Coupang, Inc. (CPNG) Balance Sheet

NYSE: CPNGAssets, liabilities, debt and equity over 8 years.

CPNG balance sheet, 2025

December 31, 2025 · U.S. dollars

$17.79B assets = $13.16B liabilities + $4.62B equity

Both columns are drawn to the same scale: what CPNG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CPNG financial health

Current ratio1.04

Adequate · current assets cover current liabilities 1.04×

Debt / equity1.00

Moderate leverage · $1.00 of debt for each $1 of equity

Equity / assets26.0%

Balanced · of assets funded by shareholders

Cash / debt136.3%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles1.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CPNG balance sheet trends, 2018–2025

Coupang, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.65B2018	$17.79B2025	+40.4%/yr
Total liabilities	$2.40B2018	$13.16B2025	+27.5%/yr
Shareholders’ equity	−$752.6M2018	$4.62B2025	—
Cash & short-term investments	$611.5M2018	$6.32B2025	+39.6%/yr
Total debt	$932.3M2018	$4.63B2025	+25.7%/yr
Net cash (debt)	−$320.8M2018	$1.68B2025	+$2.0B
Working capital	−$307.4M2018	$334.0M2025	+$641.4M
Book value per share	−$0.472018	$2.492025	—
Current ratio	0.802018	1.042025	+0.24
Debt / equity	0.972021	1.002025	+0.03
Shares outstanding	1.60B2018	1.85B2025	+2.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CPNG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CPNG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CPNG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CPNG balance sheet

Coupang, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	$6.32B	$5.88B	$5.24B	$3.51B	$3.49B	$1.25B	$1.22B	$611.5M
Cash & equivalents	$6.32B	$5.88B	$5.24B	$3.51B	$3.49B	$1.25B	$1.22B	$611.5M
Short-term investments	—	$421.0M	—	$17.8M	—	$18.4M	$4.4M	—
Receivables	$363.0M	$407.0M	$314.0M	$184.0M	$175.3M	$71.3M	$63.9M	$25.9M
Inventory	$2.26B	$2.10B	$1.67B	$1.66B	$1.42B	$1.16B	$631.7M	$391.2M
Other current assets	$754.0M	$609.0M	$669.0M	$480.0M	$552.2M	$356.8M	$237.2M	$205.5M
Total current assets	$9.69B	$8.99B	$7.89B	$5.83B	$5.64B	$2.84B	$2.16B	$1.23B
Property, plant & equipment (net)	$7.03B	$4.83B	$4.07B	$3.23B	$2.72B	$2.03B	$1.00B	$374.0M
Goodwill & intangible assets	$190.0M	$271.0M	$37.0M	$0	$19.5M	$8.5M	$8.0M	$4.3M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$874.0M	$1.25B	$1.35B	$458.0M	$263.4M	$188.9M	$63.5M	$39.7M
Total assets	$17.79B	$15.34B	$13.35B	$9.51B	$8.64B	$5.07B	$3.23B	$1.65B
Liabilities
Accounts payable	$6.30B	$5.55B	$5.10B	$3.62B	$3.44B	$2.91B	$1.59B	$1.18B
Short-term debt	$1.50B	$967.0M	$871.0M	$630.0M	$636.6M	$431.4M	$111.5M	$243.9M
Deferred revenue	$188.0M	$141.0M	$97.0M	$92.0M	$94.0M	$65.3M	$28.9M	—
Total current liabilities	$9.36B	$7.72B	$6.95B	$5.06B	$4.74B	$3.73B	$1.88B	$1.54B
Long-term debt	$648.0M	$988.0M	$529.0M	$537.9M	$283.2M	$943.2M	$768.8M	$0
Lease obligations	$3.03B	$2.19B	$1.77B	$1.56B	$1.49B	$1.07B	$493.0M	—
Other long-term liabilities	$3.16B	$2.54B	$1.78B	$1.50B	$1.44B	$4.46B	$4.11B	$863.3M
Total liabilities	$13.16B	$11.24B	$9.26B	$7.10B	$6.47B	$9.14B	$6.76B	$2.40B
Shareholders' equity
Common stock & paid-in capital	—	—	—	$177,000	$175,000	$45.1M	—	$54.4M
Retained earnings (deficit)	−$4.02B	−$4.23B	−$4.38B	−$5.74B	−$5.65B	−$4.11B	−$3.57B	−$2.87B
Accumulated other comprehensive income	−$381.0M	−$404.0M	−$17.0M	$3.0M	−$47.7M	−$31.1M	$7.6M	$13.4M
Minority interest	$0	−$1.0M	$0	—	—	—	—	—
Total shareholders' equity	$4.62B	$4.10B	$4.09B	$2.41B	$2.18B	−$4.07B	−$3.53B	−$752.6M
Key figures
Total debt	$4.63B	$3.73B	$2.79B	$2.40B	$2.12B	$2.23B	$1.28B	$932.3M
Net cash (debt)	$1.68B	$2.15B	$2.46B	$1.11B	$1.37B	−$982.7M	−$54.2M	−$320.8M
Working capital	$334.0M	$1.28B	$947.0M	$767.0M	$892.5M	−$892.0M	$273.2M	−$307.4M
Tangible book value	$4.43B	$3.83B	$4.05B	$2.41B	$2.16B	−$4.08B	−$3.54B	−$756.9M
Book value per share	$2.49	$2.25	$2.27	$1.37	$1.53	−$2.38	−$2.21	−$0.47
Shares outstanding	1.85B	1.83B	1.80B	1.76B	1.42B	1.71B	1.60B	1.60B
Current ratio	1.04	1.17	1.14	1.15	1.19	0.76	1.15	0.80
Quick ratio	0.71	0.81	0.80	0.73	0.77	0.35	0.68	0.41
Debt / equity	1.00	0.91	0.68	1.00	0.97	—	—	—
Equity / assets	26.0%	26.7%	30.6%	25.4%	25.2%	−80.3%	−109.4%	−45.6%

