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Airline profile
Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and correctly labelled unit economics, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. Core metrics follow the Airline comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Quick answers
Is Pegasus Airlines profitable?
Yes. Pegasus Airlines reported an operating profit of €289m in Q3 2026 (to 30 Sep 2026), a 22.0% margin.
What was Pegasus Airlines’s revenue in 2025?
Pegasus Airlines reported revenue of €3.414bn in FY2025 (year to 31 Dec 2025). For Q3 2026 (to 30 Sep 2026) it reported revenue of €1.314bn.
Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.
Text version of the Pegasus Airlines data on this page
Pegasus Airlines data snapshot
- Scope: Pegasus Hava Taşımacılığı A.Ş. (consolidated)
- Region: Europe
- Business model: Low-cost carrier
- Financial year end: 31 Dec
- Reporting currency: EUR
- Latest period: Q2 2026
- Last updated: 2026-09-26
Latest read
Pegasus swung to a €92m second-quarter net loss as jet fuel prices rose about 90% and Middle East flying was suspended until May. Revenue held almost flat at €865m because pricing lifted RASK 2%, and hedging capped the fuel CASK increase at 63%, but EBITDA fell 69% to €80m.
Reported metrics by period
- FY2024 (FY2024 · calendar year): Passengers: 37.5m; Revenue: €3.126bn; Operating profit / result: €888m EBITDA (Company EBITDA incl. 55% of short-term lease expense); Operating margin: 28.4% EBITDA margin; Net profit: €361m net profit; Load factor: 87.7%; Capacity / ASK: 66.8bn ASK; RASK / yield: 4.68 €c RASK; CASK ex-fuel: 2.55 €c CASK non-fuel; Cash / liquidity: €1.687bn cash (Incl. short- and long-term financial assets); Net debt / cash / leverage: €2.749bn net debt (Includes lease liabilities); Fleet size: 109 (Average fleet; 118 at year-end); Fleet growth / guidance: 127 aircraft at end-2025 (Guidance with FY2024 results; 12–14% ASK growth); Fuel hedging: 49% hedged (2025 fuel, as disclosed with FY2024 results).
- FY2025 (FY2025 · calendar year): Passengers: 43.3m (+15% YoY); Revenue: €3.414bn (+9% YoY); Operating profit / result: €840m EBITDA (Company EBITDA incl. 55% of short-term lease expense); Operating margin: 24.6% EBITDA margin; Net profit: €302m net profit; Load factor: 87.7%; Capacity / ASK: 78.3bn ASK (+17% YoY); RASK / yield: 4.36 €c RASK (−7% YoY); CASK ex-fuel: 2.69 €c CASK non-fuel (+5% YoY); Cash / liquidity: €1.562bn cash (Incl. short- and long-term financial assets); Net debt / cash / leverage: €2.942bn net debt (Includes lease liabilities); Fleet size: 124 (Average fleet; 127 at year-end); Fleet growth / guidance: 132 aircraft at end-2026 (Guidance with FY2025 results); Fuel hedging: 61% hedged (2026 fuel, as disclosed with FY2025 results).
- H1 2026 (H1 2026 · six months ended 30 Jun): Passengers: 20.4m (+3% YoY); Revenue: €1.507bn (+1% YoY); Operating profit / result: −€127m operating loss (IFRS operating profit/(loss)); Operating margin: −8.4% (Operating result ÷ revenue); EBITDA / EBITDAR: €83m EBITDA (5.5% margin); Net profit: −€245m net loss; Load factor: 84.5%; Capacity / ASK: 36.8bn ASK (+2% YoY); RASK / yield: 4.09 €c RASK (−2% YoY); CASK ex-fuel: 2.99 €c CASK non-fuel (+8% YoY).
