Revenue growth remains effectively flat at 0.0% in 2026Q1, while operating margins have demonstrated extreme volatility, swinging from 10.4% in 2025Q2 to -2.8% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 498.44M | 498.42M | 492.56M | 514.91M | 599.09M | 967.11M | 1.42B | 2.22B | 2.64B | 2.84B | 3.14B | 3.12B | 3.19B | 2.57B | 2.33B | 1.62B | 713.37M | 14.54M |
| Revenue Growth % | 2.42% | 1.19% | -4.34% | -14.05% | -38.05% | -31.74% | -36.15% | -15.85% | -7.28% | -9.53% | 0.76% | -2.26% | 24.01% | 10.25% | 43.68% | 127.76% | 4806.22% | - |
| Cost of Goods Sold | 48.55M | 54.95M | 48.25M | 64.25M | 76.26M | 229.99M | 739.57M | 1.03B | 1.32B | 1.51B | 1.79B | 1.73B | 1.64B | 1.07B | 718.94M | 249.91M | 433.41M | 4.72M |
| COGS % of Revenue | - | 11.03% | 9.8% | 12.48% | 12.73% | 23.78% | 52.2% | 46.54% | 49.92% | 53.1% | 56.83% | 55.6% | 51.46% | 41.66% | 30.8% | 15.38% | 60.76% | 32.43% |
| Gross Profit | 449.89M | 443.47M | 444.31M | 450.66M | 522.82M | 737.12M | 677.29M | 1.19B | 1.32B | 1.33B | 1.36B | 1.39B | 1.55B | 1.5B | 1.62B | 1.37B | 279.95M | 9.82M |
| Gross Margin % | 90.26% | 88.97% | 90.2% | 87.52% | 87.27% | 76.22% | 47.8% | 53.46% | 50.08% | 46.9% | 43.17% | 44.4% | 48.54% | 58.34% | 69.2% | 84.62% | 39.24% | 67.57% |
| Gross Profit Growth % | - | -0.19% | -1.41% | -13.8% | -29.07% | 8.83% | -42.9% | -10.18% | -0.99% | -1.7% | -2.03% | -10.59% | 3.17% | -7.06% | 17.51% | 391.09% | 2749.69% | - |
| Operating Expenses | 431.51M | 430.51M | 435.51M | 468.92M | 690.64M | 741.77M | 954.39M | 1.15B | 1.27B | 1.3B | 1.43B | 1.45B | 1.56B | 1.43B | 1.52B | 1.58B | 497.12M | 10.9M |
| OpEx % of Revenue | - | 86.37% | 88.42% | 91.07% | 115.28% | 76.7% | 67.36% | 51.66% | 48.04% | 45.81% | 45.46% | 46.39% | 48.96% | 55.4% | 64.94% | 97.42% | 69.69% | 74.97% |
| Selling, General & Admin | 394.15M | 430.51M | 439.61M | 460.91M | 630.61M | 699.88M | 757.72M | 1.15B | 1.27B | 1.3B | 1.43B | 1.45B | 1.56B | 1.43B | 1.52B | 1.58B | 497.12M | 10.9M |
| SG&A % of Revenue | - | 86.37% | 89.25% | 89.51% | 105.26% | 72.37% | 53.48% | 51.66% | 48.04% | 45.81% | 45.46% | 46.39% | 48.96% | 55.4% | 64.94% | 97.42% | 69.69% | 74.97% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 58.8M | 0 | 53.9M | 57M | 55M | 50M | 42.1M | 25.2M | 3.4M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 4.15% | - | 2.04% | 2% | 1.75% | 1.6% | 1.32% | 0.98% | 0.15% | - | - | - |
| Other Operating Expenses | 1000K | 0 | -4.09M | 8.01M | 60.03M | 41.9M | 137.87M | 31K | -53.01M | 6.71M | -76.11M | -28.54M | 11K | -94.62M | 0 | 0 | 0 | 0 |
| Operating Income | 18.38M | 12.96M | 8.79M | -18.25M | -167.81M | -4.66M | -277.1M | 39.8M | 54.04M | 29.43M | -109.76M | -79.78M | -14.84M | 75.75M | 98.7M | -203.38M | -420.34M | -1.08M |
| Operating Margin % | 3.69% | 2.6% | 1.79% | -3.54% | -28.01% | -0.48% | -19.56% | 1.79% | 2.05% | 1.03% | -3.49% | -2.56% | -0.46% | 2.94% | 4.23% | -12.52% | -58.92% | -7.41% |
| Operating Income Growth % | - | 47.33% | 148.18% | 89.12% | -3505.05% | 98.32% | -796.26% | -26.35% | 83.59% | 126.82% | -37.59% | -437.51% | -119.59% | -23.25% | 148.53% | 51.62% | -38929.16% | - |
| EBITDA | 35.56M | 31.56M | 39.69M | 32.97M | -105.15M | 68.16M | -189.58M | 145.56M | 169.87M | 167.26M | 26.15M | 53.19M | 130.08M | 165.2M | 154.5M | -171.32M | -407.39M | -997K |
| EBITDA Margin % | 7.13% | 6.33% | 8.06% | 6.4% | -17.55% | 7.05% | -13.38% | 6.56% | 6.44% | 5.88% | 0.83% | 1.71% | 4.08% | 6.42% | 6.62% | -10.54% | -57.11% | -6.86% |
| EBITDA Growth % | 17.97% | -20.5% | 20.41% | 131.35% | -254.26% | 135.96% | -230.24% | -14.31% | 1.56% | 539.72% | -50.85% | -59.11% | -21.26% | 6.93% | 190.18% | 57.95% | -40761.79% | - |
| D&A (Non-Cash Add-back) | 17.18M | 18.6M | 30.9M | 51.22M | 62.66M | 72.82M | 87.52M | 105.77M | 115.83M | 137.83M | 135.91M | 132.97M | 144.92M | 89.45M | 55.8M | 32.05M | 12.95M | 80K |
