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Side-by-side financial comparison of Coupang, Inc. (CPNG) and CARVANA CO. (CVNA), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $5.6B, roughly 1.6× CARVANA CO.). CARVANA CO. runs the higher net margin — -0.3% vs 15.3%, a 15.6% gap on every dollar of revenue. On growth, CARVANA CO. posted the faster year-over-year revenue change (58.0% vs 10.9%). CARVANA CO. produced more free cash flow last quarter ($379.0M vs $-278.0M). Over the past eight quarters, CARVANA CO.'s revenue compounded faster (35.3% 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.
Carvana Co. is an online used car retailer based in Tempe, Arizona. Carvana was named to the 2021 Fortune 500 list, one of the youngest companies to be added to the list.
CPNG vs CVNA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $5.6B |
| Net Profit | $-26.0M | $857.0M |
| Gross Margin | 28.8% | 18.8% |
| Operating Margin | 0.1% | 7.6% |
| Net Margin | -0.3% | 15.3% |
| Revenue YoY | 10.9% | 58.0% |
| Net Profit YoY | -116.7% | 984.8% |
| EPS (diluted) | $-0.02 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $8.8B | $5.6B | ||
| Q3 25 | $9.3B | $5.6B | ||
| Q2 25 | $8.5B | $4.8B | ||
| Q1 25 | $7.9B | $4.2B | ||
| Q4 24 | $8.0B | $3.5B | ||
| Q3 24 | $7.9B | $3.7B | ||
| Q2 24 | $7.3B | $3.4B | ||
| Q1 24 | $7.1B | $3.1B |
| Q4 25 | $-26.0M | $857.0M | ||
| Q3 25 | $95.0M | $151.0M | ||
| Q2 25 | $32.0M | $183.0M | ||
| Q1 25 | $107.0M | $216.0M | ||
| Q4 24 | $156.0M | $79.0M | ||
| Q3 24 | $70.0M | $85.0M | ||
| Q2 24 | $-77.0M | $18.0M | ||
| Q1 24 | $5.0M | $28.0M |
| Q4 25 | 28.8% | 18.8% | ||
| Q3 25 | 29.4% | 20.3% | ||
| Q2 25 | 30.0% | 22.0% | ||
| Q1 25 | 29.3% | 22.0% | ||
| Q4 24 | 31.3% | 21.5% | ||
| Q3 24 | 28.8% | 22.1% | ||
| Q2 24 | 29.3% | 21.0% | ||
| Q1 24 | 27.1% | 19.3% |
| Q4 25 | 0.1% | 7.6% | ||
| Q3 25 | 1.7% | 9.8% | ||
| Q2 25 | 1.7% | 10.6% | ||
| Q1 25 | 1.9% | 9.3% | ||
| Q4 24 | 3.9% | 7.3% | ||
| Q3 24 | 1.4% | 9.2% | ||
| Q2 24 | -0.3% | 7.6% | ||
| Q1 24 | 0.6% | 4.4% |
| Q4 25 | -0.3% | 15.3% | ||
| Q3 25 | 1.0% | 2.7% | ||
| Q2 25 | 0.4% | 3.8% | ||
| Q1 25 | 1.4% | 5.1% | ||
| Q4 24 | 2.0% | 2.2% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | -1.1% | 0.5% | ||
| Q1 24 | 0.1% | 0.9% |
| 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 | $0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.3B | $2.3B |
| Total DebtLower is stronger | $648.0M | $4.9B |
| Stockholders' EquityBook value | $4.6B | $3.4B |
| Total Assets | $17.8B | $13.2B |
| Debt / EquityLower = less leverage | 0.14× | 1.43× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $6.3B | $2.3B | ||
| Q3 25 | $7.2B | $2.1B | ||
| Q2 25 | $6.8B | $1.9B | ||
| Q1 25 | $6.1B | $1.9B | ||
| Q4 24 | $5.9B | $1.7B | ||
| Q3 24 | $5.8B | $871.0M | ||
| Q2 24 | $5.5B | $542.0M | ||
| Q1 24 | $5.2B | $252.0M |
| Q4 25 | $648.0M | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.6B | $3.4B | ||
| Q3 25 | $4.7B | $2.3B | ||
| Q2 25 | $4.7B | $1.7B | ||
| Q1 25 | $4.4B | $1.5B | ||
| Q4 24 | $4.1B | $1.3B | ||
| Q3 24 | $4.2B | $611.0M | ||
| Q2 24 | $3.9B | $526.0M | ||
| Q1 24 | $4.1B | $289.0M |
| Q4 25 | $17.8B | $13.2B | ||
| Q3 25 | $18.7B | $9.9B | ||
| Q2 25 | $17.8B | $9.4B | ||
| Q1 25 | $16.0B | $8.9B | ||
| Q4 24 | $15.3B | $8.5B | ||
| Q3 24 | $16.3B | $7.4B | ||
| Q2 24 | $15.2B | $7.2B | ||
| Q1 24 | $14.9B | $7.0B |
| Q4 25 | 0.14× | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | 4.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.0M | $430.0M |
| Free Cash FlowOCF − Capex | $-278.0M | $379.0M |
| FCF MarginFCF / Revenue | -3.1% | 6.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 4.1% | 0.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | $889.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $82.0M | $430.0M | ||
| Q3 25 | $792.0M | $345.0M | ||
| Q2 25 | $545.0M | $29.0M | ||
| Q1 25 | $354.0M | $232.0M | ||
| Q4 24 | $676.0M | $60.0M | ||
| Q3 24 | $334.0M | $403.0M | ||
| Q2 24 | $664.0M | $354.0M | ||
| Q1 24 | $212.0M | $101.0M |
| Q4 25 | $-278.0M | $379.0M | ||
| Q3 25 | $439.0M | $307.0M | ||
| Q2 25 | $246.0M | $-2.0M | ||
| Q1 25 | $115.0M | $205.0M | ||
| Q4 24 | $462.0M | $36.0M | ||
| Q3 24 | $-46.0M | $376.0M | ||
| Q2 24 | $486.0M | $332.0M | ||
| Q1 24 | $105.0M | $83.0M |
| Q4 25 | -3.1% | 6.8% | ||
| Q3 25 | 4.7% | 5.4% | ||
| Q2 25 | 2.9% | -0.0% | ||
| Q1 25 | 1.5% | 4.8% | ||
| Q4 24 | 5.8% | 1.0% | ||
| Q3 24 | -0.6% | 10.3% | ||
| Q2 24 | 6.6% | 9.7% | ||
| Q1 24 | 1.5% | 2.7% |
| Q4 25 | 4.1% | 0.9% | ||
| Q3 25 | 3.8% | 0.7% | ||
| Q2 25 | 3.5% | 0.6% | ||
| Q1 25 | 3.0% | 0.6% | ||
| Q4 24 | 2.7% | 0.7% | ||
| Q3 24 | 4.8% | 0.7% | ||
| Q2 24 | 2.4% | 0.6% | ||
| Q1 24 | 1.5% | 0.6% |
| Q4 25 | — | 0.50× | ||
| Q3 25 | 8.34× | 2.28× | ||
| Q2 25 | 17.03× | 0.16× | ||
| Q1 25 | 3.31× | 1.07× | ||
| Q4 24 | 4.33× | 0.76× | ||
| Q3 24 | 4.77× | 4.74× | ||
| Q2 24 | — | 19.67× | ||
| Q1 24 | 42.40× | 3.61× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
