Free cash flow generation remains challenged, evidenced by a negative 187.7% FCF margin in 2025Q4 and capital expenditures that reached 80.6% of revenue in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 53.09B | 121.62B | 75.01B | 60.24B | 61.04B | 2.37B | 21B | 9.03B | 5.83B | 3.1B | 607.14M | 1.9B | 1.87B | 2.11B | 2.13B | 1.75B | 2B | 1.94B | 2.57B | 2.52B | 2.62B | 1.54B | 805.93M | 1.39B | 812.5M | 385.27M | 463.91M | 517.75M |
| Operating CF Margin % | - | 1993.02% | 45.01% | 56.24% | 45.23% | 2.18% | 30.21% | 35.91% | 27.38% | 17.59% | 4.25% | 14.89% | 14.54% | 16.63% | 20.26% | 16.5% | 21.43% | 22.36% | 24.02% | 34.07% | 39.46% | 26.78% | 18.87% | 46.92% | 30.85% | 16.16% | 15.62% | 24.54% |
| Operating CF Growth % | 4565.87% | 62.13% | 24.53% | -1.32% | 2473.83% | -88.71% | 132.65% | 54.83% | 87.98% | 410.8% | -68.07% | 1.92% | -11.61% | -0.87% | 21.96% | -12.53% | 2.97% | -24.69% | 2% | -3.55% | 69.47% | 91.5% | -42% | 71.03% | 110.89% | -16.95% | -10.4% | - |
| Net Income | 14.33B | 19.31B | 23.51B | 18.09B | 9.93B | 563.62M | 4.51B | 3.28B | 2.18B | 2.04B | 1.59B | 1.9B | 1.56B | 2.61B | 2.06B | 1.37B | 1.75B | 1.65B | 2.7B | 1.54B | 1.17B | 1.23B | 683.02M | 287.14M | 63.22M | -249.27M | 304.14M | 492.53M |
| Depreciation & Amortization | 35.88B | 67.56B | 47.43B | 48.32B | 50.81B | 812.44M | 18.75B | 5.03B | 4.29B | 2.6B | 2.2B | 1.67B | 1.74B | 1.76B | 1.41B | 1.74B | 1.08B | 884M | 1.04B | 933.73M | 1.04B | 631.48M | 566.03M | 562.45M | 549.32M | 525.52M | 399.86M | 188.19M |
| Stock-Based Compensation | 0 | 0 | 1.39B | 0 | 0 | 0 | 0 | 0 | 11.47M | 12.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.91B | 0 | 5.19B | -6.33B | -3.84B | -131.26M | 919.74M | 785.63M | 495.48M | 571.76M | 423.16M | 667.11M | 778.4M | 659.67M | 522.27M | -30.18M | -121.17M | -4.44M | -5.06M | 0 | 0 | 456.75M | 257.65M | -719.37M | 0 | -32.82M | 41.35M | -9.71M |
| Other Non-Cash Items | 8.79B | 40.68B | 1.17B | 3.65B | 7.91B | 1.34B | -5.5B | 125.15M | 1.04B | 296.87M | -137.95M | -506.94M | -997.77M | -739.94M | -629.91M | -624.11M | -375.34M | -791.18M | -2.02B | 135.89M | 221.87M | -274.62M | -1.35B | 1.15B | 397.29M | 27.8M | 97.37M | 109.76M |
| Working Capital Changes | -6.71B | -5.93B | -3.68B | -3.5B | -3.77B | -217.86M | 2.32B | -186.94M | -1.73B | -2.35B | -3.23B | -1.32B | -1.01B | -756.92M | -907.94M | -425.32M | -857.41M | -270.52M | 265.69M | -90.44M | 178.55M | -500.16M | 644.35M | 105.51M | -197.34M | 114.05M | -378.8M | -263.03M |
| Change in Receivables | -4.63B | -2.41B | -75.32M | -1.17B | 1.73B | -149.11M | 1.47B | 549.95M | 273.11M | 613.4M | 1.2B | -821.21M | -1.1B | -816.17M | -873.54M | -519.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 119.84M | -16.21M | 145.47M | -142.3M | 376.63M | -6.37M | -2.84M | 2.04M | -76.88M | 27.87M | -62.09M | -4.53M | -2.8M | 16.98M | -38.13M | -11.52M | 4.8M | -12.96M | -410.32K | -11.85M | -3.54M | 5.96M | -5.1M | -3.22M | 8.61M | 2.5M | -11.12M | -5.7M |
| Change in Payables | 10.46B | 3.03B | -231.56M | 1.35B | -2.54B | 1.27M | 436.83M | 92.43M | -501.98M | -507.04M | -2.73B | 348.47M | 197.5M | -26.35M | -8.62M | 82.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -98.27B | -98.17B | -48.86B | -30.18B | -45.79B | -1.16B | -14.54B | -3.03B | -4.54B | -3.3B | -2.98B | -3.83B | -1.33B | -997.18M | 545.69M | -2.66B | -1.1B | -2.22B | -1.07B | -515.42M | -891.88M | -1.01B | -723.67M | -265.38M | -189.43M | -213.4M | -1.31B | -1.31B |
