Revenue growth remains highly erratic, oscillating between a 96.8% contraction and a 42.6% increase, while gross margins have shown relative stability within a 21.6% to 29.2% range over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 182.6B | 6.1B | 166.67B | 107.12B | 134.98B | 108.6B | 69.5B | 25.14B | 21.29B | 17.63B | 14.29B | 12.77B | 12.83B | 12.69B | 10.51B | 10.58B | 9.31B | 8.67B | 10.71B | 7.4B | 6.63B | 5.76B | 4.27B | 2.96B | 2.63B | 2.38B | 2.97B | 2.11B |
| Revenue Growth % | -2.54% | -96.34% | 55.6% | -20.64% | 24.29% | 56.25% | 176.49% | 18.06% | 20.76% | 23.43% | 11.87% | -0.44% | 1.09% | 20.71% | -0.63% | 13.6% | 7.45% | -19.11% | 44.67% | 11.71% | 15% | 34.93% | 44.23% | 12.43% | 10.46% | -19.69% | 40.75% | - |
| Cost of Goods Sold | 131.95B | 4.35B | 125.51B | 84.42B | 117.93B | 86.14B | 53.11B | 17.08B | 14.15B | 11.35B | 9.24B | 7.77B | 7.85B | 7.84B | 6.49B | 6.65B | 5.21B | 4.64B | 5.24B | 3.63B | 3.71B | 3.23B | 2.67B | 2.15B | 1.82B | 1.57B | 1.6B | 718.46M |
| COGS % of Revenue | - | 71.34% | 75.31% | 78.81% | 87.37% | 79.32% | 76.42% | 67.96% | 66.44% | 64.37% | 64.66% | 60.84% | 61.23% | 61.81% | 61.75% | 62.91% | 55.98% | 53.49% | 48.91% | 49.04% | 55.91% | 56.01% | 62.52% | 72.69% | 69.25% | 65.69% | 53.81% | 34.06% |
| Gross Profit | 50.65B | 1.75B | 41.16B | 22.7B | 17.05B | 22.46B | 16.39B | 8.05B | 7.15B | 6.28B | 5.05B | 5B | 4.97B | 4.85B | 4.02B | 3.92B | 4.1B | 4.03B | 5.47B | 3.77B | 2.92B | 2.53B | 1.6B | 808.82M | 809.97M | 818.27M | 1.37B | 1.39B |
| Gross Margin % | 27.74% | 28.66% | 24.69% | 21.19% | 12.63% | 20.68% | 23.58% | 32.04% | 33.56% | 35.63% | 35.34% | 39.16% | 38.77% | 38.19% | 38.25% | 37.09% | 44.02% | 46.51% | 51.09% | 50.96% | 44.09% | 43.99% | 37.48% | 27.31% | 30.75% | 34.31% | 46.19% | 65.94% |
| Gross Profit Growth % | - | -95.75% | 81.33% | 33.16% | -24.11% | 37.04% | 103.52% | 12.69% | 13.76% | 24.42% | 0.98% | 0.55% | 2.62% | 20.54% | 2.46% | -4.27% | 1.69% | -26.36% | 45.05% | 29.12% | 15.28% | 58.36% | 97.92% | -0.14% | -1.01% | -40.34% | -1.41% | - |
| Operating Expenses | 21.15B | 709.78M | 6.04B | 14.89B | 12.78B | 10.36B | 7.4B | 3.02B | 2.3B | 2.61B | 2.42B | 2.53B | 2.7B | 2.66B | 2.19B | 2.61B | 2.31B | 2.2B | 2.58B | 1.64B | 1.38B | 865.04M | 649.31M | 576.28M | 437.74M | 528.36M | 803.53M | 625.17M |
| OpEx % of Revenue | - | 11.63% | 3.62% | 13.9% | 9.47% | 9.54% | 10.64% | 12.02% | 10.8% | 14.83% | 16.95% | 19.79% | 21.04% | 20.93% | 20.86% | 24.7% | 24.78% | 25.36% | 24.09% | 22.21% | 20.87% | 15.01% | 15.2% | 19.46% | 16.62% | 22.16% | 27.06% | 29.63% |
