CPNG

MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $35.5B +9.9%NET INCOME −$767M −310.1%NET CASH $5.5B52W 13.75 – 32.13SEC XBRL · TTM TO Invalid Date

How CPNG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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You should consider and read carefully all of the risks, uncertainties, events, and contingencies described below, as well as other information included in this Form 10-K, including the sections titled “Special Note Regarding Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and related notes appearing elsewhere in this Form 10-K, before making an investment decision.
The risks, uncertainties, events, and contingencies described below may not be the only ones we face.
Our business, financial condition, results of operations, and prospects, as well as the price of our Class A common stock could also be affected by additional factors that apply to all companies operating globally.
The occurrence of any of the following, or additional, risks, uncertainties, events, and contingencies not presently known to us, or that we currently believe to be immaterial, or that apply to all companies operating globally could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the price of our Class A common stock which would cause you to lose all or part of your investment.
Some of the risks, uncertainties, events, and contingencies discussed below may have occurred in the past, but the descriptions below are not representations as to whether or not the risks, uncertainties, events, or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the risks, uncertainties, events, and contingencies that could materially and adversely affect us in the future.
Summary Risk Factors Our business faces significant risks, uncertainties, events, and contingencies.
These risks are more fully described in this “Risk Factors” section, including the following: • our results of operations may fluctuate significantly, which makes our future results of operations and prospects difficult to predict and could cause our results of operations to fall below expectations; • our business is rapidly evolving, and we plan to continue to forgo short-term financial performance for long-term growth, which makes it difficult to evaluate our future prospects and predict our future results of operations, including our revenue growth rate; • we may be unable to effectively manage the continued growth of our workforce, operations, and infrastructure, including the development, acquisition, and management of new business initiatives; • we have had a history of net losses, and we may not maintain profitability in future periods; • because a majority of our operations take place in Korea and are subject to Korean law, there are circumstances in which certain of our Korean affiliates’ executives may be held either directly or vicariously criminally liable for the actions of our Korean affiliates or our Korean affiliates’ executives and employees; • we face intense competition and could lose market share to our competitors if we do not innovate, compete effectively, and respond to changing customer preferences; • we have experienced, and may again experience, a data incident involving the unauthorized access to proprietary, confidential, or customer data and we may experience cybersecurity incidents affecting our apps, websites, networks, and systems.
Any such incident or failure to protect our confidential information could interfere with customer transactions and order fulfillment, damage our reputation and brand, and subject us to investigation, possible sanctions, and other actions and penalties; • a majority of our operations are subject to detailed and complex fair trade, labor, employment, and workplace safety laws and regulations, which continue to evolve and have and will continue to affect our operations and financial performance, subject us to regulatory scrutiny, costs and penalties, and may affect our reputation and results of operations; • harm to our Coupang brand or our associated brands and marks (our “brand”) or reputation may occur if manufacturers and distributors from whom we buy products (“suppliers”) or the parties that sell their products on our marketplace (“merchants”) use unethical or illegal business practices, such as the sale of counterfeit or fraudulent products, or if our protocols designed to prevent such sales are perceived or found to be inadequate, which may also subject us to possible sanctions or penalties; • any significant interruptions or delays in service on our apps or websites, any undetected errors or design faults, or failure to respond to customer spending patterns could result in limited capacity, reduced demand, processing delays, and loss of customers, suppliers, or merchants; • any failure to comply with privacy laws or regulations, or to fulfill privacy-related customer expectations in the jurisdictions where we operate, could damage our reputation and brand and business and may subject us to regulatory scrutiny, sanctions, and/or penalties; Coupang, Inc. • we rely on Pay to conduct a substantial amount of the payment processing across our business.
If Pay’s services were limited, restricted, curtailed, or degraded in any way, or become unavailable to us or our customers for any reason, our business may be adversely affected; • the use of artificial intelligence (“AI”), machine learning, and related technologies by us and our competitors present risks and challenges that could adversely affect us; • the acquisition of Farfetch creates incremental risk to our business, financial condition and results of operations, including potential difficulties in new geographic areas; • our expansion into new geographies and offerings and any substantial increase in the number or type of our offerings expose us to new and increased challenges and risks, including legal and regulatory compliance burdens, potential differences in consumer preferences in new markets, and uncertain costs of building out fulfillment and logistics infrastructure; • if we were to lose the services of members of our senior management team, we may not be able to effectively execute on our business strategy; • international relations, including escalations in tensions between North Korea and Korea, and other global conflicts could adversely affect the Korean or global economies and demand for our products and services; and • the dual class structure of our common stock has the effect of concentrating voting control with Bom Kim.
