Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 001-40115

COUPANG, INC.

(Exact name of Registrant as specified in its charter)

Delaware

27-2810505

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

720 Olive Way, Suite 600

Seattle, Washington 98101

(206) 333-3839

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock, par value $0.0001 per share

CPNG

New York Stock Exchange

(Title of each class)

(Trading Symbol)

(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Small reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2024, there were 1,624,056,504 shares of the registrant’s Class A common stock and 174,802,990 shares of the registrant’s Class B common stock, each with a par value of $0.0001 per share, outstanding.

COUPANG, INC.

Form 10-Q

For the Quarterly Period Ended September 30, 2024

TABLE OF CONTENTS


	PART I. FINANCIAL INFORMATION	Page
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Equity	7
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
	Note 1. Basis of Presentation and Summary of Significant Accounting Policies	10
	Note 2. Net Revenues	10
	Note 3. Segment Reporting	11

	Note 4. Defined Severance Benefits	12
	Note 5. Income Taxes	12
	Note 6. Earnings per Share	12
	Note 7. Fair Value Measurement	13
	Note 8. Supplemental Financial Information	13
	Note 9. Short-term Borrowings and Long-term Debt	14
	Note 10. Commitments and Contingencies	15
	Note 11. Business Combinations	16


Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30

	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32
	Signatures	33

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. These forward-looking statements include, or may be impacted by, the following:

•our expectations regarding our future operating and financial performance including our ability to achieve, maintain and increase long-term future profitability;

•our ability to successfully execute our business and growth strategy;

•the continued growth of the retail market and the increased acceptance of online transactions by potential customers;

•the size of our addressable market segments, market share, and market trends;

•our ability to compete in our industry;

•our ability to maintain and improve our market position;

•our ability to manage expansion into new geographies and offerings;

•our ability to effectively manage the continued growth of our workforce and operations;

•our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;

•our ability to effectively integrate acquisitions and realize the anticipated benefits of such transactions;

•the sufficiency of our cash and cash equivalents, and investments, to meet our liquidity needs;

•our ability to retain existing suppliers and merchants and to add new suppliers and merchants;

•our suppliers’ and merchants’ ability to supply high-quality and compliant merchandise to our customers;

•the impact of cybersecurity incidents with respect to our systems and those of third parties on which we rely;

•our relationship with our employees and the status of our workers;

•our ability to operate and manage the expansion of our fulfillment and logistics infrastructure;

•the effects of seasonal trends on our results of operations;

•our ability to implement, maintain, and improve our internal control over financial reporting;

•our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;

•the impact of world events such as natural disasters, acts of war or geopolitical conflicts, terrorism or disease outbreaks;

•the effects of global macroeconomic conditions, including, but not limited to, inflationary pressures, a general economic slowdown or recession, interest rate fluctuations and changes in monetary policy;

•our ability to attract, retain, and motivate skilled personnel, including key members of our senior management;

•our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in Korea and internationally and our expectations regarding various laws and restrictions that relate to our business; and

•the outcomes of any claims, litigation, governmental audits, inspections, and investigations; and

•the other factors set forth in Part 1, Item 1A, under the caption “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”)

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Form 10-Q.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part 1, Item 1A, under the caption “Risk Factors,” of our 2023 Form 10-K and elsewhere in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe such information provides a

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reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (ir.aboutcoupang.com), our filings with the Securities and Exchange Commission (the “SEC”), webcasts, press releases, conference calls, and social media. We use these mediums to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website. Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Form 10-Q or any other report or document we file with the SEC.

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Part I. Financial Information

Item 1. Financial Statements (Unaudited)

COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net retail sales	$	6,140	$	5,315	$	17,814	$	15,660
Net other revenue	1,726		869		4,489		2,162
Total net revenues	7,866		6,184		22,303		17,822

Cost of sales	5,597		4,618		15,963		13,312
Operating, general and administrative	2,160		1,478		6,216		4,168
Total operating cost and expenses	7,757		6,096		22,179		17,480

Operating income	109		88		124		342

Interest income	55		50		163		124
Interest expense	(36)		(13)		(100)		(34)
Other income (expense), net	4		(8)		7		(20)
Income before income taxes	132		117		194		412

Income tax expense	68		26		259		85

Net income (loss)	$	64	$	91	$	(65)	$	327
Net loss attributable to noncontrolling interests	(6)		—		(63)		—
Net income (loss) attributable to Coupang stockholders	$	70	$	91	$	(2)	$	327

Earnings per share
Basic	$	0.04	$	0.05	$	—	$	0.18
Diluted	$	0.04	$	0.05	$	—	$	0.18
Weighted-average shares outstanding
Basic	1,795		1,784		1,792		1,780
Diluted	1,829		1,808		1,792		1,801

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net income (loss)	$	64	$	91	$	(65)	$	327

Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	148		(26)		(36)		(53)
Actuarial gain (loss) on defined severance benefits, net of tax	1		2		4		(7)
Total other comprehensive income (loss)	149		(24)		(32)		(60)

Comprehensive income (loss)	213		67		(97)		267
Comprehensive loss attributable to noncontrolling interests	(4)		—		(61)		—
Comprehensive income (loss) attributable to Coupang stockholders	$	217	$	67	$	(36)	$	267

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in millions)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	5,822	$	5,243
Restricted cash	139		353
Accounts receivable, net	517		314
Inventories	2,181		1,666
Prepaids and other current assets	553		316
Total current assets	9,212		7,892

Property and equipment, net	2,997		2,465
Operating lease right-of-use assets	2,240		1,601
Deferred tax assets	764		925
Intangible assets, net	306		37
Long-term lease deposits and other	823		426
Total assets	$	16,342	$	13,346

Liabilities, redeemable noncontrolling interests, and equity
Accounts payable	$	5,899	$	5,099
Accrued expenses	473		352
Deferred revenue	191		97
Short-term borrowings	379		282
Current portion of long-term debt	22		203
Current portion of long-term operating lease obligations	456		386
Other current liabilities	765		526
Total current liabilities	8,185		6,945

Long-term debt	1,194		529
Long-term operating lease obligations	1,970		1,387
Defined severance benefits and other	716		381
Total liabilities	12,065		9,242

Commitments and contingencies (Note 10)

Redeemable noncontrolling interests	84		15

Equity
Common stock	—		—
Class A — shares authorized 10,000, outstanding 1,621 and 1,616 Class B — shares authorized 250, outstanding 175 and 175
Additional paid-in capital	8,625		8,489
Accumulated other comprehensive loss	(51)		(17)
Accumulated deficit	(4,385)		(4,383)

Noncontrolling interests	4		—
Total equity	4,193		4,089
Total liabilities, redeemable noncontrolling interests and equity	$	16,342	$	13,346

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

(unaudited)


	Redeemable Noncontrolling Interests		Class A and Class B Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interests		Total Equity
(in millions)			Shares	Amount
Balance as of December 31, 2022	$	—	1,773	$	—	$	8,154	$	3	$	(5,743)	$	—	$	2,414
Net income	—		—	—		—		—		91		—		91
Foreign currency translation adjustments, net of tax	—		—	—		—		(19)		—		—		(19)
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		1		—		—		1
Issuance of common stock upon exercise of stock options	—		1	—		3		—		—		—		3
Issuance of common stock upon settlement of restricted stock units	—		3	—		—		—		—		—		—
Equity-based compensation	—		—	—		70		—		—		—		70
Balance as of March 31, 2023	$	—	1,777	$	—	$	8,227	$	(15)	$	(5,652)	$	—	$	2,560
Net income	—		—	—		—		—		145		—		145
Foreign currency translation adjustments, net of tax	—		—	—		—		(8)		—		—		(8)
Actuarial loss on defined severance benefits, net of tax	—		—	—		—		(10)		—		—		(10)
Issuance of common stock upon exercise of stock options	—		1	—		2		—		—		—		2
Issuance of common stock upon settlement of restricted stock units	—		3	—		—		—		—		—		—
Equity-based compensation	—		—	—		86		—		—		—		86
Balance as of June 30, 2023	$	—	1,781	$	—	$	8,315	$	(33)	$	(5,507)	$	—	$	2,775
Net income	—		—	—		—		—		91		—		91
Foreign currency translation adjustments, net of tax	—		—	—		—		(26)		—		—		(26)
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		2		—		—		2
Issuance of common stock upon exercise of stock options	—		1	—		2		—		—		—		2
Issuance of common stock upon settlement of restricted stock units	—		4	—		—		—		—		—		—
Equity-based compensation	—		—			84		—		—		—		84
Balance as of September 30, 2023	$	—	1,786	$	—	$	8,401	$	(57)	$	(5,416)	$	—	$	2,928

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	Redeemable Noncontrolling Interests		Class A and Class B Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interests		Total Equity
(in millions)			Shares	Amount
Balance as of December 31, 2023	$	15	1,791	$	—	$	8,489	$	(17)	$	(4,383)	$	—	$	4,089
Net (loss) income	(25)		—	—		—		—		5		(4)		1
Capital contributions from noncontrolling interest holders	55		—	—		—		—		—		—		—
Recognition of noncontrolling interest upon acquisition	69		—	—		—		—		—		10		10
Foreign currency translation adjustments, net of tax	—		—	—		—		(105)		—		—		(105)
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		1		—		—		1
Issuance of common stock upon exercise of stock options	—		—	—		1		—		—		—		1
Issuance of common stock upon settlement of restricted stock units	—		4	—		—		—		—		—		—
Equity-based compensation	—		—	—		88		—		—		—		88
Balance as of March 31, 2024	$	114	1,795	$	—	$	8,578	$	(121)	$	(4,378)	$	6	$	4,085
Net loss	(21)		—	—		—		—		(77)		(7)		(84)


Foreign currency translation adjustments, net of tax	(1)		—	—		—		(79)		—		—		(79)
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		2		—		—		2
Issuance of common stock upon exercise of stock options	—		1	—		—		—		—		—		—
Issuance of common stock upon settlement of restricted stock units	—		4	—		—		—		—		—		—
Repurchase of Class A common stock	—		(10)	—		(178)		—		—		—		(178)
Equity-based compensation	—		—	—		109		—		—		—		109
Balance as of June 30, 2024	$	92	1,790	$	—	$	8,509	$	(198)	$	(4,455)	$	(1)	$	3,855
Net (loss) income	(11)		—	—		—		—		70		5		75


Foreign currency translation adjustments, net of tax	3		—	—		—		146		—		—		146
Actuarial gain on defined severance benefits, net of tax	—		—	—		—		1		—		—		1
Issuance of common stock upon exercise of stock options	—		—	—		2		—		—		—		2
Issuance of common stock upon settlement of restricted stock units	—		5	—		—		—		—		—		—
Equity-based compensation	—		—	—		114		—		—		—		114
Balance as of September 30, 2024	$	84	1,795	$	—	$	8,625	$	(51)	$	(4,385)	$	4	$	4,193

The accompanying notes are an integral part of these condensed consolidated financial statements

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COUPANG, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
(in millions)	2024		2023
Operating activities
Net (loss) income	$	(65)	$	327
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	313		198
Provision for severance benefits	138		117
Equity-based compensation	311		240
Non-cash operating lease expense	325		248
Deferred income taxes	142		—
Other	175		100
Change in operating assets and liabilities, net of acquisition:
Accounts receivable, net	116		(114)
Inventories	(234)		(87)
Other assets	(264)		(65)
Accounts payable	310		1,235
Accrued expenses	32		15
Other liabilities	(89)		(171)
Net cash provided by operating activities	1,210		2,043

Investing activities
Purchases of property and equipment	(665)		(662)
Proceeds from sale of property and equipment	8		12
Net cash acquired in acquisition	68		—
Other investing activities	(89)		(14)
Net cash used in investing activities	(678)		(664)

Financing activities
Proceeds from issuance of common stock, equity-based compensation plan	3		7
Repurchase of Class A common stock	(178)		—
Proceeds from short-term borrowings and long-term debt	425		417
Repayment of short-term borrowings and long-term debt	(383)		(64)
Other financing activities	44		2
Net cash (used in) provided by financing activities	(89)		362
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(78)		(167)
Net increase in cash and cash equivalents, and restricted cash	365		1,574
Cash and cash equivalents, and restricted cash, as of beginning of period	5,597		3,687
Cash and cash equivalents, and restricted cash, as of end of period	$	5,962	$	5,261

The accompanying notes are an integral part of these condensed consolidated financial statements.

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COUPANG, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.

The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K.

Farfetch Acquisition

In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to “Note 11 - Business Combinations – Farfetch” for additional information.

Recent Accounting Pronouncements Adopted

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ending December 31, 2024.

Recent Accounting Pronouncements Yet To Be Adopted

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We will apply the guidance starting with our consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.

2. Net Revenues

Details of total net revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net retail sales	$	6,140	$	5,315	$	17,814	$	15,660
Third-party merchant services	1,499		709		3,920		1,732
Other revenue	227		160		569		430
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822

This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from owned inventory product sales to consumers. Third-

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party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through our online businesses. Other revenue includes revenue earned from our Rocket WOW membership program and various other offerings.

Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in deferred revenue on the condensed consolidated balance sheets. We recognized revenue of $92 million and $89 million for the nine months ended September 30, 2024 and 2023, respectively, primarily related to payments in advance of products and services delivered which were included in deferred revenue on the consolidated balance sheets as of the beginning of the respective years.

3. Segment Reporting

We own and operate a retail business that primarily serves the Korean retail market along with other international markets. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. We have two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance.

Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery category offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions, and logistics and fulfillment fees earned from merchants that sell products through our mobile application and website, and from Rocket WOW membership.

Developing Offerings includes our more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service in Korea, Coupang Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our newly acquired global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from our luxury fashion marketplace through Farfetch, our online restaurant ordering and delivery services in Korea and retail operations in Taiwan.

Our segment operating performance measure is segment adjusted EBITDA. Segment adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.

We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.

Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net revenues
Product Commerce	$	6,891	$	5,966	$	19,816	$	17,306
Developing Offerings	975		218		2,487		516
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822
Segment adjusted EBITDA
Product Commerce	$	470	$	399	$	1,467	$	1,095
Developing Offerings	(127)		(161)		(513)		(316)
Total segment adjusted EBITDA	$	343	$	239	$	954	$	780
Reconciling items:
Depreciation and amortization	$	(112)	$	(67)	$	(313)	$	(198)
Equity-based compensation	(114)		(84)		(311)		(240)
Acquisition and restructuring related costs	(8)		—		(85)		—
KFTC administrative fine (see Note 10)	—		—		(121)		—
Interest expense	(36)		(13)		(100)		(34)
Interest income	55		50		163		124
Other income (expense), net	4		(8)		7		(20)
Income before income taxes	$	132	$	117	$	194	$	412

Note: Amounts may not foot due to rounding.

Coupang, Inc.

Q3 2024 Form 10-Q


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4. Defined Severance Benefits

The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Current service costs	$	43	$	36	$	123	$	104
Interest cost	3		3		11		10
Amortization of:
Prior service credit	1		1		2		2
Net actuarial loss	1		1		2		1
Net periodic benefit cost	$	48	$	41	$	138	$	117

5. Income Taxes

Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences.

The increase in our effective tax rate for the three and nine months ended September 30, 2024 is primarily due to the loss before income taxes incurred by Farfetch, with no offsetting tax benefit, and the prospective impact of releasing the valuation allowance on our Korean deferred tax assets in the fourth quarter of 2023. Specific to the nine months ended September 30, 2024, our effective tax rate also increased due to the impact of the non-deductible KFTC administrative fine (the “administrative fine”) discussed in “Note 10 - Commitments and Contingencies”.

6. Earnings per Share

Basic earnings per share is computed by dividing net (loss) income attributable to Coupang stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income attributable to Coupang stockholders by the weighted-average number of shares of common stock and potentially dilutive common stock outstanding during the period.

