Coupang, Inc. (Korean: 쿠팡; simplified Chinese: 库房; traditional Chinese: 庫房; pinyin: Kùfáng; lit. 'storehouse') is an American online retail and technology company headquartered in Seattle, Washington, operating primarily in South Korea and Taiwan. Founded in South Korea in 2010 by Bom Kim and listed on the Fortune 500 as of 2025, Coupang operates an internet retail business, food delivery service, and OTT streaming service.3 Its shares trade on NYSE under the symbol CPNG.1Wikipedia text CC BY-SA 4.0
$14.19down 0.60 (4.09%)Price as of Oct 16, 2026 at 19:58 UTC
Coupang, Inc. (Korean: 쿠팡; simplified Chinese: 库房; traditional Chinese: 庫房; pinyin: Kùfáng; lit. 'storehouse') is an American online retail and technology company headquartered in Seattle, Washington, operating primarily in South Korea and Taiwan. Founded in South Korea in 2010 by Bom Kim and listed on the Fortune 500 as of 2025, Coupang operates an internet retail business, food delivery service, and OTT streaming service. Originally headquartered in Seoul, South Korea, Coupang has offices in South Korea, Taiwan, the United States, India, Japan and Singapore.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue121314157$34.5B in 2025+450% since 2019Gross profit157$10.1B in 2025+115% since 2022Operating income121314157$473.0M in 2025Net income121314157$208.0M in 2025
Revenue161718$8.9B in Q2 FY2026+4% since Q2 FY2025Gross profit161718$2.5B in Q2 FY2026−3% since Q2 FY2025Operating income161718-$556.0M in Q2 FY2026Net income161718-$570.0M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Total net revenues
$34.5B
$30.3B
$24.4B
Cost of sales
$24.4B
$21.4B
$18.2B
Operating, general and administrative
$9.7B
$8.4B
$5.7B
Total operating cost and expenses
$34.1B
$29.8B
$23.9B
Operating income
$473.0M
$436.0M
$473.0M
Interest income
$199.0M
$216.0M
$178.0M
Interest expense
-$86.0M
-$140.0M
-$48.0M
Other income (expense), net
$11.0M
-$39.0M
-$19.0M
Income before income taxes
$597.0M
$473.0M
$584.0M
Income tax expense (benefit)
$383.0M
$407.0M
-$776.0M
Net income
$214.0M
$66.0M
$1.4B
Net income (loss) attributable to noncontrolling interests
$6.0M
-$88.0M
$0
Net income attributable to Coupang stockholders
$208.0M
$154.0M
$1.4B
Basic (in usd per share)
$0.11
$0.09
$0.76
Diluted (in usd per share)
$0.11
$0.08
$0.75
Basic (in shares)
1.8B shares
1.8B shares
1.8B shares
Diluted (in shares)
1.9B shares
1.8B shares
1.8B shares
No quarter-by-quarter statement was filed.