- Q2 2026 (Q2 2026 · quarter ended 30 Jun): Passengers: 10.5m (−1% YoY; international −11%); Revenue: €865m (−1% YoY); Operating profit / result: −€34m operating loss (IFRS operating profit/(loss)); Operating margin: −3.9% (Operating result ÷ revenue); EBITDA / EBITDAR: €80m EBITDA (9.2% margin vs 29.0% in Q2 2025); Net profit: −€92m net loss (Q2 2025: €122m profit); Load factor: 83.0% (−3.4pp YoY); Capacity / ASK: 19.3bn ASK (−3% YoY); RASK / yield: 4.49 €c RASK (+2% YoY); CASK ex-fuel: 2.90 €c CASK non-fuel (+13% YoY); Cash / liquidity: €1.546bn cash reserves (Incl. short- and long-term financial assets); Net debt / cash / leverage: €3.156bn net debt (Cash + PDP/2 − bank loans − lease liabilities); Fleet size: 131 (At 30 Jun 2026); Fleet growth / guidance: 132 aircraft at end-2026 (7 A321neo in, 2 A320neo out in 2026); Fuel hedging: 67% hedged (FY2026 fuel; 30% of FY2027).
Annual results
EUR. EBITDA uses Pegasus's definition (core EBIT + depreciation + 55% of short-term lease expense).
| Year | Passengers | Revenue | EBITDA | EBITDA margin | Net profit | Load factor | ASK | Year-end fleet |
|---|---|---|---|---|---|---|---|---|
| 2024 | 37.5m | €3,126m | €888m | 28.4% | €361m | 87.7% | 66.8bn | 118 |
| 2025 | 43.3m | €3,414m | €840m | 24.6% | €302m | 87.7% | 78.3bn | 127 |
Q2 2026 versus Q2 2025
EUR; € cents per ASK for unit metrics.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | €865m | €876m | −1% |
| EBITDA | €80m | €254m | −69% |
| Net result | −€92m | €122m | n.m. |
| Passengers | 10.5m | 10.7m | −1% |
| Load factor | 83.0% | 86.4% | −3.4pp |
| ASK | 19.3bn | 19.9bn | −3% |
| RASK | 4.49 | 4.41 | +2% |
| CASK | 4.67 | 3.65 | +28% |
| CASK non-fuel | 2.90 | 2.57 | +13% |
| Ancillary per passenger | €29.5 | €29.7 | −1% |
Outlook
Pegasus did not publish a full-year earnings target in the Q2 presentation; its stated plan is a 132-aircraft fleet at end-2026.
- Middle East recovery: capacity there was 18% above the prior year by July 2026.
- Hedge roll-off: 67% of 2026 fuel is hedged but only 30% of 2027.
- Non-fuel CASK after domestic redeployment and a shorter stage length.
- Net debt, which rose to €3.16bn at end-June.
- Smartwings Group integration: the acquisition completed on 1 Oct 2026 for €142.3m.
Sources
Pegasus Airlines key facts
Latest period: Q3 2026 (ended 30 Sep 2026). Data last updated 9 November 2026. Figures are as reported by the company (Pegasus Hava Taşımacılığı A.Ş. (consolidated), EUR); year-on-year changes are calculated from those figures. Compiled by Aviation Intelligence, https://gpaviationintelligence.com/.
What was Pegasus Airlines' revenue in Q3 2026?
Pegasus Airlines reported revenue of €1.314bn for Q3 2026, the period ended 30 Sep 2026, up 19.1% from €1.103bn a year earlier.
Is Pegasus Airlines profitable?
Pegasus Airlines reported an operating result of €289m, a 22.0% operating margin (calculated from company figures) and a net result of €205m in Q3 2026 (period ended 30 Sep 2026).
How many passengers did Pegasus Airlines carry in Q3 2026?
Pegasus Airlines carried 13.1m passengers in Q3 2026 (period ended 30 Sep 2026), up 7% from 12.2m a year earlier, with a load factor of 88.2%.
What are Pegasus Airlines' unit revenue and unit cost?
Pegasus Airlines reported unit revenue of 5.57 (€c RASK) and unit cost excluding fuel of 2.63 (€c CASK non-fuel) in Q3 2026 (period ended 30 Sep 2026), on the company's own definitions.
How many aircraft does Pegasus Airlines have?
Pegasus Airlines reported a fleet of 133 aircraft at 30 Sep 2026.
What is Pegasus Airlines' net debt or net cash?
Pegasus Airlines reported €2.943bn net debt at 30 Sep 2026.
What were Pegasus Airlines' full-year results for FY2025?
For FY2025, Pegasus Airlines reported revenue of €3.414bn, a net result of €302m and 43.3m passengers.