Coupang
32 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.
Suppliers
Amazon Web Services (AWS)
depends onnamed as a riskFurthermore, we have no physical access or control over the services provided by AWS and we cannot quickly or easily switch our operations to another third-party cloud infrastructure service provider.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Partners and platforms
Coupang Pay
depends onnamed as a riskWe rely on Pay to conduct a substantial amount of the payment processing across our businesses in Korea.Risk factors (Item 1A)
Other companies
Bom Kim
74.1% of the voting powernamed as a riskThe dual class structure of our common stock has the effect of concentrating voting control with Bom Kim, who beneficially owns all of our Class B common stock representing in the aggregate 74.1% of the voting power of our capital stock as of December 31, 2025.Risk factors (Item 1A)
Farfetch
named as a riskIf we fail to successfully operate Farfetch, we will not realize the benefits anticipated, and any such failure could result in adverse effects on our business, financial condition and results of operations, including substantial impairment charges.Risk factors (Item 1A)
Korean labor unions
named as a riskCurrently, some of our workforce are members of labor unions, with which we are currently negotiating collective bargaining agreements, and some of our workforce in Taiwan have begun unionization efforts.Risk factors (Item 1A)
Chuseok and Lunar New Year holidays
named as a riskWe have historically experienced seasonal fluctuations in our sales, with higher sales volumes associated with Chuseok, Lunar New Year, and Christmas.Risk factors (Item 1A)
Places
Hazards
November 2025 customer data incident
approximately $1.2 billion worth of vouchersnamed as a riskCoupang Corp. announced a customer compensation program to issue approximately $1.2 billion worth of vouchers to customers who were notified of the Incident at the end of November 2025 that may be applied towards future Coupang purchases.Cybersecurity (Item 1C)
Earthquakes
operates innamed as a riskOur Korean corporate offices and certain of our data centers are located in regions known for seismic activity.Risk factors (Item 1A)
Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more
North Korea
named as a riskAny increase in the level of tension between Korea and North Korea, an outbreak in military hostilities or other actions or occurrences, could adversely affect our business, prospects, financial condition, and results of operations and could lead to a decline in the price per share of our Class A common stock.Risk factors (Item 1A)
Deokpyeong fulfillment center fire
named as a riskFor example, in June 2021, there was a fire at our Deokpyeong fulfillment center which caused extensive damage to our property and inventories and resulted in a material write-off for 2021.Risk factors (Item 1A)
Commodities and inputs
Korean Won (KRW)
exposed to its price · decline in total net revenues of $3.0 billion and a decrease in net income of $173 millionnamed as a riskAn assumed hypothetical 10% adverse change in average exchange rates used to translate foreign currencies to USD would have resulted in a decline in total net revenues of $3.0 billion and a decrease in net income of $173 million for 2025.Market risk (Item 7A)
Fuel
exposed to its pricenamed as a riskFor example, the depreciation of the KRW and other foreign currencies against the USD typically results in a material increase in the cost of fuel and equipment purchased from outside of Korea and the cost of servicing debt denominated in currencies other than the KRW.Risk factors (Item 1A)
Also named by ASO, CARR, COR, CPRT, DDS, DKS, DY, ECG and 16 more
New Taiwan Dollar (TWD)
exposed to its pricenamed as a riskA substantial percentage of our revenue and costs are denominated in KRW and TWD, and a significant portion of our financial assets are also denominated in KRW and USD, while a substantial portion of our debt is denominated in USD, KRW, and TWD.Risk factors (Item 1A)
Regulators
Korea Fair Trade Commission (KFTC)
subject to · approximately $121 millionnamed as a riskFor example, in June 2024, the KFTC determined that our product search rankings practices violated Korean law and imposed an administrative fine of approximately $121 million.Risk factors (Item 1A)
Korean Ministry of Employment and Labor
subject tonamed as a riskThe Korean Ministry of Employment and Labor may also order work suspension or suspend the use of machinery/equipment if it identifies harmful or dangerous conditions in the workplaces.Risk factors (Item 1A)
Seoul Eastern Prosecutors' Office
subject tonamed as a riskFor example, as a result of a KFTC referral, the Seoul Eastern Prosecutors’ Office has initiated a criminal investigation into Coupang Corp. and Coupang Private Label Brands (“CPLB”) as further described in Part II, Item 8.Risk factors (Item 1A)
Korean tax authorities
