Coupang vs. Shopify: Absolute Scale vs. Seasonal Spikes in Revenue
Key Points
Coupang currently looks stronger regarding total volume, generating higher absolute revenue than Shopify in all eight comparable quarters over the observed period.
While Coupang recorded steady quarter-over-quarter revenue growth, Shopify exhibited a recurring pattern of distinct fourth-quarter spikes followed by immediate early-year declines.
Investors should monitor whether the two companies maintain these historical patterns or whether the overall revenue gap between them begins to narrow consistently in upcoming quarters.
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Coupang: Steady Quarter-Over-Quarter Revenue Scale
Coupang (NYSE:CPNG) primarily earns its revenue through a retail marketplace, fresh grocery delivery operations, restaurant ordering services, and digital advertising products offered to consumers in South Korea.
It recently faced intensified regulatory scrutiny and court challenges involving antitrust authorities in South Korea, while expanding its smart fulfillment logistics network to reach additional geographic areas in Taiwan.
Shopify: Seasonal Spikes and Consistent Revenue Growth
Shopify (NASDAQ:SHOP) generates most of its revenue by providing a commerce technology platform that equips merchants to manage digital storefronts, process customer payments, and coordinate shipping logistics.
It launched a generative artificial intelligence visual design workspace to assist merchants in building online stores, and it defended against a class action lawsuit regarding consumer data collection practices.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, which shows investors the total money a business brings in before subtracting its expenses.
Coupang vs. Shopify Revenue over the last 8 quarters.
Quarterly Revenue for Coupang and Shopify
| Calendar quarter | Coupang Revenue | Shopify Revenue |
|---|---|---|
| Q3 2024 | $7.9 billion (quarter ended Sept. 30, 2024) | $2.2 billion (quarter ended Sept. 30, 2024) |
| Q4 2024 | $8.0 billion (quarter ended Dec. 31, 2024) | $2.8 billion (quarter ended Dec. 31, 2024) |
| Q1 2025 | $7.9 billion (quarter ended March 31, 2025) | $2.4 billion (quarter ended March 31, 2025) |
| Q2 2025 | $8.5 billion (quarter ended June 30, 2025) | $2.7 billion (quarter ended June 30, 2025) |
| Q3 2025 | $9.3 billion (quarter ended Sept. 30, 2025) | $2.8 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $8.8 billion (quarter ended Dec. 31, 2025) | $3.7 billion (quarter ended Dec. 31, 2025) |
| Q1 2026 | $8.5 billion (quarter ended March 31, 2026) | $3.2 billion (quarter ended March 31, 2026) |
| Q2 2026 | $8.9 billion (quarter ended June 30, 2026) | $3.6 billion (quarter ended June 30, 2026) |
Foolish Take
Considering that I'm a longtime shareholder in Shopify, it probably does not come as a surprise that I would choose that stock. However, the fact that I bought Shopify at a much lower valuation has little to do with this choice.
Even though I might normally choose the steady revenue stream over the seasonal spikes, I would still choose Shopify. Of the two, Shopify is the only one of these companies that is currently profitable. Its net income in the second quarter of 2026 was over $1.5 billion. That 66% yearly increase makes it hard to ignore.
Moreover, even though Shopify's price-to-sales (P/S) ratio of 17.4 is far above Coupang's at 0.8, Shopify stands out for its total addressable market.
Shopify operates globally, giving it numerous growth opportunities. Increasingly, this includes larger businesses, which have often found Shopify's solution cheaper and faster to implement. In contrast, Coupang operates primarily in South Korea and Taiwan, suggesting it has fewer opportunities for expansion.
Indeed, Shopify is not cheap. Nonetheless, since it is the e-commerce company with a much larger addressable market, I will stick to my decision to hold Shopify over Coupang.
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Will Healy has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Coupang. The Motley Fool has a disclosure policy.
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