Turkcell Iletisim Hizmetleri A.S. ADR (TKC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 24	$0.16	$0.37	+131.3%	—	$34.9B	—
Q1 23	—	$0.07	—	—	$27.6B	—
Q4 22	$3.09	$2.14	-30.7%	—	$23.7B	—
Q3 22	$2.55	$2.75	+7.8%	—	$14.7B	—
Q2 22	$2.09	$2.25	+7.7%	—	$12.5B	—
Q1 22	$1.7	$0.93	-45.3%	—	$10.7B	—
Q3 21	$1.49	$1.63	+9.4%	—	$9.4B	—
Q3 13	$0.69	$0.8	+15.9%	—	$3.1B	—
Q4 10	$0.34	$0.28	-17.6%	—	$2.8B	—
Q3 10	$0.36	$0.43	+19.4%	—	$2.2B	—
Q2 10	$0.36	$0.31	-13.9%	—	$2.3B	—
Q1 10	$0.37	$0.31	-16.2%	—	$2.3B	—
Q4 09	$0.31	$0.19	-38.7%	—	$2.3B	—
Q3 09	$0.41	$0.15	-63.4%	—	$2.4B	—
Q2 09	$0.27	$0.28	+3.7%	—	$2.2B	—
Q1 09	$0.47	$0.61	+29.8%	—	$2.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$20.2	—	—	—	—
FY24	—	$27	—	—	$166.7B	—
FY23	—	$14.4	—	—	$107.1B	—
FY22	—	$12.7	—	—	$93.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$14.3B	$17.6B	$21.3B	$25.1B	$69.5B	$108.6B	$93.5B	$107.1B	$166.7B	—
YoY change	+11.9%	+23.4%	+20.8%	+18.1%	+176.5%	+56.3%	-13.9%	+14.6%	+55.6%	—

