The Kogan.com Ltd (ASX: KGN) share price is up around 15% after announcing its April 2026 update.
Kogan is an online retailer. It has two key businesses – Kogan.com for Australia and Mighty Ape for New Zealand.
April 2026 update
The company told investors how it has performed in the 10 months to 30 April 2026 compared to the 10 months to 30 April 2025.
Kogan.com
Kogan.com grew gross sales by 18.2%, revenue grew 18.1% and gross profit improved 19.5%. This performance was driven by growth in active customers, increased customer engagement and continued expansion in platform-based sales.
Kogan.com also benefited from “strategic marketing investment and operational cost management contributing to “strong operating leverage”. Kogan.com’s adjusted EBITDA (EBITDA explained) grew by 32% and adjusted EBIT rose by 43.2% year on year, showing a strong increase in profitability.
Mighty Ape
Turning to Mighty Ape, it made “significant progress to profitability”, with a transition toward a more capital-light, high-margin model. Non-performing product categories were removed, while newer private label ranges were introduced through Kogan.com as a seller of the Mighty Ape Marketplace platform.
Mighty Ape saw its gross profit margin expanded 1.3 percentage points over the period. Momentum accelerated in the four months to 30 April 2026, with the gross profit margin increasing 8.4 percentage points to 37.8% and adjusted EBITDA losses reduced by 52.8% year on year. Combined with structural cost reductions, those improvements position Mighty Ape on a clear path back towards sustainable profitable trading.
Group performance
Putting all of the above together, Kogan reported that for the 10 months to 30 April 2026, gross sales increased by 13.2% to $875.6 million and revenue rose 6% to $433.7 million.
Group active customers increased by 4% to 3.5 million, with Kogan.com active customers rising by 9%.
Group gross profit rose by 11.1% to $177.9 million and the group gross profit margin improved by 1.9 percentage points to 41%. Group adjusted EBITDA rose 17.4% to $37.5 million and group adjusted EBIT rose 25.4% to $26.9 million.
Outlook for the Kogan.com share price
The company is clearly growing its top line and bottom line at a good pace and this bodes well for its FY26 result and hopefully beyond.
I’m not sure if Kogan is good value today because it depends how long the business can sustain this sort of growth.
But, I’d be pleased if I were a shareholder. However, there are other ASX growth shares that I think have clearer path to long-term profit growth.
