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Side-by-side financial comparison of Coupang, Inc. (CPNG) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $8.8B, roughly 1.7× Coupang, Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs -0.3%, a 27.4% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 11.4%).
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.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
CPNG vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $15.2B |
| Net Profit | $-26.0M | $4.1B |
| Gross Margin | 28.8% | 56.7% |
| Operating Margin | 0.1% | 23.1% |
| Net Margin | -0.3% | 27.1% |
| Revenue YoY | 10.9% | — |
| Net Profit YoY | -116.7% | — |
| EPS (diluted) | $-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 | $15.2B | ||
| Q2 25 | $8.5B | $14.5B | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $7.9B | $14.2B | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.1B | $12.0B |
| Q4 25 | $-26.0M | — | ||
| Q3 25 | $95.0M | $4.1B | ||
| Q2 25 | $32.0M | $4.3B | ||
| Q1 25 | $107.0M | — | ||
| Q4 24 | $156.0M | — | ||
| Q3 24 | $70.0M | $3.6B | ||
| Q2 24 | $-77.0M | — | ||
| Q1 24 | $5.0M | $3.9B |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | 56.7% | ||
| Q2 25 | 30.0% | 55.9% | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.8% | 60.0% | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 27.1% | 62.3% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 1.7% | 23.1% | ||
| Q2 25 | 1.7% | 24.8% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 1.4% | 24.5% | ||
| Q2 24 | -0.3% | — | ||
| Q1 24 | 0.6% | 29.9% |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 1.0% | 27.1% | ||
| Q2 25 | 0.4% | 29.6% | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 0.9% | 25.1% | ||
| Q2 24 | -1.1% | — | ||
| Q1 24 | 0.1% | 32.3% |
| 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 | $13.0B |
| Total DebtLower is stronger | $648.0M | — |
| Stockholders' EquityBook value | $4.6B | $55.0B |
| Total Assets | $17.8B | $86.2B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | — | ||
| Q3 25 | $7.2B | $13.0B | ||
| Q2 25 | $6.8B | $8.8B | ||
| Q1 25 | $6.1B | — | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.8B | $9.3B | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.2B | $7.7B |
| 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 | $55.0B | ||
| Q2 25 | $4.7B | $50.5B | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.2B | $39.7B | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $4.1B | $30.3B |
| Q4 25 | $17.8B | — | ||
| Q3 25 | $18.7B | $86.2B | ||
| Q2 25 | $17.8B | $79.2B | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $16.3B | $66.5B | ||
| Q2 24 | $15.2B | — | ||
| Q1 24 | $14.9B | $52.3B |
| 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 | $6.4B |
| Free Cash FlowOCF − Capex | $-278.0M | — |
| FCF MarginFCF / Revenue | -3.1% | — |
| Capex IntensityCapex / Revenue | 4.1% | — |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.0M | — | ||
| Q3 25 | $792.0M | $6.4B | ||
| Q2 25 | $545.0M | $3.0B | ||
| Q1 25 | $354.0M | — | ||
| Q4 24 | $676.0M | — | ||
| Q3 24 | $334.0M | $3.9B | ||
| Q2 24 | $664.0M | — | ||
| Q1 24 | $212.0M | $2.9B |
| 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× | 1.56× | ||
| Q2 25 | 17.03× | 0.70× | ||
| Q1 25 | 3.31× | — | ||
| Q4 24 | 4.33× | — | ||
| Q3 24 | 4.77× | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | 42.40× | 0.75× |
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% |
PDD
Segment breakdown not available.
