Turkcell Iletisim Hizmetleri A.S (TKC) Cash Flow Statement
Where TKC’s cash came from and went, 2025
December 31, 2025 · TRY- Cash from operations
- ₺121.62B +62.1% vs 2024
- Capital expenditures
- ₺47.71B 19.8% of revenue
- Free cash flow
- ₺73.90B 30.6% margin
- Returned to shareholders
- ₺10.03B 14% of free cash flow
- Change in cash
- ₺8.07B cash at year-end ₺91.78B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TKC operating cash flow, capex and free cash flow
TKC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₺607.1M2016 | ₺121.62B2025 | +80.2%/yr | |
| Capital expenditures | ₺3.64B2016 | ₺47.71B2025 | +33.1%/yr | |
| Free cash flow | −₺3.03B2016 | ₺73.90B2025 | — | |
| Free cash flow margin | −21.2%2016 | 30.6%2025 | +51.8 pts | |
| Operating cash flow / net income | 0.382016 | 6.302025 | +5.92 | |
| Stock-based compensation | −₺236.1M2016 | ₺1.39B2024 | — | |
| Dividends paid | ₺51.4M2016 | ₺9.75B2025 | +79.1%/yr | |
| Share buybacks (net) | ₺65.6M2016 | ₺279.5M2025 | +17.5%/yr | |
| Capex / revenue | 25.5%2016 | 19.8%2025 | −5.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TKC cash flow by activity
TKC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TKC cash flow statement in TRY
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₺19.31B | ₺23.51B | ₺18.09B | ₺11.05B | ₺5.03B | ₺4.24B | ₺3.28B | ₺2.18B | ₺2.04B | ₺1.59B |
| Depreciation & amortization | ₺63.35B | ₺47.16B | ₺63.25B | ₺9.29B | ₺7.25B | ₺5.97B | ₺5.05B | ₺4.29B | ₺2.60B | ₺2.20B |
| Stock-based compensation | — | ₺1.39B | ₺290.4M | — | ₺9.38B | ₺1.30B | −₺1.32B | ₺11.5M | ₺12.5M | −₺236.1M |
| Change in working capital | −₺5.93B | −₺3.68B | −₺3.50B | −₺3.19B | −₺1.94B | ₺302.4M | −₺186.9M | −₺1.73B | −₺2.35B | −₺3.23B |
| Other non-cash items | ₺44.89B | ₺6.63B | −₺17.89B | ₺8.00B | ₺226.5M | ₺1.27B | ₺2.21B | ₺1.08B | ₺803.7M | ₺285.2M |
| Cash from operating activities | ₺121.62B | ₺75.01B | ₺60.24B | ₺25.15B | ₺19.95B | ₺13.09B | ₺9.03B | ₺5.83B | ₺3.10B | ₺607.1M |
| Investing activities | ||||||||||
| Capital expenditures | −₺47.71B | −₺30.70B | −₺42.60B | −₺14.09B | −₺9.88B | −₺7.78B | −₺6.02B | −₺5.43B | −₺4.11B | −₺3.64B |
| Investments (net) | — | −₺37.10B | −₺27.98B | −₺19.65B | −₺826.7M | −₺6.78B | −₺3.03B | −₺4.54B | −₺3.30B | −₺2.98B |
| Acquisitions & other investing | −₺50.46B | ₺18.94B | ₺40.39B | ₺14.09B | ₺341.8M | ₺6.79B | ₺5.16B | ₺5.43B | ₺4.11B | ₺3.64B |
| Cash from investing activities | −₺98.17B | −₺48.86B | −₺30.18B | −₺19.65B | −₺10.36B | −₺7.78B | −₺3.88B | −₺4.54B | −₺3.30B | −₺2.98B |
| Financing activities | ||||||||||
| Dividends paid | −₺9.75B | −₺7.31B | −₺3.59B | −₺1.25B | −₺2.59B | −₺811.6M | −₺1.01B | −₺1.90B | −₺2.99B | −₺51.4M |
| Share repurchases & issuance (net) | −₺279.5M | −₺328.0M | −₺50.8M | −₺33.9M | −₺858,000 | −₺10.0M | −₺10.0M | −₺94.6M | ₺0 | −₺65.6M |
| Net borrowing (repayment) | — | −₺2.10B | ₺13.43B | ₺2.65B | −₺1.06B | −₺4.63B | −₺3.37B | ₺1.19B | ₺1.67B | ₺4.62B |