Total assets121314157$17.8B in 2025+251% since 2020Total liabilities121314157$13.2B in 2025+132% since 2020Shareholders’ equity1213147$4.6B in 2025Cash121314157$6.3B in 2025+754% since 2018Long-term debt121314157$648.0M in 2025+83% since 2020
Total assets19171816$17.4B in Q2 FY2026−2% since Q2 FY2025Total liabilities19171816$14.4B in Q2 FY2026+10% since Q2 FY2025Shareholders’ equity161718$3.0B in Q2 FY2026−36% since Q2 FY2025Cash19171816$6.1B in Q2 FY2026−10% since Q2 FY2025Long-term debt1816$618.0M in Q2 FY2026−5% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$6.3B
$5.9B
$5.2B
Restricted cash
$94.0M
$151.0M
$353.0M
Accounts receivable, net
$363.0M
$407.0M
Inventories
$2.3B
$2.1B
Prepaids and other current assets
$660.0M
$458.0M
Total current assets
$9.7B
$9.0B
Property and equipment, net
$3.7B
$2.8B
Operating lease right-of-use assets
$2.8B
$2.0B
Intangible assets, net
$190.0M
$271.0M
Deferred tax assets
$596.0M
$622.0M
Long-term lease deposits and other
$823.0M
$628.0M
Total assets
$17.8B
$15.3B
Accounts payable
$6.3B
$5.6B
Accrued expenses
$515.0M
$461.0M
Deferred revenue
$188.0M
$141.0M
Short-term borrowings
$960.0M
$479.0M
Current portion of long-term debt
$0
$66.0M
Current portion of long-term operating lease obligations
$545.0M
$422.0M
Other current liabilities
$851.0M
$593.0M
Total current liabilities
$9.4B
$7.7B
Long-term debt
$648.0M
$988.0M
Long-term operating lease obligations
$2.5B
$1.8B
Defined severance benefits and other
$677.0M
$693.0M
Total liabilities
$13.2B
$11.2B
Redeemable noncontrolling interests (Note 16)
$0
$75.0M
Common stock
$0
$0
Additional paid-in capital
$9.0B
$8.7B
Accumulated other comprehensive loss
-$381.0M
-$404.0M
Accumulated deficit
-$4.0B
-$4.2B
Noncontrolling interests
$0
-$1.0M
Total equity
$4.6B
$4.1B
$4.1B
$2.4B
Total liabilities, redeemable noncontrolling interests, and equity
$17.8B
$15.3B
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$6.3B
$5.9B
$5.2B
Restricted cash
$94.0M
$151.0M
$353.0M
Accounts receivable, net
$363.0M
$407.0M
Inventories
$2.3B
$2.1B
Prepaids and other current assets
$660.0M
$458.0M
Total current assets
$9.7B
$9.0B
Property and equipment, net
$3.7B
$2.8B
Operating lease right-of-use assets
$2.8B
$2.0B
Intangible assets, net
$190.0M
$271.0M
Deferred tax assets
$596.0M
$622.0M
Long-term lease deposits and other
$823.0M
$628.0M
Total assets
$17.8B
$15.3B
Accounts payable
$6.3B
$5.6B
Accrued expenses
$515.0M
$461.0M
Deferred revenue
$188.0M
$141.0M
Short-term borrowings
$960.0M
$479.0M
Current portion of long-term debt
$0
$66.0M
Current portion of long-term operating lease obligations
$545.0M
$422.0M
Other current liabilities
$851.0M
$593.0M
Total current liabilities
$9.4B
$7.7B
Long-term debt
$648.0M
$988.0M
Long-term operating lease obligations
$2.5B
$1.8B
Defined severance benefits and other
$677.0M
$693.0M
Total liabilities
$13.2B
$11.2B
Redeemable noncontrolling interests (Note 16)
$0
$75.0M
Common stock
$0
$0
Additional paid-in capital
$9.0B
$8.7B
Accumulated other comprehensive loss
-$381.0M
-$404.0M
Accumulated deficit
-$4.0B
-$4.2B
Noncontrolling interests
$0
-$1.0M
Total equity
$4.6B
$4.1B
$4.1B
$2.4B
Total liabilities, redeemable noncontrolling interests, and equity
$17.8B
$15.3B
Cash from operations121314157$1.8B in 2025Capital spending121314157$1.3B in 2025+474% since 2019Free cash flow121314157$522.0M in 2025Share buybacks157$243.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$214.0M
$66.0M
$1.4B
Depreciation and amortization
$517.0M
$433.0M
$275.0M
Provision for severance benefits
$246.0M
$187.0M
$159.0M
Equity-based compensation
$475.0M
$433.0M
$326.0M
Non-cash operating lease expense
$507.0M
$432.0M
$338.0M
Deferred income taxes
$37.0M
$225.0M
-$884.0M
Fulfillment center fire insurance gain
$0
-$175.0M
$0
Other
$209.0M
$250.0M
$140.0M
Accounts receivable, net
$37.0M
$209.0M
-$133.0M
Inventories
-$233.0M
-$376.0M
-$44.0M
Other assets
-$517.0M
-$152.0M
-$153.0M
Accounts payable
$515.0M
$507.0M
