Aviation Intelligence Database · Airline profile
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 Turkish Airlines profitable?
Yes. Turkish Airlines reported an operating profit of $2.223bn in FY2025 (year to 31 Dec 2025), a 9.2% margin. In its latest reported period, it reported an operating profit of US$929m in Q3 2026 (to 30 Sep 2026), a 11.2% margin.
What was Turkish Airlines’s revenue in 2025?
Turkish Airlines reported revenue of $24.096bn in FY2025 (year to 31 Dec 2025). For Q3 2026 (to 30 Sep 2026) it reported revenue of US$8.298bn.
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 Turkish Airlines data on this page
Turkish Airlines data snapshot
- Scope: Türk Hava Yolları (consolidated, USD reporting)
- Region: Europe
- Business model: Global network group
- Financial year end: 31 Dec
- Reporting currency: USD
- Source: Investor presentations (KAP)
- Latest period: Q2 2026
- Last updated: 2026-09-24
Latest read
Demand and cargo revenue remained strong in Q2 2026, but the profit picture weakened as fuel and operating costs rose. The annual history shows the broader trend: scale has continued to grow, while EBITDAR margin has compressed from 29.0% in 2023 to 23.7% in 2025.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 92.6m; Revenue: $24.096bn; Load factor: 83.2%; Capacity / ASK: 273.2bn ASK (Capacity); RASK / yield: 7.68¢ (RASK (pax + cargo)); CASK ex-fuel: 6.03¢ ex-fuel (CASK); Net debt / cash / leverage: 1.6× (Net debt / EBITDA) [Defined]; Fleet size: 516 (Year-end fleet); Yield: 8.71¢ (Revenue yield); Total CASK: 8.25¢ (CASK); EBITDA / EBITDAR: $5.709bn (EBITDAR) [Defined]; Net profit: $2.908bn (Net income); Net debt ÷ EBITDA: 1.6× (Net debt / EBITDA) [Defined]. Source: 4Q 2025 investor presentation.
- FY2024 (31 Dec 2024): Passengers: 85.1m; Revenue: $22.669bn; Load factor: 82.2%; Capacity / ASK: 254.1bn ASK (Capacity); RASK / yield: 7.79¢ (RASK (pax + cargo)); CASK ex-fuel: 5.74¢ ex-fuel (CASK); Net debt / cash / leverage: 1.1× (Net debt / EBITDA) [Defined]; Yield: 8.83¢ (Revenue yield); Total CASK: 8.16¢ (CASK); EBITDA / EBITDAR: $5.744bn (EBITDAR) [Defined]; Net profit: $3.425bn (Net income); Net debt ÷ EBITDA: 1.1× (Net debt / EBITDA) [Defined]. Source: 4Q 2024 investor presentation.
- FY2023 (31 Dec 2023): Passengers: 83.4m; Revenue: $20.942bn; Load factor: 82.6%; Capacity / ASK: 234.9bn ASK (Capacity); RASK / yield: 7.77¢ (RASK (pax + cargo)); CASK ex-fuel: 5.13¢ ex-fuel (CASK); Net debt / cash / leverage: 1.3× (Net debt / EBITDA) [Defined]; Yield: 9.14¢ (Revenue yield); Total CASK: 7.78¢ (CASK); EBITDA / EBITDAR: $6.077bn (EBITDAR) [Defined]; Net profit: $6.021bn (Incl. inflation-accounting / one-off tax effects); Net debt ÷ EBITDA: 1.3× (Net debt / EBITDA) [Defined]. Source: 4Q 2024 investor presentation.
Quarterly and interim results
- Q2 2026 (Q2 2026 · 30 Jun 2026): Passengers: 23.2m (Q2 2026; 44.5m passengers in H1); Revenue: US$7.205bn (Q2 total revenues); Load factor: 84.0% (Q2 2026; H1 load factor 83.7%); RASK / yield: 8.26¢ passenger RASK (Passenger revenue US$5.675bn ÷ 68.7bn ASK) [Calculated]; CASK ex-fuel: 6.71¢ ex-fuel CASK (Q2 2026); Net debt / cash / leverage: US$9.5bn net debt (2.1× net debt / LTM EBITDA); Fleet size: 563 aircraft (At 30 Jun 2026); Fleet growth / guidance: US$4.5–5.0bn capex (FY2026 guidance) [Defined]; Passenger revenue: US$5.675bn (Passenger revenue); Total CASK: 10.74¢ total CASK (Q2 2026); Fuel cost: US$2.8bn (Q2 fuel expense); EBITDA / EBITDAR: US$906m EBITDAR (Q2 2026); Net profit: US$197m net income (Q2 2026); Free cash flow: US$979m (H1 2026 free cash flow); Leverage: 2.1× (LTM Q2 2026) [Defined]; Operating profit / result: −US$64m profit from main operations (Company-defined measure) [Defined]; Operating margin: −0.9% (Profit from main operations ÷ total revenues) [Calculated]; Capacity / ASK: 68.7bn ASK (Q2 2026); Cash / liquidity: US$9.6bn liquidity (At 30 Jun 2026). Source: Turkish Airlines Q2 2026 earnings presentation.
