NYSE : TKC
Turkcell Iletisim Hizmetleri A.S. — Financial statements
Communication Services · Telecom Services · Turkey
Last price 4.63 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.98B
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Financial statements
Turkcell Iletisim Hizmetleri A.S. (TKC) reported revenue of 249.20B TRY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 249.20B | 241.47B | 218.16B | 202.43B | 93.49B | 35.92B |
| Cost of Revenue | 180.73B | 172.66B | 164.29B | 159.67B | 81.38B | 25.22B |
| Gross Profit | 68.48B | 68.82B | 53.87B | 42.76B | 12.11B | 10.70B |
| Selling, General & Admin | 28.82B | 26.72B | 23.25B | 17.08B | 7.08B | 2.67B |
| Other Operating Expenses | 2.57B | 2.41B | 2.21B | 8.85B | 1.59B | 484.31M |
| Operating Expenses | 31.39B | 29.13B | 25.46B | 25.94B | 8.68B | 3.15B |
| Operating Income | 37.09B | 39.69B | 28.41B | 16.82B | 3.43B | 7.55B |
| Interest Expense | -12.27B | -14.12B | -15.00B | -11.03B | -5.47B | -1.20B |
| Interest & Investment Income | 15.97B | 16.64B | 11.35B | 6.85B | 6.29B | 1.47B |
| Earnings From Equity Investments | -779.83M | -3.50B | -4.14B | 2.88B | 522.22M | 90.09M |
| Currency Exchange Gain (Loss) | -13.36B | -7.37B | -4.91B | -26.49B | -8.02B | -5.77B |
| Other Non Operating Income (Expenses) | 7.87B | 1.23B | 7.52B | 24.14B | 7.08B | 2.76B |
| EBT Excluding Unusual Items | 34.52B | 32.57B | 23.23B | 13.18B | 3.83B | 4.90B |
| Merger & Restructuring Charges | -55.04M | -65.92M | -1.63B | -874.49M | -5.99M | |
| Gain (Loss) on Sale of Investments | -35.50M | |||||
| Gain (Loss) on Sale of Assets | 17.75M | -57.74M | -46.59M | -30.20M | ||
| Asset Writedown | -587.42M | -578.91M | -177.44M | -391.62M | -39.84M | |
| Legal Settlements | -690.32M | -501.46M | -203.45M | -1.40B | -156.02M | -313.59M |
| Other Unusual Items | -162.22M | -231.24M | -291.83M | -276.98M | ||
| Pretax Income | 33.10B | 31.19B | 20.88B | 11.12B | 3.25B | 4.54B |
| Income Tax Expense | 15.23B | 13.40B | 6.37B | -8.84B | -2.79B | -490.18M |
| Earnings From Continuing Operations | 17.87B | 17.79B | 14.51B | 19.96B | 6.04B | 5.03B |
| Earnings From Discontinued Operations | 60.17M | -187.40M | 16.27B | 3.72B | 842.37M | |
| Net Income to Company | 17.93B | 17.60B | 30.78B | 23.68B | 6.88B | 5.03B |
| Minority Interest in Earnings | 11.21M | 41.10M | 1.58M | -180.00K | ||
| Net Income | 17.93B | 17.60B | 30.79B | 23.72B | 6.88B | 5.03B |
| Net Income to Common | 17.93B | 17.60B | 30.79B | 23.72B | 6.88B | 5.03B |
| Shares Outstanding (Basic) | 2.18B | 2.18B | 2.18B | 2.18B | 2.18B | 2.18B |
| Shares Outstanding (Diluted) | 2.18B | 2.18B | 2.18B | 2.18B | 2.18B | 2.18B |
| EPS (Basic) | 8.23 | 8.08 | 14.12 | 10.87 | 3.15 | 2.30 |
| EPS (Diluted) | 8.23 | 8.08 | 14.12 | 10.87 | 3.15 | 2.30 |