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	14.3B	17.6B	21.3B	25.1B	69.5B	108.6B	93.5B	107.1B	166.7B	—
Cost of revenue	9.2B	11.4B	14.1B	17.1B	53.1B	86.1B	81.7B	84.4B	125.5B	—
Gross profit	5B	6.3B	7.1B	8.1B	16.4B	22.5B	11.8B	22.7B	41.1B	—
Gross margin	35.3%	35.6%	33.6%	32%	23.6%	20.7%	12.6%	21.2%	24.7%	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.4B	2.6B	2.3B	2.3B	5B	7.8B	7.1B	9B	17.8B	—
Operating expenses	2.4B	2.6B	2.3B	2.3B	5B	7.9B	7.2B	9.1B	17.9B	—
Operating income	2.6B	3.7B	4.8B	5.7B	11.4B	14.6B	4.2B	13.6B	23.3B	—
Operating margin	18.4%	20.8%	22.8%	22.8%	16.3%	13.4%	4.51%	12.7%	14%	—
Non-operating income, net	-945.7M	-1.1B	-2B	-1.8B	-4.7B	-6.7B	1.3B	-5.4B	-4.5B	—
Pretax income	2B	2.6B	2.7B	3.3B	5.4B	7.3B	3.3B	5.9B	16B	—
Income tax	423.2M	571.8M	495.5M	785.6M	919.7M	900.3M	-2.8B	-4.7B	4.9B	—
Net income	1.5B	2B	2.2B	3.3B	4.5B	7.1B	6.9B	12.5B	23.5B	—
Net margin	10.8%	11.6%	10.2%	13%	6.49%	6.57%	7.36%	11.7%	14.1%	—
EBITDA	5.3B	5.8B	9.3B	11B	30.1B	55.2B	49.5B	52.3B	81.3B	—
EPS	1.7	2.25	2.33	3.73	4.85	5.75	12.7	14.4	27	20.2
Diluted EPS	1.7	2.25	2.33	3.73	4.85	5.75	12.7	14.4	27	20.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q1 26	Q2 26
Revenue	35B	37.6B	42.2B	30.8B	34.9B	951.7M	52.1B	48B	53B	59.5B	68.4B	71.8B
Cost of revenue	27.1B	28.3B	44B	24.2B	26.5B	691.7M	38.9B	34.3B	38.6B	42.1B	50.1B	53.6B
Gross profit	7.9B	9.3B	-1.8B	6.6B	8.4B	260M	13.2B	13.6B	14.4B	17.4B	18.3B	18.2B
Gross margin	22.6%	24.8%	-4.24%	21.6%	24%	27.3%	25.3%	28.4%	27.2%	29.2%	26.8%	25.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.6B	3.2B	3.6B	2.9B	3.5B	98.8M	6.4B	5.2B	5.3B	6.7B	7.5B	8.4B
Operating expenses	2.3B	5.2B	1.9B	2.9B	3.5B	98.8M	6.4B	5.2B	5.3B	6.7B	7.5B	8.4B
Operating income	5.3B	6.1B	-3.7B	3.7B	4.9B	161.2M	6.7B	8.4B	9.1B	10.7B	10.8B	9.8B
Operating margin	15.2%	16.2%	-8.68%	12.1%	14.1%	16.9%	12.8%	17.5%	17.2%	18%	15.8%	13.6%
Non-operating income, net	-4.7B	2B	-2.4B	559.3M	-1.8B	16.5M	-7.8B	-1.6B	-2.8B	-3.1B	1.8B	-3.8B
Pretax income	-585.6M	5B	-7B	3.4B	2.2B	126.9M	4.2B	6.5B	6.1B	8.1B	11.9B	6.4B
Income tax	935.1M	9.8B	-6.1B	1.3B	-155.1M	54.2M	1.2B	3.5B	1.7B	2.7B	7.3B	1.1B
Net income	-821.9M	-4.5B	1.1B	2.6B	2.9B	338.3M	3B	3.1B	4.2B	5.4B	4.6B	5.2B
Net margin	-2.35%	-12%	2.56%	8.53%	8.31%	35.5%	5.7%	6.43%	7.92%	9.07%	6.78%	7.29%
EBITDA	17.9B	20B	23.8B	17.5B	15.1B	329.1M	21.8B	24.2B	22.9B	22.3B	36.4B	40.5B
EPS	-0.95	-5.15	—	3.02	3.33	16.4	—	3.52	4.83	6.2	5.33	6.03
Diluted EPS	-0.95	-5.15	—	3.02	3.33	16.4	—	3.52	4.83	6.2	5.33	6.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	216.1B	319.4B	175.3B	180.9B	168B	111.9B	149.3B	161.7B	—	4.8B	4.4B
Enterprise value	219.8B	327.2B	188B	190.6B	177B	141.6B	187.4B	186.9B	—	4.8B	39.8B
Shares outstanding	31.3B	31.3B	31.2B	31.2B	31.2B	31.2B	31.2B	33.6B	872.4M	871.4M	871.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	140	156.8	80.5	55.2	37.3	15.7	21.7	12.9	—	—	12.1
P/S	15.1	18.1	8.23	7.2	2.42	1.03	1.6	1.51	—	—	—
P/B	13.4	21.2	10.9	10	8.08	1.71	1.37	1.32	—	—	0.05
EV/EBITDA	41.7	56.1	20.3	17.3	5.89	2.56	3.79	3.58	—	—	—
EV/Sales	15.4	18.6	8.83	7.58	2.55	1.3	2	1.74	—	—	—
Earnings yield	0.71%	0.64%	1.24%	1.81%	2.68%	6.38%	4.61%	7.75%	—	—	8.24%
FCF yield	-1.4%	-0.32%	0.23%	1.66%	2.52%	26.6%	9.38%	7.56%	—	—	1.77%
PEG	—	—	—	—	—	—	—	—	—	—	0.17

