Turkish Airlines has reported a third-quarter profit of $1.1bn for its main operations, a drop of 21.3% despite revenue growth and record passenger traffic.
The airline carried 27.2 million passengers between July and the end of September, its highest third-quarter figure in history.
Passenger revenues climbed by 6.1%, driven by strong demand and higher capacity. Passenger capacity increased 8.2% year over year, bringing it to 43% above pre-pandemic levels.
Total third-quarter revenue increased 4.9% to $7bn compared to the same period last year.
In the first nine months of the year, total revenue was $17.8bn and profit from main operations was $1.7bn.
The airline attributed the drop in quarterly main operations profit to a “softening” in yields and ongoing cost pressures, including “engine-related challenges”.
“The profit we achieved in the third quarter of 2025 once again underscored Turkish Airlines’ adaptability under a wide range of operational conditions through its diversified revenue structure,” said Ahmet Bola, chairman of the board and the executive committee.
Third-quarter EBITDAR was $2.1bn, with an EBITDAR margin of 29.6%. Reflecting “strong” forward bookings, full-year 2025 EBITDAR margin is expected to remain within the company’s long-term target target of 22% to 24%.
During the third quarter, Turkish Airlines increased the number of aircraft in its fleet to 506, an increase of 8.4%. By 2033, the flag carrier aims to expand its fleet to more than 800 aircraft.
Also during the third quarter, the company concluded negotiations with Boeing for 50 firm orders of 787-9/10 aircraft and 25 options, alongside 100 firm orders of 737-8/10 MAX aircraft and 50 options.
On Thursday (November 6), Turkish Airlines revealed that it has signed an agreement to acquire a 25% to 27% stake in Spanish airline Air Europa, as part of a €300 million investment deal.