| Selling, General & Admin | 19.74B | 714.1M | 17.76B | 9.04B | 10.23B | 7.77B | 4.99B | 2.31B | 2.27B | 2.59B | 2.4B | 2.53B | 2.7B | 2.66B | 2.19B | 2.37B | 2.23B | 2.03B | 2.55B | 1.63B | 1.39B | 865.04M | 649.31M | 576.28M | 437.74M | 528.36M | 803.53M | 436.97M |
| SG&A % of Revenue | - | 11.7% | 10.66% | 8.44% | 7.58% | 7.16% | 7.18% | 9.18% | 10.68% | 14.69% | 16.81% | 19.79% | 21.04% | 20.93% | 20.86% | 22.41% | 23.96% | 23.46% | 23.83% | 21.98% | 21.04% | 15.01% | 15.2% | 19.46% | 16.62% | 22.16% | 27.06% | 20.71% |
| Research & Development | 0 | 11.39M | 313.97M | 132.63M | 0 | 0 | 0 | 0 | 40.93M | 37.53M | 30.15M | 2.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.19% | 0.19% | 0.12% | - | - | - | - | 0.19% | 0.21% | 0.21% | 0.02% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 29.5B | 1.04B | 35.12B | 7.81B | 4.26B | 12.1B | 8.99B | 5.03B | 4.36B | 2.93B | 3.06B | 3.35B | 3.42B | 3.28B | 2.61B | 2.19B | 1.79B | 1.83B | 2.91B | 2.13B | 1.54B | 1.67B | 951.46M | 355.95M | 372.23M | 495.52M | 568.01M | 765.96M |
| Operating Margin % | 16.16% | 17.03% | 21.07% | 7.29% | 3.16% | 11.14% | 12.94% | 20.02% | 20.48% | 16.63% | 21.45% | 26.27% | 26.68% | 25.88% | 24.82% | 20.72% | 19.23% | 21.15% | 27.21% | 28.75% | 23.22% | 28.98% | 22.28% | 12.02% | 14.13% | 20.78% | 19.13% | 36.31% |
| Operating Income Growth % | - | -97.04% | 349.57% | 83.22% | -64.76% | 34.57% | 78.67% | 15.45% | 48.68% | -4.29% | -8.65% | -1.99% | 4.24% | 25.83% | 19.06% | 22.38% | -2.28% | -37.13% | 36.91% | 38.31% | -7.83% | 75.51% | 167.3% | -4.37% | -24.88% | -12.76% | -25.84% | - |
| EBITDA | 80.68B | 2.64B | 61.41B | 41.28B | 55.08B | 45.97B | 27.74B | 10.06B | 8.61B | 5.49B | 5.2B | 5.02B | 5.16B | 5.04B | 4.02B | 3.93B | 3.3B | 2.44B | 4.76B | 3.63B | 2.61B | 2.3B | 1.52B | 918.4M | 927.84M | 1.02B | 964.13M | 1.09B |
| EBITDA Margin % | 44.19% | 43.33% | 36.85% | 38.54% | 40.81% | 42.33% | 39.91% | 40.02% | 40.44% | 31.12% | 36.42% | 39.33% | 40.24% | 39.71% | 38.27% | 37.2% | 35.44% | 28.19% | 44.48% | 49.08% | 39.31% | 39.98% | 35.59% | 31.01% | 35.22% | 42.82% | 32.47% | 51.69% |
| EBITDA Growth % | 2.19% | -95.69% | 48.77% | -25.05% | 19.81% | 65.72% | 175.77% | 16.83% | 56.9% | 5.47% | 3.61% | -2.71% | 2.44% | 25.27% | 2.22% | 19.24% | 35.07% | -48.73% | 31.11% | 39.49% | 13.07% | 51.55% | 65.55% | -1.02% | -9.13% | 5.9% | -11.58% | - |
| D&A (Non-Cash Add-back) | 51.19B | 1.61B | 26.29B | 33.47B | 50.81B | 33.87B | 18.75B | 5.03B | 4.25B | 2.56B | 2.14B | 1.67B | 1.74B | 1.76B | 1.41B | 1.74B | 1.51B | 610.6M | 1.85B | 1.51B | 1.07B | 634.17M | 568.91M | 562.45M | 555.61M | 525.52M | 396.12M | 324.41M |
