Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. It operates through two segments, Product Commerce and Growth Initiatives. The company sells various products and services in the categories of home goods and décor products, apparel, beauty products, fresh food and groceries, sporting goods, electronics, and everyday consumables, as well as travel, and restaurant order and delivery services. It also performs operations and support services in China, Singapore, Japan, Taiwan, and the United States. Coupang, Inc. was incorporated in 2010 and is headquartered in Seoul, South Korea.

Coupang, Inc.

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Inventory and Fixed Asset Losses Due to Fulfillment Center Fire

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Other

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Repurchase of Common Units and Preferred Units

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Stock Based Compensation

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Revenue

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Operating Activities	Jun '25	Dec '24	Jun '24
Net Income	145	195	-129
Net Income
Depreciation & Amortization	248	232	201
Depreciation and Amortization
Stock Based Compensation	234	236	197
Equity-Based Compensation
Other Adjustments	464	397	522
Provision for Severance Benefits
Paid-in-Kind Interest and Accretion of Discount on Convertible Notes
Revaluation of Derivative Instrument
Inventory and Fixed Asset Losses Due to Fulfillment Center Fire
Non-Cash Operating Lease Expense
Deferred Income Taxes
Fulfillment Center Fire Insurance Gain
Other
Changes in Trade Receivables	-80	186	23
Accounts Receivable, Net
Changes in Inventories	-110	-213	-163
Inventories
Changes in Accounts Payable	370	156	351
Accounts Payable
Changes in Accrued Expenses	-55	-51	111
Accrued Expenses
Changes in Unearned Revenue	—	—	—
Deferred Revenue
Changes in Other Operating Activities	-317	-128	-237
Other Assets
Other Liabilities
Cash from Operating Activities	899	1,010	876
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24
Capital Expenditure	-538	-594	-285
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	2	5	4
Proceeds from Sale of Property and Equipment
Other Investing Activities	24	65	-14
Net Cash Acquired in Acquisition
Other Investing Activities
Cash from Investing Activities	-512	-524	-295
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24
Issuance of Short-Term Debt	—	—	—
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—
Repayment of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	—
Issuance of Long-Term Debt	781	753	104
Proceeds from Long-Term Debt, Net of Issuance Costs
Proceeds from Short-Term Borrowings and Long-Term Debt
Repayments of Long-Term Debt	-649	-732	-62
Repayment of Long-Term Debt
Repayment of Short-Term Borrowings and Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	132	21	42
Issuance of Common Shares	3	3	1
Proceeds from Issuance of Class a Common Stock Upon Initial Public Offering, Net of Underwriting Discounts
Proceeds from Issuance of Common Stock, Equity-Based Compensation Plan
Repurchases of Common Shares	—	—	-178
Repurchase of Common Units and Preferred Units
Repurchase of Class a Common Stock
Net Issuance / (Repurchases) of Common Shares	3	3	-177
Other Financing Activities	-27	-13	55
Deferred Offering Costs Paid
Other Financing Activities
Cash from Financing Activities	108	11	-80
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24
Free Cash Flow	361	416	591
NOPAT	107.2	199.7	-31.2
Levered Free Cash Flow	-131	-351	-52
Unlevered Free Cash Flow	-294.8	-398.3	-53.2
Net Change in Cash	495	497	501