Saturday 17 October 2026 Export TKC’s income statement to Excel — free account

Turkcell Iletisim Hizmetleri AS

TKC Communication Services Telecom Services

Turkcell Iletisim Hizmetleri AS’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 20.7% from fiscal 2024. In the quarter to June 2026, revenue grew 15.4%, EPS grew 8.33%, free cash flow fell 58.1% and total debt fell 13.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.

4.93 0.05 −1.00%

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Market cap: $4.3B
P/E: 10.1×
Fwd P/E: —
Dividend yield: 6.54%
F-score: 7/9
Altman Z: 1.90
Beneish M: −3.15
Dividend safety: 61/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 4,340.00

Revenue 6,586.51

Net Income 478.76

Free Cash Flow (172.94)

Net Debt 1,308.60

Current Ratio 1.49

Debt/Equity 0.57

P/E ratio 10.06

Fwd P/E —

P/S ratio 0.65

P/B ratio 0.63

Past 5Y EPS Growth (5.59%)

This Y EPS Growth 24.32%

Next Y EPS Growth 57.59%

Next Y revenue growth —

Next 5Y EPS Growth 34.44%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 46.52%

10-year low 10-year high

P/S against its own 10 years 1.25%

10-year low 10-year high

P/B against its own 10 years 0.07%

10-year low 10-year high

EV/Sales against its own 10 years 16.14%

10-year low 10-year high

Dividends

Payout Ratio 0.66

Annual Dividend Rate 0.32

Annual Dividend Yield 6.54%

	total	individual payouts
2026	0.22	0.22
2025	0.22	0.11 0.11
2024	0.20	0.20
2023	0.09	0.09
2022	0.08	0.08
2021	0.34	0.12 0.12 0.10
2020	0.12	0.12
2019	0.25	0.05 0.20
2018	0.40	0.15 0.11 0.14
2017	0.94	0.32 0.32 0.30

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,637	2,375	2,737	2,541
Receivables	733	727	832	879
Inventory	23	21	23	20
Other	306	345	387	532
	4,440	3,468	3,978	3,972

	2023	2024	2025	Q'26
Payables	892	905	1,092	1,034
ST’ Debt	—	—	—	—
Other	158	203	239	247
	2,500	2,770	2,337	2,664

Compound Annual Growth %

	10y	5y	3y
Sales	2.67%	7.97%	17.65%
Cash Flow	13.33%	5.47%	16.35%
Earnings	(5.21%)	(5.97%)	20.50%
Book Value	2.15%	17.15%	17.48%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,566	1,579	—	—	—
’25	1,324	1,368	1,459	1,983	6,133
’24	996	1,079	1,197	1,812	5,083
’23	916	1,046	970	1,707	4,638
’22	770	795	818	1,384	3,767
’21	1,063	1,020	1,052	758	4,160
’20	1,092	1,010	1,063	1,015	4,179

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	195	626	—	—	—
’25	351	574	570	959	2,454
’24	180	337	628	784	1,929
’23	174	661	259	712	1,807
’22	222	303	427	605	1,558
’21	295	442	373	814	2,310
’20	405	402	607	467	1,880

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(653)	87	—	—	—
’25	47	209	187	205	649
’24	(108)	6	383	153	434
’23	(57)	315	195	91	544
’22	27	181	285	69	562
’21	53	214	373	814	1,188
’20	210	203	347	16	777

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.11	0.13	—	—	—
’25	0.09	0.12	0.15	0.10	0.51
’24	0.10	0.10	0.48	0.13	0.82
’23	0.17	0.16	0.23	0.04	0.63
’22	0.07	0.13	0.15	(0.06)	0.29
’21	0.17	0.15	0.07	0.05	0.67
’20	0.16	0.14	0.19	0.19	0.68

