Air transport is an essential part of the transportation sector to provide speed, reliability and economic advantage. It ispossible to say that; companies operating in the aviation sector have a financially fragile structure. There are many airlinecompanies in the aviation sector in the world and Turkey. In this study five airline companies from EU member states andTurkey, including Turkish Airlines (THY), British Airways, Air France KLM, Lufthansa and Ryanair’s financial performancein the 2012-2018 period were evaluated. To determine the importance of the financial criteria, which were determinedaccording to the literature, eight different expert opinions were taken and the weights of the criteria were determinedaccording to expert’s opinions with the Fuzzy Analytical Hierarchy Process (FAHP) method. The financial performancerankings of the companies were realized with the Grey Relational Analysis (GRA) method. When looking at the analysisresults of 2018, the company with the best financial performance was determined as THY. It is followed by Air FranceKLM, British Airways, Ryanair and Lufthansa, respectively. In the study, the Spearman correlation method was appliedto the financial performance rankings determined by the GRA. The rankings were interpreted statistically, and Kendall'sTau correlation test was applied to examine the relationship between the number of flight destinations and the financialperformance rankings of airline companies.