TKC

MKT CAP:$6B

Turkcell Iletisim Hizmetleri A.S.

Market Cap

$6B

Communication Services·Telecommunications Services· Turkey·NYSE

Communication·Telecommunications·NYSE

Stock Price

$6.53+$0.94 (+16.82%)

Apr 20, 2026

Company Details

Turkcell Iletisim Hizmetleri A.S. provides digital services in Turkey, Ukraine, Belarus, Northern Cyprus, Germany, and the Netherlands. It operates through Turkcell Turkey, Turkcell International, and Techfin segments. It offers work contac...

CEO

Ali Taha Koc

IPO Date

Jul 11, 2000

Website

www.turkcell.com.tr

Key Metrics TTM

Revenue

$4.2B

+294.6% YoY

Net Income

$238M

EPS (Diluted)

$0.28

Free Cash Flow

$292M

Revenue / Share

$5.07

Gross Margin

25.5%

Operating Margin

13.6%

Net Margin

5.6%

FCF Margin

6.9%

P/S

1.3x

P/E

23.3x

Earnings Reports

Q1 2026

May 8, 2026

PENDING

Q4 2025

Apr 17, 2026

NEW

$1.6BEPS $0.11

Q1 2025

May 12, 2025

$1.1B+12.7%EPS $0.08

FY 2024

Apr 29, 2025

$3.7BEPS $0.60

Q1 2024

Mar 29, 2024

$947M+54.4%EPS $0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$149M	$46M	$38M
Q1 20	$148M	$46M	$30M
Q2 20	$154M	$44M	$38M
Q3 20	$170M	$54M	$42M
Q4 20	$175M	$51M	$76M
Q1 21	$174M	$50M	$36M
Q2 21	$190M	$54M	$64M
Q3 21	$208M	$65M	$56M
Q4 21	$227M	$69M	$50M
Q1 22	$238M	$69M	$84M
Q2 22	$278M	$79M	$100M
Q3 22	$326M	$107M	$137M
Q1 23	$613M	$117M	$51M
Q1 24	$947M	$204M	$102M
Q1 25	$1.1B	$303M	$173M
Q4 25	$1.6B	$449M	$246M

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q2 20	9.3x	75.9x
Q3 20	8.9x	67.5x
Q4 20	8.6x	58.8x
Q1 21	8.2x	55.7x
Q2 21	7.8x	52.7x
Q3 21	7.4x	50.3x
Q4 21	6.9x	49.5x
Q1 22	6.4x	52.7x
Q2 22	5.8x	45.5x
Q3 22	5.2x	38.7x
Q1 23	3.8x	52.0x
Q1 24	2.6x	32.7x
Q1 25	1.9x	28.2x
Q4 25	1.3x	23.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$62M	$19M
Q1 20	$55M	$27M
Q2 20	$68M	$34M
Q3 20	$103M	$58M
Q4 20	$65M	-$2M
Q1 21	$48M	$6M
Q2 21	$105M	$73M
Q3 21	$74M	$53M
Q4 21	$216M	$137M
Q1 22	$75M	$22M
Q2 22	$109M	$49M
Q3 22	$196M	$122M
Q1 23	$81M	-$42M
Q1 24	$172M	-$113M
Q1 25	$283M	-$7M
Q4 25	$868M	$454M

Capital Expenditures

Quarter	CapEx
Q4 19	$43M
Q1 20	$28M
Q2 20	$34M
Q3 20	$45M
Q4 20	$67M
Q1 21	$43M
Q2 21	$32M
Q3 21	$21M
Q4 21	$80M
Q1 22	$53M
Q2 22	$60M
Q3 22	$74M
Q1 23	$123M
Q1 24	$285M
Q1 25	$290M
Q4 25	$414M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+16.1%	+14.8%
Q4 20	+17.8%	-11.1%
Q1 21	+17.5%	+16.4%
Q2 21	+23.5%	+8.1%
Q3 21	+22.3%	+18.2%
Q4 21	+29.5%	+79.2%
Q1 22	+36.7%	+12.0%
Q2 22	+46.0%	+40.8%
Q3 22	+56.7%	+24.5%
Q1 23	+170.5%	+217.4%
Q1 24	+298.0%	+448.5%
Q1 25	+284.4%	+404.5%
Q4 25	+386.9%	+608.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$21.7K	0.0%
Q3 21	$21.7K	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q1 24	$0	0.0%
Q1 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 19	$1M	$4M	$9M	—
Q1 20	—	$4M	$8M	—
Q2 20	—	$4M	$7M	—
Q3 20	—	$4M	$7M	—
Q4 20	$1M	$4M	$9M	—
Q1 21	—	$4M	$8M	—
Q2 21	—	$5M	$9M	—
Q3 21	—	$5M	$10M	—
Q4 21	$986.7K	$6M	$13M	—
Q1 22	—	$7M	$12M	—
Q2 22	—	$8M	$13M	—
Q3 22	—	$9M	$15M	—
Q1 23	—	$20M	$32M	—
Q1 24	—	$36M	$54M	—
Q1 25	—	$45M	$72M	—
Q4 25	—	—	—	$203M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$1M	$30M
Q2 22	$489M	$56M	$545M
Q3 22	$542M	$108M	$649M
Q4 22	$952M	$175M	$1.1B
Q1 23	$608M	$120M	$728M
Q2 23	$30M	$9M	$39M
Q3 23	$32M	$11M	$43M
Q4 23	$1.6B	$285M	$1.9B
Q1 24	$1.1B	$229M	$1.3B
Q2 24	$1.1B	$206M	$1.3B
Q3 24	$1.8B	$149M	$2.0B
Q4 24	$1.5B	$153M	$1.7B
Q1 25	$2.4B	$121M	$2.5B
Q2 25	$2.6B	$233M	$2.8B
Q3 25	$2.7B	$325M	$3.0B
Q4 25	$2.0B	$315M	$2.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	874M	+0.8%	—
Q1 20	873M	-0.1%	—
Q2 20	874M	+0.1%	—
Q3 20	880M	+0.8%	+1.6%
Q4 20	873M	-0.8%	-0.0%
Q1 21	867M	-0.8%	-0.7%
Q2 21	873M	+0.7%	-0.1%
Q3 21	879M	+0.8%	-0.1%
Q4 21	873M	-0.7%	0.0%
Q1 22	868M	-0.6%	+0.2%
Q2 22	874M	+0.7%	+0.2%
Q3 22	871M	-0.4%	-0.9%
Q1 23	898M	+3.1%	+2.8%
Q1 24	873M	-2.8%	+0.6%
Q1 25	874M	+0.1%	-0.0%
Q4 25	832M	-4.8%	-4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$6.8K	22K
Q1 20	$6.8K	22K
Q2 20	$7.1K	22K
Q3 20	$7.8K	22K
Q4 20	$7.1K	25K
Q1 21	$7.1K	25K
Q2 21	$7.7K	25K
Q3 21	$8.4K	25K
Q4 21	$8.8K	26K
Q1 22	$9.3K	26K
Q2 22	$10.8K	26K
Q3 22	$12.7K	26K
Q1 23	$25.8K	24K
Q1 24	$38.9K	24K
Q1 25	$48.0K	22K
Q4 25	$71.5K	22K

Revenue / Employee