Ram air–based thermal management systems (TMS) are investigated herein for the cooling of future hybrid-electric aircraft. The developed TMS model consists of all components required to estimate the impacts of mass, drag, and fuel burn on the aircraft, including heat exchangers, coldplates, ducts, pumps, and fans. To gain a better understanding of the TMS, one- and multi-dimensional system sensitivity analyses were conducted. The observations were used to aid with the numerical optimization of a ram air–based TMS towards the minimum fuel burn of a 180-passenger short-range partial-turboelectric aircraft with a power split of up to 30% electric power. The TMS was designed for the conditions at the top of the climb. For an aircraft with the maximum power split, the additional fuel burn caused by the TMS is 0.19%. Conditions occurring at a hot-day takeoff represent the most challenging off-design conditions for TMS. Steady-state cooling of all electric components with the designed TMS is possible during a hot-day takeoff if a small puller fan is utilized. Omitting the puller fan and instead oversizing the TMS is an alternative, but the fuel burn increase on aircraft level grows to 0.29%.