Özet:

The Covid 19 epidemic which started in Wuhan, China in the last months of 2019 and spread to other countries from there, turned upside down both the health system and the economic structure of the countries. Each country has taken various measures to prevent the spread of the epidemic and to keep the increase in cases under control. While the measures taken to prevent the spread of the Covid-19 epidemic enabled the epidemic to be brought under control, it also left the countries in an economically difficult situation by disrupting the economic structures of countries and the working order of businesses in most sectors. One of the sectors affected by the implementation of the measures taken for the Covid -19 epidemic is the airline companies. The aim of this study is to determine the effect of the Covid-19 outbreak on the financial performance of Turkish Airlines and Pegasus Airlines, whose stocks are sold on Borsa Istanbul (BIST) by using ratio analysis method. As a result of the research, it was determined that the negative effects of the restriction measures taken for the Covid-19 epidemic negatively affected the liquidity, financial structure, activity and profitability ratios of both airlines, and Pegasus Airlines were affected more.

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