D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) Cash Flow Statement
Where HEPS’s cash came from and went, 2025
December 31, 2025 · TRY- Cash from operations
- ₺4.81B +26,244.1% vs 2024
- Capital expenditures
- ₺2.62B 3.1% of revenue
- Free cash flow
- ₺2.19B 2.6% margin
- Returned to shareholders
- —
- Change in cash
- ₺3.14B cash at year-end ₺11.51B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HEPS operating cash flow, capex and free cash flow
HEPS cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₺168.2M2018 | ₺4.81B2025 | +61.4%/yr | |
| Capital expenditures | ₺49.3M2018 | ₺2.62B2025 | +76.4%/yr | |
| Free cash flow | ₺118.9M2018 | ₺2.19B2025 | +51.6%/yr | |
| Free cash flow margin | 6.1%2018 | 2.6%2025 | −3.5 pts | |
| Stock-based compensation | ₺02019 | ₺216.1M2025 | — | |
| Dividends paid | ₺02018 | ₺02025 | — | |
| Share buybacks (net) | ₺02021 | ₺02025 | — | |
| Capex / revenue | 2.5%2018 | 3.1%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HEPS cash flow by activity
HEPS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HEPS cash flow statement in TRY
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −₺6.18B | −₺48.8M | ₺3.2M | −₺175.2M | −₺78.4M | −₺67.5M | −₺131.6M | −₺161.3M |
| Depreciation & amortization | ₺3.17B | ₺2.03B | ₺2.22B | ₺1.22B | ₺637.0M | ₺301.6M | ₺66.3M | ₺78.3M |
| Stock-based compensation | ₺216.1M | ₺360.0M | ₺106.4M | ₺250.6M | ₺280.7M | ₺0 | ₺0 | — |
| Change in working capital | ₺2.96B | −₺58.7M | −₺64.5M | ₺30.3M | ₺116.3M | ₺65.6M | ₺197.9M | ₺132.3M |
| Other non-cash items | ₺4.65B | −₺2.27B | −₺2.16B | −₺1.35B | −₺1.00B | −₺276.0M | ₺231.2M | ₺119.0M |
| Cash from operating activities | ₺4.81B | ₺18.2M | ₺99.1M | −₺25.6M | −₺48.6M | ₺23.8M | ₺363.8M | ₺168.2M |
| Investing activities | ||||||||
| Capital expenditures | −₺2.62B | −₺61.2M | −₺48.4M | −₺50.9M | −₺6.0M | −₺3.9M | −₺53.6M | −₺49.3M |
| Investments (net) | ₺1.01B | ₺894.7M | −₺263.4M | ₺1.10B | −₺882.2M | −₺882.2M | −₺882.2M | −₺882.2M |
| Acquisitions & other investing | ₺94.0M | −₺858.9M | ₺219.9M | −₺990.9M | ₺765.5M | ₺871.9M | ₺882.4M | ₺882.3M |
| Cash from investing activities | −₺1.52B | −₺25.4M | −₺92.0M | ₺54.2M | −₺122.8M | −₺14.2M | −₺53.3M | −₺49.2M |
| Financing activities | ||||||||
| Dividends paid | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 |
| Share repurchases & issuance (net) | ₺0 | ₺0 | −₺2.0M | ₺0 | ₺0 | — | — | — |
| Net borrowing (repayment) | −₺2.59B | ₺960.9M | −₺158.7M | −₺1.01B | −₺267.3M | ₺255.4M | −₺139.9M | −₺64.7M |
| Shares issued | ₺4.17B | ₺0 | ₺0 | ₺0 | ₺4.08B | ₺0 | ₺180.0M | ₺0 |
| Other financing | ₺134.6M | −₺931.6M | ₺154.0M | ₺984.3M | −₺3.39B | −₺219.1M | −₺210.8M | −₺123.6M |
| Cash from financing activities | ₺1.71B | ₺29.2M | −₺6.6M | −₺25.6M | ₺427.3M | ₺36.3M | −₺170.7M | −₺188.3M |
| Summary | ||||||||
| Net change in cash | ₺3.14B | ₺2.8M | −₺95.2M | −₺3.1M | ₺210.4M | ₺32.3M | ₺145.8M | −₺70.5M |
| Cash at end of period | ₺11.51B | ₺194.7M | ₺191.9M | ₺287.0M | ₺290.2M | ₺79.7M | ₺282.0M | ₺136.2M |
| Free cash flow | ₺2.19B | −₺42.9M | ₺50.7M | −₺76.6M | −₺54.6M | ₺19.8M | ₺310.2M | ₺118.9M |
| Free cash flow margin | 2.6% | −0.1% | 0.1% | −0.2% | −0.2% | 0.1% | 11.9% | 6.1% |
| Capex / revenue | 3.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 2.1% | 2.5% |
| Operating cash flow / net income | — | — | 31.25 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −₺1.96B | −₺992.0M | −₺3.13B | −₺32.5M | −₺745.2M | −₺9.8M | −₺724.3M | −₺9.2M | −₺11.9M | −₺4.2M | −₺22.6M | −₺7.1M |
| Depreciation & amortization | ₺993.4M | ₺862.6M | ₺899.7M | ₺766.2M | ₺744.9M | ₺860.2M | ₺659.3M | ₺718.6M | ₺597.9M | ₺384.7M | ₺428.8M | ₺436.8M |
