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Coupang cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$72.0M in Q3 2026 · −$412M over twelve months

Operating cash flow$212M
Capital spending−$284M
Free cash flow−$72.0M
Cash conversion cycle-55 days

Analysis

In Q3 2026, Coupang generated $212M of operating cash flow and spent $284M on capital projects, leaving free cash flow of −$72.0M. That is $511M less than in Q3 2025 ($439M).

Over the twelve months to Sep 30, 2026, operating cash flow was $845M; the largest uses were capital spending ($1.3B), buybacks ($1.2B), net borrowing (+) / repaid (−) ($216M); besides operations, cash came from asset & business sales ($3.0M), shares issued ($3.0M); the cash balance fell by $1.8B.

Operating cash flow was $212M against net income of −$501M. The largest differences: payables +$425M, other non-cash +$362M, accrued liabilities −$357M.

Its cash conversion cycle was -55 days (receivables 3 + inventory 28 − payables 86): suppliers fund its working capital.

Free cash flow

Coupang: free cash flow by quarterCoupang: free cash flow by quarter$462MQ4 2024$115MQ1 2025$246MQ2 2025$439MQ3 2025−$278MQ4 2025−$112MQ1 2026$50.0MQ2 2026−$72.0MQ3 2026
Operating cash flow less capital spending.
Coupang: operating cash flow against capital spendingCoupang: operating cash flow against capital spendingOperating cash flowCapital spending$676M$214MQ4 2024$354M$239MQ1 2025$545M$299MQ2 2025$792M$353MQ3 2025$82.0M$360MQ4 2025$184M$296MQ1 2026$367M$317MQ2 2026$212M$284MQ3 2026
Latest (Q3 2026): Operating cash flow $212M, Capital spending $284M.

Capital allocation, year by year

Coupang: where the cash came from (up) and went (down), by fiscal yearCoupang: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$411MFY2021: Net borrowing $98.1MFY2021: Shares issued $3.5BFY2021: Asset sales $2.0MFY2021: Capital spending −$674M$3.6BFY2021FY2022: Operating cash flow $565MFY2022: Net borrowing $233MFY2022: Shares issued $18.0MFY2022: Asset sales $13.0MFY2022: Capital spending −$824M$829MFY2022FY2023: Operating cash flow $2.7BFY2023: Net borrowing $180MFY2023: Shares issued $9.0MFY2023: Asset sales $19.0MFY2023: Capital spending −$896M$2.9BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $63.0MFY2024: Shares issued $4.0MFY2024: Asset sales $9.0MFY2024: Capital spending −$879MFY2024: Acquisitions $68.0MFY2024: Buybacks −$178M$2.0BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing $19.0MFY2025: Shares issued $5.0MFY2025: Asset sales $5.0MFY2025: Capital spending −$1.3BFY2025: Buybacks −$243M$1.8BFY2025
Over these 5 years operating cash flow totalled $6.5B; the largest uses were capital spending ($4.5B) and buybacks ($421M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.4B
Debt$1.6B
Net cash$3.8B
Due within a year$1.1B

Coupang's operations bring cash in ($845M over twelve months), and it spends more than that on capital projects: a gap of $412M funded from its $5.4B of cash and investments and from borrowing ($1.6B of debt, $1.1B due within a year). That is a choice to invest, not a cash runway running down.

Coupang: debt maturities by year (FY2025)Coupang: debt maturities by year (FY2025)$187MYear 2$463MYear 3
Principal due in each year as disclosed in the annual report, against $5.4B of cash and investments now.

Where the cash came from and went

Coupang: sources (+) and uses (−) of cash, Q3 2026Coupang: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$933MCash drawn (+) / kept (−)$664MExchange rates$555MCapital spending−$284MOperating cash flow$212MBuybacks−$201MOther investing−$13.0MShares issued$1.0MOther financing−$1.0M
Coupang: sources (+) and uses (−) of cash, TTM to Q3 2026Coupang: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$1.8BCapital spending−$1.3BBuybacks−$1.2BOperating cash flow$845MNet borrowing (+) / repaid (−)−$216MExchange rates$99.0MOther investing−$47.0MAsset & business sales$3.0MShares issued$3.0MOther financing−$1.0M

From profit to cash

Coupang: net income to operating cash flow, Q3 2026Coupang: net income to operating cash flow, Q3 2026Net income−$501MDepreciation & amortization$149MStock-based pay$167MDeferred taxes−$148MOther non-cash$362MReceivables$32.0MInventory−$221MPayables$425MAccrued liabilities−$357MPrepaid and other assets−$197MOther liabilities$274MOperating cash flow$212M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202632886-55
Q2 202642988-55
Q1 202643189-54
Q4 202543596-57
Q3 202543493-55
Q2 202553393-55
Q1 202553391-52
Q4 202453696-55

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$212M−$284M−$201M−$933M$1.0M$664M−$72.0M
Q2 2026$367M−$317M−$459M$325M—$187M$50.0M
Q1 2026$184M−$296M−$391M$738M$1.0M$21.0M−$112M
Q4 2025$82.0M−$360M−$162M−$346M$1.0M$912M−$278M
Q3 2025$792M−$353M−$81.0M$233M$1.0M−$435M$439M
Q2 2025$545M−$299M—$104M$3.0M−$689M$246M
Q1 2025$354M−$239M—$28.0M—−$169M$115M
Q4 2024$676M−$214M—$21.0M$1.0M−$69.0M$462M

Coupang: income statement and cash flow

Coupang, Q3 2026: revenue $10.0B (+8% year over year), operating margin -4.5%. The chart follows the revenue to costs, profit and cash.

Coupang: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.