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Side-by-side financial comparison of Coupang, Inc. (CPNG) and Dingdong (Cayman) Ltd (DDL). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $115.3M, roughly 76.6× Dingdong (Cayman) Ltd). Dingdong (Cayman) Ltd runs the higher net margin — 5.8% vs -0.3%, a 6.1% gap on every dollar of revenue.
Coupang, Inc. is an American Delaware-incorporated technology and online retail company headquartered in Seattle, Washington. Founded in 2010 by Bom Kim, the company operates a retail business, food delivery service, and OTT streaming service, with offices and operations in South Korea, Taiwan, the United States, India, Japan and Singapore.
Dingdong (Cayman) Ltd operates a leading on-demand grocery e-commerce platform primarily serving the Chinese market. It provides fresh produce, daily necessities, ready-to-eat meals, and household staples to urban consumers, leveraging optimized supply chains and localized logistics networks to offer fast, reliable 30-minute delivery services, prioritizing product freshness and user convenience.
CPNG vs DDL — Head-to-Head
Income Statement — Q4 2025 vs Q3 2022
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $115.3M |
| Net Profit | $-26.0M | $6.7M |
| Gross Margin | 28.8% | — |
| Operating Margin | 0.1% | 5.3% |
| Net Margin | -0.3% | 5.8% |
| Revenue YoY | 10.9% | — |
| Net Profit YoY | -116.7% | — |
| EPS (diluted) | $-0.02 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.3B | — | ||
| Q2 25 | $8.5B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $7.9B | — | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.1B | — |
| Q4 25 | $-26.0M | — | ||
| Q3 25 | $95.0M | — | ||
| Q2 25 | $32.0M | — | ||
| Q1 25 | $107.0M | — | ||
| Q4 24 | $156.0M | — | ||
| Q3 24 | $70.0M | — | ||
| Q2 24 | $-77.0M | — | ||
| Q1 24 | $5.0M | — |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.8% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 27.1% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | -0.3% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | -1.1% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.05 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | $0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $0.00 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.3B | $113.7M |
| Total DebtLower is stronger | $648.0M | $135.8K |
| Stockholders' EquityBook value | $4.6B | $4.5M |
| Total Assets | $17.8B | $178.3M |
| Debt / EquityLower = less leverage | 0.14× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $6.1B | — | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.2B | — |
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $4.1B | — |
| Q4 25 | $17.8B | — | ||
| Q3 25 | $18.7B | — | ||
| Q2 25 | $17.8B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $16.3B | — | ||
| Q2 24 | $15.2B | — | ||
| Q1 24 | $14.9B | — |
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.0M | — |
| Free Cash FlowOCF − Capex | $-278.0M | — |
| FCF MarginFCF / Revenue | -3.1% | — |
| Capex IntensityCapex / Revenue | 4.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.0M | — | ||
| Q3 25 | $792.0M | — | ||
| Q2 25 | $545.0M | — | ||
| Q1 25 | $354.0M | — | ||
| Q4 24 | $676.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $664.0M | — | ||
| Q1 24 | $212.0M | — |
| Q4 25 | $-278.0M | — | ||
| Q3 25 | $439.0M | — | ||
| Q2 25 | $246.0M | — | ||
| Q1 25 | $115.0M | — | ||
| Q4 24 | $462.0M | — | ||
| Q3 24 | $-46.0M | — | ||
| Q2 24 | $486.0M | — | ||
| Q1 24 | $105.0M | — |
| Q4 25 | -3.1% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | 6.6% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | 4.1% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.34× | — | ||
| Q2 25 | 17.03× | — | ||
| Q1 25 | 3.31× | — | ||
| Q4 24 | 4.33× | — | ||
| Q3 24 | 4.77× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 42.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
DDL
Segment breakdown not available.