Our revenue and expenses may fluctuate for a variety of reasons, many of which are beyond our control.
These reasons include those described elsewhere in this “Risk Factors” section as well as the following: • our ability to attract new and retain existing customers, increase sales to existing customers, and satisfy our customers’ demands; • our ability to offer merchandise and services on favorable terms, manage inventory, and fulfill orders in a timely manner; • the introduction or activities of competitors’ stores, apps, websites, merchandise, or services, including the use of AI shopping tools; • the success of our growth and expansion efforts, including investments into new initiatives and expansion into new geographies; • variations in our level of merchandise and supplier returns; • the extent to which we offer fast and free delivery, continue to offer a compelling value proposition to our customers, and provide additional benefits to our customers; • factors affecting our reputation or brand image or awareness; • the extent to which we finance our current operations and future growth, and the terms of any such financing; • the timing, effectiveness, and costs of expansion and upgrades of our systems and infrastructure; • the outcomes of legal proceedings, claims and regulatory investigations (including those prompted by the data incident discussed in Item 1C.
“Cybersecurity” below), which may include monetary fines which could be significant, injunctive relief, personal liability (including criminal liability), sanctions, monetary damages, customer compensation, suspensions or revocations of related permits and licenses, and other penalties; • the extent to which we invest in technology and content, fulfillment, and other expense categories; • increases in our temporary or long-term costs such as labor and energy sources, packing supplies, leases, technology and logistics, and other infrastructure; • changes in existing, or development of new, laws, regulations, or other regulatory practices and enforcement in the countries where we operate; • the extent to which our customers, operations, and financial results are affected by cybersecurity and data security incidents, including the data incident discussed in Item 1C.
“Cybersecurity” below, including, but not limited to, spyware, viruses, phishing, and other spam emails, denial of service attacks, unauthorized data access, data theft, computer intrusions, outages, and similar events; and Coupang, Inc. • disruptions from natural or man-made disasters, extreme weather conditions (including as a result of climate change) and other catastrophic events, global health epidemics and pandemics, geopolitical events and security issues (including terrorist attacks and armed hostilities), labor or trade disputes, macroeconomic conditions, and other similar events.
Fluctuations in our revenues and expenses may result in a failure to meet the expectations of analysts or investors, which could cause the price per share of our Class A common stock to decline.
In addition, our revenue growth may not be sustainable and our growth rates, if any, may decrease.
A softening of demand, whether caused by changes in customer preferences, increased competition, or a weakening of the economies of the countries where we operate or globally, or other factors, may materially and adversely affect our revenue or growth rate, which could also materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the price per share of our Class A common stock.
Our limited operating history and evolving business make it difficult to evaluate our future prospects, including future revenues, growth rate, and margins as well as the risks and challenges we may encounter.
As a result, our ability to accurately forecast our future results of operations is limited and subject to a number of risks and uncertainties, including our ability to plan for and model future growth and expenses and to expand our business in existing markets and enter new markets.
Many factors may contribute to a decline in our growth rate or margins, including, but not limited to, market saturation, increased competition, slowing demand, global macroeconomic and geopolitical conditions, the difficulty of capitalizing on growth opportunities, regulatory and governmental actions, and the maturation of our business.
If our growth rate declines, or if we fail to improve our margins as we anticipate, investors’ perceptions of our business could be materially and adversely affected and the price per share of our Class A common stock could decline.
