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Side-by-side financial comparison of Coupang, Inc. (CPNG) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.5B vs $4.7B, roughly 1.8× Flutter Entertainment plc). On growth, Flutter Entertainment plc posted the faster year-over-year revenue change (24.9% vs 7.5%). Flutter Entertainment plc produced more free cash flow last quarter ($392.0M vs $-110.0M). Over the past eight quarters, Flutter Entertainment plc's revenue compounded faster (18.1% CAGR vs 7.8%).
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.
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
CPNG vs FLUT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.5B | $4.7B |
| Net Profit | — | $10.0M |
| Gross Margin | 27.0% | 44.5% |
| Operating Margin | — | 5.4% |
| Net Margin | — | 0.2% |
| Revenue YoY | 7.5% | 24.9% |
| Net Profit YoY | — | -93.6% |
| EPS (diluted) | $-0.15 | $0.00 |
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.
| Q1 26 | $8.5B | — | ||
| Q4 25 | $8.8B | $4.7B | ||
| Q3 25 | $9.3B | $3.8B | ||
| Q2 25 | $8.5B | $4.2B | ||
| Q1 25 | $7.9B | $3.7B | ||
| Q4 24 | $8.0B | $3.8B | ||
| Q3 24 | $7.9B | $3.2B | ||
| Q2 24 | $7.3B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-26.0M | $10.0M | ||
| Q3 25 | $95.0M | $-789.0M | ||
| Q2 25 | $32.0M | $37.0M | ||
| Q1 25 | $107.0M | $335.0M | ||
| Q4 24 | $156.0M | $156.0M | ||
| Q3 24 | $70.0M | $-114.0M | ||
| Q2 24 | $-77.0M | $297.0M |
| Q1 26 | 27.0% | — | ||
| Q4 25 | 28.8% | 44.5% | ||
| Q3 25 | 29.4% | 42.9% | ||
| Q2 25 | 30.0% | 46.8% | ||
| Q1 25 | 29.3% | 46.6% | ||
| Q4 24 | 31.3% | 48.2% | ||
| Q3 24 | 28.8% | 46.1% | ||
| Q2 24 | 29.3% | 49.2% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 5.4% | ||
| Q3 25 | 1.7% | -22.0% | ||
| Q2 25 | 1.7% | 9.3% | ||
| Q1 25 | 1.9% | 6.1% | ||
| Q4 24 | 3.9% | 7.4% | ||
| Q3 24 | 1.4% | 3.0% | ||
| Q2 24 | -0.3% | 10.2% |
| Q1 26 | — | — | ||
| Q4 25 | -0.3% | 0.2% | ||
| Q3 25 | 1.0% | -20.8% | ||
| Q2 25 | 0.4% | 0.9% | ||
| Q1 25 | 1.4% | 9.1% | ||
| Q4 24 | 2.0% | 4.1% | ||
| Q3 24 | 0.9% | -3.5% | ||
| Q2 24 | -1.1% | 8.2% |
| Q1 26 | $-0.15 | — | ||
| Q4 25 | $-0.02 | $0.00 | ||
| Q3 25 | $0.05 | $-3.91 | ||
| Q2 25 | $0.02 | $0.59 | ||
| Q1 25 | $0.06 | $1.57 | ||
| Q4 24 | $0.08 | $0.47 | ||
| Q3 24 | $0.04 | $-0.58 | ||
| Q2 24 | $-0.04 | $1.45 |
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 | $1.8B |
| Total DebtLower is stronger | $2.3B | $12.3B |
| Stockholders' EquityBook value | $3.9B | $9.0B |
| Total Assets | $17.4B | $29.3B |
| Debt / EquityLower = less leverage | 0.58× | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.3B | $1.8B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $6.8B | $1.7B | ||
| Q1 25 | $6.1B | $1.5B | ||
| Q4 24 | $5.9B | $1.5B | ||
| Q3 24 | $5.8B | $1.5B | ||
| Q2 24 | $5.5B | $1.5B |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $648.0M | $12.3B | ||
| Q3 25 | — | $12.1B | ||
| Q2 25 | — | $10.0B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | $988.0M | $6.7B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.8B |
| Q1 26 | $3.9B | — | ||
| Q4 25 | $4.6B | $9.0B | ||
| Q3 25 | $4.7B | $9.2B | ||
| Q2 25 | $4.7B | $10.2B | ||
| Q1 25 | $4.4B | $9.9B | ||
| Q4 24 | $4.1B | $9.3B | ||
| Q3 24 | $4.2B | $10.2B | ||
| Q2 24 | $3.9B | $9.9B |
| Q1 26 | $17.4B | — | ||
| Q4 25 | $17.8B | $29.3B | ||
| Q3 25 | $18.7B | $29.3B | ||
| Q2 25 | $17.8B | $29.9B | ||
| Q1 25 | $16.0B | $24.8B | ||
| Q4 24 | $15.3B | $24.5B | ||
| Q3 24 | $16.3B | $25.5B | ||
| Q2 24 | $15.2B | $24.3B |
| Q1 26 | 0.58× | — | ||
| Q4 25 | 0.14× | 1.36× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 0.24× | 0.72× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.69× |
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 | $184.0M | $428.0M |
| Free Cash FlowOCF − Capex | $-110.0M | $392.0M |
| FCF MarginFCF / Revenue | -1.3% | 8.3% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | $297.0M | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $184.0M | — | ||
| Q4 25 | $82.0M | $428.0M | ||
| Q3 25 | $792.0M | $209.0M | ||
| Q2 25 | $545.0M | $359.0M | ||
| Q1 25 | $354.0M | $188.0M | ||
| Q4 24 | $676.0M | $652.0M | ||
| Q3 24 | $334.0M | $290.0M | ||
| Q2 24 | $664.0M | $323.0M |
| Q1 26 | $-110.0M | — | ||
| Q4 25 | $-278.0M | $392.0M | ||
| Q3 25 | $439.0M | $196.0M | ||
| Q2 25 | $246.0M | $322.0M | ||
| Q1 25 | $115.0M | $169.0M | ||
| Q4 24 | $462.0M | $595.0M | ||
| Q3 24 | $-46.0M | $253.0M | ||
| Q2 24 | $486.0M | $295.0M |
| Q1 26 | -1.3% | — | ||
| Q4 25 | -3.1% | 8.3% | ||
| Q3 25 | 4.7% | 5.2% | ||
| Q2 25 | 2.9% | 7.7% | ||
| Q1 25 | 1.5% | 4.6% | ||
| Q4 24 | 5.8% | 15.7% | ||
| Q3 24 | -0.6% | 7.8% | ||
| Q2 24 | 6.6% | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 0.8% | ||
| Q3 25 | 3.8% | 0.3% | ||
| Q2 25 | 3.5% | 0.9% | ||
| Q1 25 | 3.0% | 0.5% | ||
| Q4 24 | 2.7% | 1.5% | ||
| Q3 24 | 4.8% | 1.1% | ||
| Q2 24 | 2.4% | 0.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 42.80× | ||
| Q3 25 | 8.34× | — | ||
| Q2 25 | 17.03× | 9.70× | ||
| Q1 25 | 3.31× | 0.56× | ||
| Q4 24 | 4.33× | 4.18× | ||
| Q3 24 | 4.77× | — | ||
| Q2 24 | — | 1.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPNG
Segment breakdown not available.
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
