Turkish Airlines reported an operating profit of 929 million US dollars for the third quarter of 2026, saying a sharp rise in jet fuel costs outpaced strong revenue growth.

Total revenues rose 19.3 percent from a year earlier to 8.3 billion dollars in July to September, the airline said in its results statement. Anadolu Agency reported that operating profit fell 12 percent from the same period of 2025.

The airline carried 28.5 million passengers in the quarter, up 4.7 percent, and its passenger load factor rose 1.5 percentage points to 87.1 percent. It said demand was strong, particularly from Asia, and also from Europe and Turkey. Turkish Cargo raised cargo volume by 7.4 percent and cargo revenue by 45.6 percent to more than 1.2 billion dollars.

Turkish Airlines said its jet fuel costs have risen 118 percent since the start of the year and that inflation added to its non-fuel expenses. It said rising costs, mainly for fuel, grew faster than revenue and hurt operating profit. The airline described the pressure as the effect of geopolitical tensions and higher energy prices on the global aviation industry.

Because of the conflict in the Middle East and its effect on demand and operating conditions, the airline cut its target for 10 percent growth in passenger capacity for 2026. The statement did not give a new full-year figure. Capacity rose 3.2 percent in the third quarter. The airline said it steered capacity toward markets with strong demand and described itself as Europe’s leading network carrier by number of flights.

For the first nine months of the year, earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) were 3.7 billion dollars. The EBITDAR margin fell 6.2 percentage points from a year earlier to 17.6 percent. The airline said it has focused on efficiency measures and is reviewing its investment plans selectively. Total investment in the nine months was 4.6 billion dollars, and consolidated assets exceeded 52 billion dollars.

Murat Şeker, Chairman of the Board and the Executive Committee, said the conflict in the Middle East and high fuel prices put heavy pressure on the industry. He said growth in passenger numbers and load factors in every month of the quarter showed “the strength of our flexible business model and operational capabilities”. He said the airline is taking a selective approach to capital allocation and directing resources to strategic investments with high potential value, while continuing to invest in its brand and customer experience. He also cited awards from APEX and Skytrax.

Sources: Turkish Airlines/AA