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). Explore how much does Turkish Airlines reinvest in capital to see what proportion of operating cash flow is directed to capital expenditures.
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. For the full cash flow conversion analysis, see THYAO operating cash flow.
Annual Free Cash Flow Generation for Turkish Airlines (2003–2025)
Year-by-year Free Cash Flow Generation Index for Turkish Airlines. Check how aggressively does Turkish Airlines reinvest cash to assess the company's total reinvestment commitment from operating cash flow.
| 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 | — |