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TKC

Turkcell Iletisim Hizmetleri A.S.

TKC

Turkcell Iletisim Hizmetleri A.S. • NYSE
$5.59 ▼ -0.71% (-0.04)
Market Cap $4.87 B
52w High $7.63
52w Low $5.35
Dividend Yield 0.32%
P/E 15.11
Volume 729.77K
Outstanding Shares 870.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $59.535B ▲ $7.597B ▲ $5.398B ▲ 9.066% ▲ $6.18 ▲ $29.105B ▲
Q2-2025 $53.022B ▲ $5.819B ▼ $4.201B ▲ 7.922% ▲ $4.82 ▲ $24.527B ▲
Q1-2025 $47.963B ▼ $5.859B ▼ $3.082B ▲ 6.426% ▲ $3.52 ▲ $22.741B ▲
Q4-2024 $52.079B ▲ $8.406B ▲ $2.969B ▼ 5.701% ▼ $3.4 ▼ $15.994B ▼
Q3-2024 $40.171B $4.603B $14.28B 35.549% $16.38 $21.35B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $136.965B ▲ $491.419B ▲ $248.39B ▲ $243.029B ▲
Q2-2025 $127.066B ▲ $457.382B ▲ $237.675B ▲ $219.706B ▲
Q1-2025 $113.878B ▲ $418.12B ▲ $208.285B ▲ $209.835B ▲
Q4-2024 $75.815B ▼ $344.276B ▲ $157.309B ▲ $186.967B ▲
Q3-2024 $87.69B $326.665B $152.186B $174.479B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $131.956M ▲ $784.013M ▲ $-537.447M ▼ $-60.671M ▼ $12.252M ▼ $543.78M ▲
Q2-2025 $113.091M ▼ $694.67M ▼ $-472.268M ▲ $-2.841M ▼ $73.995M ▼ $464.322M ▲
Q1-2025 $3.082B ▲ $12.73B ▲ $-7.341B ▼ $33.711B ▲ $32.747B ▲ $-325.393M ▼
Q4-2024 $85.922M ▼ $847.792M ▲ $-884.601M ▼ $-330.494M ▼ $-420.085M ▼ $476.01M ▼
Q3-2024 $91.434M $749.278M $192.972M $-122.805M $838.622M $552.764M

Five-Year Company Overview

Income Statement

Income Statement Turkcell’s income statement shows a clear shift from being a solid traditional telco to a high‑earning digital operator. Revenue has grown strongly over the last few years, even if there was some bumpiness from one year to the next. Profitability has improved more than revenue: gross profit, operating profit, and EBITDA have all expanded, suggesting better pricing power, higher-value services, and good cost control. Net income and earnings per share have risen meaningfully, indicating that growth is not just top-line but also flowing through to shareholders. The main watchpoints are the volatility between years and the fact that performance is still closely tied to Turkish economic conditions and currency swings.

Balance Sheet

Balance Sheet The balance sheet has scaled up quickly. Total assets, equity, and cash holdings have all increased substantially, which points to a stronger financial base and accumulated retained earnings. Debt has also grown, but equity has risen even faster, so leverage looks more manageable than in the past. The larger cash balance provides a healthier liquidity cushion, though the company still carries meaningful borrowings, typical for a capital‑intensive telco. Overall, Turkcell appears financially sturdier than a few years ago, but it remains exposed to interest rate and refinancing risk, especially in a volatile macro environment like Turkey’s.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has increased steadily, showing that profits are well supported by real cash, not just accounting gains. Free cash flow has remained positive across the period, although it has swung up and down as Turkcell moves through heavy investment cycles in its network and digital platforms. Capital spending is sizeable, particularly around network upgrades and data centers, but the company has generally been able to fund this while still leaving room for debt service and shareholder returns. The key sensitivity is that future 5G, cloud, and digital expansion will likely require ongoing high investment, so sustaining strong operating cash flow is critical.

Competitive Edge

Competitive Edge Turkcell holds a leading position in the Turkish mobile market, supported by a well-known brand, large customer base, and reputation for strong network quality. Its scale, spectrum holdings, and broad coverage create real barriers for smaller rivals. What really differentiates Turkcell, though, is its integrated digital ecosystem: messaging, TV, music, cloud storage, publishing, and fintech (Paycell) all wrapped around its core connectivity services. This increases customer stickiness and opens up non‑traditional revenue streams. At the same time, the company faces intense price competition, regulatory oversight, and macro risk in Turkey, and its digital services must compete with global tech platforms that have deep pockets and global reach.

Innovation and R&D

Innovation and R&D Turkcell is clearly leaning into innovation rather than behaving like a utility. It invests heavily in its own technology arm, files a significant number of patents, and has developed a suite of homegrown apps and platforms tailored to local needs. On the infrastructure side, it is a frontrunner in 5G preparation, high‑speed wireless tests, and IoT deployments for sectors like industry, transport, and smart cities. On the services side, Paycell, cloud offerings, AI‑driven analytics, and partnerships with global players like Google Cloud, Huawei, Ericsson, and Nokia show a strategy of combining in‑house development with strong alliances. The opportunity is to turn these innovations into durable, high‑margin digital revenue; the risk is execution complexity, regulatory constraints (especially in fintech), and competition from global OTT and fintech firms.

Summary

Overall, Turkcell looks like a maturing digital platform company built on top of a traditional telecom backbone. Financially, it has moved from modest, utility‑like returns to stronger growth and healthier margins, supported by rising cash flow and a reinforced balance sheet, albeit with a still‑significant debt load. Strategically, its moat rests on network quality, brand strength, and a tightly integrated ecosystem of digital and financial services that deepen customer relationships. Looking ahead, the biggest opportunities appear to be monetizing 5G, scaling fintech and cloud services, and exporting digital products abroad. The main uncertainties lie in the Turkish macro backdrop, currency and interest rate volatility, regulatory and political risk, and the challenge of competing with global tech players while sustaining heavy investment in networks and innovation.

NEWS

November 12, 2025 · 12:48 AM UTC

Turkcell Announces Strategic Partnership with Google Cloud, with Plans to Establish a Google Cloud Region in Türkiye.

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November 6, 2025 · 10:28 AM UTC

Turkcell Iletisim Hizmetleri A.S.: Third Quarter 2025 Results

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September 26, 2025 · 6:39 AM UTC

Turkcell Ranked World's No. 1 in ESG Among Telecom Operators

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September 10, 2025 · 4:13 PM UTC

Turkcell Named Among World's Best Companies by TIME

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