$1.5B
Accrued expenses
$49.0M
$60.0M
$43.0M
Other liabilities
-$283.0M
-$213.0M
-$289.0M
Net cash provided by operating activities
$1.8B
$1.9B
$2.7B
Purchases of property and equipment
-$1.3B
-$879.0M
-$896.0M
Proceeds from sale of property and equipment
$5.0M
$9.0M
$19.0M
Net cash acquired in acquisition
$0
$68.0M
$0
Other investing activities
-$8.0M
-$17.0M
-$50.0M
Net cash used in investing activities
-$1.3B
-$819.0M
-$927.0M
Proceeds from issuance of common stock, equity-based compensation plan
$5.0M
$4.0M
$9.0M
Repurchase of Class A common stock
-$243.0M
-$178.0M
$0
Proceeds from short-term borrowings and long-term debt
$2.9B
$857.0M
$572.0M
Repayment of short-term borrowings and long-term debt
-$2.9B
-$794.0M
-$392.0M
Other financing activities
-$28.0M
$42.0M
$10.0M
Net cash (used in) provided by financing activities
-$247.0M
-$69.0M
$199.0M
Effect of exchange rate changes on cash and cash equivalents and restricted cash
$109.0M
-$564.0M
-$14.0M
Net increase in cash and cash equivalents and restricted cash
Coupang sits at the top of its group. 13 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Coupang
BAILLIE GIFFORD & COFiled SCHEDULE 13G/A on Coupang, latest Aug 4, 2026 (6 filings since Jan 20, 2023)
BROWNS (SOUTH MOLTON STREET) LIMITED Subsidiary · London, United Kingdom
FARFETCH UK LIMITED Subsidiary · London, United Kingdom
COUPANG ASIA HOLDINGS PTE. LTD. Subsidiary · Singapore, Singapore
Coupang Global LLC Subsidiary · Delaware, United States
Surpique Acquisition Limited Subsidiary · United Kingdom
Surpique LP Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Coupang reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease our principal executive office in Seattle, Washington and additional office space in Korea, the United States, Europe, and throughout Asia. We lease or own over 78 million square feet of fulfillment, logistics, and other operating spaces throughout Korea and Taiwan, as well as other parts of Asia and the United States. We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
Coupang was founded by Bom Kim in 2010. A student at Harvard University, Kim started to study for an MBA at Harvard Business School but dropped out six months into the program.
Kim registered Coupang originally as a limited liability company in Delaware, allowing it to access US funding. In November 2018, Coupang received a US$2 billion investment from SoftBank. Other major investors in Coupang include BlackRock and Fidelity.
In July 2020, Coupang acquired the assets of Singaporean streaming service HOOQ to form the nucleus of its streaming service named Coupang Play. Coupang had its IPO on the New York Stock Exchange on 11 March 2021.
On 4 June 2021, Coupang announced that it had started trial operations in Japan. It pulled out of the country less than 2 years later due to low growth potential amid the dominance of Amazon and local player Rakuten. On 8 July 2021, the company launched in Taiwan.
In January 2024, Coupang acquired online retailer Farfetch and its subsidiary Stadium Goods, which serve customers in the United States and globally.
Coupang reentered the Japanese market in January 2025 with Rocket Now, a restaurant prepared food delivery service.
In late 2025, Coupang disclosed a large‑scale data breach affecting the personal information of tens of millions of users, prompting a government investigation that continued into 2026. The ongoing probe led to a drop in orders on the platform, which delivery workers and small business sellers reported as adversely affecting their income and sales.
Coupang is known for its fast delivery system. Rocket Delivery is a signature service whereby items ordered before midnight will be delivered overnight by Coupang's own delivery personnel. In July 2020, Coupang's Rocket Delivery staff was renamed from Coupangman to Coupangfriend (쿠팡친구), since the number of female delivery workers has increased, and to imply friendly service.