We have two classes of common stock outstanding, Class A common stock and Class B common stock (collectively “common stock”), with equal rights to dividends and income. Earnings per share attributable to Coupang stockholders are therefore the same for Class A and Class B common stock, both on an individual and combined basis.

Coupang, Inc.

Q3 2024 Form 10-Q


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The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income attributable to Coupang stockholders	$	70	$	91	$	(2)	$	327

Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	1,795		1,784		1,792		1,780
Dilutive effect of equity compensation awards	34		24		—		21
Diluted	1,829		1,808		1,792		1,801

Earnings per share:
Basic	$	0.04	$	0.05	$	—	$	0.18
Diluted	$	0.04	$	0.05	$	—	$	0.18

Anti-dilutive shares	—		2		30		4

Note: Amounts may not foot due to rounding.

7. Fair Value Measurement

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP established a hierarchy framework to classify the fair value measurement into one of the three levels based on the observability of significant inputs to the measurement.

The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:


(in millions)	Classification	Measurement Level	September 30, 2024		December 31, 2023
Financial assets
Money market trust	Cash and cash equivalents	Level 1	$	1,737	$	1,582
Money market fund	Cash and cash equivalents	Level 1	$	723	$	1,205
Money market trust	Restricted cash	Level 1	$	92	$	86

8. Supplemental Financial Information

Supplemental Disclosure of Cash flow Information


	Nine Months Ended September 30,
(in millions)	2024		2023
Supplemental disclosure of cash flow information


Cash paid for the amount used to measure the operating lease liabilities	$	425	$	325
Operating lease assets obtained in exchange for lease obligations	$	829	$	321
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	$	168	$	77
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable	$	51	$	14

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.


(in millions)	September 30, 2024		December 31, 2023
Current assets
Cash and cash equivalents	$	5,822	$	5,243
Restricted cash	139		353
Noncurrent assets
Restricted cash included in long-term lease deposits and other	1		1
Total cash, cash equivalents and restricted cash	$	5,962	$	5,597

Supplier Financing Arrangements

We have agreements with third-party financial institutions to facilitate participating vendors’ and suppliers’ ability to settle payment obligations from us to designated third-party financial institutions. Participating vendors and suppliers may, at their sole discretion, settle obligations prior to their scheduled due dates at a discounted price to the participating financial institutions. The invoices that have been confirmed as valid under the program require payment, in full, based on the original standard invoice terms. Confirmed invoices owed to financial institutions under these programs are included within accounts payable and were $465 million and $459 million as of September 30, 2024 and December 31, 2023, respectively. Coupang or the financial institutions may terminate the agreement upon giving notice.

Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive loss includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of September 30, 2024 and December 31, 2023, the ending balance in accumulated other comprehensive (loss) income related to foreign currency translation adjustments was $6 million and $44 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(56) million and $(60) million, respectively.

Share Repurchase

In April 2024, we repurchased 10 million shares of our Class A common stock for $178 million in a private transaction.

9. Short-term Borrowings and Long-term Debt

Revolving Credit Facility

In January 2024, our senior unsecured credit facility (the “Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions.

The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions.

Taiwan Revolving Credit Facility

In September 2024, a Taiwan subsidiary entered into a new five-year senior unsecured credit facility (the “Taiwan Revolving Credit Facility”) providing for revolving loans in an aggregate principal amount of up to $207 million. The Taiwan Revolving Credit Facility permits the borrower to obtain incremental commitments up to $307 million, subject to customary conditions. Borrowings under the Taiwan Revolving Credit Facility bear interest at a rate per annum equal to the Taipei Interbank Offered Rate (TAIBOR) plus 1.25%.

The Taiwan Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of September 30, 2024, there was no balance outstanding on the Taiwan Revolving Credit Facility.

Farfetch Term Loan

As part of the Farfetch Acquisition, our subsidiary assumed the then outstanding syndicated Term Loans (“Farfetch Term Loans”) under Farfetch’s existing Credit Agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. Repayment of the Farfetch Term Loans is due in quarterly installments, of 0.25% of the original principal balance, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early payment is permitted. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum. As of September 30, 2024, $571 million was outstanding.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

The Farfetch Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch.

Our debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rate for similar types of borrowing arrangements. The carrying amount of debt approximates its fair value as of September 30, 2024 and December 31, 2023 due primarily to the interest rates approximating market interest rates.

We were in compliance with the covenants for each of our borrowings and debt agreements as of September 30, 2024.

10. Commitments and Contingencies

Commitments

Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. 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.

New Guards Group

As a result of efforts to restructure unfavorable economic terms within licensing arrangements involving New Guards Group Holdings S.p.A. and certain of its subsidiaries (collectively “NGGH”), a subsidiary acquired in the Farfetch Acquisition, and Authentic Brands Group LLC (the “licensor”), NGGH received a termination notice from the licensor in October 2024. The license agreement granted NGGH distribution rights for Reebok-branded footwear and apparel ranges within certain countries in the European region and provided for minimum guaranteed royalties to be paid by NGGH over the remaining eight years of the agreement, with no cancellation rights. NGGH’s minimum guarantee liability was recorded at fair value at acquisition and had a carrying value of $136 million as of September 30, 2024. Licensor has alleged as an effect of the notice all unpaid minimum guarantees and other related breach payments totaling $312 million became payable by NGGH to the licensor, and all rights in and to the licensed property reverted to the licensor. Coupang has not guaranteed payments under the license agreement, and the liability is limited to NGGH. The brand license intangible asset acquired was recorded at fair value at acquisition and had a carrying value of $44 million as of September 30, 2024.

Legal Matters

From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

Coupang, Inc.

Q3 2024 Form 10-Q


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Litigation

On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc. et al was brought against Coupang, Inc., and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12, and 15 of the Securities Act of 1933. The action was amended on May 22, 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. Between August and December 2023, three separate stockholders’ derivative actions were filed in the United States District Court for the Southern District of New York against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al, bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We believe all the aforementioned actions are without merit and intend to vigorously defend against the aforementioned actions. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurance as to the scope and outcome of this matter and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.

Korea Fair Trade Commission Investigations

In June 2021, the Korea Fair Trade Commission (the “KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act, including alleged preferential treatments of private labelled products provided by our subsidiary, Coupang Private Label Brands. In June 2024, the KFTC publicly announced that as a result of their investigation, they determined that our product search rankings violated Korean law; a regulatory finding subject to judicial review, and that they would impose an administrative fine on us and that they intended to direct us to take certain related corrective actions. Payments of fines to the KFTC are not stayed during an appeal process and as a result, we accrued the administrative fine in the second quarter of 2024, resulting in a charge, included within operating, general and administrative expenses, of approximately $121 million. The Company will pay the administrative fine in six installments over two years and made the first payment in October 2024 and will make the last payment in June 2026.

In August 2024, we received the KFTC’s formal written decision, and in September 2024, we appealed such decision. That appeal is pending, and the first hearing of the administrative litigation action will be held on November 21, 2024. We also filed a preliminary injunction with the Seoul High Court to stay the fine and corrective orders during the pendency of the appeal. In October 2024, the Seoul High Court granted our request for suspension of the KFTC’s corrective orders, but dismissed the request for a stay of the KFTC’s administrative fine. The KFTC subsequently appealed the Seoul High Court’s decision to grant a suspension of the corrective orders.

The KFTC is also investigating us on other matters related to the alleged violations of certain KFTC regulations. We are diligently cooperating with these investigations, and actively defending our practices as appropriate.

Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from these other KFTC Investigations, in excess of the amounts accrued. Accordingly, we can provide no assurance as to the scope and outcome of these other matters and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.

11. Business Combinations – Farfetch

Farfetch Acquisition

On January 30, 2024 we completed the acquisition of Farfetch. We believe the acquisition will allow us to expand into luxury retail. We have accounted for this acquisition as a business combination. Total purchase consideration consisted of amounts previously funded to Farfetch under a loan prior to acquisition (the “Bridge Loan”) and required partial repayment of the Farfetch Term Loans at the close of the transaction.


(in millions)	Estimated Fair Value
Farfetch Term Loan repayment	$	58
Bridge Loan contribution	150
Total purchase consideration	$	208

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Purchase Price Allocation

We have estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information becomes available during the measurement period. The measurement period will end no later than one year from the acquisition date.

The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:


(in millions)	Estimated Fair Value
Assets acquired
Cash and cash equivalents	$	126
Accounts receivable, net	288
Inventories	310
Prepaids and other current assets	224
Property and equipment, net	95
Intangible assets	325
Operating lease right-of-use assets	209
Other non-current assets	227
Liabilities assumed
Accounts payable	(505)
Other current liabilities	(169)
Long-term debt	(557)
Operating lease obligations	(214)
Other non-current liabilities	(177)
Net assets assumed	182
Noncontrolling interests	(78)
Goodwill on acquisition	104
Total consideration	$	208

The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill which is not deductible for tax purposes. Goodwill represents the future economic benefits we expect to achieve as a result of the acquisition, including the workforce of the acquired business as well as future operational and logistical cost efficiencies expected to be achieved. During the three months ended September 30, 2024, certain insignificant measurement period adjustments were made to the initial allocation, and the preliminary amount of goodwill was increased by $22 million. Goodwill was recorded in our Developing Offerings segment.

The identifiable intangible assets acquired were as follows:


(in millions, except years)	Weighted Average Useful Life	Estimated Fair Value
Brand trademarks	5 years	$	130
Customer relationships	5 years	34
Supplier relationships	15 years	61
Developed technology	3 years	38
Brand licenses	8 years	62
Total intangible assets		$	325

The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2024
Total net revenues	$	439	$	1,187






Net loss	$	(44)	$	(274)

Acquisition-related costs were recorded as operating expenses for the three months ended September 30, 2024 and were not material.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Supplemental Pro Forma Information (Unaudited)

The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Pro Forma Information
Total net revenues	$	7,866	$	6,791	$	22,490	$	19,558
Net income (loss)	$	61	$	103	$	(167)	$	158

These pro forma results are based on estimates and assumptions, which we believe are reasonable. They are illustrative only and are not the results that would have been achieved had the acquisition actually occurred on January 1, 2023, nor are they indicative of future results. The pro forma results include adjustments related to the business combination, including amortization of acquired intangibles, stock-based compensation, lease expense, and income taxes.

Coupang, Inc.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Form 10-Q, as well as our audited consolidated financial statements included in our 2023 Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-Q. As a result of many factors, including, without limitation, those factors set forth in the “Risk Factors” section of our 2023 Form 10-K and the “Risk Factors” section of subsequent Quarterly Reports on Form 10-Q, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding.


			Page
Overview			19
Key Business Metrics			20
Results of Operations			21
Non-GAAP Financial Measures			23
Liquidity and Capital Resources			26
Critical Accounting Policies and Estimates			28
Recently Adopted Accounting Pronouncements			28

Overview

Coupang is a technology and Fortune 200 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including South Korea, Taiwan, Singapore, China, India and Europe. Coupang’s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, “How did I ever live without Coupang?”

We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants, in Korea. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight—across millions of products in Korea. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies.

In January 2024 we acquired the business and assets of Farfetch, a leading global marketplace for the luxury fashion industry which connects customers with some of the world’s best luxury boutiques and brands.

Our segments reflect the way we evaluate our business performance and manage operations. See Note 3 — "Segment Reporting" to the condensed consolidated financial statements included elsewhere in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Product Commerce primarily includes our core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions, logistics and fulfillment fees earned from merchants that sell products through our mobile application and website, and from Rocket WOW membership.

Developing Offerings includes more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service in Korea, Coupang Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings, and also includes Farfetch, our newly acquired global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from our global luxury fashion marketplace, online restaurant ordering and delivery services in Korea and retail operations in Taiwan.

Coupang, Inc.

Q3 2024 Form 10-Q


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Key Financial and Operating Highlights:


(in millions)	Three Months Ended September 30,						% Change		Nine Months Ended September 30,						% Change
	2024			2023					2024(1)			2023
Total net revenues	$	7,866		$	6,184		27	%	$	22,303		$	17,822		25	%
Total net revenues, constant currency(2)	$	8,143					32	%	$	23,156					30	%
Gross profit(3)	$	2,269		$	1,566		45	%	$	6,340		$	4,510		41	%
Net income (loss)	$	64		$	91		(30)	%	$	(65)		$	327		(120)	%
Net income (loss) margin	0.8		%	1.5		%			(0.3)		%	1.8		%
Adjusted EBITDA(2)	$	343		$	239		44	%	$	954		$	780		22	%
Adjusted EBITDA margin(2)	4.4		%	3.9		%			4.3		%	4.4		%
Net cash provided by operating activities	$	334		$	722		(54)	%	$	1,210		$	2,043		(41)	%
Free cash flow(2)	$	(42)		$	536		(108)	%	$	553		$	1,393		(60)	%
Segment adjusted EBITDA:
Product Commerce	$	470		$	399		18	%	$	1,467		$	1,095		34	%
Developing Offerings	$	(127)		$	(161)		(21)	%	$	(513)		$	(316)		62	%


	Trailing Twelve Months Ended September 30,				% Change
(in millions)	2024		2023
Net cash provided by operating activities	$	1,818	$	2,623	(31)	%
Free cash flow(2)	$	935	$	1,855	(50)	%

(1)Includes results of operations of Farfetch from acquisition date, January 30, 2024.

(2)Total net revenues, constant currency; total net revenues growth, constant currency; adjusted EBITDA; adjusted EBITDA margin; and free cash flow are non-GAAP measures. See “Non-GAAP Financial Measures” and “Reconciliations of GAAP to Non-GAAP Measures” below for the reconciliation of the Non-GAAP measures with their comparable amounts prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(3)Gross profit is calculated as total net revenues minus cost of sales.

Key Business Metrics


	Three Months Ended
Net revenues per Product Commerce Active Customer	September 30,			June 30,			March 31,
2024	$	307		$	296		$	302
2023	$	296		$	293		$	305
Percentage change	4		%	1		%	(1)		%


	Three Months Ended
Product Commerce Active Customers (in millions)	September 30,		June 30,		March 31,
2024	22.5		21.7		21.5
2023	20.2		19.4		18.6
Percentage change	11	%	12	%	16	%

Net Revenues per Product Commerce Active Customer

Net revenues per Product Commerce Active Customer is the total Product Commerce net revenues generated in a period divided by the total number of Product Commerce Active Customers in that period. A key driver of growth is increasing the frequency and the level of spend of customers who are shopping on our Product Commerce apps or websites. We therefore view net revenues per Product Commerce Active Customer as a key indicator of engagement and retention of our customers and our ability to drive future revenue growth, though there may be a short-term dilutive impact when a large number of new Product Commerce active customers are added in a recent period.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Product Commerce Active Customers

As of the last date of each reported period, we determine our number of Product Commerce Active Customers by counting the total number of individual customers who have ordered at least once directly from our Product Commerce apps or websites during the relevant period. A customer is anyone who has created an account on our apps or websites, identified by a unique email address. The change in Product Commerce Active Customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the period. We view the number of Product Commerce Active Customers as an indicator of future growth in our net revenue, the reach of our network, the awareness of our brand, and the engagement of our customers.