Coupang, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$6.11B	$6.30B	$6.32B	$7.23B	$6.80B	$6.11B	$5.88B	$5.82B	$5.54B	$5.23B	$5.24B	$4.86B
Cash & equivalents	$6.11B	$6.30B	$6.32B	$7.23B	$6.80B	$6.11B	$5.88B	$5.82B	$5.54B	$5.23B	$5.24B	$4.86B
Short-term investments	—	—	—	—	—	—	$421.0M	—	—	—	—	$35.3M
Receivables	$363.0M	$351.0M	$363.0M	$393.0M	$499.0M	$484.0M	$407.0M	$517.0M	$547.0M	$601.0M	$314.0M	$285.1M
Inventory	$2.07B	$2.04B	$2.26B	$2.49B	$2.29B	$2.05B	$2.10B	$2.18B	$1.99B	$1.94B	$1.67B	$1.64B
Other current assets	$720.0M	$674.0M	$754.0M	$697.0M	$596.0M	$560.0M	$609.0M	$692.0M	$734.0M	$804.0M	$669.0M	$646.1M
Total current assets	$9.26B	$9.36B	$9.69B	$10.81B	$10.18B	$9.21B	$8.99B	$9.21B	$8.81B	$8.57B	$7.89B	$7.43B
Property, plant & equipment (net)	$6.51B	$7.03B	$7.03B	$6.22B	$5.96B	$5.27B	$4.83B	$5.24B	$4.56B	$4.42B	$4.07B	$3.68B
Goodwill & intangible assets	$167.0M	$178.0M	$190.0M	$201.0M	$210.0M	$215.0M	$271.0M	$306.0M	$319.0M	$349.0M	$37.0M	$0
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.45B	$825.0M	$874.0M	$1.44B	$1.48B	$1.29B	$1.25B	$1.59B	$1.51B	$1.61B	$1.35B	$448.2M
Total assets	$17.39B	$17.40B	$17.79B	$18.67B	$17.83B	$15.99B	$15.34B	$16.34B	$15.20B	$14.95B	$13.35B	$11.56B
Liabilities
Accounts payable	$6.33B	$5.96B	$6.30B	$6.79B	$6.49B	$5.70B	$5.55B	$5.90B	$5.62B	$5.37B	$5.10B	$4.62B
Short-term debt	$2.54B	$2.23B	$1.50B	$1.89B	$1.46B	$1.00B	$967.0M	$857.0M	$928.0M	$887.0M	$871.0M	$965.5M
Deferred revenue	$204.0M	$183.0M	$188.0M	$210.0M	$188.0M	$172.0M	$141.0M	$191.0M	$139.0M	$135.0M	$97.0M	$85.5M
Total current liabilities	$10.64B	$9.62B	$9.36B	$10.19B	$9.37B	$7.91B	$7.72B	$8.19B	$7.86B	$7.43B	$6.95B	$6.51B
Long-term debt	$618.0M	$617.0M	$648.0M	$618.0M	$850.0M	$1.00B	$988.0M	$1.19B	$1.05B	$1.06B	$529.0M	$527.7M
Lease obligations	$3.03B	$3.11B	$3.03B	$2.96B	$2.77B	$2.52B	$2.19B	$2.43B	$2.17B	$2.09B	$1.77B	$1.65B
Other long-term liabilities	$3.15B	$3.23B	$3.16B	$3.12B	$2.93B	$2.67B	$2.54B	$2.69B	$2.34B	$2.25B	$1.78B	$1.60B
Total liabilities	$14.41B	$13.47B	$13.16B	$13.93B	$13.15B	$11.59B	$11.24B	$12.06B	$11.25B	$10.75B	$9.26B	$8.63B
Shareholders' equity
Common stock & paid-in capital	—	—	—	—	—	—	—	—	—	—	—	$179,000
Retained earnings (deficit)	−$4.86B	−$4.29B	−$4.02B	−$4.00B	−$4.09B	−$4.12B	−$4.23B	−$4.38B	−$4.46B	−$4.38B	−$4.38B	−$5.42B
Accumulated other comprehensive income	−$609.0M	−$540.0M	−$381.0M	−$327.0M	−$250.0M	−$404.0M	−$404.0M	−$51.0M	−$198.0M	−$121.0M	−$17.0M	−$58.6M
Minority interest	$0	$0	$0	$0	$0	—	—	—	—	—	—	—