Rocket Delivery service is free for the Coupang Rocket membership subscribers, for whom delivery is free for all Rocket Delivery tagged products. Rocket Delivery is offered to non-subscribers if they purchase more than KRW4,990. It is estimated that 32% of Coupang users are subscribed. 99.3% of Coupang Rocket Delivery orders are delivered within one day.
Rocket Delivery service is possible via 200 warehouses that are approximately 1.9 million m2 (20 million sq ft) across the country. Coupang's logistic centers store approximately 5.3 million types of products and they are stored by an efficient storage system called Random Stow Algorithm. About 1.7 million Rocket Delivery products are sent out from the logistic centers on a daily basis.
Rocket Wow
Rocket Wow, a paid subscription service, similar to Amazon Prime, costs users KRW2,900 per month. On 30 December 2021, Coupang adjusted the membership fee to KRW4,990 per month. The increased subscription service has applied to new subscribers.
Read the full text
The features of Rocket Wow are:
Free delivery for entire Rocket Delivery tagged products
Free return within 30 days
Discounts on Rocket Wow tagged products
One-day delivery
Receiving Rocket Fresh products in the morning
Use of Coupang Play
Rocket Fresh
Rocket Fresh is a fresh-food delivery service. Similar to Rocket Delivery, Rocket Fresh delivers fresh foods overnight. Users can receive the food by 7am if they order before midnight. The service covers up to 8,500 kinds of foods.
When Rocket Wow subscribers are ordering Rocket Fresh, they can choose the delivery option of Rocket Fresh Eco, which is an option to deliver the foods inside a reusable fresh eco-bag instead of a paper box. The bag preserves the foods in a fresh condition, and is re-collected in the customer's next delivery.
Rocket Direct Purchasing of foreign goods
Users can purchase foreign goods through Coupang. Rocket Direct Purchasing allows foreign goods to be delivered within 3 days.
Coupang Eats
Coupang Eats is a food-delivery service like Uber Eats. Coupang users can order food from restaurants, with delivery by Coupang which can be tracked in real time. According to the "Delivery Service Trend Report 2021" released by market research company Open Survey, delivery-service app usage was topped by Baemin (88.6%), Yogiyo (68.2%), and Coupang Eats (34.7%). Compared to the previous year, Baemin rose 8.9 percent, Yogiyo fell 0.1 percent and Coupang Eats rose 28.6 percent. Coupang Eats' growth year-on-year was also noticeable in the recognition survey of each app. Baemin increased 2.4 percentage points from 93.4 percent last year to 95.8 percent this year, Yogiyo remained 90 percent, and Coupang Eats jumped 49.1 percentage points from 23.3 percent to 72.4 percent. Baedaltong fell from 62.7 percent to 55.5 percent. Coupang Eats topped the list with 74 percent for satisfaction with delivery apps.
Coupang Flex
Coupang Flex is an outsourcing service that provides temporary employment to anyone over 18 years old. People can choose the date they wish to work and their main work is delivery. Those who have cars can pick up the packages from Coupang's logistic centers and deliver by themselves. Those who do not have cars assist the Coupang man. Coupang flex users are paid KRW800 per package during the day and KRW1200 per package during the night. On average, they tend to deliver 50 to 60 packages per day.
Coupang Play
Coupang Play is a South Korean subscription-based video streaming service launched by Coupang in December 2020.
Coupang Pay
Coupang Pay is a digital payments service that enables customers to make easy payments. In mid 2020, the company spun off Coupang Pay as a separate fintech subsidiary. By the end of 2020, Coupang Pay was the second most widely used pay system in Korea, with settlement turnover of KRW 25 trillion.
Farfetch
Farfetch is a marketplace for the luxury fashion industry. The Farfetch connects customers in over 190 countries and territories with items from more than 50 countries and over 1,400 of the world's brands, boutiques, and department stores. Farfetch was acquired by Coupang in January 2024.