Results of Operations


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2024		2023		% Change		2024(1)		2023		% Change
Net retail sales	$	6,140	$	5,315	16	%	$	17,814	$	15,660	14	%
Net other revenue	1,726		869		99	%	4,489		2,162		108	%
Total net revenues	7,866		6,184		27	%	22,303		17,822		25	%

Cost of sales	5,597		4,618		21	%	15,963		13,312		20	%
Operating, general and administrative	2,160		1,478		46	%	6,216		4,168		49	%
Total operating cost and expenses	7,757		6,096		27	%	22,179		17,480		27	%

Operating income	109		88		24	%	124		342		(64)	%
Interest income	55		50		10	%	163		124		31	%
Interest expense	(36)		(13)		177	%	(100)		(34)		194	%
Other income (expense), net	4		(8)		(150)	%	7		(20)		(135)	%
Income before income taxes	132		117		13	%	194		412		(53)	%
Income tax expense	68		26		162	%	259		85		205	%
Net income (loss)	$	64	$	91	(30)	%	$	(65)	$	327	(120)	%

(1)Includes results of operations of Farfetch from acquisition date, January 30, 2024.

Total Net Revenues

We categorize our total net revenues as (1) net retail sales and (2) net other revenue. Total net revenues incorporate reductions for estimated returns, promotional discounts, and earned loyalty rewards and exclude amounts collected on behalf of third parties, such as value added taxes. We periodically provide customers with promotional discounts to retail prices, such as percentage discounts and other similar offers, to incentivize increased customer spending and loyalty. These promotional discounts are discretionary and are reflected as reductions to the selling price and revenue recognized on each corresponding transaction. Loyalty rewards are offered as part of revenue transactions to all retail customers in Korea, whereby rewards are earned as a percentage of each purchase, for the customer to apply towards the purchase price of a future transaction. We defer a portion of revenue from each originating transaction, based on the estimated standalone selling price of the loyalty reward earned, and then recognize the revenue as the loyalty reward is redeemed in a future transaction, or when they expire. The amount of the deferred revenue related to these loyalty rewards is not material.


	Three Months Ended September 30,				% Change				Nine Months Ended September 30,				% Change
(in millions)	2024		2023		As Reported		Constant Currency		2024		2023		As Reported		Constant Currency
Net retail sales	$	6,140	$	5,315	16	%	20	%	$	17,814	$	15,660	14	%	18	%
Net other revenue	1,726		869		99	%	105	%	4,489		2,162		108	%	115	%
Total net revenues	$	7,866	$	6,184	27	%	32	%	$	22,303	$	17,822	25	%	30	%

Net retail sales represent the majority of our total net revenues which we earn from online product sales of our owned inventory to customers. Net other revenue includes revenue from commissions earned from merchants that sell their products through our apps or websites. We are not the merchant of record in these transactions, nor do we take possession of the related inventory. Net other revenue also includes consideration from online restaurant ordering and delivery services performed by us, as well as advertising services provided on our apps or websites. We also earn subscription revenue from memberships to our Rocket WOW membership program, which is also included in net other revenue.

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Fulfillment and Logistics by Coupang (“FLC”) is a Product Commerce offering that enables participating merchants to leverage our end-to-end integrated logistics and fulfillment network. Prior to the second quarter of 2023 contract terms with FLC merchants resulted in the transfer of control of the merchants’ products to us and Coupang is the seller of record in these transactions, whereby revenue is recorded on a gross basis (principal). Beginning in the second quarter of 2023, we changed the FLC program and related contracts with merchants, streamlining the overall process for merchants and us. As a result of these changes, control of these products is no longer transferred to the Company prior to sales. The change impacted how we recognize a portion of our revenue, from a gross basis (principal) to a net basis (agent). As of the end of the second quarter of 2023, the previous contract terms had expired, after which commissions and logistics and fulfillment fees earned from FLC merchants under the new contracts are recorded in net other revenue.

The following table presents our total net revenues by segment.


	Three Months Ended September 30,				% Change				Nine Months Ended September 30,				% Change
(in millions)	2024		2023		As Reported		Constant Currency		2024		2023		As Reported		Constant Currency
Product Commerce	$	6,891	$	5,966	16	%	20	%	$	19,816	$	17,306	15	%	19	%
Developing Offerings	975		218		347	%	356	%	2,487		516		382	%	392	%
Total net revenues	$	7,866	$	6,184	27	%	32	%	$	22,303	$	17,822	25	%	30	%

The increase in Product Commerce net revenues for the three and nine months ended September 30, 2024 is primarily due to continued growth in both our total net revenues per Product Commerce Active Customer and Product Commerce Active Customers, increasing 4% and 11% year-over-year, respectively driven by increased customer engagement within and across more product categories. The growth rate for the nine months ended September 30, 2024 was partially offset by a 5% net revenue decline from our transition of FLC merchants to new contracts now recognized on a net basis.

The increase in Developing Offerings for the three and nine months ended September 30, 2024 is primarily due to incremental revenues from our acquisition of Farfetch in the first quarter of 2024 of $439 million and $1.2 billion, respectively. The remaining increase is primarily due to our growth initiatives in Eats and Taiwan.

Cost of Sales

Cost of sales primarily consists of the purchase price of products sold directly to customers where we record revenue gross, and includes logistics costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, delivery costs from our restaurant delivery business, and depreciation and amortization expense.

The increase for the three and nine months ended September 30, 2024 primarily reflects higher volume from increased sales and customer demand. Additionally, the acquisition of Farfetch increased cost of sales by $256 million and $679 million for the three and nine months ended September 30, 2024, respectively. Cost of sales as a percentage of revenue decreased from 74.7% for both the three and nine months ended September 30, 2023 to 71.2% and 71.6% for the three and nine months ended September 30, 2024, respectively, primarily due to further operational efficiencies, continued supply chain optimization, and an increased percentage of revenues earned from higher margin revenue categories and offerings. Cost of sales as a percentage of revenue also benefited from the inclusion of Farfetch, which operates with a higher gross profit margin, resulting in a 0.8% reduction of cost of sales as a percentage of revenue from both the three and nine months ended September 30, 2023. These benefits were partially offset by 0.6% and 1.0% impacts, respectively, from our other growth initiatives in developing offerings.

Operating, General and Administrative Expenses

Operating, general and administrative expenses include all our operating costs excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributed to receiving, inspecting, picking, packaging, and preparing customer orders), customer service-related costs, payment processing fees, costs related to the design, execution, and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization expense.

The increase for the three and nine months ended September 30, 2024 primarily reflects increases in technology and infrastructure costs to support our continued growth. Additionally, the acquisition of Farfetch increased operating costs for the three and nine months ended September 30, 2024 by $213 million and $706 million, respectively. The increase for nine months ended September 30, 2024, also includes the impact of the administrative fine of $121 million. These expenses as a percentage of revenue increased from 23.9% and 23.4% for the three and nine months ended September 30, 2023 to 27.5% and 27.9% for the three and nine months ended September 30, 2024 primarily consisting of 1.2% and 1.8% due to the inclusion of Farfetch, which operates with a higher expense margin. The remainder of the increase is due primarily to the increased technology and infrastructure costs. Specific to the nine months ended September 30, 2024, there is a 0.5% impact due to the administrative fine.

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Interest Income

Interest income primarily consists of interest earned on our deposits held with financial institutions.

Interest income for the three and nine months ended September 30, 2024 increased $5 million and $39 million compared to the prior year periods, primarily due to higher interest rates combined with higher average cash balances.

Income Tax Expense

We are subject to income taxes predominantly in Korea, as well as in the United States and other foreign jurisdictions in which we do business. Foreign jurisdictions have different statutory tax rates than those in the United States. Additionally, certain of our foreign earnings may also be taxable in the United States. Accordingly, our effective tax rate is subject to significant variation and can vary based on the amount of pre-tax income or loss, the relative proportion of foreign to domestic income, use of tax credits and changes in the valuation of our deferred tax assets and liabilities. Beginning in 2022, the Tax Cuts and Jobs Act, as currently enacted, requires taxpayers to capitalize research and development expenses with amortization periods over five and fifteen years, which has and is expected to continue to increase the amount of our global intangible low-taxed income (GILTI) inclusion.

The increase in our effective tax rate for the three and nine months ended September 30, 2024 is primarily due to the loss before income taxes incurred by Farfetch with no offsetting tax benefit and the prospective impact of releasing the valuation allowance on our Korean deferred tax assets in the fourth quarter of 2023. Specific to the nine months ended September 30, 2024, our effective tax rate also increased due to the impact of the non-deductible KFTC administrative fine.

Our effective rates for the three and nine months ended September 30, 2024 and 2023 differed from the federal statutory rate due to the impact of valuation allowances on our deferred tax assets, and tax credits used for the period, the impact of the administrative fine, and the mix of our income before income taxes generated across the various jurisdictions in which we operate, including the impact of international provisions of the Tax Cuts and Jobs Act and permanent differences from non-deductible expenses. We expect that our effective tax rate in future periods will continue to differ significantly from the applicable statutory rate.

Segment adjusted EBITDA

The operating performance measure of each segment is segment adjusted EBITDA. Segment adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, interest expense, interest income, income tax expense (benefit), other income (expense), net, equity-based compensation, impairments, and other items that we do not believe are reflective of our ongoing operations associated with our segments.


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2024		2023		% Change		2024		2023		% Change
Product Commerce	$	470	$	399	18	%	$	1,467	$	1,095	34	%
Developing Offerings	(127)		(161)		(21)	%	(513)		(316)		62	%
Consolidated adjusted EBITDA	$	343	$	239	44	%	$	954	$	780	22	%

Product Commerce

The increase for the three and nine months ended September 30, 2024 was primarily due to the increase in net revenues described above.

Developing Offerings

The decreased loss for the three months ended September 30, 2024 was the result of growth in revenue, as discussed above, combined with improved margins, partially offset by $2 million of incremental adjusted EBITDA loss from Farfetch. The increased loss for the nine months ended September 30, 2024 in Developing Offerings adjusted EBITDA was the result of increased investments in our Eats and Taiwan offerings, higher content costs for our Coupang Play offering and $64 million of incremental adjusted EBITDA losses from Farfetch.

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance. These non-GAAP financial measures may be different than similarly titled measures used by other companies.

Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with U.S. GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with our

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results of operations as determined in accordance with U.S. GAAP. These measures should only be used to evaluate our results of operations in conjunction with the corresponding U.S. GAAP measures.


Non-GAAP Measure	Definition	How We Use The Measure
Free Cash Flow	• Cash flow from operations Less: purchases of property and equipment, Plus: proceeds from sale of property and equipment.	• Provides information to management and investors about the amount of cash generated from our ongoing operations that, after purchases and sales of property and equipment, can be used for strategic initiatives, including investing in our business and strengthening our balance sheet, including paying down debt, and paying dividends to stockholders.
Adjusted EBITDA	• Net income (loss), excluding the effects of: - depreciation and amortization, - interest expense, - interest income, - other income (expense), net, - income tax expense (benefit), - equity-based compensation, - impairments, and - other items not reflective of our ongoing operations.	• Provides information to management to evaluate and assess our performance and allocate internal resources. • We believe Adjusted EBITDA and Adjusted EBITDA Margin are frequently used by investors and other interested parties in evaluating companies in the retail industry for period-to-period comparisons as they remove the impact of certain items that are not representative of our ongoing business, such as material non-cash items, acquisition-related transaction and restructuring costs, significant costs related to certain non-ordinary course legal and regulatory matters, and certain variable charges.
Adjusted EBITDA Margin	• Adjusted EBITDA as a percentage of total net revenues.
Constant Currency Revenue	• Constant currency information compares results between periods as if exchange rates had remained constant. • We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements, and use it to determine the constant currency revenue growth on a comparative basis. • Constant currency revenue is calculated by translating current period revenues using the prior period exchange rate.	• The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons. Our financial reporting currency is the U.S. dollar (“USD”) and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. For example, our business generates sales predominantly in Korean Won (“KRW”), which are favorably affected as the USD weakens relative to the KRW, and unfavorably affected as the USD strengthens relative to the KRW. • We use constant currency revenue and constant currency revenue growth for financial and operational decision-making and as a means to evaluate comparisons between periods. We believe the presentation of our results on a constant currency basis in addition to U.S. GAAP results helps improve the ability to understand our performance because they exclude the effects of foreign currency volatility that are not indicative of our actual results of operations.
Constant Currency Revenue Growth	• Constant currency revenue growth (as a percentage) is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates.

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Reconciliation of GAAP to Non-GAAP Measures

Free Cash Flow


	Three Months Ended September 30,				Nine Months Ended September 30,				Trailing Twelve Months Ended September 30,
(in millions)	2024		2023		2024		2023		2024		2023
Net cash provided by operating activities	$	334	$	722	$	1,210	$	2,043	$	1,818	$	2,623
Adjustments:
Purchases of land and buildings	(188)		(33)		(231)		(331)		(274)		(352)
Purchases of equipment	(192)		(158)		(434)		(331)		(625)		(431)
Total purchases of property and equipment	(380)		(191)		(665)		(662)		(899)		(783)
Proceeds from sale of property and equipment	4		5		8		12		15		15
Total adjustments	$	(376)	$	(185)	$	(657)	$	(650)	$	(884)	$	(768)
Free cash flow	$	(42)	$	536	$	553	$	1,393	$	935	$	1,855
Net cash used in investing activities	$	(383)	$	(152)	$	(678)	$	(664)	$	(941)	$	(794)
Net cash (used in) provided by financing activities	$	(9)	$	33	$	(89)	$	362	$	(252)	$	383

Adjusted EBITDA and Adjusted EBITDA Margin


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2024			2023			2024			2023
Total net revenues	$	7,866		$	6,184		$	22,303		$	17,822

Net income (loss)	64			91			(65)			327
Net income (loss) margin	0.8		%	1.5		%	(0.3)		%	1.8		%
Adjustments:
Depreciation and amortization	112			67			313			198
Interest expense	36			13			100			34
Interest income	(55)			(50)			(163)			(124)
Income tax expense	68			26			259			85
Other (expense) income, net	(4)			8			(7)			20
Acquisition and restructuring related costs	8			—			85			—
KFTC administrative fine	—			—			121			—
Equity-based compensation	114			84			311			240
Adjusted EBITDA	$	343		$	239		$	954		$	780
Adjusted EBITDA margin	4.4		%	3.9		%	4.3		%	4.4		%

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Constant Currency Revenue and Constant Currency Revenue Growth


	Three Months Ended September 30,								Year over Year Growth
	2024						2023
(in millions)	As Reported		Exchange Rate Effect		Constant Currency Basis		As Reported			As Reported		Constant Currency Basis
Consolidated
Net retail sales	$	6,140	$	221	$	6,361	$	5,315		16	%	20	%
Net other revenue	1,726		56		1,782		869			99	%	105	%
Total net revenues	$	7,866	$	277	$	8,143	$	6,184		27	%	32	%

Net Revenues by Segment
Product Commerce	$	6,891	$	256	$	7,147	$	5,966		16	%	20	%
Developing Offerings	975		20		995		218			347	%	356	%
Total net revenues	$	7,866	$	277	$	8,143	$	6,184		27	%	32	%


	Nine Months Ended September 30,								Year over Year Growth
	2024						2023
(in millions)	As Reported		Exchange Rate Effect		Constant Currency Basis		As Reported			As Reported		Constant Currency Basis
Consolidated
Net retail sales	$	17,814	$	698	$	18,512	$	15,660		14	%	18	%
Net other revenue	4,489		155		4,644		2,162			108	%	115	%
Total net revenues	$	22,303	$	853	$	23,156	$	17,822		25	%	30	%

Net Revenues by Segment
Product Commerce	$	19,816	$	801	$	20,617	$	17,306		15	%	19	%
Developing Offerings	2,487		52		2,539		516			382	%	392	%
Total net revenues	$	22,303	$	853	$	23,156	$	17,822		25	%	30	%

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 sources of liquidity are cash on hand, supplemented through various debt financing arrangements and sales of our equity securities. We had total cash, cash equivalents and restricted cash of $6.0 billion as of September 30, 2024, of which $4.9 billion was held by foreign subsidiaries, primarily in Korea, and may not be freely transferable to the U.S. due to local laws or other restrictions. Additionally, we have $1.1 billion available under our revolving 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 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, 2024 and December 31, 2023, we had equity of $4.2 billion and $4.1 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 continuation to expand 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 $328 million as of September 30, 2024. We expect that our future expenditures for both infrastructure and workforce-related costs will exceed several billion dollars over the next several years.

