The global aviation industry looks back on a year marked by significant logistical and geopolitical tensions. In this challenging environment, Turkish Airlines not only maintained its position as one of the world's leading network carriers, but also significantly expanded it through record passenger numbers, cargo volume, and revenue.
With total revenues exceeding US$24 billion and an operating profit of US$2,2 billion, the company underscores the efficiency of its central hub in Istanbul and the resilience of its diversified revenue stream. Despite global challenges such as aircraft delivery bottlenecks and engine supply issues, the airline expanded its fleet to over 500 aircraft and carried more passengers than ever before in its history. These results form the foundation for the ambitious strategy commemorating the centenary of both the company and the Republic of Turkey, which includes a further doubling of capacity and continued internationalization.
Economic indicators and financial performance
The 2025 financial year marked a turning point for Turkish Airlines. Total revenue increased by 6,3 percent year-on-year to a record high of US$24,1 billion. The fourth quarter was particularly dynamic, with revenue rising by 12 percent to US$6,3 billion. This growth was largely driven by strong passenger business, which saw increases of 7,4 percent, especially in the lucrative international and premium segments. Operating profit for the full year amounted to US$2,2 billion, with the final quarter alone contributing US$534 million, representing a 23 percent increase year-on-year.
A key indicator of operating profitability is the EBITDAR margin, which describes earnings before interest, taxes, depreciation, and amortization (EBITDA) as a percentage of revenue. With a margin of 23,7 percent, the company exceeded the midpoint of its long-term target range. The group's assets grew to a substantial $46,6 billion. This financial strength enabled the airline to invest approximately $6 billion in 2025 alone, bringing total investments over the past five years to around $20 billion.
Milestones in fleet development and passenger records
Despite the global difficulties in the aviation industry, marked by production delays at major manufacturers Boeing and Airbus, as well as maintenance problems with engines across numerous aircraft models, Turkish Airlines was able to strategically expand its fleet. By the end of 2025, its aircraft inventory had grown by 5 percent to a total of 516 aircraft. This marked the first time the airline had surpassed the symbolically important milestone of 500 aircraft.
This capacity expansion was the prerequisite for the new passenger record of 92,6 million travelers. Turkish Airlines thus solidified its status as the airline with the most connections in Europe, leveraging Istanbul's geographically advantageous location as a bridge between East and West. The strategy of directly serving smaller secondary markets worldwide and connecting them via the mega-hub in Istanbul once again proved to be a decisive competitive factor against the Gulf airlines and the established European network carriers.
Growth drivers: air freight and global logistics
A key pillar of success in 2025 was the Turkish Cargo division. While global trade as a whole experienced a slowdown, the airline's cargo division increased its volume by an impressive 16,6 percent to 2,2 million tons. This increase more than compensated for the general decline in unit costs in the freight market and resulted in division revenue of US$3,4 billion.
The logistics division benefited from the commissioning of state-of-the-art cargo terminals at Istanbul Airport, which boast a high degree of automation and digitalization. By combining dedicated cargo aircraft with the transport of belly cargo on passenger planes, Turkish Cargo was able to offer a flexibility that was particularly important for time-critical deliveries in e-commerce and the pharmaceutical industry. Its global reach, which now encompasses almost every continent, makes Turkish Cargo one of the five largest air freight providers worldwide.
Challenges in the market environment and personnel growth
Professor Ahmet Bolat, CEO of Turkish Airlines, emphasized during the presentation of the figures that this success was achieved in an unpredictable market environment. In addition to geopolitical instability in the region, the industry was particularly burdened by persistent inflationary cost pressures. Nevertheless, the company managed to expand its workforce, including all subsidiaries, to over 101.000 employees. This increase in personnel is necessary to maintain the consistently high level of service quality and to secure the necessary staffing levels for its ambitious growth plans.
To meet the complexities of global air travel, Turkish Airlines entered into numerous commercial partnerships and codeshare agreements in 2025. These collaborations extend the airline's reach beyond its own route network and strengthen its global brand presence. Investments were also significantly increased in the digitalization of the customer experience, from improved booking systems to state-of-the-art in-flight entertainment programs, to further enhance its competitiveness in the premium segment.
Outlook for the 2026 financial year and long-term vision
The strong performance in the first two months of 2026 has made management optimistic about the future. Despite the continued volatile geopolitical situation, the company expects an EBITDAR margin of between 22 and 24 percent for the current year. This forecast is based on continued high demand in international travel and further stabilization of supply chains.
The long-term strategy envisions nearly doubling the fleet to over 800 aircraft by 2033. The focus is on acquiring state-of-the-art, latest-generation aircraft types that offer greater range and improved fuel efficiency. This positions Turkish Airlines as a key player in global air transport, significantly driving the economic development of Turkey. The vision for the airline's centenary in 2033 aims to become the number one global airline in terms of network coverage and service quality, with the record-breaking financial year of 2025 serving as a crucial catalyst in achieving this goal.