| Free Cash Flow | 38.49B | 52.53B | 42.62B | 48.12B | 30.89B | 15.60B |
| Free Cash Flow Per Share | 17.67 | 24.12 | 19.54 | 22.05 | 14.15 | 7.15 |
| Dividend Per Share | 3.64 | 2.85 | 1.02 | 0.57 | ||
| Gross Margin | 27.48% | 28.50% | 24.70% | 21.12% | 12.95% | 29.80% |
| Operating Margin | 14.88% | 16.44% | 13.02% | 8.31% | 3.67% | 21.02% |
| Profit Margin | 7.20% | 7.29% | 14.11% | 11.72% | 7.36% | 14.01% |
| Free Cash Flow Margin | 15.45% | 21.76% | 19.53% | 23.77% | 33.04% | 43.44% |
| EBITDA | 54.32B | 72.06B | 62.82B | 40.65B | 23.24B | 11.21B |
| EBITDA Margin | 21.80% | 29.84% | 28.80% | 20.08% | 24.86% | 31.20% |
| D&A For EBITDA | 17.23B | 32.37B | 34.41B | 23.82B | 19.80B | 3.66B |
| EBIT | 37.09B | 39.69B | 28.41B | 16.82B | 3.43B | 7.55B |
| EBIT Margin | 14.88% | 16.44% | 13.02% | 8.31% | 3.67% | 21.02% |
| Effective Tax Rate | 46.01% | 42.96% | 30.50% | |||
| Revenue as Reported | 249.20B | 241.47B | 218.16B | 202.43B | 93.49B | 35.92B |
Balance sheet
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 89.28B | 91.83B | 90.23B | 72.16B | 42.78B | 18.63B |
| Short-Term Investments | 25.00B | 11.67B | 4.33B | 1.23B | 55.33M | |
| Trading Asset Securities | 929.70M | 4.26B | 7.35B | 13.68B | 10.00B | |
| Cash & Short-Term Investments | 115.21B | 107.77B | 101.91B | 85.84B | 54.01B | 18.68B |
| Accounts Receivable | 51.25B | 38.93B | 37.91B | 29.06B | 19.62B | 7.53B |
| Other Receivables | 3.72B | 2.72B | 988.12M | 1.01B | 542.27M | |
| Receivables | 51.25B | 42.64B | 40.63B | 30.05B | 20.63B | 8.07B |
| Inventory | 899.35M | 897.95M | 883.01M | 780.38M | 494.99M | 260.54M |
| Prepaid Expenses | 3.95B | 3.09B | 1.55B | 753.82M | 174.64M | |
| Restricted Cash | 888.47M | 963.44M | ||||
| Other Current Assets | 13.21B | 476.53M | 1.33B | 29.83B | 1.43B | 2.32B |
| Total Current Assets | 180.56B | 156.63B | 148.81B | 148.05B | 77.31B | 29.51B |
| Property, Plant & Equipment | 222.43B | 180.31B | 150.26B | 105.09B | 79.55B | 20.99B |
| Long-Term Investments | 56.54B | 41.34B | 30.25B | 9.41B | 7.28B | 2.06B |
| Goodwill | 907.81M | 770.91M | 770.91M | 588.96M | 419.75M | 48.42M |
| Other Intangible Assets | 178.73B | 104.21B | 106.39B | 83.89B | 61.08B | 14.61B |
| Long-Term Accounts Receivable | 1.02B | 799.11M | 1.13B | 1.47B | 1.07B | 461.51M |
| Long-Term Deferred Tax Assets | 11.03B | 8.08B | 3.32B | 1.63B | 2.73B | 1.80B |
| Other Long-Term Assets | 8.67B | 8.43B | 9.69B | 6.60B | 5.55B | 1.21B |
| Total Assets | 659.89B | 500.57B | 450.63B | 356.74B | 234.99B | 70.68B |
| Accounts Payable | 47.01B | 29.92B | 27.90B | 19.10B | 11.76B | 4.68B |
| Accrued Expenses | 9.87B | 9.95B | 7.91B | 5.17B | 1.94B | |
| Short-Term Debt | 22.62B | 16.29B | 3.87B | |||
| Current Portion of Long-Term Debt | 33.10B | 32.95B | 66.57B | 14.00B | 9.82B | 4.09B |
