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Side-by-side financial comparison of Coupang, Inc. (CPNG) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $6.2B, roughly 1.4× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs -0.3%, a 27.7% gap on every dollar of revenue. On growth, Coupang, Inc. posted the faster year-over-year revenue change (10.9% vs 3.2%). Union Pacific Corporation produced more free cash flow last quarter ($631.0M vs $-278.0M). Over the past eight quarters, Coupang, Inc.'s revenue compounded faster (11.4% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
CPNG vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $6.2B |
| Net Profit | $-26.0M | $1.7B |
| Gross Margin | 28.8% | — |
| Operating Margin | 0.1% | 39.5% |
| Net Margin | -0.3% | 27.4% |
| Revenue YoY | 10.9% | 3.2% |
| Net Profit YoY | -116.7% | 4.6% |
| EPS (diluted) | $-0.02 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $9.3B | $6.2B | ||
| Q2 25 | $8.5B | $6.2B | ||
| Q1 25 | $7.9B | $6.0B | ||
| Q4 24 | $8.0B | $6.1B | ||
| Q3 24 | $7.9B | $6.1B | ||
| Q2 24 | $7.3B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-26.0M | $1.8B | ||
| Q3 25 | $95.0M | $1.8B | ||
| Q2 25 | $32.0M | $1.9B | ||
| Q1 25 | $107.0M | $1.6B | ||
| Q4 24 | $156.0M | $1.8B | ||
| Q3 24 | $70.0M | $1.7B | ||
| Q2 24 | $-77.0M | $1.7B |
| Q1 26 | — | — | ||
| 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 26 | — | 39.5% | ||
| Q4 25 | 0.1% | 39.5% | ||
| Q3 25 | 1.7% | 40.8% | ||
| Q2 25 | 1.7% | 41.0% | ||
| Q1 25 | 1.9% | 39.3% | ||
| Q4 24 | 3.9% | 41.3% | ||
| Q3 24 | 1.4% | 39.7% | ||
| Q2 24 | -0.3% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | -0.3% | 30.4% | ||
| Q3 25 | 1.0% | 28.6% | ||
| Q2 25 | 0.4% | 30.5% | ||
| Q1 25 | 1.4% | 27.0% | ||
| Q4 24 | 2.0% | 28.8% | ||
| Q3 24 | 0.9% | 27.4% | ||
| Q2 24 | -1.1% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $-0.02 | $3.12 | ||
| Q3 25 | $0.05 | $3.01 | ||
| Q2 25 | $0.02 | $3.15 | ||
| Q1 25 | $0.06 | $2.70 | ||
| Q4 24 | $0.08 | $2.91 | ||
| Q3 24 | $0.04 | $2.75 | ||
| Q2 24 | $-0.04 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $648.0M | — |
| Stockholders' EquityBook value | $4.6B | — |
| Total Assets | $17.8B | $69.6B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $6.3B | $1.3B | ||
| Q3 25 | $7.2B | $808.0M | ||
| Q2 25 | $6.8B | $1.1B | ||
| Q1 25 | $6.1B | $1.4B | ||
| Q4 24 | $5.9B | $1.0B | ||
| Q3 24 | $5.8B | $947.0M | ||
| Q2 24 | $5.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $648.0M | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | $988.0M | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | $18.5B | ||
| Q3 25 | $4.7B | $17.3B | ||
| Q2 25 | $4.7B | $16.3B | ||
| Q1 25 | $4.4B | $16.0B | ||
| Q4 24 | $4.1B | $16.9B | ||
| Q3 24 | $4.2B | $16.6B | ||
| Q2 24 | $3.9B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $17.8B | $69.7B | ||
| Q3 25 | $18.7B | $68.6B | ||
| Q2 25 | $17.8B | $68.6B | ||
| Q1 25 | $16.0B | $68.5B | ||
| Q4 24 | $15.3B | $67.7B | ||
| Q3 24 | $16.3B | $67.6B | ||
| Q2 24 | $15.2B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.14× | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | 0.24× | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $631.0M |
| FCF MarginFCF / Revenue | -3.1% | 10.1% |
| Capex IntensityCapex / Revenue | 4.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $82.0M | $2.2B | ||
| Q3 25 | $792.0M | $2.5B | ||
| Q2 25 | $545.0M | $2.3B | ||
| Q1 25 | $354.0M | $2.2B | ||
| Q4 24 | $676.0M | $2.7B | ||
| Q3 24 | $334.0M | $2.7B | ||
| Q2 24 | $664.0M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-278.0M | $1.2B | ||
| Q3 25 | $439.0M | $1.6B | ||
| Q2 25 | $246.0M | $1.4B | ||
| Q1 25 | $115.0M | $1.3B | ||
| Q4 24 | $462.0M | $1.7B | ||
| Q3 24 | $-46.0M | $1.8B | ||
| Q2 24 | $486.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | -3.1% | 20.1% | ||
| Q3 25 | 4.7% | 25.2% | ||
| Q2 25 | 2.9% | 22.7% | ||
| Q1 25 | 1.5% | 21.6% | ||
| Q4 24 | 5.8% | 28.4% | ||
| Q3 24 | -0.6% | 29.9% | ||
| Q2 24 | 6.6% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 16.4% | ||
| Q3 25 | 3.8% | 15.2% | ||
| Q2 25 | 3.5% | 15.2% | ||
| Q1 25 | 3.0% | 15.0% | ||
| Q4 24 | 2.7% | 15.1% | ||
| Q3 24 | 4.8% | 13.6% | ||
| Q2 24 | 2.4% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.20× | ||
| Q3 25 | 8.34× | 1.41× | ||
| Q2 25 | 17.03× | 1.24× | ||
| Q1 25 | 3.31× | 1.36× | ||
| Q4 24 | 4.33× | 1.51× | ||
| Q3 24 | 4.77× | 1.59× | ||
| Q2 24 | — | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