| EBIT | 35.9B | 1.04B | 34.54B | 11.72B | 10.86B | 10.13B | 7.51B | 4.16B | 3.22B | 3.25B | 2.45B | 2.5B | 2.09B | 3.04B | 2.78B | 2.02B | 2.1B | 2.44B | 3.67B | 2.13B | 1.54B | 1.33B | 951.46M | 232.54M | 372.23M | 289.9M | 568.01M | 765.96M |
| Net Interest Income | -2.69B | -30.98M | -3.92B | -3.93B | -3.09B | -605.58M | -87.81M | -132.38M | -209.22M | 78.09M | 327.26M | 447.06M | 816.51M | 630.19M | 467.63M | 449.69M | 279.79M | 212.57M | 520.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7B | 350.81M | 7.54B | 4.5B | 3.07B | 2.21B | 64.08M | 69.45M | 658M | 464.71M | 679.23M | 754.97M | 1.01B | 838.47M | 687.73M | 622.74M | 431.33M | 493.27M | 646.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 26.25B | 788.21M | 15.95B | 5.89B | 4.69B | 7.32B | 5.43B | 3.29B | 2.67B | 2.61B | 2.01B | 2.57B | 2.34B | 3.27B | 2.58B | 1.92B | 2.25B | 2.16B | 3.54B | 1.92B | 1.76B | 1.78B | 1.06B | -349.79M | 63.22M | -260.99M | 362.45M | 481.48M |
| Pretax Margin % | 14.38% | 12.92% | 9.57% | 5.5% | 3.48% | 6.74% | 7.81% | 13.09% | 12.55% | 14.8% | 14.06% | 20.13% | 18.23% | 25.77% | 24.53% | 18.13% | 24.2% | 24.96% | 33.07% | 25.94% | 26.51% | 30.89% | 24.78% | -11.81% | 2.4% | -10.94% | 12.21% | 22.82% |
| Income Tax | 11.75B | 338.6M | 4.87B | -4.68B | -4.02B | 900.34M | 919.74M | 785.63M | 495.48M | 571.76M | 423.16M | 667.11M | 778.4M | 659.67M | 522.27M | 550.93M | 499.29M | 508.99M | 844.86M | 377.22M | 582.71M | 550.06M | 375.47M | -636.93M | 315.29M | -11.72M | 58.31M | -11.05M |
| Effective Tax Rate % | 44.75% | 42.96% | 30.5% | -79.43% | -85.67% | 12.3% | 16.94% | 23.88% | 18.54% | 21.91% | 21.06% | 25.95% | 33.29% | 20.17% | 20.26% | 28.72% | 22.16% | 23.54% | 23.85% | 19.64% | 33.16% | 30.9% | 35.47% | 182.09% | 498.7% | 4.49% | 16.09% | -2.3% |
| Net Income | 14.33B | 444.87M | 23.52B | 12.55B | 9.93B | 7.14B | 4.5B | 3.25B | 2.02B | 1.98B | 1.49B | 2.07B | 1.56B | 2.61B | 2.08B | 1.42B | 1.82B | 1.64B | 2.7B | 1.58B | 1.23B | 1.23B | 683.02M | 287.14M | -252.07M | -249.27M | 304.14M | 492.53M |
| Net Margin % | 7.85% | 7.29% | 14.11% | 11.72% | 7.36% | 6.57% | 6.48% | 12.92% | 9.49% | 11.22% | 10.44% | 16.19% | 12.16% | 20.55% | 19.76% | 13.4% | 19.56% | 18.89% | 25.18% | 21.33% | 18.63% | 21.34% | 15.99% | 9.7% | -9.57% | -10.45% | 10.24% | 23.35% |
| Net Income Growth % | -40.91% | -98.11% | 87.38% | 26.38% | 39.22% | 58.47% | 38.7% | 60.63% | 2.12% | 32.64% | -27.84% | 32.53% | -40.17% | 25.59% | 46.49% | -22.18% | 11.24% | -39.3% | 70.74% | 27.96% | 0.38% | 80.07% | 137.87% | 213.91% | -1.12% | -181.96% | -38.25% | - |
