Revenue growth reached 60.8% in 2026Q1, yet the company continues to struggle with profitability, reporting an operating margin of -1.9% and a net loss of 992M.
| Sales/Revenue | 90.14B | 84.65B | 57.05B | 35.56B | 38.23B | 24.79B | 15.17B | 2.6B | 1.96B |
| Revenue Growth % | 48.44% | 48.39% | 60.43% | -6.98% | 54.2% | 63.41% | 482.69% | 33.16% | - |
| Cost of Goods Sold | 57.51B | 53.98B | 35.66B | 28.31B | 29.92B | 19.44B | 11.85B | 1.85B | 1.52B |
| COGS % of Revenue | - | 63.77% | 62.51% | 79.62% | 78.27% | 78.4% | 78.12% | 70.94% | 77.7% |
| Gross Profit | 32.63B | 30.67B | 21.39B | 7.25B | 8.31B | 5.35B | 3.32B | 756.63M | 436.09M |
| Gross Margin % | 36.2% | 36.23% | 37.49% | 20.38% | 21.73% | 21.6% | 21.88% | 29.06% | 22.3% |
| Gross Profit Growth % | - | 43.39% | 195.2% | -12.78% | 55.15% | 61.32% | 338.69% | 73.5% | - |
| Operating Expenses | 33.35B | 31.57B | 21.37B | 7.97B | 15.69B | 12.13B | 4.15B | 655.51M | 487.62M |
| OpEx % of Revenue | - | 37.3% | 37.46% | 22.42% | 41.04% | 48.93% | 27.33% | 25.18% | 24.94% |
| Selling, General & Admin | 28.28B | 26.46B | 10.51B | 6.36B | 12.79B | 10.88B | 2.37B | 340.67M | 259.89M |
| SG&A % of Revenue | - | 31.26% | 18.43% | 17.9% | 33.47% | 43.89% | 15.61% | 13.08% | 13.29% |
| Research & Development | 0 | 0 | 740.63M | 926.66M | 0 | 0 | 0 | 0 | 20.58M |
| R&D % of Revenue | - | - | 1.3% | 2.61% | - | - | - | - | 1.05% |
| Other Operating Expenses | 4M | 5.11B | 10.12B | 679.67M | 2.89B | 1.25B | 1.78B | 314.84M | 0 |
| Operating Income | -718.65M | -901.62M | 16.96M | -724.98M | -7.38B | -6.78B | -827.66M | 101.11M | -51.53M |
| Operating Margin % | -0.8% | -1.07% | 0.03% | -2.04% | -19.31% | -27.33% | -5.46% | 3.88% | -2.64% |
| Operating Income Growth % | - | -5416.46% | 102.34% | 90.18% | -8.93% | -718.77% | -918.54% | 296.22% | - |
| EBITDA | 2.66B | 2.27B | 2.07B | 449.16M | -6.16B | -6.14B | -526.05M | 167.4M | 26.74M |
| EBITDA Margin % | 2.95% | 2.68% | 3.62% | 1.26% | -16.12% | -24.76% | -3.47% | 6.43% | 1.37% |
| EBITDA Growth % | 30.28% | 9.91% | 359.77% | 107.29% | -0.36% | -1067.12% | -414.24% | 526.01% | - |
| D&A (Non-Cash Add-back) | 3.38B | 3.17B | 2.05B | 1.17B | 1.22B | 637.01M | 301.62M | 66.29M | 78.27M |
| EBIT | -1.22B | -1.54B | 1.26B | 1.45B | -6.11B | -2.75B | -596.85M | -62.97M | -114.22M |
| Net Interest Income | -4.24B | -69.91M | 238.19M | -500.17M | -32M | -330.65M | -277.75M | -38.41M | -127.12M |
| Interest Income | 3.97B | 4.14B | 3.1B | 877.53M | 777.26M | 248.54M | 23.76M | 2.14M | 19.24M |
| Interest Expense | 8.21B | 4.21B | 2.87B | 1.38B | 809.26M | 579.19M | 301.51M | 40.55M | 47.1M |
| Other Income/Expense | -5.53B | -4.84B | -1.62B | 800.51M | 464.99M | 3.45B | -108.92M | -232.76M | -109.79M |
| Pretax Income | -6.24B | -5.74B | -1.6B | 75.53M | -6.92B | -3.33B | -936.59M | -131.65M | -161.32M |
| Pretax Margin % | -6.93% | -6.78% | -2.81% | 0.21% | -18.09% | -13.43% | -6.17% | -5.06% | -8.25% |
| Income Tax | -12.4M | -43.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.2% | 0.75% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.23B | -5.7B | -1.6B | 75.53M | -6.92B | -3.33B | -936.59M | -131.65M | -161.32M |
| Net Margin % | -6.91% | -6.73% | -2.81% | 0.21% | -18.09% | -13.43% | -6.17% | -5.06% | -8.25% |
| Net Income Growth % | -226.96% | -255.11% | -2224.75% | 101.09% | -107.7% | -255.56% | -611.44% | 18.4% | - |
| Net Income (Continuing) | -6.23B | -5.7B | -1.6B | 75.53M | -6.92B | -3.33B | -936.59M | -131.65M | -161.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -16.96 | -18.00 | -5.00 | 0.23 | -8.92 | -10.93 | -2.87 | -0.61 | -0.49 |
| EPS Growth % | -256.35% | -260% | -2273.91% | 102.58% | 18.39% | -280.84% | -370.49% | -24.49% | - |
| EPS (Basic) | - | -18.00 | -5.00 | 0.23 | -8.92 | -10.93 | -2.87 | -0.61 | -0.49 |
| Diluted Shares Outstanding | 367.4M | 316.61M | 320.98M | 324.81M | 326M | 304.76M | 326M | 326M | 326M |
| Basic Shares Outstanding | 367.4M | 316.61M | 320.98M | 324.81M | 326M | 304.76M | 326M | 326M | 326M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Hyperinflationary Margin Volatility