These risks and uncertainties include but are not limited to our ability to effectively and in a timely manner: • attract, on a cost-effective basis, new customers who purchase merchandise and services from us at similar or higher rates and amounts as compared to existing customers; • retain our existing customers and motivate their continued purchases from our apps and websites at rates and amounts consistent with or higher than their historical purchases; • encourage customers to expand the categories of merchandise and services they purchase from us; • retain and expand our network of suppliers and merchants; • manage and expand our fulfillment and logistics infrastructure and related operations; • fulfill and deliver customer orders on time and in accordance with customer expectations, which may change over time; • increase awareness of our brand and protect our reputation; • respond to changes in the way customers access and use the Internet and mobile devices, including the use of AI shopping tools; • react to challenges from existing and new competitors; • expand our business in existing and new geographies; • avoid interruptions or disruptions in our business; • further develop our scalable, high-performance technology and fulfillment infrastructure to efficiently and reliably handle increased usage, as well as the deployment of new features and the sale of new merchandise and services; and • hire, integrate, motivate and retain qualified personnel.
We have encountered in the past, and will encounter in the future, risks and uncertainties frequently experienced by growing companies with limited operating histories and evolving businesses that operate in highly regulated and competitive industries or have fixed Coupang, Inc. expenses.
We have had a history of net losses prior to 2023, we may incur losses in the future, and we cannot ascertain whether we will maintain or increase profitability in future periods, which would materially and adversely affect our business, financial condition, results of operations, and prospects.
Prior to 2023, we had a history of annual net losses, including $(0.1) billion and $(1.5) billion for 2022 and 2021 respectively, as well as an accumulated deficit of $(5.7) billion as of December 31, 2022 and $(4.0) billion as of December 31, 2025.
Even though we have experienced recent profitability, we cannot ascertain whether we will be able to maintain or increase our profitability in future periods.
We expect to increase our costs and expenses in future periods, which could materially and adversely affect our future results of operations.
In particular, we intend to continue to spend significant amounts to increase our customer base, increase the number and variety of merchandise and services we offer, expand our marketing channels, expand into new geographies, broaden our operations, develop additional fulfillment and logistics capacity, hire additional and retain existing employees and managers, and develop our technology infrastructure.
These increased costs may materially and adversely affect our profitability and operating expenses.
Some of our initiatives to generate revenue are new and unproven, and any failure of these initiatives to meet our goals could create additional losses and materially and adversely affect our business, financial condition, results of operations, and prospects.
Our efforts to grow our business may cost more than we expect, and we may not be able to increase our revenue enough to offset our increased operating expenses or maintain profitability in future periods.
If we are unable to sustain or increase profitability in future periods, the value of our business and the price per share of our Class A common stock could decline.
We have experienced, and may again experience, data incidents involving the unauthorized or improper access to proprietary, confidential, or customer data, and may experience cybersecurity or data incidents involving unauthorized or improper use of, disclosure of, alteration of, or destruction of, proprietary, confidential, or customer data, any of which could cause loss of revenue, harm to our brand, business disruption, and significant liabilities.
Our business employs apps, websites, networks, and systems through which we collect, maintain, transmit, and store data about our customers, merchants, suppliers, advertisers, and others, including personally identifiable information, as well as other confidential and proprietary information and, as such, we are an attractive target of data security attacks by third parties and insiders.
Any failure to prevent or mitigate security breaches or improper access to, or use, acquisition, disclosure, alteration, or destruction of, any such data, or failure to promptly remediate any such issues, could result in significant liability and a material loss of revenue resulting from the adverse impact on our reputation and brand, a diminished ability to retain or attract new customers, and disruption to our business.
In November 2025, we became aware of a data incident involving unauthorized access to customer accounts (the “Incident”).
Based on investigative findings, we determined that a former employee obtained the names, phone numbers, delivery addresses, and email addresses associated with approximately 33 million customer accounts, and certain order histories for a subset of the impacted accounts.
None of our customers’ banking or financial information, payment card data, login credentials, or government-issued IDs were obtained or otherwise compromised in the Incident.
As a result of the Incident, we are subject to significant scrutiny by the Korean government, including governmental investigations requiring senior leadership to appear before the National Assembly of Korea, prosecution referrals related to these appearances and failure to appear, and investigations by numerous regulators.
In some cases, Korean regulators have reopened investigations unrelated to the Incident that had been inactive and have sought to expand the scope of these investigations.
We expect that we will need to pay fines, which could be significant, and may be subject to restrictions on our business.

and 272 more.

Gone since FY2024

You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report on Form 10-K, including the sections titled “Special Note Regarding Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes appearing elsewhere in this Form 10-K, before making an investment decision.
The risks and uncertainties described below may not be the only ones we face.