| Capital Expenditures | -98.27B | -98.17B | -48.86B | -20.53B | -24.73B | -1.16B | -9.54B | -3.2B | -5.43B | -4.11B | -3.64B | -4.6B | -2.39B | -1.8B | -1.73B | -2.66B | -1.63B | -2.65B | -1.22B | -903.04M | -852.77M | -866.79M | -723.67M | -265.38M | -189.43M | -296.23M | -1.1B | -1.06B |
| CapEx % of Revenue | 53.82% | 1608.79% | 29.31% | 19.16% | 18.32% | 1.07% | 13.73% | 12.71% | 25.5% | 23.31% | 25.46% | 36% | 18.67% | 14.17% | 16.48% | 25.14% | 17.47% | 30.53% | 11.43% | 12.2% | 12.87% | 15.04% | 16.94% | 8.96% | 7.19% | 12.42% | 37.07% | 50.3% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -18.92B | -20.28B | -5.31B | -13.17B | -8.67B | -6.25M | -4.77B | -1.73B | 833.08M | 817.39M | 660.48M | 1.01B | 1.04B | 822.49M | 716.39M | 556.94M | 639.04M | 486.64M | 584.88M | 325.82M | 238.46M | -184.48M | -236.82M | -126.07M | -76.85M | 82.83M | -209.31M | -252.55M |
| Cash from Financing | -2.29B | -1.66B | -9.78B | 9.77B | 4.89B | -441.64M | -9.95B | -3.48B | -534.38M | -1.57B | 4.84B | -4.62B | 91.88M | -258.18M | -306.75M | 59.53M | -472.63M | -8.13M | -543.36M | -298.34M | -558.18M | -494.77M | 159.47M | -872.54M | -421.62M | -332.35M | 998.91M | 1B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -216.41M | -279.52M | -328M | -50.76M | 0 | 0 | -25.03M | -10M | -94.62M | 0 | -65.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 237.58M | 329.79M | 4.25M |
| Dividends Paid | -5.09B | -9.75B | -7.31B | -3.59B | -3.45B | -287.46M | -1.86B | -1.01B | -1.9B | -2.99B | -51.42M | -4.03B | -8.78M | -1.04M | -15.2M | -7.52M | -919.12M | -1.11B | -855.94M | -535.41M | -482.49M | -245.97M | -104.19M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -216.41M | -279.52M | -328M | -50.76M | 0 | 0 | -25.03M | -10M | -94.62M | 0 | -65.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.54B | -9.14B | -412.3M | -22.52M | 0 | -219.97M | 3.07B | 908.92M | 274.17M | -60.22M | -60.42M | -100.52M | -75K | 75K | 1.96M | -1.56M | 14.14M | 28.26M | 247.36M | 224.69M | -83.7M | 29.81M | 73.87M | 32.24M | 18.24M | 25.26M | 14.8M | -51.43M |
| Net Change in Cash | -34.7B | 8.07B | -9.06B | 16B | -11.05B | -192.98M | 284.02M | 2.82B | 2.71B | -1.34B | 3.13B | -6.11B | 201.07M | -249.99M | 2.54B | -1.49B | 320.66M | -247.2M | 249.33M | 2.03B | 1.11B | 42.22M | 241.73M | 251.7M | 201.45M | -160.47M | 152.98M | 206.59M |
| Free Cash Flow | -45.18B | 23.45B | 26.16B | 17.64B | 20.22B | 1.21B | 4.23B | 3.01B | 399.48M | -1.01B | -3.03B | -2.7B | -528.95M | 312.24M | 396.54M | -913.82M | 369.3M | -707.49M | 1.35B | 1.62B | 1.76B | 676.57M | 82.26M | 1.12B | 623.07M | 89.05M | -636.62M | -543.38M |
| FCF Margin % | -24.74% | 384.23% | 15.69% | 16.47% | 14.98% | 1.12% | 6.08% | 11.98% | 1.88% | -5.72% | -21.21% | -21.11% | -4.12% | 2.46% | 3.77% | -8.64% | 3.97% | -8.16% | 12.59% | 21.87% | 26.6% | 11.74% | 1.93% | 37.96% | 23.65% | 3.73% | -21.44% | -25.76% |
| FCF Growth % | -16856.15% | -10.36% | 48.28% | -12.75% | 1569.47% | -71.35% | 40.41% | 653.58% | 139.6% | 66.71% | -12.4% | -409.63% | -269.41% | -21.26% | 143.39% | -347.44% | 152.2% | -152.46% | -16.73% | -8.12% | 160.55% | 722.5% | -92.68% | 80.43% | 599.72% | 113.99% | -17.16% | - |
| FCF per Share | -51.91 | 27.21 | 29.98 | 20.21 | 23.15 | 1.39 | 4.82 | 3.45 | 0.46 | -1.15 | -3.45 | -3.06 | -0.60 | 0.35 | 0.45 | -1.04 | 0.42 | -0.80 | 1.53 | 1.84 | 2.00 | 0.77 | 0.09 | 1.28 | 0.71 | 0.11 | -1.41 | -1.10 |