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.3%	35.6%	33.6%	32%	23.6%	20.7%	12.6%	21.2%	24.7%	—	25.4%
Operating margin	18.4%	20.8%	22.8%	22.8%	16.3%	13.4%	4.51%	12.7%	14%	—	0%
Net margin	10.8%	11.6%	10.2%	13%	6.49%	6.57%	7.36%	11.7%	14.1%	—	7.2%
ROE	9.61%	13.5%	13.6%	18.1%	21.7%	10.9%	6.29%	10.3%	12.6%	—	6.75%
ROA	4.89%	6%	5.09%	7.17%	8.75%	4.72%	2.93%	5.07%	6.83%	—	4.15%
ROIC	10.5%	12.5%	13.7%	15.7%	31.6%	13.5%	2.86%	9.21%	7.5%	—	6.02%
Return on tangible assets	10.2%	11.8%	9.9%	14.7%	17.4%	10.7%	6.3%	9.7%	13.1%	—	6.48%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.81	1.53	1.56	1.53	1.78	1.72	1.59	1.78	1.25	—	1.49
Quick ratio	1.8	1.51	1.55	1.51	1.76	1.7	1.58	1.77	1.24	—	1.48
Debt / equity	0.61	0.83	1.26	1.12	1.04	0.92	0.81	0.69	0.56	—	0.69
Debt / assets	0.31	0.37	0.47	0.44	0.42	0.4	0.38	0.34	0.3	—	0.32
Net debt / EBITDA	0.71	1.34	1.37	0.88	0.3	0.54	0.77	0.48	0.35	—	0.79
Interest coverage	6.85	14.5	5.84	4.76	3.61	3.6	1.76	2.01	2.39	—	3.34
Effective tax rate	21.1%	21.9%	18.5%	23.9%	16.9%	12.3%	0%	0%	30.5%	—	39.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.46	0.56	0.68	0.81	2.23	3.48	3	3.19	191	—	290.8
EPS (basic)	1.7	2.25	2.33	3.73	4.85	5.75	12.7	14.4	27	20.2	20.2
EPS (diluted)	1.7	2.25	2.33	3.73	4.85	5.75	12.7	14.4	27	20.2	0.42
Book value per share	0.51	0.48	0.51	0.58	0.67	2.1	3.51	3.64	214.3	—	111.7
FCF per share	-0.1	-0.03	0.01	0.1	0.14	0.96	0.45	0.36	14.1	—	-12.7
Cash per share	0.19	0.15	0.24	0.34	0.4	0.98	1.63	1.75	86.9	—	7.15
Capex per share	0.09	0.09	0.1	0.09	0.3	0.57	0.51	0.41	33	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	19.1%	15.2%	14.4%	11.8%	13.5%	16.3%	17.1%	13%	17.3%	—	—
Capex / operating cash flow	325.7%	84.6%	49.2%	28.5%	32.6%	39.5%	39.2%	32.8%	37%	—	—
Payout ratio	0%	146.8%	87.3%	30.8%	41.4%	125.6%	34.8%	19.8%	31.1%	—	22.1%
Dividend yield	0%	0.94%	1.08%	0.56%	1.11%	8.01%	1.6%	1.54%	—	—	4.26%

Yield

4.26%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.106

ex-dividend Dec 29, 2025

Payout ratio

22%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 29, 2025	$0.106
Jun 23, 2025	$0.115
Dec 6, 2024	$0.2216
Dec 20, 2023	$0.0953
Jul 26, 2022	$0.0796
Oct 29, 2021	$0.102
Jul 30, 2021	$0.1162
Apr 30, 2021	$0.1171

