Turkish Airlines reported an operating profit of $929 million in the third quarter of 2026, with total revenues increasing 19.3% year on year to $8.3 billion, supported by strong passenger and cargo demand despite rising fuel costs and geopolitical uncertainty.

The airline carried 28.5 million passengers between July and September, up 4.7% compared with the same period last year, while its passenger load factor increased by 1.5 percentage points to 87.1%.

Demand was particularly strong across Asia, Europe and Türkiye, enabling the carrier to maintain its position as Europe's leading network airline by number of flights.

However, the airline faced mounting cost pressures, with jet fuel prices increasing 118% since the beginning of the year, alongside inflationary pressures affecting non-fuel expenses.

Reflecting the impact of the Middle East conflict on demand and operating conditions, Turkish Airlines revised its 2026 passenger capacity growth target of 10% downwards. Capacity increased by 3.2% in the third quarter.

Cargo operations provided additional support to financial performance. Turkish Cargo increased freight volumes by 7.4%, while cargo revenues surged 45.6% to more than $1.2 billion in the third quarter.

Despite revenue growth, higher operating expenses, particularly fuel costs, weighed on profitability. Earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) reached $3.7 billion in the first nine months of 2026, while the EBITDAR margin declined by 6.2 percentage points year on year to 17.6%.

The airline said it had focused on operational efficiency, flexible capacity management and directing flights towards markets with stronger demand to mitigate the impact of rising costs and market uncertainty.

Turkish Airlines' total investments reached $4.6 billion during the first nine months of the year, while consolidated total assets exceeded $52 billion.

The carrier said its extensive international network, strategic location and flexible business model continued to support its operations amid challenging global aviation market conditions.

Turkish Airlines Chairman of the Board and the Executive Committee Murat Şeker, stated: “The conflict in the Middle East and persistently high jet fuel prices placed significant pressure on the global aviation industry in the third quarter. 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 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.” -TradeArabia News Service