D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) Revenue History
Annual and quarterly revenue from 2018 to present
HEPS Revenue Over Time (2018–2025)
HEPS Revenue Growth History
6 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- +33.2%
- FY2020 revenue growth
- +482.7%
- FY2021 revenue growth
- +63.4%
- FY2022 revenue growth
- +54.2%
- FY2023 revenue growth
- -7.0%
- FY2024 revenue growth
- +60.4%
- FY2025 revenue growth
- +61.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $28.41B | +39.0% |
| Q3 2025 | $19.92B | +62.7% |
| Q2 2025 | $16.74B | +22.6% |
| Q1 2025 | $14.39B | -7.9% |
| Q4 2024 | $20.44B | +46.4% |
| Q3 2024 | $12.24B | +1.7% |
| Q2 2024 | $13.66B | +35.0% |
| Q1 2024 | $15.62B | +100.2% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
HEPS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
HEPS Revenue Analysis (2018–2025)
Current Revenue & Growth
As of June 14, 2026, D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) generated trailing twelve-month (TTM) revenue of $79.46 billion, reflecting explosive growth of +39.0% year-over-year. The most recent quarter (Q4 2025) recorded $28.41 billion in revenue, up 42.6% sequentially.
Historical Growth Trajectory
HEPS's 5-year compound annual growth rate (CAGR) stands at +43.4%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +33.9% is below the 5-year average, signalling a growth deceleration in recent years. D-Market Elektronik Hizmetler ve Ticaret A.S.'s highest annual revenue of $91.86 billion was recorded in 2025, an all-time high.
Revenue by Segment
HEPS's revenue is primarily driven by Sales of goods (65%), Delivery service revenues (14%), and Marketplace revenues (11%). With over half of revenue concentrated in Sales of goods, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Consumer Cyclical sector peers — including MELI (+42.1% YoY), SE (+36.4% YoY), and GLBE (+28.6% YoY) — HEPS has outperformed the peer group in revenue growth. Compare HEPS vs MELI →
HEPS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
 HEPSCurrent | $79.5B | +39.0% | +43.4% | -2.4% | |
 MELI | $28.9B | +42.1% | +48.7% | 11.1% | |
 SE | $22.9B | +36.4% | +39.3% | 8.1% | |
 GLBE | $962M | +28.6% | +47.8% | 7.4% | |
 CPNG | $34.5B | -7.8% | +23.6% | 1.4% | |
 AMZN | $716.9B | +14.2% | +13.2% | 11.2% |
HEPS Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $91.86B | +61.0% | $19.93B | 21.7% | $-2,203,026,000 | -2.4% |
| 2024 | $57.05B | +60.4% | $21.39B | 37.5% | $17.0M | 0.0% |
| 2023 | $35.56B | -7.0% | $7.25B | 20.4% | $-724,977,000 | -2.0% |
| 2022 | $38.23B | +54.2% | $8.31B | 21.7% | $-7,381,727,000 | -19.3% |
| 2021 | $24.79B | +63.4% | $5.35B | 21.6% | $-6,776,633,000 | -27.3% |
| 2020 | $15.17B | +482.7% | $3.32B | 21.9% | $-827,664,000 | -5.5% |
| 2019 | $2.60B | +33.2% | $756.6M | 29.1% | $101.1M | 3.9% |
| 2018 | $1.96B | - | $436.1M | 22.3% | $-51,531,505 | -2.6% |
What if you invested $1,000 in HEPS back in 2018?
Total return with dividends reinvested · 8+ years of data
Calculate ReturnsHow much would $100/month in HEPS be worth today?
Dollar cost averaging vs lump sum · see how regular investing compounds over time
Run the NumbersIs HEPS Undervalued Right Now?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
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Compare NowHEPS — Frequently Asked Questions
Quick answers to the most common questions about buying HEPS stock.
Is HEPS's revenue growth accelerating or slowing?
HEPS revenue growth is accelerating. TTM revenue reached $79.5B, up +39.0% year-over-year — ahead of the 5-year CAGR of +43.4%. This indicates the business is expanding faster than its historical baseline.
What is HEPS's revenue history from 2018 to 2026?
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $79.5B, growing at +39.0% YoY. The 5-year CAGR is +43.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is HEPS's long-term revenue growth rate (CAGR)?
D-Market Elektronik Hizmetler ve Ticaret A.S.'s 5-year revenue CAGR of +43.4% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +39.0% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for HEPS.
Why does HEPS's quarterly revenue fluctuate?
HEPS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. D-Market Elektronik Hizmetler ve Ticaret A.S.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is HEPS's revenue distributed by segment?
HEPS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does HEPS's revenue compare to industry peers?
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) with TTM revenue of $79.5B and +39.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.