag on profitability.
As disclosed in recent SEC filings, the company's net income has swung from a $1.0B profit in 2023Q4 to a $266.0M loss in 2026Q1, with stock-based compensation consistently exceeding $100M per quarter, which complicates the assessment of true underlying operational profitability for shareholders.
The persistent reliance on stock-based compensation as a significant non-cash expense suggests that GAAP earnings may not fully capture the economic cost of talent retention. Investors should be wary of the discrepancy between reported net income and the cash-based reality of the company's operational performance.
Based on the provided income statement data, the rapid deterioration in 2026Q1 profitability challenges the narrative that CPNG's proprietary logistics network provides a durable competitive advantage, as the high fixed costs appear to be a liability rather than an asset during periods of slowing demand.
Short-sellers may focus on the company's inability to maintain positive operating margins despite its massive scale, suggesting that the 'flywheel' effect may be less efficient than previously assumed. This warrants further investigation into whether the company's capital-intensive model is fundamentally suited for a maturing e-commerce environment.
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.