Amazon Outpaces Coupang as E-commerce Giants Compete for Market Share

The e-commerce market continues to grow globally, and investors are torn between established giants like Amazon.com (AMZN) and regional leaders such as Coupang (CPNG). Amazon is a technology powerhouse with a massive retail marketplace and market-leading cloud services. In contrast, Coupang focuses on extreme delivery speed in dense urban markets.

Amazon's diverse business model allows it to leverage data across several industries to drive growth. Its financial performance remained robust in FY 2025, with revenue reaching nearly $716.9 billion and net income of roughly $77.7 billion. Amazon also has a relatively low debt-to-equity ratio of approximately 0.4x.

Coupang, on the other hand, dominates the South Korean market through its proprietary end-to-end logistics network. Its revenue growth was significant in FY 2025 at around 14.1%, but it struggled with net income due to high operating expenses. Coupang's debt-to-equity ratio is approximately 1.0x.

Amazon faces regulatory pressure, including an antitrust lawsuit from the New Jersey Attorney General and a Senate probe concerning its Prime subscription practices. Operationally, Amazon must manage the costs of its massive fulfillment network during periods of fluctuating demand.