Turkish Airlines stock: Q3 growth meets higher fuel costs

Published on 11/12/2026 at 00:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Turkish Airlines stock is in focus after strong third-quarter revenue growth. Higher fuel costs continued to pressure profitability and capacity plans.

Growth Meets Higher Operating Costs

Turkish Airlines increased third-quarter revenue as passenger and cargo demand remained strong.
Higher jet fuel expenses and inflation reduced operating profitability and narrowed the EBITDAR margin.
The carrier lowered its 2026 passenger capacity growth target while shifting capacity toward stronger markets.

Turkish Airlines, TRATHYAO91M5, Illustration mit AI erstellt.

Turkish Airlines reported strong third-quarter revenue growth on November 3, 2026, but higher fuel costs and inflation weighed on profitability. In its Q3 2026 results release, the airline said passenger and cargo demand helped offset part of the cost pressure.

Revenue Growth Remains Strong

Total revenue rose 19.3 percent year over year to USD 8.3 billion in the July-to-September period. Passenger numbers increased 4.7 percent to 28.5 million, while the passenger load factor improved by 1.5 percentage points to 87.1 percent.

Turkish Cargo also contributed to the expansion. Cargo revenue increased 45.6 percent to more than USD 1.2 billion, while cargo volume rose 7.4 percent.

Fuel Costs Pressure Profitability

Operating profit reached USD 929 million in the third quarter. The airline said rising costs, particularly jet fuel, outpaced revenue growth. Jet fuel costs had increased 118 percent since the beginning of 2026, while first-nine-month EBITDAR reached USD 3.7 billion and the EBITDAR margin fell 6.2 percentage points to 17.6 percent.

Turkish Airlines also reduced its 2026 passenger capacity growth target from 10 percent. Capacity increased 3.2 percent in the third quarter as the carrier responded to geopolitical tensions, energy costs and changing demand patterns.

Asia Gains Strategic Importance

The airline directed capacity toward markets with stronger demand, particularly Asia, Europe and Türkiye. It described its flexible network and capacity management as key tools for protecting demand and load factors in a more difficult operating environment.