From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Controversies and legal
Controversy
Worker wellbeing
Coupang has been involved in complaints by activists and families of workers, who allegedly died from overwork. In April 2021 Kwon Young-gook, a lawyer and the co-chairman at the Committee for Coupang Workers' Human Rights and Health, said "Seven Coupang employees and two subcontractors have died of cardiovascular disorders, such as heart attack, for the past year. [...] Out of the nine deaths, five are connected to overnight work as they passed away during or after night duty." According to statistics published in the Korea Economic Daily, Coupang had recorded no work-accident deaths since its launch in 2011, as of the end of 2020. In April 2021, the company introduced Coupang Care, a system that allows employees to take paid breaks and receive health care coaching.
In November 2025 the Korea Times reported that workplace deaths were becoming a persistent issue at Coupang and that since 2020 twenty-seven Coupang workers have died whilst at work according to the Taekbae Union which represents couriers. They note that before Coupang Inc. was listed on the NYSE in 2021, Coupang founder Bom Kim resigned from all registered titles relating to Coupang Corp. thus severing himself from any legal liability related to his registered executive positions in Korea whilst still holding over 70 percent of voting rights in Coupang Inc. and retaining influence over the company's affairs.
Item Winner system
There is a debate over Coupang's Item Winner system, which selects the cheapest product among the same products as the sole seller. There is criticism that sellers offering items for as low as one won can monopolize the market. According to Coupang's terms and conditions, this right is delegated to Coupang as soon as the product's image and trademark are posted. In the process, problems can arise because sellers can use other sellers' images, via Coupang's copyright-transfer agreements. In May 2021, the situation was reported to be under review by the Fair Trade Commission.
Cybersecurity breach
In 2025, it was revealed that a former Coupang employee stole a data key that enabled unauthorized access to 33.7 million Coupang customers’ data between June and November of that year. Coupang states that the data of between 2,609 and 3,000 accounts was taken and accessed several times, accounting for the 33.7 million. The South Korean government investigations team confirmed there was no secondary damage from the breach.
This breach prompted an investigation by the South Korean government and an apology by the company. Following the breach, CEO Park Dae-jun resigned in December 2025. Harold Rogers was named interim CEO. Rogers is Chief Administrative Officer and General Counsel of Coupang Inc., the company's U.S.-based parent company. After the breach, the South Korean authorities launched a coordinated "whole-of-government" response including labor, financial and customs investigations. Police raided the company's Seoul headquarters, tax authorities launched a special audit, and parliament summoned executives, including founder Bom Kim for questioning, to which the latter declined to attend.
The South Korean government's actions led to meetings between Vice President JD Vance and South Korean Prime Minister Kim Min-seok where Vance warned the Prime Minister against penalizing Coupang and other U.S. technology companies operating in South Korea through unfair and discriminatory regulations and investigations.
Read the full text
In January 2026, President Donald Trump announced tariffs on various South Korean goods, with U.S. Representative Jim Jordan, Chairman of the House Judiciary Committee, citing the treatment of Coupang as one of the reasons for the tariffs.
2026 Incheon warehouse fire
On July 18, 2026, a fire broke out at a Coupang logistics center in Seo-gu, Incheon, at approximately 6:54 a.m. local time. Firefighting efforts continued for more than two hours, with the Incheon Fire Department deploying 148 personnel and 59 pieces of equipment, including pump trucks, to extinguish the blaze. Authorities said the exact cause of the fire and the extent of any casualties or property damage would be investigated once the fire was fully extinguished. The fire was brought under control around 8 p.m. on July 20. It was around 61 hours after the fire broke out.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
356 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 166 insider forms, 23 large holders, 97 other. The latest 20:
103 open-market trades by officers, directors and large owners since October 2021: 24 buys and 79 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Harold RogersGeneral Counsel and Chief Administrative Officer
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
AuditorSamil PricewaterhouseCoopers, Seoul, Republic of Korea PCAOB ID 1103; it also attests to the company’s internal control over financial reporting20
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Coupang names in Item 1A of its 10-K filed Feb 26, 2026: 76 risks under these headings, as written.20
We may experience significant fluctuations in our results of operations.