| FCF Conversion (FCF/Net Income) | -3.15x | 273.38x | 3.19x | 4.80x | 6.15x | 0.33x | 4.66x | 2.78x | 2.88x | 1.57x | 0.41x | 0.92x | 1.20x | 0.81x | 1.03x | 1.23x | 1.10x | 1.18x | 0.95x | 1.60x | 2.12x | 1.25x | 1.18x | 4.84x | -3.22x | -1.55x | 1.53x | 1.05x |
| Interest Paid | 0 | 0 | 13.75B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyperinflationary Accounting Distortions
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.03 in 2023Q4 to 394.87 in 2025Q4, suggesting that reported earnings are frequently decoupled from actual cash generation due to hyperinflationary accounting adjustments.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's underlying cash-generating capacity. Investors should monitor these discrepancies closely, as they appear to be driven by non-cash monetary gains and losses rather than core operational efficiency.
Based on Turkcell's reported figures, free cash flow margins have remained largely negative or negligible, with a notable -187.7% margin in 2025Q4, indicating that the company struggles to consistently convert its operational activities into meaningful free cash flow after accounting for necessary capital expenditures.
The persistent inability to generate sustained positive free cash flow suggests that the business model is highly capital-intensive and sensitive to inflationary pressures. This trajectory warrants further investigation into whether the company can achieve self-funding status without relying on external financing or asset divestitures.
According to recent SEC filings, Turkcell's capital expenditure as a percentage of revenue has fluctuated wildly, reaching as high as 80.6% in 2026Q1, which suggests that the company is forced to commit significant resources to maintain its network infrastructure amidst a challenging macroeconomic environment.
The high capital intensity appears to be a structural requirement for maintaining competitive network density in the Turkish market. This level of spending may limit the company's flexibility to pivot toward higher-margin digital services without incurring additional debt or diluting shareholder value.
As indicated by the data, working capital changes have been highly inconsistent, ranging from a $299.5M inflow in 2024Q4 to a $19.0B outflow in 2026Q1, suggesting that the company faces significant challenges in managing its cash conversion cycle within a volatile inflationary environment.
These erratic swings in working capital suggest that the company's ability to collect receivables and manage payables is heavily influenced by external macroeconomic factors. Investors should monitor whether these fluctuations represent temporary timing differences or a more permanent degradation in the efficiency of the cash cycle.
Quick answers to the most common questions about buying TKC stock.
Turkcell Iletisim Hizmetleri A.S. (TKC) generated $121.62B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Turkcell Iletisim Hizmetleri A.S. (TKC) generated $23.45B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Turkcell Iletisim Hizmetleri A.S. (TKC) spent $98.17B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Turkcell Iletisim Hizmetleri A.S. (TKC) returned $9.75B to shareholders via cash dividends and spent $279.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.