| Current Portion of Leases | 3.97B | 2.96B | 1.37B | 1.11B | 1.44B | 893.05M |
| Current Income Taxes Payable | 1.95B | 7.05B | 6.77B | 308.07M | 401.20M | 241.69M |
| Current Unearned Revenue | 7.47B | 3.15B | 2.66B | 2.25B | 1.62B | 570.42M |
| Other Current Liabilities | 27.61B | 6.09B | 3.67B | 16.04B | 1.97B | 815.04M |
| Total Current Liabilities | 121.11B | 91.99B | 118.89B | 83.35B | 48.48B | 17.09B |
| Long-Term Debt | 162.37B | 110.21B | 63.69B | 81.27B | 57.59B | 25.92B |
| Long-Term Leases | 12.63B | 12.52B | 4.94B | 2.39B | 3.60B | 2.01B |
| Long-Term Unearned Revenue | 2.83B | 2.84B | 3.10B | 1.85B | 1.26B | 176.28M |
| Pension & Post-Retirement Benefits | 3.59B | 2.89B | 3.97B | 2.96B | 2.95B | 614.61M |
| Long-Term Deferred Tax Liabilities | 24.21B | 15.81B | 6.87B | 3.30B | 8.99B | 928.55M |
| Other Long-Term Liabilities | 23.60B | 4.98B | 4.44B | 5.13B | 2.75B | 1.38B |
| Total Liabilities | 350.33B | 241.24B | 205.91B | 180.25B | 125.61B | 48.12B |
| Common Stock | 71.96B | 61.11B | 61.11B | 2.20B | 2.20B | 2.15B |
| Additional Paid-In Capital | 64.64M | 54.89M | 54.89M | 11.09M | 7.68M | 35.30M |
| Retained Earnings | 285.03B | 240.93B | 232.40B | 161.47B | 101.77B | 21.85B |
| Treasury Stock | -2.15B | -1.91B | -1.74B | -1.07B | -710.77M | -128.06M |
| Comprehensive Income & Other | -45.34B | -40.85B | -47.10B | 13.89B | 6.10B | -1.34B |
| Total Common Equity | 309.56B | 259.33B | 244.72B | 176.50B | 109.37B | 22.56B |
| Minority Interest | -18.70M | 6.42M | 247.00K | |||
| Shareholders' Equity | 309.56B | 259.33B | 244.72B | 176.48B | 109.38B | 22.56B |
| Total Liabilities & Equity | 659.89B | 500.57B | 450.63B | 356.74B | 234.99B | 70.68B |
| Total Debt | 212.07B | 158.65B | 136.57B | 121.40B | 88.74B | 36.78B |
| Net Cash (Debt) | -96.86B | -50.88B | -34.66B | -35.56B | -34.73B | -18.09B |
| Net Cash Per Share | -44.46 | -23.36 | -15.89 | -16.30 | -15.91 | -8.29 |
| Filing Date Shares Outstanding | 2.17B | 2.18B | 2.19B | 2.18B | 2.18B | 2.20B |
| Total Common Shares Outstanding | 2.17B | 2.18B | 2.19B | 2.18B | 2.18B | 2.20B |
| Working Capital | 59.45B | 64.64B | 29.92B | 64.71B | 28.84B | 12.42B |
| Book Value Per Share | 142.50 | 119.15 | 111.99 | 80.45 | 50.10 | 10.27 |
| Tangible Book Value | 129.92B | 154.35B | 137.56B | 92.02B | 47.87B | 7.90B |
| Tangible Book Value Per Share | 59.81 | 70.92 | 62.95 | 41.94 | 21.93 | 3.59 |
| Land | 40.99B | 31.89B | 27.41B | 16.55B | 10.00B | 1.72B |
| Machinery | 31.84B | 26.27B | 24.63B | 280.57B | 200.69B | 35.56B |
| Construction In Progress | 13.77B | 8.40B | 6.57B | 3.52B | 3.82B | 810.57M |
| Leasehold Improvements | 8.92B | 7.50B | 7.28B | 5.46B | 3.74B | 329.76M |
Cash flow statement
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 17.93B | 17.60B | 30.79B | 18.13B | 6.88B | 5.03B |