Our limited operating history and evolving business make it difficult to evaluate our future prospects, including future revenues, growth rate, and margins as well as the risks and challenges we may encounter.
We have had a history of net losses prior to 2023, we may incur losses in the future, and we cannot ascertain whether we will maintain or increase profitability in future periods, which would materially and adversely affect our business, financial condition, results of operations, and prospects.
We have experienced, and may again experience, data incidents involving the unauthorized or improper access to proprietary, confidential, or customer data, and may experience cybersecurity or data incidents involving unauthorized or improper use of, disclosure of, alteration of, or destruction of, proprietary, confidential, or customer data, any of which could cause loss of revenue, harm to our brand, business disruption, and significant liabilities.
Any failure to protect our apps, websites, networks, and systems against security breaches or otherwise protect our and our customers’ and business partners’ confidential information could damage our reputation and brand and adversely affect our business, financial condition, and results of operations.
If we fail to timely identify or effectively respond to changing customer preferences and spending patterns, fail to expand the products and services being purchased by customers, or fail or are unable to obtain or offer desirable categories of products or services, our relationship with our customers and the demand for our products and services could be materially and adversely affected, which could in turn materially and adversely affect our business, financial condition, results of operations, and prospects.
If we are unable to successfully implement some or all of our major strategic initiatives in a timely manner, our ability to maintain and improve our market position may be materially and adversely affected, which could in turn materially and adversely affect our business, financial condition, results of operations, and prospects.
If we fail to effectively manage our growth, our business, financial condition, and results of operations could be harmed.
If we do not successfully operate and manage the expansion of our fulfillment and logistics infrastructure, our business, financial condition, and results of operations could be materially harmed.
We operate in a highly competitive industry and we may be unsuccessful in competing against current and future competitors, which could have a negative impact on the success of our business.
We are dependent on the performance of certain members of management and other highly qualified and skilled personnel, and if we are unable to attract, retain, and motivate these and other well-qualified employees, our business could be harmed.
Our expansion into new geographies and new product and service offerings and our substantial increase in the number of offerings may expose us to new and increased challenges and risks.
The other 64 risks
We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all.
Any harm to our brand or reputation may materially and adversely affect our business, financial condition, and results of operations.
We operate in a rapidly changing industry and our business model is continuing to evolve, which makes it difficult to evaluate our business and prospects. If we are unable to continue to innovate or if we fail to adapt to changes in our industry, our business, financial condition, and results of operations would be materially and adversely affected.
If we fail to retain existing suppliers or merchants or to add new suppliers or merchants, or if our existing suppliers or merchants fail to supply high-quality and compliant merchandise in a timely manner, our business, financial condition, and results of operations will be materially and adversely affected.
Inventory risks may materially and adversely affect our results of operations.
The seasonality of our business affects our quarterly results and places an increased strain on our operations.
We may expand our operations and offerings into new geographies, which would present new challenges and which may prove unsuccessful and materially and adversely affect our business.
The acquisition of Farfetch created incremental risk to our business, financial condition, and results of operations.
We previously identified and disclosed a material weakness in internal control over financial reporting related to our Farfetch acquisition. If we fail to properly manage our internal control over financial reporting, any material weakness in the future could negatively impact our business, investor confidence, and the price of our common stock.
Acquisitions, strategic investments, partnerships, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and materially and adversely affect our business, financial condition, and results of operations.
Our business depends on the continued growth of online commerce and the increased acceptance of online transactions by potential customers.
If the mobile, AI, and other technology, solutions available to our merchants and customers are not effective, the use of our apps, websites, and marketplaces could decline.