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q1 26	Q2 26
Revenue	$35B	$37.6B	$42.2B	$30.8B	$34.9B	$951.7M	$52.1B	$48B	$53B	$59.5B	$68.4B	$71.8B
YoY change	+180.7%	+156.4%	+78%	+11.8%	-0.33%	-97.5%	+23.4%	+55.6%	+51.9%	+6.2K%	+42.6%	+35.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Cash & short-term investments	2.9B	6.1B	4.7B	7.5B	10.6B	12.6B	30.7B	50.7B	58.8B	75.8B
Receivables	1.5B	3B	4.8B	5.5B	5.2B	4.9B	9.3B	10.1B	10.3B	22.5B
Inventory	75.5M	132M	104.1M	180.4M	178.4M	203.7M	458.7M	495M	540.5M	674.6M
Total current assets	8.8B	13.4B	14.1B	18.3B	19.3B	20.6B	48.6B	77.3B	102.5B	113.7B
Property, plant & equipment	6.8B	8.4B	9.7B	12.5B	13.8B	16.1B	52.2B	81.2B	74.5B	117.7B
Goodwill & intangibles	16.5B	16.5B	16.7B	20.8B	23.4B	25.5B	84.7B	125.8B	117.9B	165.2B
Total assets	26.2B	31.6B	34B	42.8B	45.7B	51.5B	151.3B	235B	247.1B	344.3B
Accounts payable	1.6B	1.7B	2.5B	2.4B	2.7B	3.5B	7.6B	11.4B	12.7B	20.4B
Short-term debt	726.5M	2.8B	4.3B	7B	7.6B	5.2B	14.5B	27.6B	26.1B	51.9B
Total current liabilities	6.3B	7.4B	9.2B	11.7B	12.7B	11.6B	28.3B	48.5B	57.7B	90.8B
Long-term debt	3.5B	6.9B	8.3B	13.1B	12.7B	16.4B	45.9B	61.2B	57.9B	52.4B
Total liabilities	11.8B	15.5B	18.9B	26.7B	27.6B	30.7B	85.9B	125.6B	124.8B	157.3B
Shareholders' equity	14.4B	16.1B	15B	16.1B	18.1B	20.8B	65.4B	109.4B	122.2B	187B
Total debt	4.2B	9.8B	12.5B	20.2B	20.3B	21.6B	60.4B	88.7B	84.1B	104.3B
Net debt	1.3B	3.7B	7.8B	12.7B	10.1B	9.7B	29.8B	46B	34.1B	35.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q1 26	Q2 26
Cash & short-term investments	46.1B	53.1B	58.8B	59.1B	59.4B	2.1B	75.8B	113.9B	127.1B	137B	119.8B	115.2B
Receivables	14.2B	16.1B	10.3B	14.2B	15B	386.4M	22.5B	19.9B	21.3B	31.3B	36.9B	39.4B
Inventory	502.1M	594.6M	540.5M	593.6M	697.5M	17.7M	674.6M	841.9M	731.2M	818.9M	828.3M	899.4M
Total current assets	69.4B	79.2B	102.5B	109.4B	112.9B	2.9B	113.7B	158.8B	173.9B	185.9B	184.4B	180.6B
Property, plant & equipment	28.8B	30.5B	74.5B	82.2B	90.3B	2.3B	117.7B	127B	137.5B	149.8B	201.5B	222.4B
Goodwill & intangibles	48.3B	51B	117.9B	133.8B	143.1B	3.6B	165.2B	181.2B	205.8B	217.5B	343.4B	359.3B
Total assets	136.2B	149.2B	247.1B	282.3B	299.7B	7.7B	344.3B	418.1B	457.4B	491.4B	618.2B	659.9B
Accounts payable	9.5B	9.8B	12.7B	18.7B	24B	567.7M	20.4B	29.2B	31.4B	32.6B	44.8B	47B
Short-term debt	25.3B	28.2B	26.1B	32.9B	35.2B	845.6M	51.9B	55.9B	59.4B	62.7B	38.3B	37.1B
Total current liabilities	41.4B	47.4B	57.7B	61.6B	72.1B	1.6B	90.8B	92B	102.6B	106B	109B	121.1B