| Depreciation & Amortization | 29.38B | 40.36B | 41.12B | 29.83B | 24.45B | 4.93B |
| Other Amortization | 36.93B | 22.99B | 20.96B | 18.49B | 10.75B | 2.32B |
| Loss (Gain) From Sale of Assets | -27.42M | 57.74M | 45.62M | 23.07M | 35.50M | -109.49M |
| Asset Writedown & Restructuring Costs | 587.19M | 578.91M | 179.15M | -2.05M | 391.62M | 39.84M |
| Loss (Gain) From Sale of Investments | 251.55M | -202.15M | -2.23B | -6.65B | -1.74B | |
| Loss (Gain) on Equity Investments | 779.83M | 3.50B | 4.14B | -2.20B | -522.22M | -90.09M |
| Other Operating Activities | 6.96B | 17.31B | -12.11B | 11.69B | 8.64B | 10.99B |
| Change in Accounts Receivable | -4.88B | -2.28B | -2.26B | -88.58M | 1.20B | -1.15B |
| Change in Inventory | 69.34M | -14.94M | 190.40M | -142.30M | 260.86M | -56.82M |
| Change in Accounts Payable | 3.42B | 4.03B | -303.10M | -1.78B | -1.32B | 11.33M |
| Change in Unearned Revenue | 3.29B | 238.61M | 209.05M | 644.31M | -201.71M | 127.77M |
| Change in Other Net Operating Assets | -8.17B | -7.37B | -2.65B | -2.14B | -2.55B | -880.06M |
| Operating Cash Flow | 86.59B | 96.62B | 82.80B | 68.65B | 46.27B | 21.17B |
| Capital Expenditures | -48.10B | -44.09B | -40.18B | -20.53B | -15.38B | -5.57B |
| Sale of Property, Plant & Equipment | 529.47M | 815.64M | 2.54B | 488.56M | 1.16B | 190.15M |
| Cash Acquisitions | -86.70M | |||||
| Divestitures | 528.04M | 528.04M | 17.96B | |||
| Sale (Purchase) of Intangibles | -50.91B | -27.81B | -26.48B | -22.07B | -11.15B | -4.01B |
| Investment in Securities | -41.50B | -21.87B | -16.86B | -1.95B | -2.42B | -826.67M |
| Other Investing Activities | 16.80B | 17.48B | 14.47B | 5.47B | -7.91B | -55.80M |
| Investing Cash Flow | -122.65B | -74.94B | -48.56B | -38.59B | -35.70B | -10.36B |
| Long-Term Debt Issued | 142.11B | 86.78B | 101.81B | 57.61B | 13.23B | |
| Long-Term Debt Repaid | -135.01B | -89.05B | -92.69B | -52.53B | -14.29B | |
| Lease Payments | -10.06B | -9.04B | -7.49B | -5.95B | -4.31B | -1.65B |
| Net Debt Issued (Repaid) | -7.38B | 7.10B | -2.26B | 9.11B | 5.08B | -1.06B |
| Repurchase of Common Stock | -187.55M | -257.58M | -429.32M | -73.28M | ||
| Common Dividends Paid | -4.15B | -8.99B | -9.57B | -3.59B | -2.39B | -2.57B |
| Other Financing Activities | -2.45B | 611.60M | -539.67M | 4.32B | 696.78M | -314.45M |
| Financing Cash Flow | -14.17B | -1.53B | -12.81B | 9.77B | 3.39B | -3.94B |
| Foreign Exchange Rate Adjustments | -14.86B | -18.25B | -33.29B | 2.57B | 107.73M | -108.00M |
| Miscellaneous Cash Flow Adjustments | -26.39B | -21.72B | ||||
| Net Cash Flow | -65.10B | 1.90B | -11.86B | 16.00B | -7.66B | 6.76B |
| Free Cash Flow | 38.49B | 52.53B | 42.62B | 48.12B | 30.89B | 15.60B |
| Free Cash Flow Margin | 15.45% | 21.76% | 19.53% | 23.77% | 33.04% | 43.44% |
