Turkish Airlines reported an operating profit of USD 929 million for the third quarter of 2026, the carrier said, as passenger load factor increased by 1.5 percentage points year-on-year to 87.1 per cent, supported by strong demand from Asia, Europe and Türkiye. Passenger numbers rose by 4.7 per cent to 28.5 million during the July to September period.

Total revenues increased by 19.3 per cent year-on-year to USD 8.3 billion in the third quarter. EBITDAR (earnings before interest, taxes, depreciation, amortisation and rent) reached USD 3.7 billion in the first nine months of 2026, though the EBITDAR margin declined by 6.2 percentage points year-on-year to 17.6 per cent, which the carrier attributed to a sharp increase in jet fuel prices and inflationary pressures. Total investments amounted to USD 4.6 billion in the first nine months of the year, while consolidated total assets exceeded USD 52 billion.

COST PRESSURES AND CAPACITY

Turkish Airlines said jet fuel costs rose by 118 per cent since the beginning of the year, and that global inflation, accelerated by rising geopolitical tensions and energy costs, continued to weigh on the aviation industry in the third quarter. Reflecting the impact of the conflict in the Middle East on demand and operating conditions, the carrier revised its 2026 passenger capacity growth target down from 10 per cent, with capacity increasing by 3.2 per cent in the third quarter.

Turkish Cargo increased cargo volume by 7.4 per cent, with cargo revenues rising by 45.6 per cent to more than USD 1.2 billion. The carrier said it maintained its position as Europe’s leading network carrier by number of flights by directing capacity towards markets with strong demand, while focusing on efficiency initiatives and selectively reviewing its investment plans to offset rising costs.

“The conflict in the Middle East and persistently high jet fuel prices placed significant pressure on the global aviation industry in the third quarter,” said Turkish Airlines Chairman of the Board and the Executive Committee Prof. Murat Şeker. “Against this backdrop, we maintained our focus on operational efficiency and cost discipline while adapting to changing demand conditions by leveraging the opportunities offered by our extensive flight network. Despite an increasingly challenging operating environment, growing our passenger numbers and load factors in each month of the third quarter clearly demonstrate the strength of our flexible business model and operational capabilities. Given the current circumstances, we are taking a selective approach to capital allocation, directing our resources towards strategic investments with high value creation potential.

 Supported by our strong balance sheet, we continue to invest in our brand and customer experience. The awards presented to us by APEX and Skytrax further underscore the international recognition of these efforts. In line with our commitment to operational excellence and stronger global connectivity, we will continue to bring people and cultures together while making sustainable contributions to the aviation industry.”