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Side-by-side financial comparison of Coupang, Inc. (CPNG) and PayPal (PYPL). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $8.7B, roughly 1.0× PayPal). PayPal runs the higher net margin — 16.6% vs -0.3%, a 16.9% gap on every dollar of revenue. On growth, Coupang, Inc. posted the faster year-over-year revenue change (10.9% vs 3.7%). PayPal produced more free cash flow last quarter ($2.2B vs $-278.0M). Over the past eight quarters, Coupang, Inc.'s revenue compounded faster (11.4% CAGR vs 6.2%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
CPNG vs PYPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $8.7B |
| Net Profit | $-26.0M | $1.4B |
| Gross Margin | 28.8% | — |
| Operating Margin | 0.1% | 17.4% |
| Net Margin | -0.3% | 16.6% |
| Revenue YoY | 10.9% | 3.7% |
| Net Profit YoY | -116.7% | 28.2% |
| EPS (diluted) | $-0.02 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $9.3B | $8.4B | ||
| Q2 25 | $8.5B | $8.3B | ||
| Q1 25 | $7.9B | $7.8B | ||
| Q4 24 | $8.0B | $8.4B | ||
| Q3 24 | $7.9B | $7.8B | ||
| Q2 24 | $7.3B | $7.9B | ||
| Q1 24 | $7.1B | $7.7B |
| Q4 25 | $-26.0M | $1.4B | ||
| Q3 25 | $95.0M | $1.2B | ||
| Q2 25 | $32.0M | $1.3B | ||
| Q1 25 | $107.0M | $1.3B | ||
| Q4 24 | $156.0M | $1.1B | ||
| Q3 24 | $70.0M | $1.0B | ||
| Q2 24 | $-77.0M | $1.1B | ||
| Q1 24 | $5.0M | $888.0M |
| 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% | 17.4% | ||
| Q3 25 | 1.7% | 18.1% | ||
| Q2 25 | 1.7% | 18.1% | ||
| Q1 25 | 1.9% | 19.6% | ||
| Q4 24 | 3.9% | 17.2% | ||
| Q3 24 | 1.4% | 17.7% | ||
| Q2 24 | -0.3% | 16.8% | ||
| Q1 24 | 0.6% | 15.2% |
| Q4 25 | -0.3% | 16.6% | ||
| Q3 25 | 1.0% | 14.8% | ||
| Q2 25 | 0.4% | 15.2% | ||
| Q1 25 | 1.4% | 16.5% | ||
| Q4 24 | 2.0% | 13.4% | ||
| Q3 24 | 0.9% | 12.9% | ||
| Q2 24 | -1.1% | 14.3% | ||
| Q1 24 | 0.1% | 11.5% |
| Q4 25 | $-0.02 | $1.53 | ||
| Q3 25 | $0.05 | $1.30 | ||
| Q2 25 | $0.02 | $1.29 | ||
| Q1 25 | $0.06 | $1.29 | ||
| Q4 24 | $0.08 | $1.09 | ||
| Q3 24 | $0.04 | $0.99 | ||
| Q2 24 | $-0.04 | $1.08 | ||
| Q1 24 | $0.00 | $0.83 |
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 | $10.4B |
| Total DebtLower is stronger | $648.0M | — |
| Stockholders' EquityBook value | $4.6B | $20.3B |
| Total Assets | $17.8B | $80.2B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | $10.4B | ||
| Q3 25 | $7.2B | $10.8B | ||
| Q2 25 | $6.8B | $10.0B | ||
| Q1 25 | $6.1B | $11.2B | ||
| Q4 24 | $5.9B | $10.8B | ||
| Q3 24 | $5.8B | $11.9B | ||
| Q2 24 | $5.5B | $13.6B | ||
| Q1 24 | $5.2B | $14.3B |
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.6B | $20.3B | ||
| Q3 25 | $4.7B | $20.2B | ||
| Q2 25 | $4.7B | $20.2B | ||
| Q1 25 | $4.4B | $20.3B | ||
| Q4 24 | $4.1B | $20.4B | ||
| Q3 24 | $4.2B | $20.2B | ||
| Q2 24 | $3.9B | $20.6B | ||
| Q1 24 | $4.1B | $20.7B |
| Q4 25 | $17.8B | $80.2B | ||
| Q3 25 | $18.7B | $79.8B | ||
| Q2 25 | $17.8B | $79.8B | ||
| Q1 25 | $16.0B | $81.3B | ||
| Q4 24 | $15.3B | $81.6B | ||
| Q3 24 | $16.3B | $83.5B | ||
| Q2 24 | $15.2B | $84.0B | ||
| Q1 24 | $14.9B | $83.3B |
| 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 | $2.4B |
| Free Cash FlowOCF − Capex | $-278.0M | $2.2B |
| FCF MarginFCF / Revenue | -3.1% | 25.2% |
| Capex IntensityCapex / Revenue | 4.1% | 2.2% |
| Cash ConversionOCF / Net Profit | — | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.0M | $2.4B | ||
| Q3 25 | $792.0M | $2.0B | ||
| Q2 25 | $545.0M | $898.0M | ||
| Q1 25 | $354.0M | $1.2B | ||
| Q4 24 | $676.0M | $2.4B | ||
| Q3 24 | $334.0M | $1.6B | ||
| Q2 24 | $664.0M | $1.5B | ||
| Q1 24 | $212.0M | $1.9B |
| Q4 25 | $-278.0M | $2.2B | ||
| Q3 25 | $439.0M | $1.7B | ||
| Q2 25 | $246.0M | $692.0M | ||
| Q1 25 | $115.0M | $964.0M | ||
| Q4 24 | $462.0M | $2.2B | ||
| Q3 24 | $-46.0M | $1.4B | ||
| Q2 24 | $486.0M | $1.4B | ||
| Q1 24 | $105.0M | $1.8B |
| Q4 25 | -3.1% | 25.2% | ||
| Q3 25 | 4.7% | 20.4% | ||
| Q2 25 | 2.9% | 8.3% | ||
| Q1 25 | 1.5% | 12.4% | ||
| Q4 24 | 5.8% | 26.2% | ||
| Q3 24 | -0.6% | 18.4% | ||
| Q2 24 | 6.6% | 17.3% | ||
| Q1 24 | 1.5% | 22.9% |
| Q4 25 | 4.1% | 2.2% | ||
| Q3 25 | 3.8% | 3.0% | ||
| Q2 25 | 3.5% | 2.5% | ||
| Q1 25 | 3.0% | 2.5% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 4.8% | 2.2% | ||
| Q2 24 | 2.4% | 2.0% | ||
| Q1 24 | 1.5% | 2.0% |
| Q4 25 | — | 1.66× | ||
| Q3 25 | 8.34× | 1.58× | ||
| Q2 25 | 17.03× | 0.71× | ||
| Q1 25 | 3.31× | 0.90× | ||
| Q4 24 | 4.33× | 2.14× | ||
| Q3 24 | 4.77× | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | 42.40× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
