As of Q4'25, Coupang (CPNG) reported Operating Cash Flow of USD 82M and Free Cash Flow of USD -278M. This marks a significant decline from the previous quarter, with Free Cash Flow turning negative and Operating Cash Flow dropping to its lowest level in the observed period. From Q1'23 to Q4'25, both Operating and Free Cash Flow exhibited notable volatility. Operating Cash Flow peaked at USD 820M in Q2'25 before sharply decreasing in Q4'25, while Free Cash Flow also reached a high of USD 536M in Q3'23 but experienced two negative quarters in Q3'24 and Q4'25. The overall trend suggests periods of strong cash generation interspersed with sharp declines, indicating fluctuating operational efficiency and capital expenditures over the last three years.