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D-MARKET Electronic Services & Trading ADR (HEPS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · INTERNET RETAIL · DATA UPDATED 2026-09-18

D-MARKET Electronic Services & Trading ADR (HEPS) operates in the INTERNET RETAIL industry and is headquartered in Istanbul, Turkey with about 3,611 employees. Its market capitalization is roughly $893 million. In the fiscal year ended 2025-12-31, HEPS reported TRY 84.7B in revenue and (TRY 5.7B) in net income.

D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates a retail website that provides electronics and non-electronics products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc.

Interactive charts & full statements →

HEPS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Total Revenue	TRY 96.2B	TRY 84.7B	TRY 57.0B	TRY 35.6B	TRY 38.2B	TRY 24.8B	TRY 15.2B	TRY 2.6B	TRY 2.0B
Gross Profit	TRY 34.9B	TRY 30.7B	TRY 21.4B	TRY 7.2B	TRY 8.3B	TRY 5.4B	TRY 3.3B	TRY 757M	TRY 436M
Gross Margin %	36.3%	36.2%	37.5%	20.4%	21.7%	21.6%	21.9%	29.1%	22.3%
Operating Income (EBIT)	(TRY 1.4B)	(TRY 902M)	TRY 17M	(TRY 725M)	(TRY 7.4B)	(TRY 6.8B)	(TRY 828M)	TRY 101M	(TRY 52M)
Operating Margin %	-1.5%	-1.1%	0.0%	-2.0%	-19.3%	-27.3%	-5.5%	3.9%	-2.6%
Net Income	(TRY 7.4B)	(TRY 5.7B)	(TRY 1.6B)	TRY 76M	(TRY 6.9B)	(TRY 3.3B)	(TRY 937M)	(TRY 132M)	(TRY 161M)
Net Margin %	-7.7%	-6.7%	-2.8%	0.2%	-18.1%	-13.4%	-6.2%	-5.1%	-8.2%
EBITDA	TRY 2.1B	TRY 1.6B	TRY 3.3B	TRY 2.6B	(TRY 4.9B)	(TRY 2.1B)	(TRY 295M)	TRY 3M	(TRY 36M)
Earnings Per Share (EPS)	TRY -22.26	TRY -18.00	TRY -5.00	TRY 0.23	TRY -21.22	TRY -10.93	TRY -2.87	TRY -0.40	TRY -0.49
Shares Outstanding (M)	371M	317M	321M	325M	326M	305M	326M	326M	326M

TRY; TRYM / TRYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HEPS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	TRY 22.8B	TRY 23.1B	TRY 30.3B	TRY 19.9B	TRY 16.7B	TRY 14.4B	TRY 20.4B	TRY 12.2B
Gross Profit	TRY 8.6B	TRY 8.5B	TRY 10.4B	TRY 7.4B	TRY 6.3B	TRY 5.3B	TRY 7.6B	TRY 4.9B
Gross Margin %	37.8%	36.7%	34.2%	37.2%	37.8%	37.0%	37.3%	39.8%
Operating Income (EBIT)	(TRY 669M)	(TRY 440M)	TRY 277M	(TRY 591M)	TRY 34M	(TRY 549M)	TRY 200M	TRY 32M
Operating Margin %	-2.9%	-1.9%	0.9%	-3.0%	0.2%	-3.8%	1.0%	0.3%
Net Income	(TRY 1.9B)	(TRY 992M)	(TRY 3.2B)	(TRY 1.3B)	(TRY 724M)	(TRY 355M)	(TRY 724M)	(TRY 307M)
Net Margin %	-8.3%	-4.3%	-10.5%	-6.7%	-4.3%	-2.5%	-3.5%	-2.5%
EBITDA	TRY 2.3B	TRY 2.9B	(TRY 5.5B)	TRY 2.4B	TRY 2.4B	TRY 2.1B	—	TRY 1.9B
Earnings Per Share (EPS)	TRY -5.10	TRY -2.70	TRY -10.36	TRY -4.10	TRY -2.24	TRY -1.10	TRY -2.22	TRY -0.96
Shares Outstanding (M)	371M	367M	308M	323M	323M	323M	326M	320M

TRY; TRYM / TRYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HEPS Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Cash from Operations (CFO)	TRY 6.5B	TRY 11.3B	TRY 18M	TRY 99M	(TRY 26M)	(TRY 49M)	TRY 24M	TRY 364M	TRY 168M
Capital Expenditures (CapEx)	TRY 2.2B	TRY 2.6B	TRY 61M	TRY 48M	TRY 51M	TRY 6M	TRY 4M	TRY 54M	TRY 49M
Free Cash Flow (FCF)	TRY 4.3B	TRY 8.7B	(TRY 43M)	TRY 51M	(TRY 77M)	(TRY 55M)	TRY 20M	TRY 310M	TRY 119M
FCF Margin %	4.5%	10.2%	-0.1%	0.1%	-0.2%	-0.2%	0.1%	11.9%	6.1%

TRY; TRYM / TRYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HEPS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	TRY 2.2B	(TRY 2.4B)	TRY 4.4B	TRY 2.2B	TRY 3.9B	(TRY 30M)	TRY 2.3B	TRY 30M
Capital Expenditures (CapEx)	TRY 772M	TRY 741M	TRY 718M	TRY 15M	TRY 509M	TRY 16M	TRY 691M	TRY 13M
Free Cash Flow (FCF)	TRY 1.5B	(TRY 3.1B)	TRY 3.7B	TRY 2.2B	TRY 3.3B	(TRY 47M)	TRY 1.6B	TRY 17M
FCF Margin %	6.5%	-13.4%	12.1%	11.2%	20.0%	-0.3%	7.9%	0.1%

TRY; TRYM / TRYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HEPS Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Total Assets	TRY 33.1B	TRY 36.9B	TRY 26.1B	TRY 25.4B	TRY 16.6B	TRY 13.4B	TRY 2.0B	TRY 956M	TRY 641M
Cash & Cash Equivalents	TRY 7.0B	TRY 11.3B	TRY 6.8B	TRY 7.9B	TRY 8.7B	TRY 6.3B	TRY 593M	TRY 282M	TRY 136M
Total Liabilities	TRY 33.7B	TRY 34.9B	TRY 22.8B	TRY 20.6B	TRY 13.2B	TRY 8.6B	TRY 2.8B	TRY 1.3B	TRY 999M
Total Debt (Short + Long-Term)	TRY 1.5B	TRY 1.6B	TRY 1.7B	TRY 491M	TRY 292M	TRY 497M	TRY 399M	TRY 45M	TRY 150M
Total Shareholders' Equity	(TRY 582M)	TRY 2.0B	TRY 3.3B	TRY 4.8B	TRY 3.4B	TRY 4.8B	(TRY 787M)	(TRY 311M)	(TRY 358M)

TRY; TRYM / TRYB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive HEPS viewer.

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