Türk Hava Yollari Anonim Ortakligi (THYAO) Q4 2025 earnings summary

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.