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Changes in our cash flows were as follows:


	Nine Months Ended September 30,
(in millions)	2024		2023		Change
Net cash provided by operating activities	$	1,210	$	2,043	$	(833)
Net cash used in investing activities	(678)		(664)		(14)
Net cash (used in) provided by financing activities	(89)		362		(451)

Operating Activities


	Nine Months Ended September 30,
(in millions)	2024		2023		Change
Net (loss) income	$	(65)	$	327	$	(392)
Adjustments to reconcile net (loss) income to net cash provided by operating activities	1,404		903		501
Change in operating assets and liabilities	(129)		813		(942)
Net cash provided by operating activities	$	1,210	$	2,043	$	(833)

The year-over-year change in operating cash flow was driven by a $392 million decrease in net income, which resulted in a net loss for the current period. Cash provided by operating activities was also impacted by the changes in operating assets and liabilities, including $199 million from other assets and $925 million from accounts payable primarily as a result of improved payment terms, primarily with certain large, multi-national suppliers which occurred in 2023, and $147 million from inventories primarily from the implementation of the FLC program in the prior year, partially offset by the accrual of the administrative fine during the second quarter of 2024.

Investing Activities

The decrease in cash outflow was mainly driven by the net cash acquired in the acquisition of Farfetch in exchange for the noncash contribution of the outstanding bridge loan. This was partially offset by the additional $75 million bridge loan made to Farfetch prior to the closing of the acquisition

Financing Activities

The cash outflow was primarily driven by a $319 million increase in repayments of debt and short-term borrowings due to the timing of maturities and the repurchase of 10 million shares of our Class A common stock for $178 million.

We believe that our sources of liquidity will be sufficient to meet our anticipated cash requirements for at least the next 12 months. However, we may need additional cash resources in the future if we find and pursue 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 further optimize 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. We generally enter into term loan facility agreements to finance the acquisition of property or construction of our fulfillment centers. These agreements may require that we provide for collateral equal to or greater than the amount borrowed under the arrangement. As we continue to build additional fulfillment centers, we expect our borrowings under debt financing arrangements to continue to increase.

Refer to Note 13 — "Commitments and Contingencies" of our consolidated financial statements in Part II, Item 8 of our 2023 Form 10-K for disclosure of our minimum contractual commitments. As part of the acquisition of Farfetch, we have a technology related service contract with minimum payments of $170 million covering services through 2027. Additionally, we assumed a license arrangement with minimum guaranteed royalties, refer to Note 10 — "Commitments and Contingencies".

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

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Revolving Credit Facility

In January 2024, our senior unsecured credit facility (“the Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions.

Refer to Note 12 — "Short-Term Borrowings and Long-Term Debt" of our consolidated financial statements in Part II, Item 8 of our 2023 Form 10-K for disclosure of our debt obligations and collateral.

Taiwan Revolving Credit Facility

Farfetch Acquisition

On January 31, 2024, we completed the acquisition of the business and assets of Farfetch, a leading global marketplace for the luxury fashion industry. In advance of the acquisition, our subsidiary provided $150 million to Farfetch under a bridge loan which was contributed towards the Farfetch Acquisition.

As part of the Farfetch Acquisition, a subsidiary of the Company assumed the then outstanding syndicated Term Loans under Farfetch’s existing Credit Agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. The Farfetch Term Loans are due in quarterly installments, of 0.25%, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early repayment is permitted. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum.

The Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch.

Critical Accounting Policies and Estimates

We prepare our financial statements in accordance with U.S. GAAP. Preparing these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. For a discussion of our critical accounting policies and estimates, refer to the section entitled “Critical Accounting Policies and Estimates” in our 2023 Form 10-K.

Other significant accounting policies are also discussed in Note 1 — “Description of Business and Summary of Significant Accounting Policies” to the consolidated financial statements in Part II, Item 8 of our 2023 Form 10-K.

Recently Adopted Accounting Pronouncements

See Note 1 — "Basis of Presentation and Summary of Significant Accounting Policies" to the condensed consolidated financial statements included elsewhere in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

In addition to the risks inherent in our operations, we are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates, foreign currency, and credit.

Interest Rate Risk

As of September 30, 2024, we had cash, cash equivalents, and restricted cash of $6.0 billion. Interest-earning instruments carry a degree of interest rate risk. Our interest rate risk arises primarily from our variable rate debt as well as our undrawn revolving credit facilities. Borrowings issued at variable rates expose us to variability in cash flows. We are a party to interest rate swap agreements to reduce some of our exposure to interest rate volatility of certain term loans. Our policy, in the management of interest rate risk, is to structure a reasonable balance between fixed and floating rate financial instruments as well as our cash and cash equivalents and any short-term investments we may hold. The balance struck by our management is dependent on prevailing interest rate markets at any point in time.

Our borrowings generally include lines of credit with financial institutions, some of which carry variable interest rates, and the Farfetch Term Loans which carries a variable interest rate. As of September 30, 2024, there were no balances outstanding on our revolving credit facilities and $571 million outstanding on the Farfetch Term Loans. Any future borrowings incurred under our revolving credit facilities would accrue interest at rates subject to current market conditions.

Foreign Currency Risk

We have accounts on our foreign subsidiaries’ ledgers, which are maintained in the respective subsidiary’s local currency and translated into USD for reporting of our consolidated financial statements. As a result, we are exposed to fluctuations in the exchange rates of various currencies against the USD and other currencies, including the KRW.

Transactional

We generate the majority of our revenue from customers within Korea. Typically, we aim to align costs with revenue denominated in the same currency, but we are not always able to do so. As a result of the geographic spread of our operations and due to our reliance on certain products and services priced in currencies other than KRW, our business, results of operations, and financial condition have been and will continue to be impacted by the volatility of the KRW against foreign currencies.

Translational

Coupang, Inc.’s functional currency and reporting currency is the USD. The local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary, is the KRW. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into USD at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into USD using average rates that approximate those in effect during the period. Consequently, increases or decreases in the value of the USD affect the value of these items with respect to the non-USD-denominated businesses in the consolidated financial statements, even if their value has not changed in their original currency. For example, a stronger USD will reduce the reported results of operations of non-USD-denominated businesses and conversely a weaker USD will increase the reported results of operations of non-USD-denominated businesses. An assumed hypothetical 10% adverse change in average exchange rates used to translate foreign currencies to USD would have resulted in a decline in total net revenues of approximately $683 million and $2.0 billion and an immaterial impact in net income for the three and nine months ended September 30, 2024, respectively.

At this time, we do not, but we may in the future, enter into derivatives or other financial instruments in an attempt to hedge our foreign currency risk. It is difficult to predict the impact hedging activities would have on our results of operations.

Credit Risk

Our cash and cash equivalents, deposits, and loans with banks and financial institutions are potentially subject to concentration of credit risk. We place cash and cash equivalents with financial institutions that management believes are of high credit quality. The degree of credit risk will vary based on many factors, including the duration of the transaction and the contractual terms of the agreement. As appropriate, management evaluates and approves credit standards and oversees the credit risk management function related to investments.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2024, our disclosure controls and procedures (as defined in rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) were evaluated, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), to assess whether they are effective in providing reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure and to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Based on this evaluation, and subject to the below exclusion, our CEO and CFO have concluded that, as of September 30, 2024, our disclosure controls and procedures were effective at a reasonable assurance level.

In accordance with the interpretative guidance issued by the SEC staff, companies are allowed to exclude acquired businesses from the assessment of internal control over financial reporting during the first year after completion of an acquisition and the disclosure controls and procedures of the acquired entity that are subsumed in the internal control over financial reporting from the assessment of disclosure controls and procedures. Based on this guidance, our assessment of the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2024 excluded the portion of disclosure controls and procedures that are subsumed by internal control over financial reporting of Farfetch. The Company completed the acquisition of Farfetch on January 30, 2024. Farfetch, excluding the effects of purchase accounting, represented 8% and 5% of the Company’s consolidated total assets and consolidated total revenues, respectively, as of and for the nine months ended September 30, 2024.

Material Weakness in Internal Control over Financial Reporting of Farfetch

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our consolidated financial statements will not be prevented or detected on a timely basis. Farfetch disclosed the existence of material weaknesses in its internal control over financial reporting in Item 15 of its Annual Report on Form 20-F for the year ended December 31, 2022.

The unremediated material weakness identified and disclosed by Farfetch related to the operating effectiveness of certain business process and information technology controls in the New Guards business. We are in the process of reviewing the operations of Farfetch and implementing Coupang’s internal control structure over the acquired operations. While we did not include Farfetch in our assessment of internal control over financial reporting as of September 30, 2024, we determined the material weakness previously disclosed by Farfetch was not fully remediated as of September 30, 2024 and could result in a material misstatement of our annual or interim consolidated financial statements that will not be prevented or detected on a timely basis. We are actively engaged in the remediation efforts.

Changes in Internal Control over Financial Reporting

We are taking actions to remediate the material weakness relating to the New Guards business. There was no change in our internal control over financial reporting that occurred during the quarter ended September 30, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls and Procedures

Our management, including our CEO and CFO, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Part II. Other Information

Item 1. Legal Proceedings

The information set forth under Note 10 — "Commitments and Contingencies" in our accompanying notes to the condensed consolidated financial statements under the caption “Legal Matters” is incorporated herein by reference.

Item 1A. Risk Factors

Investing in our securities involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties disclosed in Part 1, Item 1A, under the caption “Risk Factors,” of our 2023 Form 10-K which risks could materially and adversely affect our business, results of operations, financial condition, and liquidity. No material change in the risk factors discussed in such Form 10-K has occurred. Such risk factors may not be the only ones that we face because our business operations could also be affected by additional factors that are not presently known to us or that we currently consider to be immaterial to our operations. Our business operations could also be affected by additional factors that apply to all companies operating globally.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

c) Trading Plans

Mr. Bom Kim, our founder and Chief Executive Officer, adopted a pre-arranged stock trading plan (the “Plan”) in accordance with the SEC guidelines specified under Rule 10b5-1(c) under the Exchange Act and the policies of Coupang regarding stock transactions, to sell up to 15,000,000 shares of Coupang Class A Common Stock (the “Shares”), subject to certain terms and conditions, beginning no earlier than November 11, 2024. The Plan, which was entered into on August 12, 2024, will terminate the earlier of the sale of all 15,000,000 Shares pursuant to the Plan or August 29, 2025. Mr. Kim entered into the Plan to satisfy significant financial requirements, including tax obligations.

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

Item 6. Exhibits

Exhibit Number

Description of Exhibit

Provided Herewith

Incorporated by Reference

Form

File No.

Exhibit

Filing Date

3.1

Certificate of Incorporation of the Registrant.

10-Q

001-40115

3.1

November 12, 2021

3.2

Amended and Restated Bylaws of the Registrant.

8-K

001-40115

3.1

June 27, 2024

10.1+

Second Amended and Restated Executive Severance Policy.

31.1

Chief Executive Officer Section 302 Certification

31.2

Chief Financial Officer Section 302 Certification

32.1*

Chief Executive Officer Section 906 Certification

32.2*

Chief Financial Officer Section 906 Certification

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

XBRL Taxonomy Extension Schema Document.

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document.

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

_____________


+			Indicates management contract or compensatory plan, contract, or arrangement
*			Indicates furnished exhibit

Coupang, Inc.

Q3 2024 Form 10-Q


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


COUPANG, INC. (REGISTRANT)

By:			/s/ Jonathan Lee
			Jonathan Lee
			Chief Accounting Officer (Principal Accounting Officer)

Dated: November 6, 2024

Coupang, Inc.

Q3 2024 Form 10-Q

Exhibit 10.1

Coupang Second Amended and Restated Executive Severance Policy

As adopted on January 1, 2021; and last amended on September 10, 2024

1.Purpose

This Second Amended and Restated Executive Severance Policy, including any addenda and exhibits hereto (collectively, this “Policy”), governs the payment of severance pay to all Tier 1 Executives (as defined in Appendix A) and Tier 2 Executives (as defined in Appendix A) of the Coupang Group Companies (as defined in Appendix A) in connection with a Qualifying Separation (as defined below).

For purposes of this Policy, the term “Executive” refers to any Tier 1 Executive or Tier 2 Executive at a Coupang Group Company.

2.Definitions

Capitalized terms used but not otherwise defined herein have the meanings set forth in Appendix A.

3.Policy Statements

(a)Eligibility for Severance Pay

(i)Conditions for Eligibility

Upon a Qualifying Separation, an Executive shall be eligible to receive payments and benefits pursuant to and in accordance with this Policy (collectively, “Severance”) if and only if:

(A)except with respect to a termination due to death or Incapacity (as defined in Appendix A), the Executive first executes a resignation and release agreement provided by the Company or the applicable Coupang Group Company upon such terms, including any terms providing for restrictive covenants, as are determined by the Company or the applicable Coupang Group Company from time to time in its sole discretion (the “Release Agreement”), and allows any mandatory consideration or revocation period provided by law to lapse, provided that such Release Agreement must in any event

become irrevocable no later than sixty (60) days following such termination;

(B)the Executive continues to comply with the terms of the Release Agreement and any applicable confidentiality, non-competition, non-solicitation, and/or invention assignment agreement, and/or any such other appropriate agreements, between the Executive and the Coupang Group Company;

(C)there was no “Cause” (as defined in Appendix A) to terminate the Executive at the time of the Qualifying Separation of the Executive; and

(D)the Executive meets such other conditions as are stipulated in this Policy.

(ii)Cessation of Severance Upon Material Breach of Release Agreement

If the Company or the applicable Coupang Group Company determines, in its sole discretion, that the Executive has breached the Release Agreement, any and all installment Severance payments, including all payments under this Policy, shall cease immediately, and the Executive will be liable to repay any Severance already paid to the Executive hereunder.

(iii)Service as an Executive at Multiple Coupang Group Companies and Intercompany Transfers

(A)Except as set forth in Section 3(b)(iii)(B), an Executive’s (I) separation or termination, including any separation or termination that would otherwise qualify as a Qualifying Separation, from one of the Coupang Group Companies or (II) transfer from one Coupang Group Company to another Coupang Group Company shall not entitle the Executive to any Severance under this Policy as long as the Executive shall continue to serve as an Executive at another Coupang Group Company, and any Severance to be paid hereunder shall be determined only upon the Executive’s last-in-time Qualifying Separation from all Coupang Group Companies.

The Coupang Group Company that had appointed the Executive on the Separation Date (as defined below) of the last-in-time Qualifying Separation or, if there was no such Coupang Group Company, the last Coupang Group Company to which the Executive was providing services prior to the Separation Date of the last-in-time Qualifying Separation shall be referred to herein as

the “Service Recipient.” The Service Recipient shall (I) make the final calculation and determination of Severance, if any, to be paid hereunder to the Executive, (II) pay Severance hereunder, if any, to the Executive, and (III) claim from any former Coupang Group Companies to which the Executive had provided services the pro rata portion of Severance paid hereunder calculated in proportion to the Executive’s service period at each of such companies.

