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Coupang CPNG Operating margin

Operating margin at other companies

Amazon logo
AmazonAMZN
11.5%+0.5pp
DoorDash logo
DoorDashDASH
4.9%
Packaging Corp of America logo
Packaging Corp of AmericaPKG
11.7%-2.2pp

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$33.8B-12.8%
Enterprise value$32.81B-10.5%
P/S-0.3×

Profitability

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Gross margin28.8%-0.9pp
Net margin1.2%-2.4pp

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

Calculated from Coupang’s reported figures.

Based on trailing twelve months.

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 operating margin?
Coupang (CPNG) reported operating margin of 0.2% in Q1 2026.
How has Coupang's operating margin changed year-over-year?
Coupang's operating margin decreased by 87.6% year-over-year, from 1.8% to 0.2%.
What is the long-term trend for Coupang's operating margin?
Over 2 years (2021 to 2025), Coupang's operating margin has grown at a -47.3% compound annual growth rate (CAGR), from -27.7% to 7.7%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.