Coupang, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 15. Exhibits and Financial Statement Schedules
a) Documents filed as part of this report:
Financial Statements (Item 8);
Financial Statement Schedules. Financial Statement Schedules of the Company, as required for 2025, 2024, and 2023, consist of Schedule I - Condensed Financial Information of Coupang, Inc. Schedules not included are omitted because of the absence of conditions under which they are required or because the required information is provided in the consolidated financial statements, including the notes thereto.
| Exhibit Number · Description of Exhibit · Provided Herewith · Incorporated by Reference | ||||||
|---|---|---|---|---|---|---|
| Form · File No. · Exhibit · Filing Date | ||||||
| 3.1 | Certificate of Incorporation of the Registrant. | 10-Q | 001-40115 | 3.1 | November 12, 2021 | |
| 3.2 | Amended and Restated Bylaws of the Registrant. | 8-K | 001-40115 | 3.1 | June 27, 2024 | |
| 4.1 | Sixth Amended and Restated Registration Rights Agreement, by and among the Registrant and certain of its stockholders, dated December 21, 2018. | S-1 | 333-253030 | 4.1 | February 12, 2021 | |
| 4.2 | Description of Securities. | 10-K | 001-40115 | 4.2 | March 3, 2022 | |
| 10.1+ | Coupang, LLC Third Amended and Restated 2011 Equity Incentive Plan, as amended, and related form agreements. | S-8 | 333-254117 | 99.1 | March 11, 2021 | |
| 10.2+ | Coupang, Inc. 2021 Equity Incentive Plan. | 10-K | 001-40115 | 10.5 | March 1, 2023 | |
| 10.3+ | Form of RSU Award Notice & Agreement for Executives. | 10-Q | 001-40115 | 10.2 | May 12, 2022 | |
| 10.4+ | Form of PSU Award Notice & Agreement for Executives. | 10-Q | 001-40115 | 10.3 | May 12, 2022 | |
| 10.5+ | Form of Annual RSU Award Notice & Agreement for Non-Employee Directors. | 10-Q | 001-40115 | 10.1 | August 11, 2022 | |
| 10.6+ | Form of RSU Award Notice & Agreement for Executives (as amended and restated 2025). | 10-Q | 001-40115 | 10.2 | August 5, 2025 | |
| 10.7+ | Form of PSU Award Notice & Agreement for Executives (as amended and restated 2025). | 10-Q | 001-40115 | 10.3 | August 5, 2025 | |
| 10.8+ | Form of Annual RSU Award Notice & Agreement for Non-Employee Directors (as amended and restated 2025). | 10-Q | 001-40115 | 10.4 | August 5, 2025 | |
| 10.9+ | Non-Employee Director Compensation Policy. | 10-K | 001-40115 | 10.6 | February 25, 2025 | |
| 10.10+ | Form of Indemnification Agreement between the Registrant and each of its directors and executive officers. | S-1 | 333-253030 | 10.3 | February 12, 2021 | |
| 10.11+ | Employment Agreement, by and between the Registrant and Bom Kim. | 10-Q | 001-40115 | 10.6 | May 13, 2021 | |
| 10.12+ | Employment Agreement, by and between the Registrant and Gaurav Anand. | 10-Q | 001-40115 | 10.7 | May 13, 2021 | |
| 10.13+ | Letter of Reassignment, dated October 31, 2025, among the Registrant, Gaurav Anand, and Coupang Asia Holdings Pte. Ltd. | X | ||||
| 10.14+ | Second Amended and Restated Employment Agreement, by and between the Registrant and Hanseung Kang. | 10-K | 001-40115 | 10.10 | February 25, 2025 | |
Table of Contents
| 10.15+ | Separation Agreement and Release, dated May 25, 2025, by and between the Registrant and Hanseung Kang. | 10-Q | 001-40115 | 10.6 | August 5, 2025 | |
| 10.16+ | Executive Employment Agreement, effective as of June 1, 2025, by and between the Registrant and Hanseung Kang. | 10-Q | 001-40115 | 10.5 | August 5, 2025 | |
| 10.17+ | Additional Benefits Letter dated May 28, 2025 for Hanseung Kang. | 10-Q | 001-40115 | 10.6 | November 4, 2025 | |
| 10.18+ | Letter of Interim Assignment dated May 28, 2025 between Coupang, Inc., Coupang Corp., and Hanseung Kang. | 10-Q | 001-40115 | 10.7 | November 4, 2025 | |
| 10.19+ | Additional Benefits Letter dated August 14, 2025 for Hanseung Kan. | 10-Q | 001-40115 | 10.5 | November 4, 2025 | |
| 10.20+ | Employment Agreement, by and between the Registrant and Harold Rogers. | 10-Q | 001-40115 | 10.11 | May 13, 2021 | |
| 10.21+ | Employment Agreement, by and between the Registrant and Pranam Kolari. | 10-K | 001-40115 | 10.9 | February 28, 2024 | |
| 10.22+ | Separation Agreement, dated October 20, 2025, by and between the Registrant and Pranam Kolari. | X | ||||
| 10.23+ | Second Amended and Restated Executive Severance Policy. | 10-Q | 001-40115 | 10.1 | November 6, 2024 | |
| 10.24 | Sale and Purchase Agreement by and between Farfetch Holdings PLC, The Administrators, and Surpique Acquisition Limited dated as of January 30, 2024. | 10-K | 001-40115 | 10.21 | February 28, 2024 | |
| 10.25 | Credit Agreement, dated as of June 2, 2025, by and among Coupang, Inc., the subsidiary guarantors party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. | 8-K | 001-40115 | 10.1 | June 5, 2025 | |
| 10.26 | First Amendment to Credit Agreement, dated as of August 19, 2025, by and among Coupang, Inc., the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. | 10-Q | 001-40115 | 10.4 | November 4, 2025 | |
| 19.1 | Coupang Insider Trading Policy | X | ||||
| 21.1 | List of Significant Subsidiaries of the Registrant. | X | ||||
| 23.1 | Consent of Samil PricewaterhouseCoopers, independent registered public accounting firm. | X | ||||
| 31.1 | Chief Executive Officer Section 302 Certification | X | ||||