| Stock-based compensation | −₺33.5M | ₺43.2M | ₺4.2M | ₺143.3M | ₺25.5M | ₺43.1M | ₺118.9M | ₺19.5M | ₺16.5M | ₺34.7M | ₺25.1M | — |
| Change in working capital | ₺591.3M | −₺3.68B | ₺2.15B | ₺49.0M | ₺1.39B | −₺68.4M | ₺19.9M | ₺8.1M | −₺53.8M | −₺14.3M | ₺39.6M | −₺18.9M |
| Other non-cash items | ₺2.65B | ₺1.42B | ₺1.54B | −₺888.6M | ₺2.43B | −₺855.4M | ₺2.23B | −₺706.7M | −₺576.5M | −₺375.5M | −₺368.9M | −₺347.4M |
| Cash from operating activities | ₺2.25B | −₺2.35B | ₺1.47B | ₺37.4M | ₺3.85B | −₺30.2M | ₺2.30B | ₺30.3M | −₺27.9M | ₺25.2M | ₺102.1M | ₺63.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −₺772.0M | −₺740.5M | −₺717.9M | −₺15.4M | −₺509.0M | −₺16.4M | −₺691.3M | −₺13.4M | −₺13.9M | −₺13.9M | −₺13.8M | −₺13.7M |
| Investments (net) | ₺8.6M | ₺177.4M | ₺12.3M | ₺480.7M | −₺608.9M | ₺2.17B | ₺1.51B | −₺299.9M | ₺1.26B | −₺2.47B | −₺792.1M | −₺315.3M |
| Acquisitions & other investing | ₺752.6M | ₺4.6M | −₺21.5M | −₺479.2M | ₺509.0M | −₺2.11B | — | ₺284.8M | −₺1.22B | ₺2.39B | ₺740.7M | ₺313.5M |
| Cash from investing activities | −₺10.8M | −₺558.6M | −₺727.2M | −₺13.9M | −₺608.9M | ₺40.0M | — | −₺28.5M | ₺24.4M | −₺92.8M | −₺65.2M | −₺15.4M |
| Financing activities | ||||||||||||
| Dividends paid | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 |
| Share repurchases & issuance (net) | — | — | ₺0 | — | — | — | — | — | — | −₺2.0M | −₺2.0M | — |
| Net borrowing (repayment) | −₺350.0M | −₺617.6M | −₺953.8M | −₺580.6M | −₺610.4M | −₺447.9M | ₺437.5M | ₺522.5M | — | — | — | — |
| Shares issued | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 |
| Other financing | −₺3.09B | −₺12.2M | ₺4.50B | ₺565.9M | −₺2.23B | ₺435.5M | −₺2.73B | −₺510.3M | ₺2.4M | ₺3.7M | −₺5.5M | ₺3.2M |
| Cash from financing activities | −₺3.44B | −₺629.8M | ₺3.54B | −₺14.7M | −₺2.84B | −₺12.3M | −₺2.29B | ₺12.2M | ₺2.4M | ₺1.7M | −₺7.5M | ₺3.2M |
| Summary | ||||||||||||
| Net change in cash | −₺905.4M | −₺3.77B | ₺3.69B | ₺551,101 | ₺404.1M | −₺14.7M | ₺2.42B | ₺12.3M | ₺2.3M | −₺78.6M | −₺21.5M | ₺23.1M |
| Cash at end of period | ₺7.00B | ₺8.18B | ₺11.51B | ₺182.1M | ₺7.08B | ₺180.1M | ₺6.75B | ₺127.9M | ₺115.6M | ₺113.3M | ₺191.9M | ₺213.4M |
| Free cash flow | ₺1.47B | −₺3.09B | ₺747.1M | ₺22.1M | ₺3.34B | −₺46.7M | ₺1.61B | ₺16.9M | −₺41.8M | ₺11.4M | ₺88.3M | ₺49.7M |
| Free cash flow margin | 6.5% | −13.4% | 2.5% | 0.1% | 20.0% | −0.3% | 7.9% | 0.1% | −0.3% | 0.1% | 0.8% | 0.4% |
| Capex / revenue | 3.4% | 3.2% | 2.4% | 0.1% | 3.0% | 0.1% | 3.4% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in TRY as reported; data from EODHD.
HEPS cash generation
In fiscal 2025 (ended December 31, 2025), D-Market Elektronik Hizmetler ve Ticaret A.S. generated ₺4.8 billion of cash from operations (up 26,244.1%) and spent ₺2.6 billion on capital expenditures, leaving free cash flow of ₺2.2 billion, 2.6% of revenue. Cash and equivalents rose by ₺3.1 billion over the year.
Related: HEPS income statement, HEPS balance sheet. See the HEPS stock overview for the latest quote and news.
HEPS cash flow FAQ
What is D-Market Elektronik Hizmetler ve Ticaret A.S.'s free cash flow?
D-Market Elektronik Hizmetler ve Ticaret A.S.'s free cash flow was ₺2.2 billion in fiscal 2025: ₺4.8 billion of operating cash flow minus ₺2.6 billion of capital expenditures It was -₺42.9 million a year earlier..
How much cash does D-Market Elektronik Hizmetler ve Ticaret A.S. generate from operations?
D-Market Elektronik Hizmetler ve Ticaret A.S. generated ₺4.8 billion of cash from operating activities in fiscal 2025.
How much does D-Market Elektronik Hizmetler ve Ticaret A.S. spend on capital expenditures?
D-Market Elektronik Hizmetler ve Ticaret A.S. spent ₺2.6 billion on capital expenditures in fiscal 2025, 3.1% of revenue, compared with ₺61.2 million the year before.