Türk Hava Yollari Anonim Ortakligi
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Türk Hava Yollari Anonim Ortakligi (THYAO) investor relations material

Türk Hava Yollari Anonim Ortakligi Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • Navigated a volatile global airline environment in 2025, leveraging a diversified business model and flexible operations to maintain financial discipline and growth.

  • Total revenues increased by 6.3% for the full year to $24.1 billion, with net income at $2.91 billion.

  • Passenger volumes grew strongly, with 92.6 million carried and load factor at 83.2%.

  • Expanded fleet to 516 aircraft, added new destinations, and maintained leadership in international network reach.

  • Received multiple industry awards for service quality, sustainability, and innovative financing.

Financial highlights

  • Revenue for 2025 was USD 24,096 million, up from USD 22,669 million in 2024.

  • Net profit for 2025 was USD 2,908 million, compared to USD 3,425 million in 2024.

  • Cargo revenues declined 3% to $3.4 billion, while Turkish Technic revenues increased 21% to $2.7 billion.

  • Free cash flow grew 45% to $2.8 billion, with a 10% margin.

  • EBITDAR margin at 23.7% for the year; EBITDA margin remained above 23%.

Outlook and guidance

  • Forward bookings for 2026 are robust, with both passenger volume and unit revenue above prior year.

  • Projected ASK capacity growth of 7%-9% and total revenue increase of 6%-9% for 2026.

  • EBITDA expected around $6 billion, with a margin between 22%-24%.

  • Ex-fuel CASK expected to rise low to mid-single digits, reflecting inflation and salary adjustments.

  • Fuel hedging strategy in place, with 36% of 2026 and 4% of 2027 fuel needs hedged.

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Next Türk Hava Yollari Anonim Ortakligi earnings date

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Q1 202628 Apr, 2026
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Q1 202628 Apr, 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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