Total shareholders' equity	$2.99B	$3.93B	$4.62B	$4.74B	$4.68B	$4.37B	$4.10B	$4.19B	$3.86B	$4.08B	$4.09B	$2.93B
Key figures
Total debt	$5.63B	$5.40B	$4.63B	$4.95B	$4.58B	$4.08B	$3.73B	$4.02B	$3.71B	$3.62B	$2.79B	$2.79B
Net cash (debt)	$477.0M	$905.0M	$1.68B	$2.28B	$2.22B	$2.03B	$2.15B	$1.80B	$1.82B	$1.61B	$2.46B	$2.07B
Working capital	−$1.38B	−$260.0M	$334.0M	$613.0M	$807.0M	$1.29B	$1.28B	$1.03B	$951.0M	$1.13B	$947.0M	$923.9M
Tangible book value	$2.82B	$3.75B	$4.43B	$4.54B	$4.47B	$4.16B	$3.83B	$3.88B	$3.54B	$3.73B	$4.05B	$2.93B
Book value per share	$1.66	$2.15	$2.49	$2.54	$2.53	$2.38	$2.23	$2.29	$2.16	$2.25	$2.27	$1.62
Shares outstanding	1.80B	1.82B	1.85B	1.86B	1.85B	1.84B	1.84B	1.83B	1.79B	1.81B	1.80B	1.81B
Current ratio	0.87	0.97	1.04	1.06	1.09	1.16	1.17	1.13	1.12	1.15	1.14	1.14
Quick ratio	0.61	0.69	0.71	0.75	0.78	0.83	0.81	0.77	0.77	0.78	0.80	0.79
Debt / equity	1.89	1.37	1.00	1.04	0.98	0.93	0.91	0.96	0.96	0.89	0.68	0.95
Equity / assets	17.2%	22.6%	26.0%	25.4%	26.3%	27.3%	26.7%	25.6%	25.4%	27.3%	30.6%	25.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

CPNG financial position

At the end of fiscal 2025 (December 31, 2025), Coupang had total assets of $17.8 billion (up 15.9% from a year earlier), total liabilities of $13.2 billion and shareholders' equity of $4.6 billion. It held $6.3 billion in cash and short-term investments against $4.6 billion of debt, a net cash position of $1.7 billion. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were $17.4 billion and equity $3.0 billion.

Related: CPNG income statement, CPNG cash flow statement, CPNG key metrics. See the CPNG stock overview for the latest quote and news.

CPNG balance sheet FAQ

What are Coupang's total assets?

Coupang reported total assets of $17.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $15.3 billion a year earlier.

How much debt does Coupang have?

Coupang had $4.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.00.

How much cash does Coupang have?

Coupang held $6.3 billion in cash and short-term investments at the end of fiscal 2025; with $4.6 billion of debt that is net cash of $1.7 billion.

What is Coupang's book value?

Coupang's shareholders' equity (book value) was $4.6 billion at the end of fiscal 2025, or $2.49 per share.

What is Coupang's current ratio?

Coupang had current assets of $9.7 billion and current liabilities of $9.4 billion, a current ratio of 1.04 (it can cover its short-term obligations).

How much goodwill does Coupang have?

Coupang carried $190.0 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.