| 31.2 | Chief Financial Officer Section 302 Certification | X | ||||
| 32.1* | Chief Executive Officer Section 906 Certification | X | ||||
| 32.2* | Chief Financial Officer Section 906 Certification | X | ||||
| 97.0 | Coupang, Inc. Compensation Recoupment (Clawback) Policy | 10-K | 001-40115 | 97.0 | February 28, 2024 | |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||
| 101.SCH | XBRL Taxonomy Extension Schema Document. | |||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | |||||
Table of Contents
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
| + | Indicates management contract or compensatory plan, contract, or arrangement. |
|---|---|
| * | The certifications attached as Exhibit 32.1 and 32.2 that accompany this Form 10-K are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Coupang, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing. |
Table of Contents
Condensed Statements of Operations and Comprehensive Income/(Loss)
| (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Management service fee revenues | $6 | $20 | $18 |
| Operating cost and expenses | (579) | (558) | (400) |
| Interest expense | (12) | (2) | (2) |
| Other income, net | 64 | 63 | 84 |
| Loss before equity in earnings of subsidiaries | (521) | (477) | (300) |
| Equity in earnings of subsidiaries | 661 | 722 | 1,783 |
| Income before taxes | 140 | 245 | 1,483 |
| Income tax (benefit) expense | (68) | 91 | 123 |
| Net income | $208 | $154 | $1,360 |
| Other comprehensive income (loss): | |||
| Foreign currency translation adjustments, net of tax | 14 | (353) | (2) |
| Actuarial gain (loss) on defined severance benefits, net of tax | 11 | (34) | (18) |
| Total other comprehensive income (loss) | 25 | (387) | (20) |
| Comprehensive income (loss) | $233 | $(233) | $1,340 |
Table of Contents
Condensed Balance Sheets
| (in millions) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $709 | $1,016 |
| Other current assets | 456 | 66 |
| Total current assets | 1,165 | 1,082 |
| Other assets | 79 | 12 |
| Investment in subsidiaries | 3,426 | 3,058 |
| Total assets | $4,670 | $4,152 |
| Liabilities and stockholders' equity | ||
| Other current liabilities | $47 | $49 |
| Stockholders' equity | ||
| Common stock | — | — |
| Additional paid-in capital | 9,025 | 8,736 |
| Accumulated other comprehensive loss | (381) | (404) |
| Accumulated deficit | (4,021) | (4,229) |
| Total stockholders' equity | 4,623 | 4,103 |
| Total liabilities and stockholders' equity | $4,670 | $4,152 |
Table of Contents
Condensed Statements of Cash Flows
| (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities | |||
| Net cash (used in) provided by operating activities | $(65) | $(126) | $95 |
| Investing activities | |||
| Capital contribution to subsidiaries | (802) | (349) | (121) |
| Return of capital contribution from subsidiaries | 1,168 | 90 | 61 |
| Increase of short-term loans | (393) | (95) | (25) |
| Decrease of short-term loans | 30 | — | — |
| Purchases of held-to-maturity securities | (33) | — | — |
| Proceeds from maturity of held-to-maturity securities | 33 | — | — |
| Other investing activities | (4) | — | — |
| Net cash used in investing activities | (1) | (354) | (85) |
| Financing activities | |||
| Repurchase of Class A common stock | (243) | (178) | — |
| Proceeds from issuance of common stock, equity-based compensation plan | 5 | 4 | 9 |
| Proceeds from short-term borrowings | 425 | — | — |
| Repayment of short-term borrowings | (425) | — | — |
| Other financing activities | (3) | (1) | — |
| Net cash (used in) provided by financing activities | (241) | (175) | 9 |
| Cash and cash equivalents | |||
| Net (decrease) increase in cash and cash equivalents | (307) | (655) | 19 |
| Cash and cash equivalents as of beginning of the period | 1,016 | 1,671 | 1,652 |
| Cash and cash equivalents as of end of the period | $709 | $1,016 | $1,671 |
Table of Contents
Coupang, Inc.
Schedule I - Condensed Financial Information of Parent (Coupang, Inc.)
Notes to Condensed Financial Statements
- Basis of Presentation
These condensed Parent company-only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of Coupang, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 — "Description of Business and Summary of Significant Accounting Policies" in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.
Certain subsidiaries in Korea hold various licenses and/or are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to terms which require the subsidiaries to meet certain financial covenants, including maintaining a positive net equity balance; having a minimum percentage of its total assets in low-risk, cash-like assets; and maintaining a minimum current asset to current liability ratio. In addition, the Parent has certain regulatory restrictions that only allow dividend payments to be made while maintaining a positive net equity balance or if dividends are paid out of the current years' income, if any.
- Debt
The Parent has a $1.5 billion unsecured credit facility (the “Revolving Credit Facility”) as further described in Note 13 — "Short-Term Borrowings and Long-Term Debt" which was amended to extend the term to February 2026. As of December 31, 2025, there wasno balance outstanding on the Revolving Credit Facility.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.