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Coupang CPNG Third-party merchant services — Total net revenues

Other product segments

Other revenue
$261M+1.2%

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Other financials

Income statement

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Revenue$8.5B+7.5%
Gross profit$2.3B-0.8%
Operating income-$242.0M-257%
Net income-$266.0M-349%
EPS (diluted)-$0.15-350%

Balance sheet

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Cash & equivalents$6.4B+3.1%
Total debt$5.4B+32.3%
Total equity$3.9B-10.2%
Total assets$17.4B+8.8%

Cash flow

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Operating cash flow$184.0M-48.0%
CapEx$296.0M+23.8%
Free cash flow-$112.0M-197%

Valuation

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Market cap$31.56B-40.0%
Enterprise value$30.56B-39.0%
P/S0.9×-0.7×

Profitability

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Gross margin28.8%-0.9pp
Operating margin0.2%-1.6pp
Net margin1.2%-2.4pp
FCF margin3.7%+0.4pp

Returns & leverage

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Return on equity8.7%-20.2pp
Debt / equity1.4×+0.4×
Current ratio-0.2×

Where this comes from

Reported directly by Coupang in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Coupang’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Coupang's third-party merchant services — total net revenues?
Coupang (CPNG) reported third-party merchant services — total net revenues of $1.77B in Q1 2026.
How has Coupang's third-party merchant services — total net revenues changed year-over-year?
Coupang's third-party merchant services — total net revenues increased by 13.1% year-over-year, from $1.56B to $1.77B.
What is the long-term trend for Coupang's third-party merchant services — total net revenues?
Over 4 years (2021 to 2025), Coupang's third-party merchant services — total net revenues has grown at a 43.1% compound annual growth rate (CAGR), from $1.7B to $7.11B.
What does third-party merchant services — total net revenues mean?
This metric represents the total revenue generated from services provided to third-party sellers operating on the company's e-commerce marketplace platform. It includes fees earned from marketplace commissions, fulfillment services, and advertising solutions tailored for external merchants. This revenue stream reflects the scale and monetization efficiency of the company's third-party ecosystem.