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Side-by-side financial comparison of Coupang, Inc. (CPNG) and SHOPIFY INC. (SHOP), 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 $3.7B, roughly 2.4× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — -0.3% vs 20.2%, a 20.5% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 10.9%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-278.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CPNG vs SHOP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $3.7B |
| Net Profit | $-26.0M | $743.0M |
| Gross Margin | 28.8% | 46.1% |
| Operating Margin | 0.1% | 17.2% |
| Net Margin | -0.3% | 20.2% |
| Revenue YoY | 10.9% | 30.6% |
| Net Profit YoY | -116.7% | -42.5% |
| EPS (diluted) | $-0.02 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $9.3B | $2.8B | ||
| Q2 25 | $8.5B | $2.7B | ||
| Q1 25 | $7.9B | $2.4B | ||
| Q4 24 | $8.0B | $2.8B | ||
| Q3 24 | $7.9B | $2.2B | ||
| Q2 24 | $7.3B | $2.0B | ||
| Q1 24 | $7.1B | $1.9B |
| Q4 25 | $-26.0M | $743.0M | ||
| Q3 25 | $95.0M | $264.0M | ||
| Q2 25 | $32.0M | $906.0M | ||
| Q1 25 | $107.0M | $-682.0M | ||
| Q4 24 | $156.0M | $1.3B | ||
| Q3 24 | $70.0M | $828.0M | ||
| Q2 24 | $-77.0M | $171.0M | ||
| Q1 24 | $5.0M | $-273.0M |
| Q4 25 | 28.8% | 46.1% | ||
| Q3 25 | 29.4% | 48.9% | ||
| Q2 25 | 30.0% | 48.6% | ||
| Q1 25 | 29.3% | 49.5% | ||
| Q4 24 | 31.3% | 48.1% | ||
| Q3 24 | 28.8% | 51.7% | ||
| Q2 24 | 29.3% | 51.1% | ||
| Q1 24 | 27.1% | 51.4% |
| Q4 25 | 0.1% | 17.2% | ||
| Q3 25 | 1.7% | 12.1% | ||
| Q2 25 | 1.7% | 10.9% | ||
| Q1 25 | 1.9% | 8.6% | ||
| Q4 24 | 3.9% | 16.5% | ||
| Q3 24 | 1.4% | 13.1% | ||
| Q2 24 | -0.3% | 11.8% | ||
| Q1 24 | 0.6% | 4.6% |
| Q4 25 | -0.3% | 20.2% | ||
| Q3 25 | 1.0% | 9.3% | ||
| Q2 25 | 0.4% | 33.8% | ||
| Q1 25 | 1.4% | -28.9% | ||
| Q4 24 | 2.0% | 46.0% | ||
| Q3 24 | 0.9% | 38.3% | ||
| Q2 24 | -1.1% | 8.4% | ||
| Q1 24 | 0.1% | -14.7% |
| Q4 25 | $-0.02 | $0.58 | ||
| Q3 25 | $0.05 | $0.20 | ||
| Q2 25 | $0.02 | $0.69 | ||
| Q1 25 | $0.06 | $-0.53 | ||
| Q4 24 | $0.08 | $0.99 | ||
| Q3 24 | $0.04 | $0.64 | ||
| Q2 24 | $-0.04 | $0.13 | ||
| Q1 24 | $0.00 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $648.0M | — |
| Stockholders' EquityBook value | $4.6B | $13.5B |
| Total Assets | $17.8B | $15.2B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $6.3B | $5.8B | ||
| Q3 25 | $7.2B | $6.3B | ||
| Q2 25 | $6.8B | $5.8B | ||
| Q1 25 | $6.1B | $5.5B | ||
| Q4 24 | $5.9B | $5.5B | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.2B | — |
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.6B | $13.5B | ||
| Q3 25 | $4.7B | $12.5B | ||
| Q2 25 | $4.7B | $12.1B | ||
| Q1 25 | $4.4B | $11.1B | ||
| Q4 24 | $4.1B | $11.6B | ||
| Q3 24 | $4.2B | $10.1B | ||
| Q2 24 | $3.9B | $9.2B | ||
| Q1 24 | $4.1B | $8.9B |
| Q4 25 | $17.8B | $15.2B | ||
| Q3 25 | $18.7B | $15.0B | ||
| Q2 25 | $17.8B | $14.6B | ||
| Q1 25 | $16.0B | $13.4B | ||
| Q4 24 | $15.3B | $13.9B | ||
| Q3 24 | $16.3B | — | ||
| Q2 24 | $15.2B | — | ||
| Q1 24 | $14.9B | — |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.0M | $725.0M |
| Free Cash FlowOCF − Capex | $-278.0M | $715.0M |
| FCF MarginFCF / Revenue | -3.1% | 19.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 4.1% | 0.3% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | $2.0B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $82.0M | $725.0M | ||
| Q3 25 | $792.0M | $513.0M | ||
| Q2 25 | $545.0M | $428.0M | ||
| Q1 25 | $354.0M | $367.0M | ||
| Q4 24 | $676.0M | $615.0M | ||
| Q3 24 | $334.0M | $423.0M | ||
| Q2 24 | $664.0M | $340.0M | ||
| Q1 24 | $212.0M | $238.0M |
| Q4 25 | $-278.0M | $715.0M | ||
| Q3 25 | $439.0M | $507.0M | ||
| Q2 25 | $246.0M | $422.0M | ||
| Q1 25 | $115.0M | $363.0M | ||
| Q4 24 | $462.0M | $611.0M | ||
| Q3 24 | $-46.0M | $421.0M | ||
| Q2 24 | $486.0M | $333.0M | ||
| Q1 24 | $105.0M | $232.0M |
| Q4 25 | -3.1% | 19.5% | ||
| Q3 25 | 4.7% | 17.8% | ||
| Q2 25 | 2.9% | 15.7% | ||
| Q1 25 | 1.5% | 15.4% | ||
| Q4 24 | 5.8% | 21.7% | ||
| Q3 24 | -0.6% | 19.5% | ||
| Q2 24 | 6.6% | 16.3% | ||
| Q1 24 | 1.5% | 12.5% |
| Q4 25 | 4.1% | 0.3% | ||
| Q3 25 | 3.8% | 0.2% | ||
| Q2 25 | 3.5% | 0.2% | ||
| Q1 25 | 3.0% | 0.2% | ||
| Q4 24 | 2.7% | 0.1% | ||
| Q3 24 | 4.8% | 0.1% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 1.5% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | 8.34× | 1.94× | ||
| Q2 25 | 17.03× | 0.47× | ||
| Q1 25 | 3.31× | — | ||
| Q4 24 | 4.33× | 0.48× | ||
| Q3 24 | 4.77× | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | 42.40× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