| Net Income (Continuing) | 14.5B | 449.61M | 11.09B | 10.56B | 8.72B | 6.42B | 4.51B | 2.5B | 2.18B | 2.04B | 1.59B | 1.54B | 1.23B | 2.33B | 2.06B | 1.37B | 1.75B | 1.65B | 2.7B | 1.58B | 1.08B | 1.04B | 683.02M | 287.14M | 63.22M | -249.27M | 304.14M | 492.53M |
| Discontinued Operations | 0 | -4.74M | 12.43B | 1.97B | 1.22B | 718.73M | 0 | 772.44M | 0 | 0 | 0 | 0 | 0 | 0 | -219.25M | 0 | 0 | 0 | -561.21M | 0 | -24.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -18.7M | 6.42M | -337K | 23.01K | 6.13M | 131.81M | 55.93M | 56.63M | 64.08M | -384.03M | -180.59M | -141.04M | -114.13M | -37.38M | 54.82M | 89.31M | 161.61M | 128.85M | 84.29M | 85.47M | 1.67M | 757.99K | 1.2M | 16.01K | 5.74M |
| EPS (Diluted) | 16.47 | 22.33 | 26.98 | 14.38 | 12.65 | 5.75 | 5.12 | 2.87 | 2.33 | 2.25 | 1.70 | 2.35 | 1.78 | 2.97 | 2.37 | 1.60 | 2.05 | 1.85 | 3.20 | 1.80 | 1.40 | 1.17 | 0.77 | 0.33 | -0.27 | -0.30 | 0.68 | 1.00 |
| EPS Growth % | -19.26% | -17.23% | 87.62% | 13.68% | 120% | 12.3% | 78.4% | 23.18% | 3.56% | 32.35% | -27.66% | 32.02% | -40.07% | 25.32% | 48.13% | -21.95% | 10.81% | -42.19% | 77.78% | 28.57% | 19.66% | 51.95% | 133.33% | 222.22% | 10% | -144.12% | -32% | - |
| EPS (Basic) | - | 22.33 | 26.98 | 14.38 | 12.65 | 5.75 | 5.12 | 2.87 | 2.33 | 2.25 | 1.70 | 2.35 | 1.78 | 2.97 | 2.37 | 1.60 | 2.05 | 1.85 | 3.20 | 1.80 | 1.40 | 1.17 | 0.77 | 0.33 | -0.27 | -0.30 | 0.68 | 1.00 |
| Diluted Shares Outstanding | 870.3M | 861.82M | 872.41M | 872.84M | 873.24M | 873.24M | 876.86M | 873.57M | 873.9M | 877.27M | 877.27M | 880M | 880M | 880M | 880M | 880M | 880M | 880.01M | 880M | 880M | 880M | 880.03M | 880.01M | 880.03M | 880.03M | 827.85M | 451.44M | 492.67M |
| Basic Shares Outstanding | 870.3M | 861.82M | 872.41M | 872.84M | 873.24M | 873.24M | 876.86M | 873.57M | 873.9M | 877.27M | 877.27M | 880M | 880M | 880M | 880M | 880M | 880M | 880.01M | 880M | 880M | 880M | 880.03M | 880.01M | 880.03M | 880.03M | 827.85M | 451.44M | 492.67M |
| Dividend Payout Ratio | - | 2191.93% | 31.1% | 28.58% | 34.76% | 4.03% | 41.41% | 31.11% | 94.01% | 151.11% | - | 189.83% | 0.52% | 0.04% | 0.73% | 0.53% | 50.47% | 70.66% | 26.94% | 37.82% | 39.87% | 19.95% | 18.21% | - | - | - | - | - |
Hyperinflationary Accounting Distortions
As reported in recent financial statements, Turkcell's revenue growth exhibits extreme fluctuations, ranging from a 42.6% increase in 2026Q1 to a 96.8% contraction in 2025Q4, suggesting that headline figures are heavily distorted by hyperinflationary accounting adjustments rather than reflecting actual shifts in subscriber demand or service consumption.