Our business, financial condition, results of operations, and prospects could also be affected by additional factors that apply to all companies operating globally.
The occurrence of any of the following risks or additional risks and uncertainties not presently known to us, or that we currently believe to be immaterial, or that apply to all companies operating globally could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the price of our Class A common stock which would cause you to lose all or part of your investment.
Summary Risk Factors Our business faces significant risks and uncertainties.
These risks are more fully described in this “Risk Factors” section, including the following: • our results of operations may fluctuate significantly, which makes our future results of operations difficult to predict and could cause our results of operations to fall below expectations; • we may be unable to effectively manage the continued growth of our workforce and operations, including the development and management of new business initiatives; • our business is rapidly evolving, and we plan to continue to forgo short-term financial performance for long-term growth, which makes it difficult to evaluate our future prospects and predict our future results of operations, including our revenue growth rate; • we have had a history of net losses, and we may not be able to generate sufficient revenues to achieve or maintain profitability in future periods; • we face intense competition and could lose market share to our competitors if we do not innovate or compete effectively; • the acquisition of Farfetch creates incremental risk to our business, financial condition and results of operations, including potential difficulties in integrating Farfetch’s operations, operating in new geographic areas, and risks related to the restructuring of its subsidiary, New Guards Group Holdings S.p.A.
(“New Guards”); • because a majority of our operations are subject to Korean law, there are circumstances in which certain of our Korean affiliates’ executives may be held either directly or vicariously criminally liable for the actions of our Korean affiliates or our Korean affiliates’ executives and employees; • a majority of our operations are subject to certain detailed and complex fair trade, labor, employment, and workplace safety laws and regulations, which continue to evolve and have and will continue to affect our operations and financial performance, could subject us to costs and penalties, and may affect our reputation; • harm to our Coupang brand or our associated brands and marks (our “brand”) or reputation may occur if manufacturers and distributors from whom we buy products (“suppliers”) or the parties that sell their products on our marketplace (“merchants”) use unethical or illegal business practices, such as the sale of counterfeit or fraudulent products, or if our protocols with respect to such sales are perceived or found to be inadequate, which may also subject us to possible sanctions or penalties; • any significant interruptions or delays in service on our apps or websites, or any undetected errors or design faults, could result in limited capacity, reduced demand, processing delays, and loss of customers, suppliers, or merchants; • any failure to protect our apps, websites, networks, and systems against security breaches or otherwise protect our confidential information could damage our reputation and brand and may subject us to possible sanctions or penalties; • any failure to comply with privacy laws or regulations, or to fulfill privacy-related customer expectations in the jurisdictions where we operate, could damage our reputation and brand and business and may subject us to possible sanctions or penalties; • we rely on Coupang Pay to conduct a substantial amount of the payment processing across our business.
If Coupang Pay’s services were limited, restricted, curtailed, or degraded in any way, or become unavailable to us or our customers for any reason, our business may be adversely affected; • our expansion into new geographies and offerings and substantial increase in the number of our offerings expose us to new and increased challenges and risks; Coupang, Inc. • if we were to lose the services of members of our senior management team, we may not be able to effectively execute on our business strategy; • international relations, including escalations in tensions between North Korea and South Korea, and other global conflicts could adversely affect the South Korean or global economies and demand for our products and services; and • the dual class structure of our common stock has the effect of concentrating voting control with Bom Kim.
Our revenue and results of operations may fluctuate for a variety of reasons, many of which are beyond our control.