According to recent financial disclosures, HEPS reported a 60.8% year-over-year revenue increase in 2026Q1, though this follows a period of inconsistent top-line performance, suggesting that growth remains highly sensitive to the underlying inflationary environment and seasonal shifts in Turkish consumer discretionary spending patterns.
The erratic revenue trajectory appears to reflect the challenges of operating in a hyperinflationary economy where nominal gains may mask underlying volume trends. Investors should monitor whether the recent acceleration is sustainable or merely a function of pricing adjustments required to offset currency depreciation.
Based on reported figures, the company's gross margin fluctuated between 30.5% and 40.0% over the last ten quarters, indicating that the business struggles to maintain consistent pricing power while managing the high variable costs inherent in its integrated logistics and retail operations.
The volatility in gross margins suggests that the company is frequently forced to absorb input cost spikes rather than passing them fully to the consumer. This lack of structural margin stability warrants further investigation into the effectiveness of the marketplace model in insulating the firm from retail-specific cost pressures.
As reported in financial statements, HEPS has struggled to achieve consistent operating leverage, with operating income swinging from a $277.4M profit in 2025Q4 to a $439.6M loss in 2026Q1, highlighting the difficulty of scaling fixed infrastructure costs against a volatile revenue base.
The inability to consistently scale operating income faster than gross profit suggests that the company's proprietary logistics and technology stack currently act as a fixed-cost burden rather than a source of efficiency. Future profitability appears contingent on the company's ability to decouple its operating expenses from the high-velocity, low-margin 1P retail segment.
Data from recent filings indicates that net income remains deeply negative, with a $992.0M loss in 2026Q1, further complicated by non-operating items and the impact of hyperinflationary accounting which makes assessing the true underlying cash-generating capability of the business exceptionally difficult for external observers.
The persistent net losses, despite occasional operating profits, suggest that non-operating factors and financial costs are significantly eroding shareholder value. Investors should be cautious of the reported EPS figures, as they appear to be heavily influenced by accounting adjustments rather than core operational performance.
While management emphasizes a pivot toward profitability, the company's reliance on high-cost logistics and the potential for regulatory intervention in the Turkish e-commerce sector suggest that the current business model may face significant headwinds that are not fully captured in recent nominal growth figures.
Short-term improvements in operating margins may be unsustainable if they rely on aggressive cost-cutting that compromises the 'Perfect Order Ratio' or customer experience. The market may be underestimating the long-term capital expenditure required to maintain the HepsiJet network in an environment of rising labor and fuel costs.
Quick answers to the most common questions about buying HEPS stock.
For fiscal year 2025, D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported total revenue of $84.65B. This represents a 4229.3% increase compared to $1.96B in 2018.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported a net loss of $5.70B for the fiscal year ending 2025.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) reported an operating income of $-901.6M, resulting in an operating profit margin of -1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated $30.67B in gross profit for the year, representing a gross profit margin of 36.2%. This demonstrates the company's core pricing power and production efficiency.