(B)In the event an Executive transfers from a Coupang Korea Company to another Coupang Group Company that is not a Coupang Korea Company, the Executive may be eligible to receive Severance according to the provisions this Policy at the sole discretion of the Administrator (as defined below) (any Severance so paid, the “Interim Severance”). For avoidance of doubt, in the event an Executive receives Interim Severance upon a transfer from a Coupang Korea Company to another Coupang Group Company that is not a Coupang Korea Company, the Interim Severance so paid shall be equivalent to, and in no event exceed, Severance the Executive would have been eligible to receive under this Policy upon a Voluntary Termination as if the Voluntary Termination was effective on the date of transfer from the applicable Coupang Korea Company. If the Executive receives any Interim Severance, any Severance that may be paid hereunder to the Executive upon such Executive’s last-in-time Qualifying Separation from all Coupang Group Companies shall be reduced by the amount of the Interim Severance.

(b)Qualifying Separation and Termination Types

A “Qualifying Separation” under this Policy shall occur upon the earliest to occur of a Non-CIC Involuntary Termination (as defined below) or a CIC Involuntary Termination (as defined below) or, any other resignation, termination, or separation event that is designated as an Additional Qualifying Separation in the relevant Country Addendum. For avoidance of any doubt, an Executive may not receive any Severance or any other benefits under this Policy with respect to more than one of the types of Qualifying Separations under this Policy.

Any Severance payable by any Coupang Group Company under this Policy shall be calculated solely and separately based on the compensation paid to the Executive by the Service Recipient as of the Separation Date (as defined below).

(i)Effective Date of a Qualification Separation

For purpose of this Policy, the term “Separation Date” means:

(A)with respect to any Non-CIC Involuntary Termination or any CIC Involuntary Termination, the latter of the date that is specified on the related Release Agreement or the date on which any notice period required under applicable law or regulations expire; and

(B)with respect to any Voluntary Termination, the earlier to occur of the effective date of resignation as specified in any notice of resignation by the Executive (or the date of the notice of resignation if no such date is specified therein), or the resignation date set forth in any applicable Release Agreement or other equivalent agreement, or the date of expiration of the Executive’s fixed-term service or appointment agreement or other equivalent agreement.

(ii)Non-CIC Involuntary Termination

An Executive will qualify for Severance under this Policy upon a “Non-CIC Involuntary Termination,” which shall occur if and when the Executive’s appointment is terminated by the relevant Coupang Group Company without Cause (including by reason of death or Incapacity) other than during a Change in Control Period (as defined in Appendix A).

For the avoidance of any doubt, the non-renewal of a fixed-term service or appointment agreement or other equivalent agreement between an Executive and a Coupang Group Company shall not be deemed a Non-CIC Involuntary Termination under this Policy.

(iii)CIC Involuntary Termination

An Executive will qualify for Severance under this Policy upon a “CIC Involuntary Termination,” which shall occur if and when the Executive’s appointment is terminated by the applicable Coupang Group Company without Cause (including by reason of death or Incapacity) or the Executive resigns from the Service Recipient for Good Reason (as defined in Appendix A), in either case, during a Change in Control Period.

For avoidance of any doubt, the non-renewal of a fixed-term service or appointment agreement or other equivalent agreement between an Executive and any Coupang Group Company shall not be deemed a CIC Involuntary Termination under this Policy.

(c)Other Qualifying Separation Types

Additional Qualifying Separation types may be specified in the applicable Country Addendum.

For the avoidance of doubt, the non-renewal of a fixed-term service or appointment agreement between an Executive and a Coupang Group Company shall not be deemed a Non-CIC Involuntary Termination or a CIC Involuntary Termination, but may qualify as an Additional Qualifying Separation, if expressly specified in the applicable Country Addendum. An Executive may not receive any Severance or any other benefits with respect to more than one of the types of Qualifying Separation under this Policy.

Any Severance payable by a Coupang Group Company under this Policy shall be calculated solely and separately based on the compensation paid to the Executive by the Service Recipient as of the Separation Date.

(d)Severance Pay Calculation

An Executive who is eligible for Severance under this Policy as determined in accordance with Sections 3(a) and (b) above will be paid Severance calculated in accordance with the relevant Country Addendum:



Country Addendum			Applicability
Republic of Korea			Korea Non-Expat Executives Korea Expat Executives
United States of America			US Executives

Notwithstanding the foregoing, if at the time of the Qualifying Separation, an Executive is subject to an appointment agreement, service agreement, employment agreement, offer letter, separation agreement, or similar agreement with the relevant Coupang Group Company providing for any severance-related or termination-related payments upon a termination of employment that is more favorable than the Severance payable under this Policy, such Executive shall receive such severance-related or termination-related payments under such agreement rather than the Severance payable under this Policy, and any payments

provided under this Policy will be deemed included in such contractual severance payments.

(e)Taxation

(i)Withholding

All payments under this Policy shall be subject to applicable deductions and withholdings.

(ii)Section 409A

This section shall only apply to the extent an Executive is subject to income taxation pursuant to the United States Internal Revenue Code of 1986, as amended (the “Code”). The payments and benefits under this Policy are intended to be exempt from (and if not exempt from, compliant with) the application of Section 409A of the Code, as amended (“Section 409A”), and this Policy will be construed accordingly. Notwithstanding anything to the contrary herein, to the extent required to comply with Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Policy providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A. The Executive's right to receive any installment payments will be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Policy, if the Executive is deemed by the Company at the time of the Executive's separation from service to be a “specified employee” for purposes of Section 409A, and if any of the payments upon separation from service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation” subject to Section 409A then, to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Section 409A and the related taxation under Section 409A, such payments shall not be provided to the Executive prior to the earliest of (i) the expiration of the six-month period measured from the date of separation from service, (ii) the date of the Executive's death or (iii) such earlier date as permitted under Section 409A without the imposition of taxation thereunder. With respect to payments to be made upon execution of an effective release, if the release revocation period spans two calendar years, payments will be made in the second of the two calendar years to the extent such amounts are “deferred compensation” subject to Section 409A and necessary to avoid taxation under Section

409A. The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Policy or any payments hereunder are determined not to be compliant with Section 409A.

(iii)Section 280G

This section shall only apply to the extent an Executive is subject to income taxation pursuant to the Code, and/or such Executive’s compensation gives rise to a tax deduction for a Coupang Group Company that may potentially be limited by operation of Section 280G and Section 4999 of the Code. Any provision of this Policy to the contrary notwithstanding, if any payment or benefit an Executive would receive pursuant to this Policy or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction will occur in the manner that results in the greatest economic benefit for an Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata.

4.Inquiry

Questions about this Policy should be addressed to the Policy Owner.

5.Dispensations

Dispensations from the requirements to comply with this Policy may be granted in exceptional circumstances by the Administrator in its sole discretion. Any special

severance benefits in excess of the formula in the Severance Pay Calculation of the Country Addendum may be provided to Executive(s) if such Executive(s) contributed to the growth of the Company and provided that such special severance benefits are approved by the Administrator, and in the case of Korea Non-Expat Executives and Korea Expat Executives, are approved by the resolution of the general meeting of shareholder(s) of the relevant Coupang Korea Company before separation.

Requests for dispensation must be addressed to the Policy Owner, who will then submit the requests to the Administrator. The request must state the specific policy requirement for which the dispensation is requested, and the reason for the request.

The Policy Owner will maintain a record of requests and dispensations.

6.Administration

The administrator (the “Administrator”) of this Policy shall be the Compensation Committee (the “Compensation Committee”) of the Board (as defined in Appendix A) of the Company (as defined in Appendix A), or such other body or person as may be appointed by resolution of the Compensation Committee from time to time.

The Administrator has the right, power, and authority, in its sole discretion, to administer and interpret this Policy, and has all powers reasonably necessary to carry out its responsibilities under this Policy including (but not limited to) the discretion to: (i) administer the Policy according to its terms and interpret the Policy provisions; (ii) resolve and clarify inconsistencies, ambiguities and omissions in the Policy and among and between the Policy and the other related documents; (iii) take any and all actions and make all decisions regarding questions of eligibility and entitlement to benefits and benefit amounts that may be provided under this Policy; (iv) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Policy; and (v) decide or resolve any and all questions, including benefit entitlement determinations and interpretations of the Policy, as may arise in connection with the Policy.

The decisions of the Administrator of any disputes arising under the Policy, including but not limited to questions of construction, interpretation, and administration of the terms of this Policy, shall be final as to all persons having an interest in or under the Policy.

7.Addendum

This Policy shall apply to any Qualifying Separation of an Executive for which the Separation Date occurs after the date of the effective date of this Policy (January 1, 2024).

Appendix A

Definitions


Term			Definition/Meaning
Basic Severance			Means an amount of severance pay calculated in the same manner as provided under the Guarantee of Workers Retirement Income Act (or any successor thereto) of the Republic of Korea. For avoidance of any doubt, this shall not mean that the applicable Executive falls within the scope of “employees” covered by the act.
Board			Means the Board of Directors of the Company or, if applicable, any committee thereof with the appropriate delegated authority.
Cause			Has the meaning set forth in an individual agreement between any of the Coupang Group Companies and an Executive and, in the absence of such agreement, means: (i) misconduct or negligence in performing duties; (ii) dishonest or fraudulent conduct with regard to a Coupang Group Company or one’s duties; (iii) failure to follow the directions of the Executive’s immediate supervisor (or supervisory body, as applicable); (iv) being officially charged with a crime punishable by potential imprisonment of at least one year, or any crime involving fraud or dishonesty, not including any labor, tax, or other compliance violations (a) committed by a Coupang Group Company or its employees or officers in the course of a Coupang Group Company’s business, and (b) for which the Executive’s own intentional misconduct or negligence was not a substantial cause; and (v) in the case of Korea Non-Expat Executives and Korea Expat Executives, any other reason constituting justifiable grounds for termination under the laws of the Republic of Korea, including the Commercial Act.
Change in Control			Has the meaning set forth in Coupang, Inc. 2021 Equity Incentive Plan, or any successor plan that may be adopted by the Company from time to time.

A-1


Change in Control Period			The period commencing upon a Change in Control and ending on the date that is the one-year anniversary of the date of a Change in Control.
CIC Involuntary Termination			Occurs if and when the applicable Executive’s appointment is terminated by the applicable Coupang Group Company without Cause (including by reason of death or Incapacity) or the Executive resigns from the Service Recipient for Good Reason, in either case, during a Change in Control Period. For avoidance of any doubt, the non-renewal of a fixed-term service or appointment agreement or other equivalent agreement between an Executive and a Coupang Group Company shall not be deemed a CIC Involuntary Termination under the applicable policy.
Company			Means Coupang, Inc., a Delaware corporation, and any successor entity that adopts or assumes the applicable executive compensation, severance, or benefits policy, including in connection with a Change in Control.
Coupang Group Companies			Means the Company and any parent or subsidiary of the Company, in an unbroken chain of entities, if each of the entities other than the last entity in the unbroken chain owns securities possessing 50% or more of the total combined voting power of all classes of securities in one of the other entities in such chain.
Coupang Korea Company			Means any Coupang Group Company registered or incorporated in the Republic of Korea, which has established the applicable policy under the authority of its shareholder(s) pursuant to its articles of incorporation, a list of which will be maintained by the Company’s Global Compensation Team.
Coupang U.S. Company			Means the Company and Coupang Global LLC, a Delaware limited liability company.
Global Compensation Team			Means the Global Compensation Team of the Company or another successor team thereof whose primary responsibility is to oversee all compensation-related matters for all Coupang Group Companies.

A-2


Good Reason			Has the meaning set forth in an individual agreement between any of the Coupang Group Companies and an Executive and, in the absence of such agreement, means the occurrence of any of the following events or conditions that occurs upon or following a Change in Control, unless consented to by the Executive (and the Executive shall be deemed to have consented to any such event or condition unless the Executive provides written notice of the Executive’s non-acquiescence within 30 days of the effective time of such event or condition): (i)a change in the Executive’s responsibilities or duties which represents a material and substantial diminution in the Executive’s responsibilities or duties as in effect immediately preceding the consummation of the Change in Control; (ii)a reduction in the Executive’s base salary to a level below that in effect at any time within six (6) months preceding the consummation of a Change in Control or at any time thereafter; provided that an across-the-board reduction in the salary level of substantially all other individuals in positions similar to the Executive’s by the same percentage amount shall not constitute such a salary reduction; or (iii)requiring the Executive to be based at any place outside a 50-mile radius from the Executive’s job location or residence immediately prior to the Change in Control except for reasonably required travel on business which is not materially greater than such travel requirements prior to the Change in Control. Notwithstanding the foregoing, “Good Reason” shall not exist unless and until the Executive provides written notice of the acts alleged to constitute Good Reason within thirty (30) days of the effective time of such event or condition, and the relevant Coupang Group Company fails to cure such acts within thirty (30) days of receipt of such notice, if curable. The Executive’s resignation must be within sixty (60) days following the expiration of such cure period for the resignation to be on account of Good Reason.

A-3


Executive Officer			Means an “executive officer” of the Company for purposes of Rule 3b-7 under the U.S. Securities Exchange Act of 1934 and Item 401(b) of Regulation S-K.
Incapacity			Has the meaning of “incapacity” or “disability” as set forth in an individual agreement between any of the Coupang Group Companies and an Executive and, in the absence of such agreement, means an Executive’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, and will be determined by the Administrator on the basis of such medical evidence as the Administrator deems warranted under the circumstances.
Korea Expat Executive			Means an Executive (i) whose job location is the Republic of Korea, (ii) who has executed a Letter of Assignment and/or a Letter of Expatriate Benefits and/or other similar agreement(s) with the Company and/or another Coupang Group Company pursuant to which the Executive is providing services to a Coupang Korea Company, and (iii) is on the payroll of such Coupang Korea Company.
Korea Non-Expat Executive			Means an Executive whose job location is the Republic of Korea and is on the payroll of a Coupang Korea Company but is not a Korea Expat Executive.
Non-CIC Involuntary Termination			Occurs if and when the applicable Executive is terminated by the applicable Coupang Group Company without Cause (including by reason of death or Incapacity) other than during a Change in Control Period. For avoidance of any doubt, the non-renewal of a fixed-term service or appointment agreement or other equivalent agreement between an Executive and a Coupang Group Company shall not be deemed a Non-CIC Involuntary Termination under the applicable policy.
Policy Owner			Means, unless otherwise specified in the applicable policy, the Chief Administrative Officer of the Company.

A-4


RSUs			Means restricted stock units of the Company, with each unit representing a contingent right to receive one share of the Company’s Class A Common Stock upon settlement.
Section 16 Officer			Means an “officer” of the Company within the meaning of Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended.
Tier 1 Executive			Means any officer of a Coupang Group Company who (a) holds a position with a job level of Level 10 or above at such Coupang Group Company, in accordance with the job levelling guidelines of the Company, and (b) if providing services to a Coupang Korea Company, who has duly executed an executive appointment agreement with such Coupang Korea Company.
Tier 2 Executive			Means any officer of a Coupang Group Company who (a) holds a position with a job level of Level 9 at such Coupang Group Company, in accordance with the job levelling guidelines of the Company, (b) if providing services to a Coupang Korea Company, who has duly executed an executive appointment agreement with such Coupang Korea Company, and (c) is either an Executive Officer and/or a Section 16 Officer.
Voluntary Termination			Occurs if and when: (i)(a) the applicable Executive resigns from the Service Recipient or (b) to the extent the Service Recipient is a Coupang Korea Company, the Executive’s fixed-term service or appointment agreement or equivalent agreement has expired and not been renewed; and (ii)such resignation or expiration does not otherwise qualify as a Non-CIC Involuntary Termination or a CIC Involuntary Termination.