These reasons include those described elsewhere in this “Risk Factors” section as well as the following: • our ability to attract new and retain existing customers, increase sales to existing customers, and satisfy our customers’ demands; • our ability to offer merchandise and services on favorable terms, manage inventory, and fulfill orders in a timely manner; • the introduction or activities of competitors’ stores, apps, websites, merchandise, or services; • the success of our growth and expansion efforts, including investments into new initiatives and expansion into new geographies; • variations in our level of merchandise and supplier returns; • the extent to which we offer fast and free delivery through Rocket Delivery, continue to offer a compelling value proposition to our customers, and provide additional benefits to our customers; • factors affecting our reputation or brand image or awareness; • the extent to which we finance our current operations and future growth, and the terms of any such financing; • the timing, effectiveness, and costs of expansion and upgrades of our systems and infrastructure; • the outcomes of any legal proceedings and claims or regulatory investigations, which may include significant monetary damages, injunctive relief, personal liability (including criminal liability), sanctions, fines, suspensions or revocations of related permits and licenses, and penalties; • the extent to which we invest in technology and content, fulfillment, and other expense categories; • increases in our temporary or long-term costs such as labor and energy sources, packing supplies, and other goods not for resale; • changes in existing, or development of new, laws, regulations, or other regulatory practices and enforcement in the countries where we operate; • the extent to which our services are affected by cybersecurity and data security incidents, including, but not limited to, spyware, viruses, phishing, and other spam emails, denial of service attacks, data theft, computer intrusions, outages, and similar events; and • disruptions from natural or man-made disasters, extreme weather conditions (including as a result of climate change) and other catastrophic events, global health epidemics and pandemics, geopolitical events and security issues (including terrorist attacks and armed hostilities), labor or trade disputes, macroeconomic conditions, and other similar events.
Fluctuations in our revenues and results of operations may result in a failure to meet the expectations of analysts or investors, which could cause the price per share of our Class A common stock to decline.
In addition, our revenue growth may not be sustainable and our growth rates may decrease.
A softening of demand, whether caused by changes in customer preferences or a weakening of the Korean or global economies, may materially and adversely affect our revenue or growth rate, which could also materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the price per share of our Class A common stock.
Our limited operating history and evolving business make it difficult to evaluate our future prospects, including future revenue growth rate, as well as the risks and challenges we may encounter.
As a result, our ability to accurately forecast our future results of operations is limited and subject to a number of risks and uncertainties, including our ability to plan for and model future growth and to expand our business in existing markets and enter new markets.
Many factors may contribute to a decline in our growth rate, including, but not limited to, market saturation, increased competition, slowing demand, global macroeconomic and geopolitical conditions, the difficulty of capitalizing on growth opportunities, and the maturation of our business.
If our growth rate declines, investors’ perceptions of our business could be materially and adversely affected and the price per share of our Class A common stock could decline.
These risks and uncertainties include but are not limited to our ability to effectively and in a timely manner: • attract, on a cost-effective basis, new customers who purchase merchandise and services from us at similar or higher rates and amounts as compared to existing customers; • retain our existing customers and motivate their continued purchases from our apps and websites at rates and amounts consistent with or higher than their historical purchases; • encourage customers to expand the categories of merchandise and services they purchase from us; • retain and expand our network of suppliers and merchants; • manage and expand our fulfillment and logistics infrastructure and related operations; • fulfill and deliver customer orders on time and in accordance with customer expectations, which may change over time; • increase awareness of our brand and protect our reputation; • respond to changes in the way customers access and use the Internet and mobile devices; • react to challenges from existing and new competitors; • expand our business in new and existing geographies; • avoid interruptions or disruptions in our business; • further develop our scalable, high-performance technology and fulfillment infrastructure that can efficiently and reliably handle increased usage, as well as the deployment of new features and the sale of new merchandise and services; and • hire, integrate, motivate and retain qualified personnel.
We have encountered in the past, and will encounter in the future, risks and uncertainties frequently experienced by growing companies with limited operating histories and evolving businesses that operate in highly regulated and competitive industries or have fixed expenses.
We have had a history of net losses prior to our most recent fiscal years, we may incur losses in the future, and we cannot ascertain whether we will maintain profitability in future periods, which would materially and adversely affect our business, financial condition, results of operations, and prospects.
Prior to 2023, we have had a history of net losses, including $(0.1) billion and $(1.5) billion for 2022 and 2021 respectively, as well as an accumulated deficit of $(4.2) billion as of December 31, 2024.
Even though we have experienced recent profitability and expect to remain profitable, we cannot ascertain whether we will be able to maintain or increase our profitability in future periods.
Our costs and expenses are expected to increase in future periods, which could materially and adversely affect our future results of operations.
In particular, we intend to continue to spend significant amounts to increase our customer base, increase the number Coupang, Inc. and variety of merchandise and services we offer, expand our marketing channels, expand into new geographies, broaden our operations, develop additional fulfillment centers, hire additional and retain existing employees and managers, and develop our technology and fulfillment infrastructure.