The erratic revenue trajectory appears to be an artifact of IAS 29 implementation, which complicates the assessment of organic growth. Investors should monitor real ARPU trends and subscriber churn as more reliable indicators of competitive positioning, as these metrics are less susceptible to the accounting-driven volatility seen in the top-line figures.
Based on Turkcell's reported figures, gross margins have remained relatively resilient, hovering between 21.6% and 29.2% over the last ten quarters, which suggests a degree of pricing power despite the significant macroeconomic headwinds and rising energy costs inherent in maintaining a nationwide telecommunications network.
The ability to maintain these margins indicates that the company has successfully passed through inflationary pressures to its subscriber base. However, the reliance on high-cost physical infrastructure means that any failure to sustain real ARPU growth could lead to rapid margin compression, as operating costs are likely to reprice faster than consumer contracts.
According to recent SEC filings, Turkcell's operating income has shown inconsistent scaling relative to gross profit, with operating margins fluctuating between 9.2% and 16.5% over the observed period, indicating that the company struggles to achieve significant operating leverage in its current high-cost, capital-intensive business model.
The lack of consistent operating margin expansion suggests that SG&A and infrastructure maintenance costs are rising in lockstep with revenue. This implies that the company's digital ecosystem pivot has yet to reach the scale required to meaningfully decouple revenue growth from the underlying cost of network operations.
As indicated by the data, net income has experienced wild swings, such as the 35.5% net margin reported in 2024Q3 compared to 5.7% in 2024Q4, which suggests that reported earnings are heavily influenced by non-operating items and currency-related gains or losses rather than core operational performance.
The significant variance in net income warrants caution, as it likely reflects the impact of financial hedging activities and the translation of foreign currency debt. Analysts should focus on operating income as a more accurate proxy for the company's ability to generate sustainable cash flow from its core telecommunications and fintech services.
Based on the provided income statement history, the primary risk to the investment narrative is the company's extreme sensitivity to local currency depreciation and geopolitical instability, which may render historical profitability metrics unreliable for forecasting future dividend capacity or long-term capital appreciation for international investors.
Short-sellers would likely focus on the potential for further margin erosion if the cost of imported network equipment continues to outpace domestic pricing power. Furthermore, the reliance on subsidiaries in volatile regions like Ukraine introduces a layer of geopolitical risk that could lead to significant asset impairments, potentially offsetting the gains from the company's domestic digital ecosystem.
Quick answers to the most common questions about buying TKC stock.
For fiscal year 2025, Turkcell Iletisim Hizmetleri A.S. (TKC) reported total revenue of $6.10B. This represents a 189.3% increase compared to $2.11B in 1999.
Turkcell Iletisim Hizmetleri A.S. (TKC) is profitable, generating $444.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
Turkcell Iletisim Hizmetleri A.S. (TKC) reported an operating income of $1.04B, resulting in an operating profit margin of 17.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Turkcell Iletisim Hizmetleri A.S. (TKC) generated $1.75B in gross profit for the year, representing a gross profit margin of 28.7%. This demonstrates the company's core pricing power and production efficiency.