As of Q4'25, Coupang (CPNG) reported Cash & Short-term Investments of USD 6.32B and Debt of USD 4.09B. This latest data point indicates a strong liquidity position, with cash holdings significantly exceeding outstanding debt at the end of the period. From Q1'23 to Q4'25, both cash and debt levels have shown a general upward trend, with Cash & Short-term Investments rising from USD 3.79B to a peak of USD 7.23B in Q3'25 before a slight decline to USD 6.32B in Q4'25. Debt followed a similar pattern, increasing from USD 2.39B in Q1'23 to a high of USD 4.95B in Q3'25, then decreasing to USD 4.09B by Q4'25. The consistent growth in cash reserves outpaced the rise in debt, suggesting improved financial flexibility and a robust balance sheet over the observed period.