Coupang (CPNG) Operating Margin (2020 - 2026)
Coupang (CPNG) recorded quarterly Operating Margin of 2.85% in Q1 2026, down 3242.74% on a QoQ basis from 0.09% in Q4 2025, and down 479.0% year-over-year from 0.75% in Q1 2025.
Coupang (CPNG) Operating Margin (2020 - 2026) Analysis & Trends
Coupang has disclosed Operating Margin across 7 years of filings, most recently posting 2.85% for Q1 2026.
- Quarterly Operating Margin fell 479.0% year-over-year to 2.85% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 0.22% (down 155.0% YoY) and the FY2025 annual result came in at 1.37%, down 7.0% from the prior year.
- Operating Margin eased to 2.85% in Q1 2026, from 0.09% in the prior quarter.
- Over five years, Operating Margin peaked at 3.92% in Q4 2024 and troughed at 4.02% in Q1 2022.
- A 5-year average of 0.81% and a median of 1.52% in 2022 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin jumped 1017 bps — and 2026, when it tumbled 479 bps.
- Tracing CPNG's Operating Margin over 5 years: stood at 1.57% in 2022, then grew by 27 bps to 2.0% in 2023, then jumped by 96 bps to 3.92% in 2024, then slumped by 98 bps to 0.09% in 2025, then tumbled by 3243 bps to 2.85% in 2026.
- Business Quant data shows CPNG's Operating Margin at 2.85% in Q1 2026, 0.09% in Q4 2025, and 1.75% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,551.03 Bn | 2,407.94 Bn | 171.21 Bn | 13.14% |
| 2 | Mercadolibre | 82.72 Bn | 77.07 Bn | 3.86 Bn | 6.91% |
| 3 | DoorDash | 72.09 Bn | 67.22 Bn | 2.04 Bn | 3.74% |
| 4 | PDD Holdings | 62.92 Bn | 38.25 Bn | 12.81 Bn | 22.37% |
| 5 | Ebay | 48.30 Bn | 44.44 Bn | 2.29 Bn | 19.78% |
| 6 | Coupang | 34.44 Bn | 34.35 Bn | 2.30 Bn | -2.85% |
| 7 | Zkh | 14.36 Bn | 14.36 Bn | 285.30 Mn | -1.06% |
| 8 | Wayfair | 10.72 Bn | 9.65 Bn | 880.00 Mn | -0.38% |
| 9 | Maplebear | 10.27 Bn | 9.58 Bn | 738.00 Mn | 17.86% |
| 10 | Chewy | 7.37 Bn | 6.85 Bn | 1.01 Bn | 3.83% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -2.85% |
| Dec 31, 2025 | 0.09% |
| Sep 30, 2025 | 1.75% |
| Jun 30, 2025 | 1.75% |
| Mar 31, 2025 | 1.95% |
| Dec 31, 2024 | 3.92% |
| Sep 30, 2024 | 1.39% |
| Jun 30, 2024 | -0.34% |
| Mar 31, 2024 | 0.56% |
| Dec 31, 2023 | 2.00% |
| Sep 30, 2023 | 1.42% |
| Jun 30, 2023 | 2.54% |
| Mar 31, 2023 | 1.84% |
| Dec 31, 2022 | 1.57% |
| Sep 30, 2022 | 1.52% |
| Jun 30, 2022 | -1.33% |
| Mar 31, 2022 | -4.02% |
| Dec 31, 2021 | -7.81% |
| Sep 30, 2021 | -6.78% |
| Jun 30, 2021 | -11.50% |