A-5

COUNTRY ADDENDUM - REPUBLIC OF KOREA

Applicability

This Country Addendum - Republic of Korea (this “Country Addendum (Korea)”) is a Country Addendum to the Coupang Amended and Restated Executive Severance Policy (the “Policy”), and applies to (a) any Tier 1 Executive who is either a Korea Non-Expat Executive or a Korea Expat Executive (the “Tier 1 Korea Executive”) and (b) any Tier 2 Executive who is who is either a Korea Non-Expat Executive or a Korea Expat Executive (collectively, the “Tier 2 Korea Executives”). The Tier 1 Korea Executives and Tier 2 Korea Executives are collectively referred to in this Country Addendum (Korea) as “Korea Executives”.

This Country Addendum (Korea) supplements, and should be read together with, the Policy. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Policy. Subject to permitted dispensations in accordance with the Policy, the Severance payable under this Country Addendum (Korea) shall be the maximum Severance amount an Executive is entitled to be paid under the Policy.

Additional Qualifying Separation Types

In addition to the Qualifying Separation types specified in the Policy, the following even will be deemed an “Additional Qualifying Separation” for the purposes of this Country Addendum (Korea):

Voluntary Termination

Subject to the eligibility conditions set forth in Section 3(a) of the Policy, an Executive will qualify for Severance under the Policy upon a “Voluntary Termination,” which shall occur if and when: (A)(i) the Executive resigns from the relevant Coupang Korea Company or (ii) the Executive’s fixed-term service or appointment agreement or other equivalent agreement has expired and not been renewed; and (B) such resignation or expiration does not otherwise qualify as a Non-CIC Involuntary Termination or a CIC Involuntary Termination.

Country Addendum – Republic of Korea
1

Severance Pay Calculation

(i)Non-CIC Involuntary Termination and CIC Involuntary Termination:

The aggregate amount of Severance payable to a Korea Executive under the Policy upon a Non-CIC Involuntary Termination or a CIC Involuntary Termination shall be calculated as follows:



Rank	Korea Non-Expat Executives	Korea Expat Executives
Tier 1 Executive	Greater of: (A) 1.0 multiplied by the Tier 1 Executive’s annual rate of base salary*; and (B) the aggregate amount of Severance that would have been payable upon a Voluntary Termination, as described below.	1.0 multiplied by the Tier 1 Executive’s annual rate of base salary*.
Tier 2 Executive	Greater of: (A) 0.75 multiplied by the Tier 2 Executive’s annual rate of base salary*; and (B) the aggregate amount of Severance that would have been payable upon a Voluntary Termination, as described below.	0.75 multiplied by the Tier 2 Executive’s annual rate of base salary*

* For purposes of the above calculation, base salary shall only include compensation denoted as “base salary” or an equivalent term in the relevant documentation and does not include any one-time, performance, cash in lieu of RSUs, discretionary, or other bonuses. The annual rate of base salary shall be calculated based on the salary at the time of the applicable Separation Date.

Country Addendum – Republic of Korea
2

(ii)Voluntary Termination:

The following severance pay calculation applies to a Voluntary Termination:

The aggregate amount of Severance payable to a Korea Executive under the Policy upon a Voluntary Termination shall be calculated as follows:

[Applicable Korea Executive’s Average Monthly Compensation]

multiplied by [Period of Service as an Executive (prorated for partial years, including period of service less than one year)]

multiplied by [Applicable Executive Multiplier].

For purposes of the above calculation:

“Average Monthly Compensation” means the monthly average base salary for the previous three months immediately prior to the Separation Date, provided that, where the Executive has been promoted in rank: (A) the Average Monthly Compensation shall be based on the monthly average base salary calculated separately for each rank based on the last three months of service for each rank; and (B) in addition, the Executive Multiplier shall be applied separately for the Executive’s period of service for each rank. If a period of service of less than three months exists for a rank, the Average Monthly Compensation shall be calculated based on the average monthly base salary for such period. For purposes of this calculation, base salary shall only include compensation denoted as “base salary” or an equivalent term in the relevant documentation and does not include any one-time, performance, cash in lieu of RSUs, discretionary, or other bonuses. The annual rate of base salary shall be calculated based on the salary at the time of the applicable Separation Date.

“Executive Multiplier” means the applicable multiplier set forth in the table below:



Rank	Korea Non-Expat Executives	Korea Expat Executives
Tier 1 Executive - L12+	4x	1x
Tier 1 Executive - L10 and L11	3x	1x
Tier 2 Executive - L9	2x	1x

Country Addendum – Republic of Korea
3

(iii)General Adjustments:

Any Severance paid under the Policy, as supplemented by this Country Addendum (Korea), will be inclusive of, or will be offset by, any Basic Severance or any other similar mandatory severance payable under Korea laws, and any payment made in the name of severance received by the Korea Executive prior to the Separation Date, including any payment made during a “garden leave” or equivalent leave provided expressly as a form of severance. If the Korea Executive has executed a fixed-term service or appointment agreement or other equivalent agreement, the Korea Executive expressly agrees: (1) to not seek additional damages against any Coupang Group Company with respect to the Korea Executive’s services for any Coupang Group Company and/or termination or separation therefrom; and (2) that Severance payable under the Policy, as supplemented by this Country Addendum (Korea), shall include any and all damages that may be claimed by the Korea Executive against any Coupang Group Company with respect to the Korea Executive’s services for any Coupang Group Company and/or termination or separation therefrom, including damages due to the termination of the Korea Executive’s fixed-term service or appointment agreement or other equivalent agreement prior to the expiration date, whether under any contract or the Korean Commercial Code.

Form and Timing of Payment

Any Severance payable under the Policy, as supplemented by this Country Addendum (Korea), other than Basic Severance may be paid either as a single lump sum or in equal monthly installment payments over a period of up to twelve (12) months (in the case of a Tier 1 Korea Executive) and nine (9) months (in the case of a Tier 2 Korea Executive), in the sole discretion of the Administrator unless otherwise agreed in writing between the applicable Korea Executive and the relevant Coupang Korea Company taking into account Section 409A of the Code with respect to any Korea Executive who is subject to income taxation pursuant to the Code. The Administrator will notify the Korea Executive of the form of payment prior to making the first payment under the Policy, as supplemented by this Country Addendum (Korea). Any Severance payable under the Policy, as supplemented by this Country Addendum (Korea), or the first installment thereof, will be paid within fourteen (14) calendar days from:

(i)the later of (a) the date an Executive executes and delivers the Release Agreement to the Company and (b) the Separation Date; or

(ii)if no Release Agreement is required under the Policy, the Separation Date.

Country Addendum – Republic of Korea
4

Promotion from Non-Executive to Executive

In respect of officers that have been promoted from a non-Executive role to an Executive role: (i) the relevant Coupang Korea Company shall determine the severance payment amount for the period during which they were a non-Executive employee, in accordance with Korean laws and regulations; and (ii) those officers will become eligible for severance under this Policy on the effective date of their promotion to an Executive role. If an Executive was previously a non-Executive for less than one (1) year, the Executive’s severance compensation amount for the period during which they were a non-Executive employee shall be calculated and paid pro-rata.

For Executives who were already promoted from non-Executive roles to an Executive role on or before the effective date of this Policy, but had not received pay-out of the statutory severance pay which was accrued during their period of service as a non-Executive officer, (i) the severance payment amount for the period during which they were a non-Executive employee shall be determined in accordance with Korean laws and regulations; and (ii) if the period of service as a non-Executive was for less than one (1) year, the severance compensation amount for such period shall be determined on a pro-rata basis; and (iii) those officers will become eligible for severance under this Policy on the effective date of their promotion to an Executive role.

Establishment and Amendments

In the case of each Coupang Korea Company, this Policy and Country Addendum (Korea) are established by the resolution of the general meeting of the shareholder(s) of each Coupang Korea Company pursuant to the relevant Coupang Korea Company’s articles of incorporation, and it may be revised, suspended, or rescinded at any time by the resolution of the general meeting of the shareholder(s) of each Coupang Korea Company.

Country Addendum – Republic of Korea
5

COUNTRY ADDENDUM - UNITED STATES OF AMERICA

Applicability

This Country Addendum – United States of America (this “Country Addendum (US)”) is a Country Addendum to the Coupang Amended and Restated Executive Severance Policy (the “Policy”), and applies to (a) all Tier 1 Executives at a Coupang U.S. Company (collectively, the “Tier 1 US Executives”) and (b) all Tier 2 Executives at a Coupang U.S. Company (collectively, the “Tier 2 US Executives”). The Tier 1 Coupang US Executives and Tier 2 Coupang US Executives are collectively referred to in this Country Addendum (US) as “US Executives”. This Country Addendum (US), together with the Policy, is maintained for the purpose of providing benefits to a select group of key management employees.

This Country Addendum (US) supplements, and should be read together with, the Policy (collectively, the “US Policy”). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Policy. Subject to permitted dispensations in accordance with the Policy, the Severance payable under this Country Addendum (US) shall be the maximum Severance amount an Executive is entitled to be paid under the Policy.

Severance Pay Calculation

(i)Non-CIC Involuntary Termination and CIC Involuntary Termination:

The aggregate amount of Severance payable to a US Executive under the Policy upon a Non-CIC Involuntary Termination or a CIC Involuntary Termination shall be calculated as follows, provided, however, that any Severance so-calculated shall be: (A) without duplication of any other severance benefits to which a US Executive would otherwise be entitled under any other general severance policy or severance plan maintained by a Coupang Group Company or any agreement between a US Executive and a Coupang Group Company that provides for severance benefits (unless the policy, plan or agreement expressly provides for severance benefits to be in addition to those provided under the Policy and this Country Addendum (US)); and (B) offset by any statutory or “garden leave” severance received by the US Executive:

Country Addendum – United States of America
1



Rank			US Executive
Tier 1 Executive			1.0x annual rate of base salary*
Tier 2 Executive			0.75x annual rate of base salary*

Form and Timing of Payment

Any Severance payable under the US Policy may be paid as a single lump sum or in equal monthly installment payments over a period of up to twelve (12) months (in the case of a Tier 1 US Executive) and nine (9) months (in the case of a Tier 2 US Executive), in the sole discretion of the Administrator unless otherwise agreed in writing between the applicable US Executive and the relevant Coupang US Company, but which period shall not in any case exceed twenty-four (24) months, taking into account Section 409A of the Code. The Administrator will notify the US Executive of the form of payment prior to making the first payment under the Policy, as supplemented by this Country Addendum (US).

Any Severance payable under the Policy, as supplemented by this Country Addendum (US), or the first installment thereof, will be paid within fourteen (14) calendar days from:

(i)the later of (a) the expiration of any revocation period with respect to the Release Agreement that has been executed and delivered to the Company by the US Executive and (b) the Separation Date; or

(ii)if no Release Agreement is required under the Policy, the Separation Date.

COBRA Reimbursement

Upon a Qualifying Separation, if the US Executive timely elects continued group health plan continuation coverage under the United States Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Coupang Group Companies shall pay a portion of the US Executive’s

Country Addendum – United States of America
2

premiums on behalf of the US Executive for the US Executive’s continued coverage under a Coupang Group Company’s group health plan, including coverage for the US Executive’s eligible dependents, for (a) in the case of a Tier 1 US Executive, twelve (12) months; and (b) in the case of a Tier 2 US Executive, nine (9) months, or, in either case, until such earlier date on which the US Executive becomes eligible for health coverage from another employer (the “COBRA Payment Period”). The amount of this portion will be the same portion of the premium cost as was borne by the Coupang Group Companies under the level of coverage selected by the US Executive and in effect at the time of the qualifying termination. Upon the conclusion of such period of insurance premium payments made by the Coupang Group Companies, or the provision of coverage under a self-funded group health plan, the US Executive will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of the US Executive’s eligible COBRA coverage period. Notwithstanding the foregoing, if the US Executive timely elects continued group health plan continuation coverage under COBRA and at any time thereafter the Coupang Group Companies determines, in their sole discretion, that they cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law, then in lieu of paying the employer portion of the COBRA premiums on the US Executive’s behalf, the Coupang Group Companies will instead pay the US Executive on the last day of each remaining month of the COBRA Payment Period a fully taxable cash payment equal to the employer portion of the COBRA premium for that month, subject to applicable tax withholding (such amount, the “Special Severance Payments”). Such Special Severance Payments shall end upon expiration of the COBRA Payment Period.

Amendments

The US Policy may be revised, suspended, or rescinded at any time by resolution of the Administrator in its sole discretion, except as prohibited by law. Any action of a Coupang U.S. Company in amending or terminating the Plan will be taken in a non-fiduciary capacity.

At-Will Employment

Neither this Country Addendum (US) nor the Policy alters the status of each US Executive as an at-will employee of a Coupang U.S. Company. Nothing contained herein shall be deemed to give any US Executive the right to remain employed by a Coupang U.S. Company or to interfere with the rights of a Coupang U.S. Company to terminate the employment of any US Executive at any time, with or without Cause.

Country Addendum – United States of America
3

Governing Law

The provisions of the US Policy will be construed, administered, and enforced in accordance with the Employee Retirement Income Security Act of 1974 and any guidance and regulations promulgated thereunder (“ERISA”), and, to the extent applicable, the laws of the State of California without regard to its choice of law provisions.

ERISA

The US Policy is not intended to provide retirement income or to defer the receipt of payments hereunder to the termination of a US Executive’s employment or beyond. The US Policy is not a pension plan that is subject to ERISA.

Claims and Appeals

(a)Claims Procedure. Any US Executive who believes he or she is entitled to any payment under the US Policy may submit a claim in writing to the Administrator within 90 days of the earlier of (i) the date the claimant learned the amount of his or her benefits under the US Policy or (ii) the date the claimant learned that he or she will not be entitled to any benefits under the US Policy. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the US Policy on which the denial is based. The notice also will describe any additional information needed to support the claim and the US Policy’s procedures for appealing the denial. The denial notice will be provided within 90 days after the claim is received. If special circumstances require an extension of time (up to 90 days), written notice of the extension will be given within the initial 90-day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision on the claim.

(b)Appeal Procedure. If the claimant’s claim is denied, the claimant (or his or her authorized representative) may apply in writing to the Administrator for a review of the decision denying the claim. Review must be requested within 60 days following the date the claimant received the written notice of their claim denial or else the claimant loses the right to review. The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in writing. The Administrator will provide written notice of its decision on review within 60 days after it receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative) will be given written notice of the reason for the delay. This notice of extension will

Country Addendum – United States of America
4

indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the US Policy on which the denial is based. The notice also will include a statement that the claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant’s right to bring an action under Section 502(a) of ERISA.

Country Addendum – United States of America
5

Exhibit 31.1

SECTION 302 CERTIFICATION

I, Bom Kim, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Coupang, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2024




By:			/s/ Bom Kim
			Bom Kim
			Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

SECTION 302 CERTIFICATION

I, Gaurav Anand, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Coupang, Inc.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2024




By:			/s/ Gaurav Anand
			Gaurav Anand
			Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

I, Bom Kim, the Chief Executive Officer of Coupang, Inc., certify, to the best of my knowledge and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Coupang, Inc. for the fiscal quarter ended September 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Coupang, Inc.

Date: November 6, 2024


By:			/s/ Bom Kim
			Bom Kim
			Chief Executive Officer (Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

I, Gaurav Anand, the Chief Financial Officer of Coupang, Inc., certify, to the best of my knowledge and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Coupang, Inc. for the fiscal quarter ended September 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Coupang, Inc.

