Coupang (CPNG) Gross Margin (2020 - 2026)
Coupang's (CPNG) quarterly Gross Margin came in at 27.01% in Q1 2026, down 228.0% YoY from 21.1% in Q1 2025, and down 6.19% on a QoQ basis from 28.79% in Q4 2025.
Coupang (CPNG) Gross Margin (2020 - 2026) Analysis & Trends
Coupang (CPNG) has 7 years of Gross Margin data on file, last reported at 27.01% in Q1 2026.
- Quarterly Gross Margin fell 228.0% year-over-year to 27.01% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 28.81% (down 86.0% YoY) and the FY2025 annual result came in at 29.37%, up 19.0% from the prior year.
- Gross Margin eased to 27.01% in Q1 2026, from 28.79% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 31.27% in Q4 2024 to a low of 20.39% in Q1 2022.
- A 5-year average of 26.7% and a median of 27.01% in 2026 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2022 — Gross Margin jumped 820 bps — and 2025, when it plunged 248 bps.
- Tracing CPNG's Gross Margin over 5 years: stood at 24.01% in 2022, then grew by 7 bps to 25.61% in 2023, then rose by 22 bps to 31.27% in 2024, then dropped by 8 bps to 28.79% in 2025, then declined by 6 bps to 27.01% in 2026.
- The last three Gross Margin figures came in at 27.01% (Q1 2026), 28.79% (Q4 2025), and 29.35% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,925.72 Bn | 2,802.73 Bn | 198.88 Bn | 52.05% |
| 2 | PDD Holdings | 505.98 Bn | 446.44 Bn | 9.83 Bn | 55.49% |
| 3 | Mercadolibre | 97.47 Bn | 82.28 Bn | 4.16 Bn | 40.90% |
| 4 | DoorDash | 92.92 Bn | 87.57 Bn | 2.35 Bn | 52.69% |
| 5 | JD.com | 87.50 Bn | 58.32 Bn | 7.66 Bn | 16.73% |
| 6 | Sea | 77.42 Bn | 68.91 Bn | 3.15 Bn | 44.32% |
| 7 | Ebay | 47.53 Bn | 44.22 Bn | 2.30 Bn | 73.45% |
| 8 | Coupang | 29.76 Bn | 23.65 Bn | 2.49 Bn | 28.16% |
| 9 | Zkh | 16.08 Bn | 16.08 Bn | 51.11 Mn | 16.68% |
| 10 | Wayfair | 13.70 Bn | 12.55 Bn | 1.05 Bn | 29.95% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 28.16% |
| Mar 31, 2026 | 27.01% |
| Dec 31, 2025 | 28.79% |
| Sep 30, 2025 | 29.35% |
| Jun 30, 2025 | 30.04% |
| Mar 31, 2025 | 29.29% |
| Dec 31, 2024 | 31.27% |
| Sep 30, 2024 | 28.85% |
| Jun 30, 2024 | 29.25% |
| Mar 31, 2024 | 27.12% |
| Dec 31, 2023 | 25.61% |
| Sep 30, 2023 | 25.32% |
| Jun 30, 2023 | 26.10% |
| Mar 31, 2023 | 24.48% |
| Dec 31, 2022 | 24.01% |
| Sep 30, 2022 | 24.19% |
| Jun 30, 2022 | 22.90% |
| Mar 31, 2022 | 20.39% |
| Dec 31, 2021 | 15.87% |
| Sep 30, 2021 | 16.24% |