subject tonamed as a riskUnder Korean tax law, there is an inherent risk that Coupang Corp.’s transactions with its subsidiaries, affiliates or any other person or company that is related to us may be challenged by the Korean tax authorities if such transactions are viewed as having been made on terms that were not on an arm’s-length basis.Risk factors (Item 1A)
Laws and programs
OECD Pillar Two
subject to · 15% minimum tax ratenamed as a riskKorea has enacted legislation to implement OECD framework including the Under-taxed Profit Rules which may impose additional reporting and compliance obligations to our group effective.Risk factors (Item 1A)
Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CRM, CW and 45 more
Korea Electronic Financial Transactions Act (EFTA)
subject to · At least 60% of the settlement fundsnamed as a riskAt least 60% of the settlement funds must be managed by third parties, through deposits, trusts or payment guarantee insurance, from December 2026 and increasing to 100% by December 2028.Risk factors (Item 1A)
Korea Serious Accidents Punishment Act
subject to · punitive damages up to five times the actual damages sufferednamed as a riskThe Korean Ministry of Labor and Employment is investigating our workplace safety practices and the Serious Accidents Act provides the potential for criminal punishment, public disclosure of punishment, and monetary damages, including punitive damages up to five times the actual damages suffered.Risk factors (Item 1A)
Korea Personal Information Protection Act (PIPA)
subject tonamed as a riskFailure to comply with PIPA in any manner may subject the individuals responsible to personal liability for not obtaining such consent in an appropriate manner or for such breaches, including even negligent breaches, and violators face varying penalties ranging from monetary penalties to imprisonment.Risk factors (Item 1A)
Korea Large-Scale Retail Business Act
subject tonamed as a riskThe amendment to the EFTA and a proposed amendment to Korea’s Large-Scale Retail Business Act also shorten the settlement period for certain merchant payments beginning in December 2026, which may reduce our accounts payable balances and cash on hand.Risk factors (Item 1A)
Proposed Korean nighttime delivery ban
subject tonamed as a riskIf this regulation were to pass, Coupang’s dawn delivery service, whereby customers may order certain products before midnight and receive them by 7 am the next morning, would no longer be permitted.Risk factors (Item 1A)
WOW membership
earns fromnamed as a riskIf the KFTC determines that these services may not be bundled under Korean law, we may need to separate these services and our WOW membership may become less attractive to customers and this could have a material adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)
Korean Monopoly Regulation and Fair Trade Act
subject tonamed as a riskCoupang Corp., and a group of companies affiliated with it, have been designated as a business group subject to regulatory oversight and restrictions under the Korean Monopoly Regulation and Fair Trade Act.Risk factors (Item 1A)
Korean Foreign Exchange Transaction Act
subject tonamed as a riskFor example, under the Foreign Exchange Transaction Act of Korea, if the Korean government determines that in certain emergency circumstances, including sudden fluctuations in interest rates or exchange rates, extreme difficulty in stabilizing the balance of payments or substantial disturbance in the Korean financial and capital markets are likely to occur, it may impose any necessary restriction such as requiring Korean or foreign investors to obtain prior approval from the Minister of Economy and Finance of Korea prior to repatriating interest, dividends or sales proceeds arising from Korean securities or from the disposition of such securities or other transactions involving foreign exchange.Risk factors (Item 1A)
Korean Commercial Code
subject tonamed as a riskUnder the amended Korean Commercial Code, effective July 2025, directors of a Korean company, such as Coupang Corp., owe a fiduciary duty to both the company itself and its stockholders.Risk factors (Item 1A)
Korea import tariffs and customs
subject tonamed as a riskA portion of our sales are dependent on our ability to import finished goods from other countries into Korea.Risk factors (Item 1A)
Independent delivery partners classification
subject tonamed as a riskFurther, any such reclassification would require us to change our business model, including our Eats service, and consequently have an adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)
Korea Framework Act on the Development of Artificial Intelligence
subject tonamed as a riskRegulation of AI tools and their use, such as the European Union’s Artificial Intelligence Act adopted in 2024 and Korea’s Framework Act on the Development of Artificial Intelligence and Establishment of Trust, can be expected to intensify in many countries and regions.Risk factors (Item 1A)