| Free Cash Flow Per Share | 17.67 | 24.12 | 19.54 | 22.05 | 14.15 | 7.15 |
| Levered Free Cash Flow | 3.85B | 11.82B | 26.27B | -4.88B | 7.59B | 741.91M |
| Unlevered Free Cash Flow | 11.52B | 20.65B | 35.64B | 2.02B | 11.01B | 1.49B |
| Free Cash Flow After Leases | 28.43B | 43.50B | 35.12B | 42.17B | 26.58B | 13.95B |
| Cash Interest Paid | 12.67B | 17.06B | 18.00B | 10.62B | 5.94B | 1.82B |
| Cash Income Tax Paid | 7.94B | 9.03B | 2.82B | 813.33M | 1.34B | 763.10M |
| Change in Working Capital | -6.27B | -5.39B | -4.81B | -3.50B | -2.61B | -1.94B |
Ratios
Fiscal year January - December; amounts in TRY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.93B | 4.72B | 5.72B | 4.14B | 4.42B | 3.05B |
| Enterprise Value | 5.87B | 5.69B | 6.20B | 5.19B | 5.50B | 3.84B |
| Last Close Price | 4.58 | 5.47 | 6.33 | 4.57 | 4.49 | 3.29 |
| PE Ratio | 11.12 | 11.51 | 6.57 | 5.16 | 12.02 | 8.01 |
| PS Ratio | 0.74 | 0.84 | 0.93 | 0.60 | 0.89 | 1.12 |
| PB Ratio | 0.59 | 0.78 | 0.83 | 0.69 | 0.76 | 1.79 |
| P/TBV Ratio | 1.41 | 1.31 | 1.47 | 1.33 | 1.73 | 5.10 |
| P/FCF Ratio | 5.10 | 3.86 | 4.75 | 2.54 | 2.68 | 2.58 |
| P/OCF Ratio | 2.27 | 2.10 | 2.44 | 1.78 | 1.79 | 1.90 |
| EV/Sales Ratio | 1.10 | 1.01 | 1.00 | 0.76 | 1.10 | 1.41 |
| EV/EBITDA Ratio | 5.04 | 3.39 | 3.49 | 3.77 | 4.43 | 4.52 |
| EV/EBIT Ratio | 7.38 | 6.16 | 7.71 | 9.12 | 29.98 | 6.71 |
| EV/FCF Ratio | 7.61 | 4.65 | 5.14 | 3.19 | 3.33 | 3.25 |
| Debt / Equity Ratio | 0.69 | 0.61 | 0.56 | 0.69 | 0.81 | 1.63 |
| Debt / EBITDA Ratio | 3.39 | 1.98 | 1.96 | 2.60 | 3.18 | 2.95 |
| Debt / FCF Ratio | 5.51 | 3.02 | 3.21 | 2.52 | 2.87 | 2.36 |
| Net Debt / Equity Ratio | 0.31 | 0.20 | 0.14 | 0.20 | 0.32 | 0.80 |
| Net Debt / EBITDA Ratio | 1.78 | 0.71 | 0.55 | 0.88 | 1.50 | 1.61 |
| Net Debt / FCF Ratio | 2.52 | 0.97 | 0.81 | 0.74 | 1.12 | 1.16 |
| Asset Turnover | 0.45 | 0.51 | 0.54 | 0.68 | 0.61 | 0.59 |
| Inventory Turnover | 221.67 | 193.89 | 197.53 | 250.39 | 215.42 | 108.64 |
| Quick Ratio | 1.37 | 1.64 | 1.20 | 1.39 | 1.54 | 1.56 |
| Current Ratio | 1.49 | 1.70 | 1.25 | 1.78 | 1.59 | 1.73 |
| Return on Equity (ROE) | 6.75% | 7.06% | 6.89% | 13.97% | 9.15% | 23.21% |
| Return on Assets (ROA) | 4.15% | 5.22% | 4.40% | 3.55% | 1.40% | 7.72% |
| Return on Invested Capital (ROIC) | 5.11% | 7.68% | 8.04% | 9.45% | 3.72% | 21.43% |
| Return on Capital Employed (ROCE) | 6.90% | 9.70% | 8.60% | 6.20% | 1.80% | 14.10% |
| Earnings Yield | 8.99% | 8.69% | 15.23% | 19.38% | 8.32% | 12.48% |
| FCF Yield | 19.62% | 25.93% | 21.07% | 39.31% | 37.35% | 38.72% |
| Dividend Yield | 4.02% | 3.93% | 5.09% | 2.70% | 3.12% | |
| Payout Ratio | 44.75% | 51.04% | 31.09% | 15.12% | 34.76% | 51.00% |
| Buyback Yield / Dilution | 0.05% | 0.12% | 0.05% | 0.05% | ||
| Total Shareholder Return | 4.07% | 0.12% | 3.98% | 5.13% | 2.70% | 3.12% |