- Q2 2025 (30 Jun 2025): Revenue: ≈$5.98bn (Derived from reported +20.5% change) [Calculated].
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Capex | $4.5–5.0bn | — | Pending |
Fleet
Total fleet: 516 aircraft (as of 31 Dec 2025). At year-end 2025 Turkish Airlines operated 516 aircraft. The fleet expanded to 552 by June 2026.
| Aircraft type | Count |
|---|---|
| Wide-body | 142 |
| Narrow-body | 347 |
| Cargo | 27 |
| Fleet fact | Value | Context |
|---|---|---|
| Fleet at Jun 2026 | 552 | 45% new generation |
| New-generation aircraft | 206 | 40% at Dec 2025 |
| 2025 aircraft additions | 45 | Excluding wet leases from the capex definition |
| 2026 capex guidance | $4.5–5.0bn | Company guidance |
Annual financial history
| Period | Revenue | Profit from main operations | EBITDAR | EBITDAR margin | Net income |
|---|---|---|---|---|---|
| FY2023 | $20.942bn | $2.859bn | $6.077bn | 29.0% | $6.021bn* |
| FY2024 | $22.669bn | $2.413bn | $5.744bn | 25.3% | $3.425bn |
| FY2025 | $24.096bn | $2.223bn | $5.709bn | 23.7% | $2.908bn |
*Includes inflation-accounting and one-off tax effects.
Traffic, capacity and cargo history
| Period | Passengers | ASK | Load factor | RASK | Revenue yield | Cargo carried |
|---|---|---|---|---|---|---|
| FY2023 | 83.4m | 234.9bn | 82.6% | 7.77¢ | 9.14¢ | 1.659m tonnes |
| FY2024 | 85.1m | 254.1bn | 82.2% | 7.79¢ | 8.83¢ | 2.001m tonnes |
| FY2025 | 92.6m | 273.2bn | 83.2% | 7.68¢ | 8.71¢ | 2.169m tonnes |
| H1 2026 | 44.5m | — | 83.7% | — | — | Current half-year disclosure |
Unit-cost history
US cents per ASK.
| Period | CASK | Ex-fuel CASK | Net debt / EBITDA | Read-through |
|---|---|---|---|---|
| FY2023 | 7.78¢ | 5.13¢ | 1.3× | Strong margin and lower leverage |
| FY2024 | 8.16¢ | 5.74¢ | 1.1× | Costs rose despite lower fuel CASK |
| FY2025 | 8.25¢ | 6.03¢ | 1.6× | Ex-fuel costs and leverage increased |
Current 2026 operating snapshot
| Metric | Q2 / H1 2026 | Change / context |
|---|---|---|
| Q2 revenue | $7.2bn | +20.5% YoY |
| Q2 passenger revenue | $5.7bn | +14.9% |
| Q2 cargo revenue | $1.3bn | +58.0% |
| Q2 net income | $197m | −71.5% |
| Q2 EBITDAR | $906m | 12.6% margin |
| H1 passengers | 44.5m | +5.5% |
| Q2 passenger RASK | 8.26¢ | +13.6% YoY |
| Q2 total CASK | 10.74¢ | +35.7% YoY |
| Q2 ex-fuel CASK | 6.71¢ | +15.7% YoY |
| Q2 fuel expense | $2.8bn | +92.9% YoY |
Balance sheet and cash generation
| Metric | Value | Context |
|---|---|---|
| Liquid assets | $9.6bn | 30 Jun 2026 |
| H1 free cash flow | $979m | Reported |
| Net debt / EBITDA | 2.1× | LTM Q2 2026 |
| FY25 leverage | 1.6× | Year end |
2023 net income
2023 reported net income contains major inflation-accounting/tax effects. Turkish Airlines separately presented 2023 net income before inflation accounting of $2.915bn and identified a one-off tax gain of $3.1bn, so the reported bottom line is not directly comparable with later years.
Unit definitions
Turkish Airlines’ RASK definition includes passenger and cargo revenue and adjusts ASK for available cargo tonne-kilometres; it should not be compared mechanically with passenger-only RASK definitions at other airlines. Unit values are US cents per ASK. Net debt/EBITDA follows the investor-presentation definition. The Q2 2026 RASK shown is passenger RASK.
Methodology
Annual history uses Turkish Airlines investor presentations filed through Turkey’s Public Disclosure Platform (KAP), plus current 2026 company disclosures. USD values and company-defined unit metrics are preserved; no currency conversion is applied. The latest column combines Q2 2026 financials with H1 2026 traffic, as labelled.
Outlook
What to watch:
- Whether EBITDAR margin recovers after the Q2 fuel shock.
- The relationship between strong capacity growth and falling annual RASK.
- GTF groundings and their impact on utilization and ex-fuel CASK.
- Cargo’s elevated contribution to revenue and network economics.
- Fleet growth and the financing burden attached to the long-term expansion plan.
Peers
- Emirates — Global network · Middle East
- Qatar Airways — Global network group · Middle East
- Lufthansa Group — Global network group · Europe