As of Q4'25, Coupang's latest reported SG&A Expenses reached 2.54B USD, while R&D Expenses remained at 0 USD. This marks the highest quarterly SG&A spending in the period observed, with no allocation to R&D throughout the entire timeframe. From Q1'23 to Q4'25, SG&A Expenses for Coupang have shown a consistent upward trend, rising from 1.31B USD in Q1'23 to 2.54B USD in Q4'25. The most notable acceleration occurred between Q4'23 and Q2'24, where SG&A Expenses jumped from 1.55B USD to 2.17B USD. R&D Expenses were consistently reported as 0 USD, indicating a complete absence of investment in this category during the period. Overall, the chart highlights a significant and steady increase in operating expenses, driven entirely by SG&A growth.