ISTANBUL- Turkish Airlines (TK) reported a net income of $1.29 billion for the third quarter of 2026, as higher passenger and cargo revenues failed to fully offset rising operating expenses. The Istanbul-based carrier recorded total revenue of $8.30 billion between July and September, representing a 19.3% increase compared with the same period last year.
However, rising jet fuel prices and inflationary pressures weighed on the airline’s profitability. Although passenger traffic and cargo revenue continued to grow, Turkish Airlines recorded a 6.4% decline in quarterly net income, while its profit from main operations fell to $929 million.
Turkish Airlines’ Revenue Growth
Passenger operations remained the largest contributor to Turkish Airlines’ third-quarter revenue. Passenger revenue increased 15.4% year-on-year to $6.8 billion, supported by higher travel demand and an improvement in the passenger load factor.
Cargo operations delivered an even stronger increase, with revenue climbing 45.6% to $1.23 billion. The performance highlights the growing contribution of freight services to the airline’s overall financial results.
Turkish Airlines carried 28.5 million passengers during the quarter, a 4.7% increase from the corresponding period in 2025. Its passenger load factor also improved to 87.1%, compared with 85.6% a year earlier, indicating that the airline filled a larger proportion of its available seats.
Despite the increase in revenue, the airline’s operating performance weakened. Profit from main operations declined 12.3% to $929 million, while its earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) margin narrowed by 4.2 percentage points to 25.4%.
Fuel Expenses Rise for Airlines
The main pressure on profitability came from the sharp increase in fuel expenditure. Turkish Airlines’ fuel expenses surged 58.5% year-on-year to $2.61 billion during the third quarter, significantly outpacing the growth in passenger revenue.
The increase in fuel costs contributed to the deterioration in the airline’s operating margins. Inflation also pushed up other expenses, adding pressure to the financial performance despite stronger demand across passenger and cargo operations.
The airline’s financial results show that revenue growth did not translate into higher net earnings. Its quarterly net income fell from approximately $1.38 billion in 2025 to $1.29 billion in 2026, while the narrower EBITDAR margin reflected the impact of higher operating costs.
Nine-Month Results of Turkey’s Flag Carrier
For the first nine months of 2026, Turkish Airlines generated $21.42 billion in revenue, up 20.2% from $17.82 billion during the corresponding period last year. However, net income declined 15.4% to $1.71 billion, compared with approximately $2.03 billion in the first nine months of 2025.
Cargo operations remained a major growth contributor during the period. Cargo revenue increased 44.6% to $3.48 billion, compared with $2.41 billion a year earlier, reflecting the continued expansion of the airline’s freight business, Hurriet Daily News reported.
The airline’s nine-month fuel expenses reached $6.93 billion, compared with $4.43 billion in the same period of 2025. Personnel expenses also increased, rising to approximately $4.99 billion from $4.16 billion, adding to the overall cost pressure.
Turkish Airlines’ financial performance during the first nine months therefore showed a widening gap between revenue growth and profitability. While the carrier continued to benefit from higher passenger numbers and expanding cargo activity, increased fuel and operating expenses weighed on its earnings.
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