| Shares issued | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 |
| Other financing | ₺8.37B | −₺38.0M | −₺22.5M | ₺396.5M | −₺293.7M | ₺1.19B | ₺908.9M | ₺274.2M | −₺243.7M | ₺340.0M |
| Cash from financing activities | −₺1.66B | −₺9.78B | ₺9.77B | ₺1.76B | −₺3.94B | −₺4.27B | −₺3.48B | −₺534.4M | −₺1.57B | ₺4.84B |
| Summary | ||||||||||
| Net change in cash | ₺8.07B | −₺9.06B | ₺16.00B | ₺7.32B | ₺6.76B | ₺1.62B | ₺2.82B | ₺2.71B | −₺1.34B | ₺3.13B |
| Cash at end of period | ₺91.78B | ₺68.65B | ₺77.71B | ₺25.94B | ₺18.62B | ₺11.86B | ₺10.24B | ₺7.42B | ₺4.71B | ₺6.05B |
| Free cash flow | ₺73.90B | ₺44.31B | ₺17.64B | ₺11.07B | ₺10.07B | ₺5.31B | ₺3.01B | ₺399.5M | −₺1.01B | −₺3.03B |
| Free cash flow margin | 30.6% | 26.6% | 16.5% | 8.2% | 9.3% | 7.6% | 12.0% | 1.9% | −5.7% | −21.2% |
| Capex / revenue | 19.8% | 18.4% | 39.8% | 10.4% | 9.1% | 11.2% | 23.9% | 25.5% | 23.3% | 25.5% |
| Operating cash flow / net income | 6.30 | 3.19 | 3.33 | 2.28 | 3.96 | 3.09 | 2.75 | 2.68 | 1.52 | 0.38 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ₺5.38B | ₺4.73B | ₺4.24B | ₺132.0M | ₺113.1M | ₺3.08B | ₺2.97B | ₺91.4M | ₺73.4M | ₺3.63B | −₺871.9M | −₺177.6M |
| Depreciation & amortization | ₺21.81B | ₺17.86B | ₺17.78B | ₺17.97B | ₺20.02B | ₺12.75B | ₺14.23B | ₺14.97B | ₺15.53B | ₺13.76B | ₺24.50B | ₺12.56B |
| Stock-based compensation | — | — | — | — | — | ₺1.39B | ₺1.39B | — | — | ₺290.4M | −₺44.33B | ₺4.97B |
| Change in working capital | −₺1.60B | −₺19.02B | ₺12.43B | −₺44.2M | −₺68.5M | −₺11.46B | −₺2.42B | −₺98.3M | −₺58.7M | −₺11.40B | ₺3.83B | −₺111.4M |
| Other non-cash items | ₺7.57B | ₺9.02B | ₺4.58B | −₺17.28B | −₺19.37B | ₺6.98B | ₺20.41B | −₺14.22B | −₺15.11B | ₺1.43B | ₺34.63B | −₺16.77B |
| Cash from operating activities | ₺33.16B | ₺12.58B | ₺39.03B | ₺784.0M | ₺694.7M | ₺12.73B | ₺36.57B | ₺749.3M | ₺438.0M | ₺7.72B | ₺17.76B | ₺476.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −₺16.59B | −₺9.97B | −₺18.61B | −₺240.2M | −₺230.3M | −₺13.06B | −₺12.52B | −₺196.5M | −₺129.0M | −₺12.80B | −₺12.08B | −₺209.1M |
| Investments (net) | −₺12.80B | −₺10.68B | — | −₺15.26B | −₺14.54B | −₺7.34B | −₺25.15B | ₺8.63B | −₺8.83B | −₺11.76B | ₺1.78B | −₺7.52B |
| Acquisitions & other investing | −₺1.03B | −₺34.46B | −₺23.54B | ₺14.96B | ₺14.30B | ₺13.06B | −₺11.18B | −₺8.24B | ₺8.60B | ₺8.32B | — | ₺7.39B |
| Cash from investing activities | −₺30.42B | −₺55.11B | −₺42.15B | −₺537.4M | −₺472.3M | −₺7.34B | −₺48.86B | ₺193.0M | −₺358.9M | −₺16.24B | — | −₺332.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | −₺4.98B | −₺4.98B | −₺13.7M | −₺97.4M | −₺223.0M | −₺7.31B | ₺0 | — | −₺107.2M | −₺2.48B | −₺63.3M |
| Share repurchases & issuance (net) | ₺2.37B | −₺216.3M | −₺216.3M | −₺64,301 | −₺32,477 | −₺50.0M | −₺19.4M | −₺9.6M | ₺0 | −₺645,023 | −₺16.9M | ₺1.3M |
| Net borrowing (repayment) | −₺5.99B | ₺42.91B | — | −₺602.9M | ₺5.15B | ₺33.76B | −₺4.01B | −₺4.64B | — | — | — | ₺1.56B |