Date: November 6, 2024


By:			/s/ Gaurav Anand
			Gaurav Anand
			Chief Financial Officer (Principal Financial Officer)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40115
Entity Registrant Name	COUPANG, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2810505
Entity Address, Address Line One	720 Olive Way
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	333-3839
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CPNG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001834584
Common class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,624,056,504
Common class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		174,802,990

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total net revenues	$ 7,866	$ 6,184	$ 22,303	$ 17,822
Cost of sales	5,597	4,618	15,963	13,312
Operating, general and administrative	2,160	1,478	6,216	4,168
Total operating cost and expenses	7,757	6,096	22,179	17,480
Operating income	109	88	124	342
Interest income	55	50	163	124
Interest expense	(36)	(13)	(100)	(34)
Other income (expense), net	4	(8)	7	(20)
Income before income taxes	132	117	194	412
Income tax expense	68	26	259	85
Net income (loss)	64	91	(65)	327
Net loss attributable to noncontrolling interests	(6)	0	(63)	0
Net income (loss) attributable to Coupang stockholders	$ 70	$ 91	$ (2)	$ 327
Earnings per share
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share)	$ 0.04	$ 0.05	$ 0	$ 0.18
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share)	$ 0.04	$ 0.05	$ 0	$ 0.18
Weighted-average shares outstanding
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, basic (in shares)	1,795	1,784	1,792	1,780
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,829	1,808	1,792	1,801
Net retail sales
Total net revenues	$ 6,140	$ 5,315	$ 17,814	$ 15,660
Net other revenue
Total net revenues	$ 1,726	$ 869	$ 4,489	$ 2,162

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 64	$ 91	$ (65)	$ 327
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	148	(26)	(36)	(53)
Actuarial gain (loss) on defined severance benefits, net of tax	1	2	4	(7)
Total other comprehensive income (loss)	149	(24)	(32)	(60)
Comprehensive income (loss)	213	67	(97)	267
Comprehensive loss attributable to noncontrolling interests	(4)	0	(61)	0
Comprehensive income (loss) attributable to Coupang stockholders	$ 217	$ 67	$ (36)	$ 267

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 5,822	$ 5,243
Restricted cash	139	353
Accounts receivable, net	517	314
Inventories	2,181	1,666
Prepaids and other current assets	553	316
Total current assets	9,212	7,892
Property and equipment, net	2,997	2,465
Operating lease right-of-use assets	2,240	1,601
Deferred tax assets	764	925
Intangible assets, net	306	37
Long-term lease deposits and other	823	426
Total assets	16,342	13,346
Liabilities, redeemable noncontrolling interests, and equity
Accounts payable	5,899	5,099
Accrued expenses	473	352
Deferred revenue	191	97
Short-term borrowings	379	282
Current portion of long-term debt	22	203
Current portion of long-term operating lease obligations	456	386
Other current liabilities	765	526
Total current liabilities	8,185	6,945
Long-term debt	1,194	529
Long-term operating lease obligations	1,970	1,387
Defined severance benefits and other	716	381
Total liabilities	12,065	9,242
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests	84	15
Equity
Class A — shares authorized 10,000, outstanding 1,621 and 1,616 Class B — shares authorized 250, outstanding 175 and 175	0	0
Additional paid-in capital	8,625	8,489
Accumulated other comprehensive loss	(51)	(17)
Accumulated deficit	(4,385)	(4,383)
Noncontrolling interests	4	0
Total equity	4,193	4,089
Total liabilities, redeemable noncontrolling interests and equity	$ 16,342	$ 13,346

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - shares shares in Millions	Sep. 30, 2024	Dec. 31, 2023
Common class A
Common stock, shares authorized (in shares)	10,000	10,000
Common stock, shares outstanding (in shares)	1,621	1,616
Common class B
Common stock, shares authorized (in shares)	250	250
Common stock, shares outstanding (in shares)	175	175

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Redeemable Noncontrolling Interests	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2022	$ 2,414	$ 0	$ 0	$ 8,154	$ 3	$ (5,743)	$ 0
Beginning balance (in shares) at Dec. 31, 2022			1,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	91					91
Foreign currency translation adjustments, net of tax	(19)				(19)
Actuarial gain on defined severance benefits, net of tax	1				1
Issuance of common stock upon exercise of stock options (in shares)			1
Issuance of common stock upon exercise of stock options	3			3
Issuance of common stock upon settlement of restricted stock units (in shares)			3
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	70			70
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2023	2,560	0	$ 0	8,227	(15)	(5,652)	0
Ending balance (in shares) at Mar. 31, 2023			1,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	145					145
Foreign currency translation adjustments, net of tax	(8)				(8)
Actuarial gain on defined severance benefits, net of tax	(10)				(10)
Issuance of common stock upon exercise of stock options (in shares)			1
Issuance of common stock upon exercise of stock options	2			2
Issuance of common stock upon settlement of restricted stock units (in shares)			3
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	86			86
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2023	2,775	0	$ 0	8,315	(33)	(5,507)	0
Ending balance (in shares) at Jun. 30, 2023			1,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	91					91
Foreign currency translation adjustments, net of tax	(26)				(26)
Actuarial gain on defined severance benefits, net of tax	2				2
Issuance of common stock upon exercise of stock options (in shares)			1
Issuance of common stock upon exercise of stock options	2			2
Issuance of common stock upon settlement of restricted stock units (in shares)			4
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	84			84
Equity, including portion attributable to noncontrolling interest, ending balance at Sep. 30, 2023	2,928	0	$ 0	8,401	(57)	(5,416)	0
Ending balance (in shares) at Sep. 30, 2023			1,786
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2023	4,089	15	$ 0	8,489	(17)	(4,383)	0
Beginning balance (in shares) at Dec. 31, 2023			1,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1	(25)				5	(4)
Capital contributions from noncontrolling interest holders	0	55
Recognition of noncontrolling interest upon acquisition	10	69					10
Foreign currency translation adjustments, net of tax	(105)				(105)
Actuarial gain on defined severance benefits, net of tax	1				1
Issuance of common stock upon exercise of stock options	1			1
Issuance of common stock upon settlement of restricted stock units (in shares)			4
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	88			88
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2024	4,085	114	$ 0	8,578	(121)	(4,378)	6
Ending balance (in shares) at Mar. 31, 2024			1,795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(84)	(21)				(77)	(7)
Foreign currency translation adjustments, net of tax	(79)	(1)			(79)
Actuarial gain on defined severance benefits, net of tax	2				2
Issuance of common stock upon exercise of stock options (in shares)			1
Issuance of common stock upon exercise of stock options	0
Issuance of common stock upon settlement of restricted stock units (in shares)			4
Issuance of common stock upon settlement of restricted stock units	0
Repurchase of Class A common stock (in shares)			(10)
Repurchase of Class A common stock	(178)			(178)
Equity-based compensation	109			109
Equity, including portion attributable to noncontrolling interest, ending balance at Jun. 30, 2024	3,855	92	$ 0	8,509	(198)	(4,455)	(1)
Ending balance (in shares) at Jun. 30, 2024			1,790
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	75	(11)				70	5
Foreign currency translation adjustments, net of tax	146	3			146
Actuarial gain on defined severance benefits, net of tax	1				1
Issuance of common stock upon exercise of stock options	2			2
Issuance of common stock upon settlement of restricted stock units (in shares)			5
Issuance of common stock upon settlement of restricted stock units	0
Equity-based compensation	114			114
Equity, including portion attributable to noncontrolling interest, ending balance at Sep. 30, 2024	$ 4,193	$ 84	$ 0	$ 8,625	$ (51)	$ (4,385)	$ 4
Ending balance (in shares) at Sep. 30, 2024			1,795

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income (loss)	$ (65)	$ 327
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	313	198
Provision for severance benefits	138	117
Equity-based compensation	311	240
Non-cash operating lease expense	325	248
Deferred income taxes	142	0
Other	175	100
Change in operating assets and liabilities, net of acquisition:
Accounts receivable, net	116	(114)
Inventories	(234)	(87)
Other assets	(264)	(65)
Accounts payable	310	1,235
Accrued expenses	32	15
Other liabilities	(89)	(171)
Net cash provided by operating activities	1,210	2,043
Investing activities
Purchases of property and equipment	(665)	(662)
Proceeds from sale of property and equipment	8	12
Net cash acquired in acquisition	68	0
Other investing activities	(89)	(14)
Net cash used in investing activities	(678)	(664)
Financing activities
Proceeds from issuance of common stock, equity-based compensation plan	3	7
Repurchase of Class A common stock	(178)	0
Proceeds from short-term borrowings and long-term debt	425	417
Repayment of short-term borrowings and long-term debt	(383)	(64)
Other financing activities	44	2
Net cash (used in) provided by financing activities	(89)	362
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(78)	(167)
Net increase in cash and cash equivalents, and restricted cash	365	1,574
Cash and cash equivalents, and restricted cash, as of beginning of period	5,597	3,687
Cash and cash equivalents, and restricted cash, as of end of period	$ 5,962	$ 5,261

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates. The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K. Farfetch Acquisition In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to “Note 11 - Business Combinations – Farfetch” for additional information. Recent Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ending December 31, 2024. Recent Accounting Pronouncements Yet To Be Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We will apply the guidance starting with our consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.

Net Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Net Revenues

Details of total net revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net retail sales	$	6,140	$	5,315	$	17,814	$	15,660
Third-party merchant services	1,499		709		3,920		1,732
Other revenue	227		160		569		430
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net revenues
Product Commerce	$	6,891	$	5,966	$	19,816	$	17,306
Developing Offerings	975		218		2,487		516
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822
Segment adjusted EBITDA
Product Commerce	$	470	$	399	$	1,467	$	1,095
Developing Offerings	(127)		(161)		(513)		(316)
Total segment adjusted EBITDA	$	343	$	239	$	954	$	780
Reconciling items:
Depreciation and amortization	$	(112)	$	(67)	$	(313)	$	(198)
Equity-based compensation	(114)		(84)		(311)		(240)
Acquisition and restructuring related costs	(8)		—		(85)		—
KFTC administrative fine (see Note 10)	—		—		(121)		—
Interest expense	(36)		(13)		(100)		(34)
Interest income	55		50		163		124
Other income (expense), net	4		(8)		7		(20)
Income before income taxes	$	132	$	117	$	194	$	412

Note: Amounts may not foot due to rounding.

Defined Severance Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Defined Severance Benefits

The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Current service costs	$	43	$	36	$	123	$	104
Interest cost	3		3		11		10
Amortization of:
Prior service credit	1		1		2		2
Net actuarial loss	1		1		2		1
Net periodic benefit cost	$	48	$	41	$	138	$	117

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to tax credits, the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences. The increase in our effective tax rate for the three and nine months ended September 30, 2024 is primarily due to the loss before income taxes incurred by Farfetch, with no offsetting tax benefit, and the prospective impact of releasing the valuation allowance on our Korean deferred tax assets in the fourth quarter of 2023. Specific to the nine months ended September 30, 2024, our effective tax rate also increased due to the impact of the non-deductible KFTC administrative fine (the “administrative fine”) discussed in “Note 10 - Commitments and Contingencies”.

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income attributable to Coupang stockholders	$	70	$	91	$	(2)	$	327

Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	1,795		1,784		1,792		1,780
Dilutive effect of equity compensation awards	34		24		—		21
Diluted	1,829		1,808		1,792		1,801

Earnings per share:
Basic	$	0.04	$	0.05	$	—	$	0.18
Diluted	$	0.04	$	0.05	$	—	$	0.18

Anti-dilutive shares	—		2		30		4

Note: Amounts may not foot due to rounding.

Fair Value Measurement

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:


(in millions)	Classification	Measurement Level	September 30, 2024		December 31, 2023
Financial assets
Money market trust	Cash and cash equivalents	Level 1	$	1,737	$	1,582
Money market fund	Cash and cash equivalents	Level 1	$	723	$	1,205
Money market trust	Restricted cash	Level 1	$	92	$	86

Supplemental Financial Information

9 Months Ended

Sep. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Supplemental Financial Information

Supplemental Disclosure of Cash flow Information


	Nine Months Ended September 30,
(in millions)	2024		2023
Supplemental disclosure of cash flow information


Cash paid for the amount used to measure the operating lease liabilities	$	425	$	325
Operating lease assets obtained in exchange for lease obligations	$	829	$	321
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	$	168	$	77
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable	$	51	$	14


(in millions)	September 30, 2024		December 31, 2023
Current assets
Cash and cash equivalents	$	5,822	$	5,243
Restricted cash	139		353
Noncurrent assets
Restricted cash included in long-term lease deposits and other	1		1
Total cash, cash equivalents and restricted cash	$	5,962	$	5,597

Supplier Financing Arrangements

Accumulated Other Comprehensive (Loss) Income

Share Repurchase

In April 2024, we repurchased 10 million shares of our Class A common stock for $178 million in a private transaction.

Short-term Borrowings and Long-term Debt	9 Months Ended
Short-term Borrowings and Long-term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	Short-term Borrowings and Long-term Debt Revolving Credit Facility In January 2024, our senior unsecured credit facility (the “Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions. Taiwan Revolving Credit Facility In September 2024, a Taiwan subsidiary entered into a new five-year senior unsecured credit facility (the “Taiwan Revolving Credit Facility”) providing for revolving loans in an aggregate principal amount of up to $207 million. The Taiwan Revolving Credit Facility permits the borrower to obtain incremental commitments up to $307 million, subject to customary conditions. Borrowings under the Taiwan Revolving Credit Facility bear interest at a rate per annum equal to the Taipei Interbank Offered Rate (TAIBOR) plus 1.25%. The Taiwan Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. As of September 30, 2024, there was no balance outstanding on the Taiwan Revolving Credit Facility. Farfetch Term Loan As part of the Farfetch Acquisition, our subsidiary assumed the then outstanding syndicated Term Loans (“Farfetch Term Loans”) under Farfetch’s existing Credit Agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. Repayment of the Farfetch Term Loans is due in quarterly installments, of 0.25% of the original principal balance, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early payment is permitted. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum. As of September 30, 2024, $571 million was outstanding. The Farfetch Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch. Our debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rate for similar types of borrowing arrangements. The carrying amount of debt approximates its fair value as of September 30, 2024 and December 31, 2023 due primarily to the interest rates approximating market interest rates. We were in compliance with the covenants for each of our borrowings and debt agreements as of September 30, 2024.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. 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. New Guards Group As a result of efforts to restructure unfavorable economic terms within licensing arrangements involving New Guards Group Holdings S.p.A. and certain of its subsidiaries (collectively “NGGH”), a subsidiary acquired in the Farfetch Acquisition, and Authentic Brands Group LLC (the “licensor”), NGGH received a termination notice from the licensor in October 2024. The license agreement granted NGGH distribution rights for Reebok-branded footwear and apparel ranges within certain countries in the European region and provided for minimum guaranteed royalties to be paid by NGGH over the remaining eight years of the agreement, with no cancellation rights. NGGH’s minimum guarantee liability was recorded at fair value at acquisition and had a carrying value of $136 million as of September 30, 2024. Licensor has alleged as an effect of the notice all unpaid minimum guarantees and other related breach payments totaling $312 million became payable by NGGH to the licensor, and all rights in and to the licensed property reverted to the licensor. Coupang has not guaranteed payments under the license agreement, and the liability is limited to NGGH. The brand license intangible asset acquired was recorded at fair value at acquisition and had a carrying value of $44 million as of September 30, 2024. Legal Matters From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Litigation On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc. et al was brought against Coupang, Inc., and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12, and 15 of the Securities Act of 1933. The action was amended on May 22, 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. Between August and December 2023, three separate stockholders’ derivative actions were filed in the United States District Court for the Southern District of New York against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al, bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We believe all the aforementioned actions are without merit and intend to vigorously defend against the aforementioned actions. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurance as to the scope and outcome of this matter and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected. Korea Fair Trade Commission Investigations In June 2021, the Korea Fair Trade Commission (the “KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act, including alleged preferential treatments of private labelled products provided by our subsidiary, Coupang Private Label Brands. In June 2024, the KFTC publicly announced that as a result of their investigation, they determined that our product search rankings violated Korean law; a regulatory finding subject to judicial review, and that they would impose an administrative fine on us and that they intended to direct us to take certain related corrective actions. Payments of fines to the KFTC are not stayed during an appeal process and as a result, we accrued the administrative fine in the second quarter of 2024, resulting in a charge, included within operating, general and administrative expenses, of approximately $121 million. The Company will pay the administrative fine in six installments over two years and made the first payment in October 2024 and will make the last payment in June 2026. In August 2024, we received the KFTC’s formal written decision, and in September 2024, we appealed such decision. That appeal is pending, and the first hearing of the administrative litigation action will be held on November 21, 2024. We also filed a preliminary injunction with the Seoul High Court to stay the fine and corrective orders during the pendency of the appeal. In October 2024, the Seoul High Court granted our request for suspension of the KFTC’s corrective orders, but dismissed the request for a stay of the KFTC’s administrative fine. The KFTC subsequently appealed the Seoul High Court’s decision to grant a suspension of the corrective orders. The KFTC is also investigating us on other matters related to the alleged violations of certain KFTC regulations. We are diligently cooperating with these investigations, and actively defending our practices as appropriate. Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from these other KFTC Investigations, in excess of the amounts accrued. Accordingly, we can provide no assurance as to the scope and outcome of these other matters and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.

