Turkish Airlines (THYAO) — Free Cash Flow Generation Index
Turkish Airlines (THYAO) has a Free Cash Flow Generation Index of 0.38x as of December 2025. Free cash flow of TL406.00 Million represents 0% of operating cash flow (TL1.07 Billion). Read THYAO total debt and obligations for a breakdown of total debt and financial obligations.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Turkish Airlines Free Cash Flow Generation Index (2003–2025)
Historical FCF Generation Index trend for Turkish Airlines across 22 annual periods. Explore THYAO capital reinvestment ratio to see what proportion of operating cash flow is directed to capital expenditures.
Annual Free Cash Flow Generation for Turkish Airlines (2003–2025)
Year-by-year Free Cash Flow Generation Index for Turkish Airlines. For the full company profile including market capitalisation, see market value of Turkish Airlines.
| Year | FCG Index | Free Cash Flow (TRY) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.53x | TL2.28 Billion | TL4.30 Billion | TL2.02 Billion | ▼ -20.4% |
| 2024 | 0.67x | TL2.56 Billion | TL3.84 Billion | TL1.28 Billion | ▼ -19.1% |
| 2023 | 0.82x | TL4.04 Billion | TL4.91 Billion | TL866.58 Million | ▼ -4.0% |
| 2022 | 0.86x | TL100.37 Billion | TL117.01 Billion | TL16.64 Billion | ▲ +1384.1% |
| 2021 | 0.06x | TL2.85 Billion | TL49.36 Billion | TL7.54 Billion | ▲ +113.5% |
| 2020 | -0.43x | TL-2.40 Billion | TL5.60 Billion | TL8.00 Billion | ▼ -176.6% |
| 2019 | 0.56x | TL7.28 Billion | TL13.03 Billion | TL5.75 Billion | ▲ +27.5% |
| 2018 | 0.44x | TL4.21 Billion | TL9.61 Billion | TL5.40 Billion | ▼ -34.1% |
| 2017 | 0.66x | TL5.99 Billion | TL9.01 Billion | TL3.02 Billion | ▼ -52.1% |
| 2016 | 1.39x | TL2.69 Billion | TL1.94 Billion | TL751.64 Million | ▼ -7.3% |
| 2015 | 1.50x | TL6.05 Billion | TL4.04 Billion | TL2.01 Billion | ▼ -1.1% |
| 2014 | 1.51x | TL4.00 Billion | TL2.64 Billion | TL1.36 Billion | ▼ -15.0% |
| 2013 | 1.78x | TL5.06 Billion | TL2.84 Billion | TL2.22 Billion | ▲ +7.3% |
| 2012 | 1.66x | TL3.39 Billion | TL2.04 Billion | TL1.35 Billion | ▼ -1.9% |
| 2011 | 1.69x | TL2.63 Billion | TL1.55 Billion | TL1.08 Billion | ▼ -23.5% |
| 2010 | 2.21x | TL1.91 Billion | TL861.17 Million | TL1.04 Billion | ▼ -4.9% |
| 2009 | 2.33x | TL2.74 Billion | TL1.18 Billion | TL1.56 Billion | ▲ +101.3% |
| 2008 | 1.16x | TL1.71 Billion | TL1.48 Billion | TL230.33 Million | ▼ -66.7% |
| 2006 | 3.47x | TL1.51 Billion | TL435.57 Million | TL1.08 Billion | ▲ +66.4% |
| 2005 | 2.09x | TL909.05 Million | TL435.94 Million | TL473.12 Million | ▲ +52.2% |
| 2004 | 1.37x | TL439.02 Million | TL320.45 Million | TL118.56 Million | ▲ +22.1% |
| 2003 | 1.12x | TL577.50 Trillion | TL514.56 Trillion | TL62.94 Trillion | — |