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Türk Hava Yollari Anonim Ortakligi (THYAO) investor relations material
Türk Hava Yollari Anonim Ortakligi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Third quarter saw robust demand in Asia and Africa, record passenger numbers, and continued network expansion, with passenger capacity up 8% year-over-year and surpassing 2019 levels by 43%.
Major aircraft orders placed for Boeing 787s and 737 MAXs, supporting a new generation fleet by 2035 and 6% annual capacity growth target.
Strategic minority investment in Air Europa to strengthen connectivity between Europe, Türkiye, Spain, and Latin America.
Multiple international awards received for service quality, sustainability, and innovative financing.
Revenue for the nine months ended 30 September 2025 reached $17,820 million, up from $17,060 million year-over-year, with net profit at $2,025 million compared to $2,712 million in the prior period.
Financial highlights
Q3 total revenues up 5% year-over-year to nearly $7 billion; passenger revenues rose 6%, cargo revenues declined 7% to $850 million.
EBITDA at almost $2.1 billion (29.6% margin); net income close to $1.4 billion, down 10.7% year-over-year.
Profit from main operations declined 21% to $1.1 billion; EBITDAR margin dropped to 29.6% from 35.2% year-over-year.
Free cash flow for Q3 at $350 million; 12-month cumulative free cash flow reached $1.6 billion.
Cash and cash equivalents at period end were $2,417 million, down from $2,721 million at year-end 2024.
Outlook and guidance
Revenue growth guidance for 2025 revised down by 1 percentage point to 5%-6% due to North America softness; EBITDAR margin guidance is 22%-24%.
Capacity growth expected at 7%-8% in 2025 and 9% in 2026; over 91 million passengers targeted.
Ex-fuel unit cost increase expected to moderate to mid-single digits in 2025.
Fleet to reach 525-530 aircraft by year-end 2025.
Net debt/EBITDA projected at 1.6x-1.8x for 2025.
GTF groundings impact on 2026 capacity
Leverage target deviation drivers for 2025
Capacity growth strategy amid yield pressure
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Next Türk Hava Yollari Anonim Ortakligi earnings date
Q4 202527 Feb, 2026
Next Türk Hava Yollari Anonim Ortakligi earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Türk Hava Yollari Anonim Ortakligi, commonly known as Turkish Airlines, is a Turkey-based company providing passenger and cargo air transportation services both domestically and internationally. The company operates under two main business segments: Air Transport (Aviation), which encompasses domestic and international passenger and cargo transportation, and Technical Maintenance Services, which includes aircraft repair, maintenance, and technical support. Additionally, Turkish Airlines offers catering, aviation ground handling services, and is involved in training, airport operations, and the manufacturing and trading of cabin interior accessories and aircraft seats. Turkish Airlines is headquartered in Istanbul, Turkey, and its shares are listed on the Borsa Istanbul.
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