Business Combinations - Farfetch

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations - Farfetch

Business Combinations – Farfetch

Farfetch Acquisition


(in millions)	Estimated Fair Value
Farfetch Term Loan repayment	$	58
Bridge Loan contribution	150
Total purchase consideration	$	208

Purchase Price Allocation

The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:


(in millions)	Estimated Fair Value
Assets acquired
Cash and cash equivalents	$	126
Accounts receivable, net	288
Inventories	310
Prepaids and other current assets	224
Property and equipment, net	95
Intangible assets	325
Operating lease right-of-use assets	209
Other non-current assets	227
Liabilities assumed
Accounts payable	(505)
Other current liabilities	(169)
Long-term debt	(557)
Operating lease obligations	(214)
Other non-current liabilities	(177)
Net assets assumed	182
Noncontrolling interests	(78)
Goodwill on acquisition	104
Total consideration	$	208

The identifiable intangible assets acquired were as follows:


(in millions, except years)	Weighted Average Useful Life	Estimated Fair Value
Brand trademarks	5 years	$	130
Customer relationships	5 years	34
Supplier relationships	15 years	61
Developed technology	3 years	38
Brand licenses	8 years	62
Total intangible assets		$	325

The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2024
Total net revenues	$	439	$	1,187






Net loss	$	(44)	$	(274)

Acquisition-related costs were recorded as operating expenses for the three months ended September 30, 2024 and were not material.

Supplemental Pro Forma Information (Unaudited)

The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Pro Forma Information
Total net revenues	$	7,866	$	6,791	$	22,490	$	19,558
Net income (loss)	$	61	$	103	$	(167)	$	158

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 70	$ 91	$ (2)	$ 327

Insider Trading Arrangements shares in Millions	3 Months Ended
Insider Trading Arrangements shares in Millions	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Bom Kim [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Mr. Bom Kim, our founder and Chief Executive Officer, adopted a pre-arranged stock trading plan (the “Plan”) in accordance with the SEC guidelines specified under Rule 10b5-1(c) under the Exchange Act and the policies of Coupang regarding stock transactions, to sell up to 15,000,000 shares of Coupang Class A Common Stock (the “Shares”), subject to certain terms and conditions, beginning no earlier than November 11, 2024. The Plan, which was entered into on August 12, 2024, will terminate the earlier of the sale of all 15,000,000 Shares pursuant to the Plan or August 29, 2025. Mr. Kim entered into the Plan to satisfy significant financial requirements, including tax obligations.
Name	Bom Kim
Title	founder and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2024
Expiration Date	August 29, 2025
Arrangement Duration	382 days
Aggregate Available	15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang” or the “Company”) together with its consolidated subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting.
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Principles of Consolidation	The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2023 Form 10-K.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ending December 31, 2024. Recent Accounting Pronouncements Yet To Be Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entity’s segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We will apply the guidance starting with our consolidated financial statements included in the Annual Report on Form 10-K for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ending December 31, 2025.

Net Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of Revenue

Details of total net revenues were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net retail sales	$	6,140	$	5,315	$	17,814	$	15,660
Third-party merchant services	1,499		709		3,920		1,732
Other revenue	227		160		569		430
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net revenues
Product Commerce	$	6,891	$	5,966	$	19,816	$	17,306
Developing Offerings	975		218		2,487		516
Total net revenues	$	7,866	$	6,184	$	22,303	$	17,822
Segment adjusted EBITDA
Product Commerce	$	470	$	399	$	1,467	$	1,095
Developing Offerings	(127)		(161)		(513)		(316)
Total segment adjusted EBITDA	$	343	$	239	$	954	$	780
Reconciling items:
Depreciation and amortization	$	(112)	$	(67)	$	(313)	$	(198)
Equity-based compensation	(114)		(84)		(311)		(240)
Acquisition and restructuring related costs	(8)		—		(85)		—
KFTC administrative fine (see Note 10)	—		—		(121)		—
Interest expense	(36)		(13)		(100)		(34)
Interest income	55		50		163		124
Other income (expense), net	4		(8)		7		(20)
Income before income taxes	$	132	$	117	$	194	$	412

Note: Amounts may not foot due to rounding.

Defined Severance Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit costs

The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Current service costs	$	43	$	36	$	123	$	104
Interest cost	3		3		11		10
Amortization of:
Prior service credit	1		1		2		2
Net actuarial loss	1		1		2		1
Net periodic benefit cost	$	48	$	41	$	138	$	117

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share/Common Unit

The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income attributable to Coupang stockholders	$	70	$	91	$	(2)	$	327

Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	1,795		1,784		1,792		1,780
Dilutive effect of equity compensation awards	34		24		—		21
Diluted	1,829		1,808		1,792		1,801

Earnings per share:
Basic	$	0.04	$	0.05	$	—	$	0.18
Diluted	$	0.04	$	0.05	$	—	$	0.18

Anti-dilutive shares	—		2		30		4

Note: Amounts may not foot due to rounding.

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:


(in millions)	Classification	Measurement Level	September 30, 2024		December 31, 2023
Financial assets
Money market trust	Cash and cash equivalents	Level 1	$	1,737	$	1,582
Money market fund	Cash and cash equivalents	Level 1	$	723	$	1,205
Money market trust	Restricted cash	Level 1	$	92	$	86

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Supplemental Disclosure of Cash-flow Information

Supplemental Disclosure of Cash flow Information


	Nine Months Ended September 30,
(in millions)	2024		2023
Supplemental disclosure of cash flow information


Cash paid for the amount used to measure the operating lease liabilities	$	425	$	325
Operating lease assets obtained in exchange for lease obligations	$	829	$	321
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	$	168	$	77
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable	$	51	$	14

Schedule of Cash and Cash Equivalents


(in millions)	September 30, 2024		December 31, 2023
Current assets
Cash and cash equivalents	$	5,822	$	5,243
Restricted cash	139		353
Noncurrent assets
Restricted cash included in long-term lease deposits and other	1		1
Total cash, cash equivalents and restricted cash	$	5,962	$	5,597

Business Combinations - Farfetch (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition


(in millions)	Estimated Fair Value
Farfetch Term Loan repayment	$	58
Bridge Loan contribution	150
Total purchase consideration	$	208

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:


(in millions)	Estimated Fair Value
Assets acquired
Cash and cash equivalents	$	126
Accounts receivable, net	288
Inventories	310
Prepaids and other current assets	224
Property and equipment, net	95
Intangible assets	325
Operating lease right-of-use assets	209
Other non-current assets	227
Liabilities assumed
Accounts payable	(505)
Other current liabilities	(169)
Long-term debt	(557)
Operating lease obligations	(214)
Other non-current liabilities	(177)
Net assets assumed	182
Noncontrolling interests	(78)
Goodwill on acquisition	104
Total consideration	$	208

Finite-Lived Intangible Assets Acquired

The identifiable intangible assets acquired were as follows:


(in millions, except years)	Weighted Average Useful Life	Estimated Fair Value
Brand trademarks	5 years	$	130
Customer relationships	5 years	34
Supplier relationships	15 years	61
Developed technology	3 years	38
Brand licenses	8 years	62
Total intangible assets		$	325

Business Acquisition, Pro Forma Information

The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2024
Total net revenues	$	439	$	1,187






Net loss	$	(44)	$	(274)

The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Pro Forma Information
Total net revenues	$	7,866	$	6,791	$	22,490	$	19,558
Net income (loss)	$	61	$	103	$	(167)	$	158

Net Revenues - Schedule of disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net revenues	$ 7,866	$ 6,184	$ 22,303	$ 17,822
Net retail sales
Disaggregation of Revenue [Line Items]
Total net revenues	6,140	5,315	17,814	15,660
Third-party merchant services
Disaggregation of Revenue [Line Items]
Total net revenues	1,499	709	3,920	1,732
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenues	$ 227	$ 160	$ 569	$ 430

Net Revenues - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Net Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized in period	$ 92	$ 89

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	$ 7,866	$ 6,184	$ 22,303	$ 17,822
Total segment adjusted EBITDA	343	239	954	780
Reconciling items:
Interest expense	(36)	(13)	(100)	(34)
Interest income	55	50	163	124
Other income (expense), net	4	(8)	7	(20)
Income before income taxes	132	117	194	412
Operating segments \| Product Commerce
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	6,891	5,966	19,816	17,306
Total segment adjusted EBITDA	470	399	1,467	1,095
Operating segments \| Developing Offerings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total net revenues	975	218	2,487	516
Total segment adjusted EBITDA	(127)	(161)	(513)	(316)
Segment reconciling items
Reconciling items:
Depreciation and amortization	(112)	(67)	(313)	(198)
Equity-based compensation	(114)	(84)	(311)	(240)
Acquisition and restructuring related costs	(8)	0	(85)	0
KFTC administrative fine (see Note 10)	0	0	(121)	0
Interest expense	(36)	(13)	(100)	(34)
Interest income	55	50	163	124
Other income (expense), net	$ 4	$ (8)	$ 7	$ (20)

Defined Severance Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Current service costs	$ 43	$ 36	$ 123	$ 104
Interest cost	3	3	11	10
Amortization of:
Prior service credit	1	1	2	2
Net actuarial loss	1	1	2	1
Net periodic benefit cost	$ 48	$ 41	$ 138	$ 117

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to Coupang stockholders	$ 70	$ 91	$ (2)	$ 327
Denominator:
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, basic (in shares)	1,795	1,784	1,792	1,780
Dilutive effect of equity compensation awards (in shares)	34	24	0	21
Weighted-average shares used in computing net (loss) income per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,829	1,808	1,792	1,801
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share)	$ 0.04	$ 0.05	$ 0	$ 0.18
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share)	$ 0.04	$ 0.05	$ 0	$ 0.18
Share-based Payment Arrangement
Denominator:
Anti-dilutive shares (in shares)	0	2	30	4

Fair Value Measurement (Details) - Level 1 - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Money market trust
Financial assets
Cash and cash equivalents	$ 1,737	$ 1,582
Restricted cash	92	86
Money market fund
Financial assets
Cash and cash equivalents	$ 723	$ 1,205

Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities	$ 425	$ 325
Operating lease assets obtained in exchange for lease obligations	829	321
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations	168	77
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable	$ 51	$ 14

Supplemental Financial Information - Schedule of Cash and Cash Equilvalents (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 5,822	$ 5,243
Restricted cash	139	353
Noncurrent assets
Restricted cash included in long-term lease deposits and other	1	1
Total cash, cash equivalents and restricted cash	$ 5,962	$ 5,597	$ 5,261	$ 3,687

Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Supplier finance program, obligation	$ 465	$ 459

Supplemental Financial Information - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, attributable to parent	$ 6	$ 44
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, attributable to parent	$ (56)	$ (60)

Supplemental Financial Information - Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Jun. 30, 2024
Repurchase of Class A common stock		$ 178
Common class A
Stock repurchased during period (in shares)	10
Repurchase of Class A common stock	$ 178

Short-Term Borrowings and Long-term Debt (Details) $ in Millions		1 Months Ended
	Jan. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)
Subsidiary of Limited Partnership \| Farfetch Holdings \| Farfetch Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 575
Farfetch Term Loan repayment	$ 58
Term loan acquired through credit agreement quarterly repayments (in percent)	0.0025
Long-term debt, outstanding		$ 571
Subsidiary of Limited Partnership \| Farfetch Holdings \| Farfetch Term Loan \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	6.25%
Line of credit \| Revolving credit facility \| February 2026 Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing limit, total initial borrowings			$ 875
Additional accordion feature, incremental increase limit			$ 1,250
Line of credit \| Revolving credit facility \| Taiwan Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing limit, total initial borrowings		207
Additional accordion feature, incremental increase limit		$ 307
Debt instrument term		5 years
Line of credit \| Revolving credit facility \| Taiwan Revolving Credit Facility \| Taipei Interbank Offered Rate (TAIBOR)
Debt Instrument [Line Items]
Variable rate		1.25%

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	5 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 action	Sep. 30, 2024 USD ($) paymentInstallment	Jan. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Number of legal actions filed against former and current directors and officers \| action		3
Farfetch Holdings
Loss Contingencies [Line Items]
Intangible assets				$ 325
New Guards Group
Loss Contingencies [Line Items]
Licensing agreement, term			8 years
Loss contingency, damages sought, value			$ 312
New Guards Group \| Farfetch Holdings
Loss Contingencies [Line Items]
Guarantee liability			136
Intangible assets			$ 44
KFTC vs Coupang
Loss Contingencies [Line Items]
Number of penalty payment installments \| paymentInstallment			6
Penalty payment term			2 years
Judicial Ruling \| KFTC vs Coupang
Loss Contingencies [Line Items]
Loss contingency, damages awarded	$ 121

Business Combinations - Farfetch - Farfetch Acquisition (Details) - Farfetch Holdings $ in Millions	Jan. 30, 2024 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Total consideration	$ 208
Farfetch Term Loan \| Subsidiary of Limited Partnership
Business Combination, Separately Recognized Transactions [Line Items]
Farfetch Term Loan repayment	58
Bridge Loan
Business Combination, Separately Recognized Transactions [Line Items]
Bridge Loan contribution	$ 150

Business Combinations - Farfetch - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Farfetch Holdings $ in Millions	Jan. 30, 2024 USD ($)
Assets acquired
Cash and cash equivalents	$ 126
Accounts receivable, net	288
Inventories	310
Prepaids and other current assets	224
Property and equipment, net	95
Intangible assets	325
Operating lease right-of-use assets	209
Other non-current assets	227
Liabilities assumed
Accounts payable	(505)
Other current liabilities	(169)
Long-term debt	(557)
Operating lease obligations	(214)
Other non-current liabilities	(177)
Net assets assumed	182
Noncontrolling interests	(78)
Goodwill on acquisition	104
Total consideration	$ 208

Business Combinations - Farfetch Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Farfetch Holdings
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Goodwill, measurement period adjustment	$ 22

Business Combinations - Farfetch - Finite-Lived Intangible Assets Acquired (Details) - Farfetch Holdings $ in Millions	Jan. 30, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 325
Brand trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	5 years
Estimated Fair Value	$ 130
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	5 years
Estimated Fair Value	$ 34
Supplier relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	15 years
Estimated Fair Value	$ 61
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years
Estimated Fair Value	$ 38
Brand licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	8 years
Estimated Fair Value	$ 62

Business Combinations - Farfetch - Proforma Information (Details) - Farfetch Holdings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total net revenues	$ 439		$ 1,187
Net loss	(44)		(274)
Total net revenues	7,866	$ 6,791	22,490	$ 19,558
Net income (loss)	$ 61	$ 103	$ (167)	$ 158