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Side-by-side financial comparison of Coupang, Inc. (CPNG) and Philip Morris International (PM). Click either name above to swap in a different company.
Philip Morris International is the larger business by last-quarter revenue ($10.1B vs $8.8B, roughly 1.1× Coupang, Inc.). Philip Morris International runs the higher net margin — 24.0% vs -0.3%, a 24.3% gap on every dollar of revenue. On growth, Coupang, Inc. posted the faster year-over-year revenue change (10.9% vs 9.1%). Over the past eight quarters, Coupang, Inc.'s revenue compounded faster (11.4% CAGR vs 3.5%).
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.
Philip Morris International Inc. (PMI) is a tobacco company, with products sold in over 180 countries. Marlboro is PMI’s most recognized brand, but in the last quarter of 2023, Iqos generated the greatest revenue. Philip Morris International is often referred to as one of the companies comprising Big Tobacco. The company ranked No. 121 in the 2025 Fortune 500 list of the largest US corporations by total revenue.
CPNG vs PM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $10.1B |
| Net Profit | $-26.0M | $2.4B |
| Gross Margin | 28.8% | 68.1% |
| Operating Margin | 0.1% | 38.4% |
| Net Margin | -0.3% | 24.0% |
| Revenue YoY | 10.9% | 9.1% |
| Net Profit YoY | -116.7% | -9.4% |
| EPS (diluted) | $-0.02 | $1.56 |
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 | — | $10.1B | ||
| Q4 25 | $8.8B | $10.4B | ||
| Q3 25 | $9.3B | $10.8B | ||
| Q2 25 | $8.5B | $10.1B | ||
| Q1 25 | $7.9B | $9.3B | ||
| Q4 24 | $8.0B | $9.7B | ||
| Q3 24 | $7.9B | $9.9B | ||
| Q2 24 | $7.3B | $9.5B |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $-26.0M | $2.1B | ||
| Q3 25 | $95.0M | $3.5B | ||
| Q2 25 | $32.0M | $3.0B | ||
| Q1 25 | $107.0M | $2.7B | ||
| Q4 24 | $156.0M | $-579.0M | ||
| Q3 24 | $70.0M | $3.1B | ||
| Q2 24 | $-77.0M | $2.4B |
| Q1 26 | — | 68.1% | ||
| Q4 25 | 28.8% | 65.6% | ||
| Q3 25 | 29.4% | 67.8% | ||
| Q2 25 | 30.0% | 67.7% | ||
| Q1 25 | 29.3% | 67.3% | ||
| Q4 24 | 31.3% | 64.7% | ||
| Q3 24 | 28.8% | 66.0% | ||
| Q2 24 | 29.3% | 64.7% |
| Q1 26 | — | 38.4% | ||
| Q4 25 | 0.1% | 32.6% | ||
| Q3 25 | 1.7% | 39.3% | ||
| Q2 25 | 1.7% | 36.6% | ||
| Q1 25 | 1.9% | 38.1% | ||
| Q4 24 | 3.9% | 33.6% | ||
| Q3 24 | 1.4% | 36.9% | ||
| Q2 24 | -0.3% | 36.4% |
| Q1 26 | — | 24.0% | ||
| Q4 25 | -0.3% | 20.7% | ||
| Q3 25 | 1.0% | 32.1% | ||
| Q2 25 | 0.4% | 30.0% | ||
| Q1 25 | 1.4% | 28.9% | ||
| Q4 24 | 2.0% | -6.0% | ||
| Q3 24 | 0.9% | 31.1% | ||
| Q2 24 | -1.1% | 25.4% |
| Q1 26 | — | $1.56 | ||
| Q4 25 | $-0.02 | $1.36 | ||
| Q3 25 | $0.05 | $2.23 | ||