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	6.35	6.50	3.93	4.60	4.36	2.85	2.33	3.52	4.74	5.35	Analyst estimates 2026–2028 Powerpack
	High	10.87	10.28	11.29	7.16	6.36	6.10	4.97	5.63	8.47	7.63
People
People	Employees	18,999	19,768	20,120	21,813	24,675	25,638	23,795	24,352	22,228	24,290
	Revenue/emp, $m	0.25	0.24	0.22	0.20	0.17	0.16	0.16	0.19	0.23	0.25
Income, $m
Income, $m	Revenue	4,723	4,835	4,391	4,422	4,179	4,160	3,767	4,638	5,083	6,133
	Gross margin, %	35.34	35.63	33.56	32.04	30.13	29.76	13.86	21.19	24.68	28.30
	EBT	664	716	551	579	664	526	157	255	487	792
	EBT margin, %	14.06	14.80	12.55	13.09	15.90	12.64	4.16	5.50	9.57	12.92
	Net income	510	559	449	576	609	583	255	543	717	447
	Depreciation	728	712	884	888	858	840	1,307	1,449	1,446	1,609
Per share, $
Per share, $	Revenue	5.38	5.51	5.02	5.06	4.79	4.76	4.31	5.31	5.83	7.04
	Earnings	0.57	0.62	0.48	0.41	0.68	0.67	0.29	0.63	0.82	0.51
	Cash flow	0.23	0.97	1.38	1.82	2.15	2.65	1.78	2.07	2.21	2.82
	Capex	(1.03)	(0.84)	(1.21)	(1.16)	(1.26)	(1.28)	(1.14)	(1.45)	(1.71)	(2.07)
	Free cash flow	(0.80)	0.13	0.17	0.65	0.89	1.36	0.64	0.62	0.50	0.74
	Book value	6.06	4.70	3.79	3.64	3.42	2.99	4.65	6.06	6.54	7.56
	Shares, m	877	877	874	874	873	873	873	873	872	871
Valuation, ×
Valuation, ×	P/E	11.81	16.62	11.47	11.53	7.93	8.12	17.97	8.06	8.00	11.89
	P/S	1.24	1.88	1.12	1.15	1.13	0.81	1.20	0.91	1.12	0.78
	P/B	1.10	2.21	1.48	1.59	1.58	1.87	1.11	0.80	1.00	0.72
	EV/Sales	1.27	2.03	1.32	1.49	1.39	1.15	1.54	0.96	1.17	1.09
	EV/FCF	(8.56)	83.48	9.46	11.49	7.50	6.02	10.32	8.23	13.74	10.30
Cash, $m
Cash, $m	Operating cash flow	201	850	1,202	1,588	1,880	2,310	1,558	1,807	1,929	2,454
	Capex	(903)	(733)	(1,056)	(1,016)	(1,103)	(1,122)	(996)	(1,263)	(1,495)	(1,805)
	Free cash flow	(703)	117	146	571	777	1,188	562	544	434	649
Balance, $m
Balance, $m	Working capital	1,981	1,329	1,360	1,174	1,295	1,438	1,071	1,941	697	1,642
	Total debt	3,101	3,393	4,035	3,512	3,053	3,892	3,296	2,509	1,599	3,117
	Net debt	971	1,829	2,215	1,501	1,117	1,482	1,290	(128)	(775)	380
	Shareholders’ equity	5,312	4,125	3,310	3,181	2,985	2,613	4,063	5,293	5,702	6,587
Returns, %
Returns, %	ROA	4.90	5.49	4.60	6.77	7.88	7.48	3.02	5.60	6.77	3.85
	ROIC	7.18	8.44	10.17	11.82	12.63	13.00	1.91	4.09	7.70	8.73
	ROE	9.28	11.50	11.21	17.60	19.74	20.82	7.66	11.62	13.05	7.28

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
VEON VEON Ltd.	$5.3B	100×	7.4×	+16.93% (above 0%: growing)	−79.56% (below 0%: shrinking)	+431.58% (above 0%: growing)	86.55%	27.46%	Compare
LUMN Lumen Technologies, Inc.	$5.0B	— (loss-making)	— (loss-making)	−9.28% (below 0%: shrinking)	n/m	+124.34% (above 0%: growing)	49.55%	(3.14%)	Compare
IRDM Iridium Communications Inc	$4.8B	49.6×	42.9×	+3.84% (above 0%: growing)	−55.00% (below 0%: shrinking)	−15.24% (below 0%: shrinking)	71.23%	15.10%	Compare
TKC Turkcell Iletisim Hizmetleri AS	$4.3B	10.1×	—	+15.43% (above 0%: growing)	+8.33% (above 0%: growing)	−58.09% (below 0%: shrinking)	25.36%	12.41%
PHI PLDT Inc.	$4.3B	9.4×	7.5×	−5.84% (below 0%: shrinking)	−24.00% (below 0%: shrinking)	+78.48% (above 0%: growing)	57.86%	20.01%	Compare
TDS Telephone and Data Systems, Inc.	$3.7B	11.1×	34.7×	+3.60% (above 0%: growing)	n/m	−133.98% (below 0%: shrinking)	58.19%	120.67%	Compare
AD Array Digital Infrastructure Inc.	$2.9B	5.4×	8.8×	+89.53% (above 0%: growing)	+1,021.62% (above 0%: growing)	−115.23% (below 0%: shrinking)	56.54%	738.42%	Compare
KYIV Kyivstar Group Ltd.	$2.9B	18.1×	10.0×	+19.37% (above 0%: growing)	−16.71% (below 0%: shrinking)	+29.21% (above 0%: growing)	88.79%	37.46%	Compare
LBTYA Liberty Global Ltd	$2.8B	— (loss-making)	— (loss-making)	−7.65% (below 0%: shrinking)	n/m	+429.69% (above 0%: growing)	50.62%	0.26%	Compare
Median of peers	$4.0B	14.6×	9.4×	+3.72%	−24.00%	+53.85%	58.02%	23.74%

All 55 Telecom Services stocks →