These increased costs may materially and adversely affect our operating expenses.
Some of our initiatives to generate revenue are new and unproven, and any failure of these initiatives to meet our goals could materially and adversely affect our business, financial condition, results of operations, and prospects.
Our efforts to grow our business may cost more than we expect, and we may not be able to increase our revenue enough to offset our increased operating expenses or to achieve and, if achieved, maintain profitability in future periods.
If we are unable to achieve and, if achieved, sustain profitability in future periods, the value of our business and the price per share of our Class A common stock could decline.
Risks Related to Our Business and Our Industry If we fail to timely identify or effectively respond to changing customer preferences and spending patterns, fail to expand the products being purchased by customers, or fail or are unable to obtain or offer appropriate categories of products, our relationship with our customers and the demand for our products and services could be materially and adversely affected, which could in turn materially and adversely affect our business, financial condition, results of operations, and prospects.
The popularity of certain products, including apparel, beauty, food, and consumer electronics, may vary over time due to perceived availability, subjective value, seasonality, and/or general societal trends.
A decline in the demand for certain products we sell could materially and adversely affect our revenue.
A failure to timely identify or effectively respond to changing consumer preferences and spending patterns, an inability to keep adequate inventory of the type of products being purchased by customers, failure to grow and retain the members of our Rocket WOW membership program, or a failure or inability to obtain or offer appropriate categories of products could negatively affect our relationship with customers and the demand for our products and services.
Our ability to identify and develop and effectively manage sourcing relationships with qualified, economically stable suppliers and merchants, who satisfy our requirements, and to acquire sufficient amounts of products in a timely and cost-efficient manner is critical to our business.
Selling private-label products subjects us to additional and/or heightened risks, including but not limited to, risks of: potential product liability and mandatory or voluntary product recalls; potential liability arising from our commercial relationships with the manufacturers of our private-label products; potential liability for incidents, including, but not limited to, the injuries of our subcontractors’ employees at manufacturing sites that we do not control; failure to successfully protect our intellectual property rights and the rights of applicable third parties; harm to our reputation and brand image; and other risks generally encountered by entities that source, market, and sell private-label products.
If we are unable to successfully implement some or all of our major strategic initiatives in a timely manner, our ability to maintain and improve our market position may be materially and adversely affected.
Our strategy is to continue to build on our market position by continuing to implement certain key strategic initiatives, which include the following: • building our brand and further expanding our customer base; • providing high-quality merchandise and services at attractive prices; • focusing on customer satisfaction and our customers’ loyalty to our apps, websites, and programs, including our Rocket WOW membership program; • expanding our product offerings; and Coupang, Inc. • enhancing our apps and websites and developing personalization tools to enhance our customers’ experience with our apps and websites.
We may not be successful in implementing any or all of these key strategic initiatives.
The Farfetch Acquisition exposes us to challenges and risks, including: integrating financial and operational reporting systems; establishing budgetary and other financial controls; funding increased overhead expenses or cash flow shortages that may occur if anticipated revenues are not realized or are delayed, whether by general economic or market conditions or unforeseen internal difficulties; hiring management personnel for expanded operations; realizing the anticipated benefits of the acquisition, including the anticipated sales and growth opportunities, on the anticipated timelines, if at all; the value of assets acquired may be lower than expected or may diminish; the liabilities assumed may be greater than expected; assets and liabilities acquired may be subject to foreign currency change rate fluctuation; challenges associated with operating in geographic regions and markets where we have not had operations in the past; any potentially unknown significant claims that may arise following the acquisition for which we have limited or no contractual remedies or insurance coverage; the effects of the transaction on relationships, including with suppliers, customers, boutiques, and competitors as well as the effect on the Farfetch brand; risks related to the potential effect of general economic, political, and market factors, including changes in the financial markets, interest rates or foreign exchange rates as a result of inflation or governmental measures implemented to address inflation; litigation and regulatory risks related to the acquisition; the risk of adverse effects on the market price of our securities or on our operating results for any reason; and other risks described in our filings with the SEC.
Additionally, we are continuing to integrate Farfetch into our overall internal control over financial reporting.
There is a risk that deficiencies may occur that could constitute significant deficiencies or in the aggregate a material weakness.

and 231 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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