Coupang, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
CPNG$16.33-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities | |||
| Net income | $214 | $66 | $1,360 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 517 | 433 | 275 |
| Provision for severance benefits | 246 | 187 | 159 |
| Equity-based compensation | 475 | 433 | 326 |
| Non-cash operating lease expense | 507 | 432 | 338 |
| Deferred income taxes | 37 | 225 | (884) |
| Fulfillment center fire insurance gain | — | (175) | — |
| Other | 209 | 250 | 140 |
| Change in operating assets and liabilities, net of acquisition: | |||
| Accounts receivable, net | 37 | 209 | (133) |
| Inventories | (233) | (376) | (44) |
| Other assets | (517) | (152) | (153) |
| Accounts payable | 515 | 507 | 1,514 |
| Accrued expenses | 49 | 60 | 43 |
| Other liabilities | (283) | (213) | (289) |
| Net cash provided by operating activities | 1,773 | 1,886 | 2,652 |
| Investing activities | |||
| Purchases of property and equipment | (1,251) | (879) | (896) |
| Proceeds from sale of property and equipment | 5 | 9 | 19 |
| Net cash acquired in acquisition | — | 68 | — |
| Other investing activities | (8) | (17) | (50) |
| Net cash used in investing activities | (1,254) | (819) | (927) |
| Financing activities | |||
| Proceeds from issuance of common stock, equity-based compensation plan | 5 | 4 | 9 |
| Repurchase of Class A common stock | (243) | (178) | — |
| Proceeds from short-term borrowings and long-term debt | 2,900 | 857 | 572 |
| Repayment of short-term borrowings and long-term debt | (2,881) | (794) | (392) |
| Other financing activities | (28) | 42 | 10 |
| Net cash (used in) provided by financing activities | (247) | (69) | 199 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 109 | (564) | (14) |
| Net increase in cash and cash equivalents and restricted cash | 381 | 434 | 1,910 |
| Cash and cash equivalents and restricted cash, as of beginning of period | 6,031 | 5,597 | 3,687 |
| Cash and cash equivalents and restricted cash, as of end of period | $6,412 | $6,031 | $5,597 |
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