| EBIT | -47.94M | 12.96M | -21.86M | -27.71M | -177.59M | 105.23M | -260.87M | 10.06M | 22.94M | 56.83M | -155.62M | -105.31M | -47.29M | -18.62M | 94.94M | -254.06M | -217.16M | -1.08M |
| Net Interest Income | -7.22M | -8.3M | -3.38M | -5.45M | -4.85M | -12.09M | -26.84M | -15.85M | -15.49M | -17.39M | -14.1M | -1.93M | 533K | 1.43M | 2.52M | 1.18M | -240K | -16K |
| Interest Income | 7.05M | 5.95M | 5.15M | 10.26M | 9.53M | 5.12M | 6.35M | 7.74M | 6.42M | 3.29M | 1.81M | 863K | 1.42M | 1.72M | 2.52M | 1.18M | 160K | 0 |
| Interest Expense | 14.27M | 14.25M | 8.53M | 15.72M | 14.38M | 17.21M | 33.19M | 23.59M | 21.91M | 20.68M | 15.91M | 2.79M | 883K | 291K | 0 | 0 | 400K | 16K |
| Other Income/Expense | -80.98M | -58.41M | -39.19M | -25.17M | -24.16M | 92.68M | -16.97M | -53.33M | -53.01M | 6.71M | -61.76M | -37.65M | -33.35M | -94.66M | -3.76M | -20.68M | -202.9M | -16K |
| Pretax Income | -62.6M | -45.46M | -30.39M | -43.43M | -191.97M | 88.03M | -294.07M | -13.53M | 1.03M | 36.15M | -185.87M | -108.32M | -48.2M | -18.91M | 94.94M | -230.81M | -420.06M | -1.09M |
| Pretax Margin % | -12.56% | -9.12% | -6.17% | -8.43% | -32.04% | 9.1% | -20.75% | -0.61% | 0.04% | 1.27% | -5.91% | -3.47% | -1.51% | -0.73% | 4.07% | -14.21% | -58.88% | -7.52% |
| Income Tax | 39.1M | 35.63M | 26.12M | 9.51M | 42.41M | -32.32M | -7.5M | 761K | -957K | 7.54M | -2.55M | -19.14M | 15.72M | 70.04M | 145.97M | 44.3M | -6.67M | 248K |
| Effective Tax Rate % | -62.45% | -78.37% | -85.96% | -21.89% | -22.09% | -36.72% | 2.55% | -5.62% | -92.82% | 20.87% | 1.37% | 17.68% | -32.63% | -370.39% | 153.75% | -19.19% | 1.59% | -22.69% |
| Net Income | -103.56M | -83.52M | -59.03M | -55.41M | -237.61M | 118.67M | -287.93M | -22.38M | -11.08M | 14.04M | -194.59M | 20.67M | -73.09M | -95.39M | -54.77M | -256.78M | -389.64M | -1.34M |
| Net Margin % | -20.78% | -16.76% | -11.98% | -10.76% | -39.66% | 12.27% | -20.32% | -1.01% | -0.42% | 0.49% | -6.19% | 0.66% | -2.29% | -3.71% | -2.35% | -15.8% | -54.62% | -9.22% |
| Net Income Growth % | -161.63% | -41.49% | -6.53% | 76.68% | -300.23% | 141.21% | -1186.73% | -101.98% | -178.91% | 107.22% | -1041.49% | 128.28% | 23.38% | -74.16% | 78.67% | 34.1% | -28955.93% | - |
| Net Income (Continuing) | -101.7M | -81.08M | -56.51M | -52.93M | -234.38M | 120.35M | -286.56M | -14.29M | 1.99M | 28.6M | -166.21M | -89.17M | -18.47M | -88.95M | -51.03M | -297.76M | -413.39M | -1.34M |
| Discontinued Operations | -175K | -616K | 0 | 0 | 0 | 0 | 382K | 2.6M | 0 | 0 | 0 | 106.93M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 118K | 172K | 236K | 319K | 383K | 424K | -1K | 1.11M | 1.36M | 872K | 642K | 1.19M | 2.12M | -1.97M | -1.94M | -3.07M | 1.45M | 0 |
| EPS (Diluted) | -2.55 | -2.08 | -1.51 | -1.77 | -7.88 | 3.68 | -10.02 | -0.50 | -0.39 | 0.40 | -6.75 | 0.60 | -2.17 | -2.87 | -1.68 | -14.18 | -25.53 | -0.09 |
| EPS Growth % | -165.98% | -37.75% | 14.69% | 77.54% | -314.13% | 136.73% | -1904% | -28.21% | -197.5% | 105.93% | -1225% | 127.65% | 24.39% | -70.83% | 88.15% | 44.46% | -28944.37% | - |
| EPS (Basic) | - | -2.08 | -1.51 | -1.77 | -7.88 | 4.04 | -10.02 | -0.50 | -0.39 | 0.60 | -6.80 | 0.60 | -2.17 | -2.87 | -1.68 | -14.18 | -25.53 | -0.09 |
| Diluted Shares Outstanding | 40.53M | 40.3M | 39.17M | 31.24M | 30.17M | 33.51M | 28.6M | 28.37M | 28.33M | 28.42M | 28.82M | 32.51M | 33.74M | 33.2M | 32.51M | 18.11M | 15.26M | 15.26M |
| Basic Shares Outstanding | 40.53M | 40.3M | 39.17M | 31.24M | 30.17M | 29.37M | 28.6M | 28.37M | 28.33M | 27.97M | 28.62M | 32.51M | 33.74M | 33.2M | 32.51M | 18.11M | 15.26M | 15.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Stagnant user base growth
According to recent financial disclosures, Groupon's revenue growth has remained effectively flat at 0.0% in 2026Q1, highlighting a persistent inability to catalyze top-line expansion despite the company's strategic pivot toward a third-party marketplace model and the ongoing restructuring of its core North American operations.