Long-term debt	51.9B	55.3B	57.9B	65.2B	64B	1.7B	52.4B	94.8B	113.4B	118.6B	168.1B	175B
Total liabilities	98.6B	108.2B	124.8B	138.8B	147.4B	3.6B	157.3B	208.3B	237.7B	248.4B	327.2B	350.3B
Shareholders' equity	37.5B	41B	122.2B	143.4B	152.3B	4.1B	187B	209.8B	219.7B	243B	290.9B	309.6B
Total debt	77.2B	83.5B	84.1B	98B	99.2B	2.5B	104.3B	150.7B	172.9B	181.3B	206.3B	212.1B
Net debt	42.2B	44.4B	34.1B	49.3B	49B	609.4M	35.4B	42.3B	56.3B	58.9B	110.6B	122.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Net income	1.5B	1.6B	2B	2.2B	3.3B	4.5B	7.1B	6.9B	12.5B	23.5B
Depreciation & amortization	1.7B	2.2B	2.6B	4.3B	5B	18.7B	33.9B	35.2B	33.5B	47.4B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1.3B	-3.2B	-2.2B	-1.7B	-153.8M	2.3B	150.2M	-2.3B	-2B	-3.8B
Operating cash flow	2.1B	838.9M	3.2B	6.2B	10.4B	28.8B	44.9B	40.7B	42.3B	77.8B
Capital expenditure	-1.9B	-2.7B	-2.7B	-3.1B	-3B	-9.4B	-17.7B	-16B	-13.9B	-28.8B
Investing cash flow	-2.1B	-2.7B	-2.7B	-3B	-1.1B	-9.6B	-19.9B	-24.5B	-11.4B	-28.6B
Dividends paid	-3.9B	0	-3B	-1.9B	-1B	-1.9B	-9B	-2.4B	-2.5B	-7.3B
Share repurchases	0	-65.6M	0	-94.6M	-10M	-25M	-858K	0	-50.8M	—
Financing cash flow	-4.9B	4.8B	-1.6B	-534.4M	-3.5B	-10B	-9.9B	3.4B	6.8B	-10.2B
Net change in cash	-5B	2.9B	-1.1B	2.7B	5.8B	9.2B	15.1B	19.6B	37.6B	39B
Free cash flow	-2.7B	-3B	-1B	399.5M	3B	4.2B	29.8B	14B	12.2B	12.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q1 26	Q2 26
Net income	-844.6M	—	—	—	—	—	—	—	3.4B	3.6B	4.6B	5.6B
Depreciation & amortization	11.4B	—	—	—	—	—	—	—	11.1B	9B	17.9B	21.8B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	799.8M	—	—	—	—	—	—	—	-164.7M	3.5B	-18.3B	-3.4B
Operating cash flow	14.1B	—	—	—	—	—	—	—	19.2B	13.6B	8.5B	28.8B
Capital expenditure	-5.1B	-5.3B	-6.1B	-9.7B	-171.8M	-5.6B	-11.9B	-9.4B	—	—	—	—
Investing cash flow	-12.3B	-5.3B	-6.1B	-9.7B	-171.8M	-5.6B	-11.9B	-9.4B	-3.3B	-5.1B	-9.5B	-11.5B
Dividends paid	—	—	—	—	—	—	—	—	—	542.2M	—	—
Share repurchases	24.5M	—	—	—	—	—	—	—	12.4M	13M	-2.4B	2.4B
Financing cash flow	4.8B	—	—	—	—	—	—	—	-5.6B	-12.5B	35.9B	-2.6B
Net change in cash	6.6B	-5.3B	-6.1B	-9.7B	-171.8M	-5.6B	-11.9B	-9.4B	10.3B	-4B	34.9B	14.8B
Free cash flow	7.9B	—	—	—	—	—	—	—	8.7B	6.5B	-28.9B	2.6B

Date	Ratio
Jun 26, 2006	11861:10000
Jun 10, 2005	39:31
Aug 11, 2004	29493:10000
Oct 4, 2001	1:10
May 30, 2001	1099:1000

Turkcell Iletisim Hizmetleri A.S. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history