| Shares issued | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 | ₺0 |
| Other financing | ₺206.2M | −₺1.10B | −₺33.65B | ₺556.0M | −₺5.06B | ₺223.0M | ₺522.2M | ₺4.52B | −₺6.5M | ₺7.01B | ₺3.04B | −₺1.36B |
| Cash from financing activities | −₺3.41B | ₺36.62B | −₺38.85B | −₺60.7M | −₺2.8M | ₺33.71B | −₺10.82B | −₺122.8M | −₺6.5M | ₺6.90B | ₺538.3M | ₺130.7M |
| Summary | ||||||||||||
| Net change in cash | −₺11.22B | −₺215.4M | −₺34.57B | ₺12.3M | ₺74.0M | ₺32.75B | −₺11.83B | ₺838.6M | ₺23.2M | −₺11.54B | ₺11.09B | ₺80.3M |
| Cash at end of period | ₺89.57B | ₺96.00B | ₺91.78B | ₺2.94B | ₺2.93B | ₺108.28B | ₺68.65B | ₺2.37B | ₺1.53B | ₺73.99B | ₺50.76B | ₺1.45B |
| Free cash flow | ₺16.57B | ₺2.60B | ₺20.42B | ₺543.8M | ₺464.3M | −₺325.4M | ₺24.05B | ₺552.8M | ₺309.0M | −₺5.08B | ₺5.67B | ₺267.4M |
| Free cash flow margin | 22.5% | 3.8% | 1,228.6% | 0.9% | 0.9% | −0.7% | 46.2% | 1.4% | 0.7% | −11.9% | 13.4% | 0.7% |
| Capex / revenue | 22.5% | 14.6% | 1,119.2% | 0.4% | 0.4% | 27.2% | 24.0% | 0.5% | 0.3% | 30.1% | 28.6% | 0.6% |
| Operating cash flow / net income | 6.16 | 2.66 | 9.20 | 5.94 | 6.14 | 4.13 | 12.32 | 8.19 | 5.97 | 2.13 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in TRY as reported; data from EODHD.
TKC cash generation
In fiscal 2025 (ended December 31, 2025), Turkcell Iletisim Hizmetleri A.S generated ₺121.6 billion of cash from operations (up 62.1%) and spent ₺47.7 billion on capital expenditures, leaving free cash flow of ₺73.9 billion, 30.6% of revenue. It returned ₺10.0 billion to shareholders through dividends (₺9.8 billion) and net share buybacks (₺279.5 million). Cash and equivalents rose by ₺8.1 billion over the year.
Related: TKC income statement, TKC balance sheet, TKC dividend history. See the TKC stock overview for the latest quote and news.
TKC cash flow FAQ
What is Turkcell Iletisim Hizmetleri A.S's free cash flow?
Turkcell Iletisim Hizmetleri A.S's free cash flow was ₺73.9 billion in fiscal 2025: ₺121.6 billion of operating cash flow minus ₺47.7 billion of capital expenditures It was ₺44.3 billion a year earlier..
How much cash does Turkcell Iletisim Hizmetleri A.S generate from operations?
Turkcell Iletisim Hizmetleri A.S generated ₺121.6 billion of cash from operating activities in fiscal 2025, 6.30 times its net income of ₺19.3 billion.
How much does Turkcell Iletisim Hizmetleri A.S spend on capital expenditures?
Turkcell Iletisim Hizmetleri A.S spent ₺47.7 billion on capital expenditures in fiscal 2025, 19.8% of revenue, compared with ₺30.7 billion the year before.
How much stock does Turkcell Iletisim Hizmetleri A.S buy back?
Turkcell Iletisim Hizmetleri A.S spent ₺279.5 million on net share repurchases in fiscal 2025.
How much does Turkcell Iletisim Hizmetleri A.S pay in dividends?
Turkcell Iletisim Hizmetleri A.S paid ₺9.8 billion in dividends in fiscal 2025, 13.2% of free cash flow.