The lack of meaningful revenue growth suggests that the platform's value proposition is struggling to resonate with both merchants and consumers in an increasingly competitive local services landscape. Investors should monitor whether this stagnation reflects a permanent loss of market share to specialized vertical competitors or if it is merely a temporary byproduct of the company's efforts to prune lower-quality inventory.
As reported in quarterly filings, Groupon maintains an exceptionally high gross margin of 90.5%, a structural artifact of its net revenue accounting model that obscures the underlying volatility and thin profitability inherent in its transactional business model compared to broader digital advertising peers.
While the 90.5% gross margin appears robust, it provides little protection against the company's high fixed-cost structure, which frequently consumes the majority of gross profit. This disconnect between high gross margins and inconsistent operating income suggests that the company lacks the necessary scale to achieve sustainable profitability without further aggressive cost rationalization.
Based on the provided income statement data, Groupon's operating leverage appears highly unstable, with operating margins swinging from a positive 10.4% in 2025Q2 to a negative 2.8% in 2026Q1, indicating that the company has yet to achieve a predictable relationship between revenue and overhead.
The inability to consistently scale operating income faster than gross profit suggests that SG&A expenses remain stubbornly high relative to the company's current transaction volume. This volatility warrants further investigation into whether management can successfully transition to a more automated, self-service merchant model to permanently lower the fixed cost base.
Analysis of recent income statements reveals that net income is frequently distorted by significant fluctuations, such as the -$118.4M net loss in 2025Q3, suggesting that reported EPS figures are often poor indicators of the company's underlying core operational performance and cash-generating capacity.
The frequent divergence between operating income and net income highlights the impact of non-operating items, including stock-based compensation and potential restructuring charges, which complicate the assessment of true earnings power. Investors should focus on adjusted EBITDA and cash flow metrics to better gauge the company's actual progress in its turnaround efforts.
A critical review of the income statement suggests that Groupon's business model faces significant headwinds, as evidenced by the -16.76% net margin observed in recent periods, which raises questions about the sustainability of the current platform strategy in the face of declining active user counts.
Short-term cost-cutting measures may provide temporary liquidity, but the persistent inability to generate consistent net income suggests a fundamental mismatch between the company's cost structure and its current market relevance. The risk remains that the platform is in a terminal decline, where the cost of acquiring new users and merchants will continue to outpace the revenue generated from the existing base.
Quick answers to the most common questions about buying GRPN stock.
For fiscal year 2025, Groupon, Inc. (GRPN) reported total revenue of $498.4M. This represents a 3327.9% increase compared to $14.5M in 2009.
Groupon, Inc. (GRPN) reported a net loss of $83.5M for the fiscal year ending 2025.
Groupon, Inc. (GRPN) reported an operating income of $13.0M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Groupon, Inc. (GRPN) generated $443.5M in gross profit for the year, representing a gross profit margin of 89.0%. This demonstrates the company's core pricing power and production efficiency.