Turkish Airlines Closes Third Quarter with $929 Million Operating Profit Despite Impact of War in the Middle East
Turkish Airlines (THY) has announced its financial results for the third quarter of 2026. Despite challenging operating conditions caused by the ongoing war in the Middle East and rising jet fuel costs, the airline recorded an operating profit of $929 million during the quarter. Total revenue increased by 19.3% year-on-year, reaching $8.3 billion.
Passenger Numbers Reach 28.5 Million
Turkish Airlines carried 28.5 million passengers between July and September 2026, representing a 4.7% increase compared to the same period last year. Supported by strong demand from Asian, European, and Turkish markets, the airline’s passenger load factor rose by 1.5 percentage points to 87.1%.
Due to the impact of developments in the Middle East on its operations, Turkish Airlines revised downward its previously projected 10% passenger capacity growth target for 2026. Capacity increased by 3.2% in the third quarter.
Turkish Cargo Revenue Increases by 45.6%
Turkish Cargo, the air freight division of Turkish Airlines, increased its cargo volume by 7.4% during the third quarter, while cargo revenue surged by 45.6% to $1.2 billion.
Meanwhile, jet fuel costs have risen by 118% since the beginning of the year. Combined with inflationary pressures on non-fuel expenses, these increases negatively affected the airline’s operating profitability.
Nine-Month EBITDA Reaches $3.7 Billion
Turkish Airlines recorded $3.7 billion in earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) during the first nine months of 2026. Its EBITDAR margin declined by 6.2 percentage points year-on-year to 17.6%.
The airline’s total investments reached $4.6 billion during the first nine months of the year, while consolidated assets exceeded $52 billion.
Statement from Turkish Airlines Management
Prof. Dr. Murat Şeker, Chairman of the Board of Directors and Executive Committee of Turkish Airlines, commented on the third-quarter results, emphasizing that the ongoing war in the Middle East and elevated jet fuel prices have placed significant pressure on the global aviation industry.
Şeker stated that Turkish Airlines continues to adapt to changing demand conditions while maintaining its focus on operational efficiency and cost discipline.
He highlighted that the airline increased both passenger numbers and load factors in each month of the third quarter, demonstrating the strength of its flexible business model and operational capabilities.
Şeker also noted that Turkish Airlines continues to invest in its fleet and customer experience without interruption, supported by its strong balance sheet, despite the challenging operating environment.