We are subject to risks associated with sourcing and manufacturing goods from countries outside of Korea.
Efforts to increase advertising revenue may impact our sales or results of operations.
Failure to deal effectively with fraudulent activities on our apps or websites would increase our fraud losses and harm our business and could severely diminish merchant and customer confidence in and use of our services.
We rely on Pay to conduct a substantial amount of the payment processing across our businesses in Korea. If Pay’s services were limited, restricted, curtailed, or degraded in any way, or become unavailable to us or our customers for any reason, our business may be adversely affected.
We are subject to payment-related risks, and if payment processors are unwilling or unable to provide us with payment processing services or impose onerous requirements on us in order to access their services, or if they increase the fees they charge us for these services, our business, financial condition, and results of operations could be materially and adversely affected.
Increases in food, energy, labor, and other costs could materially and adversely affect our results of operations.
We rely on our merchants to provide a high-quality experience to our customers.
Changes to our customer satisfaction program could increase our expenses.
Our business depends on network and mobile infrastructure, third-party data center hosting facilities, other third-party providers, and our ability to maintain and scale our technology. Any significant interruptions or delays in service on our apps or websites or any undetected errors or design faults could result in limited capacity, reduced demand, processing delays, and loss of customers, suppliers, or merchants.
Our culture has been critical to our success and if we cannot maintain this culture as we grow, our business could be harmed.
Our business could be disrupted by catastrophic occurrences and similar events.
Our business and operations could be adversely affected by health epidemics, impacting the geographies and communities in which we and our customers, suppliers, merchants, and advertisers operate.
Restrictions in our credit agreements could materially and adversely affect our operating flexibility.
We face risks associated with our investment portfolio.
There are special risks involved with investing in companies with Korean operations, including the possibility of restrictions being imposed by the Korean government in emergency circumstances, accounting and corporate disclosure standards that differ from those in other jurisdictions, and the risk of direct or vicarious criminal liability for executives of our Korean affiliates.
Transactions with the subsidiaries and affiliates of Coupang Corp. may be restricted under Korean fair trade regulations.
Coupang Corp. is subject to certain requirements and restrictions under Korean law that may, in certain circumstances, require it to act in a manner that may not be in our or our stockholders’ best interest.
Coupang Corp.’s transactions with related parties are subject to close scrutiny by the Korean tax authorities, which may result in adverse tax consequences.
A focus on regulating intellectual property by the Korean government subjects us to extra scrutiny in our operations and could subject us to sanctions, fines, or other penalties, which could adversely affect our business and operations in Korea.
Our business may be adversely affected by developments that negatively impact the Korean economy and uncertainties in economic conditions that impact spending patterns of our customers in Korea.
New Korean legislative proposals and regulatory or enforcement changes may expose our business to additional risks from litigation, regulation, and government investigations.
Korean government mandates, policies, negotiations, and orders may have a negative impact on our business, financial conditions, and results of operations.
As Coupang Corp. is incorporated in Korea, it may be more difficult to enforce judgments obtained in courts outside Korea.
Fluctuations in exchange rates could result in foreign currency exchange losses to us.
Tensions with North Korea could have an adverse effect on our business, financial condition, results of operations, and the price per share of our Class A common stock.
If we are unable to recruit, train, and retain qualified personnel or sufficient workforce while controlling our labor costs, our business may be materially and adversely affected.
We are subject to fair trade, labor, employment, and workplace health and safety laws and regulations in Korea and other jurisdictions, which continue to evolve and have and will continue to affect some of our operations and our financial performance.
Union activities could affect our business.
Our business could be adversely affected from an accident, health and safety incident, or workforce disruption.
The nature of our food delivery services, including Eats, Rocket Now, and Rocket Fresh, could subject us to potential liability for foodborne illnesses experienced by our customers.
The nature of our delivery logistics, including those related to our own delivery services and our services that use independent delivery partners, exposes us to potential liability and expenses for legal claims that could adversely affect our business, financial condition, and results of operations.