| Q2 25 | $0.02 | $1.95 | ||
| Q1 25 | $0.06 | $1.72 | ||
| Q4 24 | $0.08 | $-0.37 | ||
| Q3 24 | $0.04 | $1.97 | ||
| Q2 24 | $-0.04 | $1.54 |
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 | $5.5B |
| Total DebtLower is stronger | $648.0M | $49.5B |
| Stockholders' EquityBook value | $4.6B | — |
| Total Assets | $17.8B | $68.9B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.5B | ||
| Q4 25 | $6.3B | $4.9B | ||
| Q3 25 | $7.2B | $4.0B | ||
| Q2 25 | $6.8B | $4.1B | ||
| Q1 25 | $6.1B | $4.4B | ||
| Q4 24 | $5.9B | $4.2B | ||
| Q3 24 | $5.8B | $4.3B | ||
| Q2 24 | $5.5B | $4.8B |
| Q1 26 | — | $49.5B | ||
| Q4 25 | $648.0M | $45.1B | ||
| Q3 25 | — | $41.9B | ||
| Q2 25 | — | $42.4B | ||
| Q1 25 | — | $38.8B | ||
| Q4 24 | $988.0M | $42.2B | ||
| Q3 24 | — | $44.2B | ||
| Q2 24 | — | $44.6B |
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | $-10.0B | ||
| Q3 25 | $4.7B | $-10.9B | ||
| Q2 25 | $4.7B | $-12.0B | ||
| Q1 25 | $4.4B | $-10.9B | ||
| Q4 24 | $4.1B | $-11.8B | ||
| Q3 24 | $4.2B | $-9.7B | ||
| Q2 24 | $3.9B | $-9.7B |
| Q1 26 | — | $68.9B | ||
| Q4 25 | $17.8B | $69.2B | ||
| Q3 25 | $18.7B | $67.1B | ||
| Q2 25 | $17.8B | $68.5B | ||
| Q1 25 | $16.0B | $65.1B | ||
| Q4 24 | $15.3B | $61.8B | ||
| Q3 24 | $16.3B | $66.9B | ||
| Q2 24 | $15.2B | $65.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| Q3 24 | — | — | ||
| Q2 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.
| Q1 26 | — | — | ||
| Q4 25 | $82.0M | $4.7B | ||
| Q3 25 | $792.0M | $4.5B | ||
| Q2 25 | $545.0M | $3.4B | ||
| Q1 25 | $354.0M | $-350.0M | ||
| Q4 24 | $676.0M | $4.0B | ||
| Q3 24 | $334.0M | $3.3B | ||
| Q2 24 | $664.0M | $4.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-278.0M | $4.3B | ||
| Q3 25 | $439.0M | $4.1B | ||
| Q2 25 | $246.0M | $3.1B | ||
| Q1 25 | $115.0M | $-754.0M | ||
| Q4 24 | $462.0M | $3.7B | ||
| Q3 24 | $-46.0M | $3.0B | ||
| Q2 24 | $486.0M | $4.3B |
| Q1 26 | — | — | ||
| Q4 25 | -3.1% | 41.2% | ||
| Q3 25 | 4.7% | 37.8% | ||
| Q2 25 | 2.9% | 30.1% | ||
| Q1 25 | 1.5% | -8.1% | ||
| Q4 24 | 5.8% | 38.4% | ||
| Q3 24 | -0.6% | 29.9% | ||
| Q2 24 | 6.6% | 45.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 4.3% | ||
| Q3 25 | 3.8% | 3.4% | ||
| Q2 25 | 3.5% | 3.5% | ||
| Q1 25 | 3.0% | 4.3% | ||
| Q4 24 | 2.7% | 2.9% | ||
| Q3 24 | 4.8% | 3.8% | ||
| Q2 24 | 2.4% | 3.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.20× | ||
| Q3 25 | 8.34× | 1.28× | ||
| Q2 25 | 17.03× | 1.12× | ||
| Q1 25 | 3.31× | -0.13× | ||
| Q4 24 | 4.33× | — | ||
| Q3 24 | 4.77× | 1.08× | ||
| Q2 24 | — | 1.93× |
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% |
PM
Segment breakdown not available.
