Coupang, Inc.

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Liquidity and Capital Resources

Liquidity

Liquidity is a measure of our ability to access sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. Our primary source of liquidity is cash on hand, which is supplemented through various debt financing arrangements and sales of our equity securities. We had total cash, cash equivalents, and restricted cash of $5.5 billion as of September 30, 2026, the majority of which was held by foreign subsidiaries and may not be freely transferable to the United States due to local laws or other restrictions. Additionally, as of September 30, 2026, we had $2.2 billion available under our credit facilities as described below.

The ability of certain subsidiaries to transfer funds or pay dividends to Coupang, Inc. is also restricted due to terms in our credit agreements which require the subsidiaries to meet certain financial covenants, including requirements to maintain a positive net equity balance or having current period income.

As of September 30, 2026 and December 31, 2025, we had stockholders’ equity of $2.8 billion and $4.6 billion, respectively. We may incur losses in the future. We expect that our investment into our growth strategy will continue to be significant, particularly with respect to our Developing Offerings segment, which will continue to focus on our newer offerings and entrance into new geographies, as well as overall expansion of our fulfillment, logistics, and technology capabilities. As part of this expansion to fulfill anticipated future customer demand and planned expansion of services, we plan to acquire and build new fulfillment centers. We have entered into various new construction contracts for capital projects which are expected to be completed over the next two years. These contracts have remaining capital expenditures commitments of $200 million as of September 30, 2026. We expect that our future expenditures for both infrastructure and workforce-related costs will exceed several billion dollars over the next several years.

Changes in our cash flows were as follows:

Operating Activities

The year-over-year change in operating cash flow was driven by a $1.6 billion decrease to net (loss) income, including $410 million for certain administrative fines that remained unpaid as of September 30, 2026, and $248 million of losses resulting from the Incheon FC Fire. Cash provided by operating activities was also impacted by $461 million of cash payments for income taxes. In addition, changes in working capital included a $264 million decrease in inventory, primarily reflecting the timing of inventory purchases.

Investing Activities

Net cash used in investing activities remained largely unchanged for the nine months ended September 30, 2026.

Financing Activities

The year-over-year change in financing cash flow was primarily attributable to the repurchase of 56.4 million shares of Class A common stock for an aggregate amount of $1.1 billion during the nine months ended September 30, 2026. The change was further driven by a reduction in net proceeds of debt and short-term borrowings of $235 million.

Our Board of Directors has authorized a stock repurchase program for our outstanding shares of Class A common stock. As of September 30, 2026, we had $706 million of availability remaining under the stock repurchase program. Refer to Note 8 — "Supplemental Financial Information" for more information.

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We believe that our sources of liquidity will be sufficient to meet our anticipated cash requirements for at least the next twelve months. However, we may need additional cash resources in the future if we find and pursue other opportunities for investment, acquisition, strategic cooperation, or other similar actions, which may include investing in technology, our logistics and fulfillment infrastructure, or related talent. If we determine that our cash requirements exceed our amounts of cash on hand or if we decide to change our capital structure, we may seek to issue additional debt or equity securities or obtain credit facilities or other sources of financing. This financing may not be available on favorable terms, or at all.

Capital Resources

We have entered into material unconditional purchase obligations. These contractual commitments primarily relate to technology-related service contracts, fulfillment center construction contracts, and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date.

We generally enter into term loan facility agreements to finance the construction or purchase of our fulfillment centers. These agreements may require that we provide collateral equal to or greater than the amount borrowed under the arrangement. As we continue to build or purchase additional fulfillment centers, we expect our borrowings under debt financing arrangements to continue to increase.

Refer to Note 14 — "Commitments and Contingencies", Note 5 — "Defined Severance Benefits", and Note 11 — "Leases" of our consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K for disclosure of our future commitments.

Our short-term and long-term borrowings generally include lines of credit with financial institutions available to be drawn upon for general operating purposes.

Revolving Credit Facility

The Revolving Credit Facility provides syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term SOFR, plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. During the nine months ended September 30, 2026, we borrowed $750 million under the Revolving Credit Facility for general operating purposes. In September 2026, we repaid the $750 million outstanding balance on the Revolving Credit Facility. As of September 30, 2026, there was no balance outstanding on the Revolving Credit Facility.

Other Credit Facilities

During 2026, certain of our Korean subsidiaries entered into new unsecured revolving credit facilities and amended an existing credit arrangement, each with maturity dates in 2027. These facilities are available for general working capital purposes and provide for aggregate borrowing capacity of approximately $661 million. Borrowings bear interest at floating rates ranging from the Korean certificate of deposit rate plus 0.94% to plus 1.55%. These revolving credit facilities contain customary terms and conditions, including certain affirmative and negative covenants. As of September 30, 2026, there were no amounts outstanding under any of these facilities.

During the nine months ended September 30, 2026, certain other subsidiaries entered into various unsecured borrowing arrangements under other revolving credit facilities, all of which mature within twelve months. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants.

Under all other credit facilities, total borrowing capacity at September 30, 2026 was $1.7 billion and aggregate outstanding borrowings totaled $988 million with a weighted average interest rate of 2.87%.

Refer to Note 13 — "Short-Term Borrowings and Long-Term Debt" of our consolidated financial statements in Part II, Item 8 of our 2025 Form 10-K for disclosure of our debt obligations and collateral.