Failure by our suppliers or merchants to comply with product safety, intellectual property, or other laws may subject us to liability, damage our reputation and brand, and harm our business.
Government regulation of the Internet, online retail, and mobile commerce is evolving, and unfavorable changes or failure by us to comply with these regulations could adversely affect our business, financial condition, and results of operations.
We are subject to claims, litigation, governmental audits, inspections, investigations, and various legal proceedings, and face potential liability, expenses for legal claims, and harm to our business.
Coupang Corp. and a group of companies affiliated with it have been designated as an affiliated group under Korean law, which requires that group companies make certain disclosures and implement additional corporate governance requirements.
Failure to comply with anti-corruption and anti-money laundering laws, including the Foreign Corrupt Practices Act and similar laws, could subject us to penalties and other adverse consequences.
We are subject to governmental economic and trade sanctions laws and regulations and violations of such laws could subject us to liabilities, penalties, and other potential consequences.
As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and the NYSE regarding our internal control over financial reporting. We may not complete needed improvements to our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the price per share of our Class A common stock could decline.
The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain executive management and qualified board members.
A failure to comply with current laws, rules and regulations or changes to such laws, rules, and regulations and other legal uncertainties may adversely affect our business, financial performance, results of operations, or business growth.
Our results of operations and financial condition may be adversely affected by governmental regulation and associated regulatory costs related to the environment and climate change.
We may not be able to adequately protect our intellectual property rights or may be accused of infringing intellectual property rights of third parties.
Some of our software and systems contain open source software, which may pose particular risks to our proprietary software and solutions.
The use of AI, machine learning, and related technologies in our business present risks and challenges that could adversely affect us.
Changes in the tax treatment of companies engaged in online retail may adversely affect the use of our apps and websites and our financial results.
We may experience fluctuations in our tax obligations and effective tax rate, which could materially and adversely affect our results of operations.
Our ability to utilize net operating loss carryforwards may be limited.
The dual class structure of our common stock has the effect of concentrating voting control with Bom Kim, who beneficially owns all of our Class B common stock representing in the aggregate 74.1% of the voting power of our capital stock as of December 31, 2025.
We cannot predict the effect our dual class structure may have on the price per share of our Class A common stock.
The market price of shares of our Class A common stock may be volatile, which could cause the value of your investment to decline.
Sales of our Class A common stock in the public market could cause the price per share of our Class A common stock to decline.
Our certificate of incorporation designates the Court of Chancery of the State of Delaware and, to the extent enforceable, the federal district courts of the United States as the exclusive forums for certain disputes between us and our stockholders, which will restrict our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, or employees.
Legal proceedings
From time to time, we are subject to legal proceedings, claims, litigation, governmental audits, inspections, investigations, and other various proceedings in the ordinary course of business. We have received, and may in the future continue to receive, claims, litigation, governmental audits, inspections, and investigations relating to issues such as employment and labor, severance policies, worker classification and assignment, worker pay, hours and benefits, labor relations including union and collective bargaining issues, employment authorization and immigration, health and safety, workplace harassment, workplace sexual harassment, intellectual property (including patent, trademark, and copyright), product safety, personal injury, privacy, information security, accounting procedures, tax compliance, import/export regulations, foreign exchange regulations, licenses and permits, food safety, medical products, drugs and devices, financial services, antitrust and fair trade matters, consumer protection, and environmental issues.
The results of any current or future legal proceedings, claims, litigation, governmental audits, inspections, investigations, or other proceedings cannot be predicted with certainty. Regardless of the outcome, these claims, proceedings, investigations, and other proceedings could have an adverse impact on us due to defense and settlement costs, diversion of management and other resources, harm to our brand and reputation, and other factors.
The most significant of our current legal proceedings are described in Note 14 — "Commitments and Contingencies", in Part II, Item 8. “Financial Statements and Supplementary Data.” Risks relating to legal matters are described in Item 1A. “Risk Factors” in this Form 10-K.
