Ryanair Reports Full Year 2025/26 Profit After Tax of €2.26 Billion
- Joe Breitfeller
- 7 hours ago
- 3 min read
Ryanair has reported a full-year 2025/26 net profit of €2.26 billion, a 40 percent increase versus the prior fiscal year result of €1.61 billion.
On Monday (May 18, 2026), Ryanair Holdings plc reported their fiscal full year 2025/26 financial results for the period ending March 31, 2026. The carrier reports a full-year profit after tax (PAT) or net profit of €2.26 billion, a 40 percent increase versus the previous financial year of PAT €1.61 billion. The Group’s FY 2025/26 revenue increased year-over-year by 11 percent to €15.54 billion. As of March 31, 2026, Ryanair has taken delivery of their complete order for 210 Boeing 737-8200 MAX ‘Gamechangers,’ ending the period with a fleet of 647 aircraft. Additionally, the carrier purchased 30 spare LEAP-1B engines during the period.
In Monday’s announcement, Ryanair Group’s CEO, Michael O’Leary, said in part,
“Group revenue rose 11% to €15.54bn. Scheduled revenue increased 14% to €10.56bn as traffic grew 4% with 10% higher fares (recovering last year’s 7% fare decline). Ancillary revenue rose 6% to €4.99bn (€24 per pax). Operating costs (pre-exceptional) rose 6% to €13.09bn (+1% per pax). With all 210 B-8200 “Gamechangers” now delivered, other income fell reflecting significantly lower delivery delay compensation in FY26. While our lawyers are confident that the baseless Italian AGCM fine levied in Dec. 2025 will be overturned on appeal, an exceptional €85m provision (approx. 33% of the €256m fine) is included as an exceptional charge in the FY26 results.
“The conflict in the Middle East has created economic uncertainty and we still don’t know when the Strait of Hormuz will reopen. Despite this, Europe remains relatively well supplied with jet-fuel, with significant volumes sourced from West Africa, the Americas and Norway. Global jet-fuel spot prices have, however, spiked to over $150bbl and are expected to remain elevated versus pre-conflict levels for some months. Ryanair’s conservative jet-fuel hedging strategy (80% of FY27 jet-fuel is hedged at approx. $67bbl – to April 2027) will insulate Group earnings in the current very volatile oil markets and widen the cost advantage over EU competitors for the remainder of FY27.
“Our balance sheet is strong with a BBB+ credit rating (both Fitch and S&P) and an unencumbered B737 fleet of 620 aircraft. At 31 Mar. (year-end) gross cash was €3.6bn after €1.9bn capex spend, €1.2bn debt repayments and over €900m shareholder distributions. Liquidity is further boosted by the Group’s RCF which has c.€1bn undrawn. Net cash was €2.1bn, which enables the Group to repay its last €1.2bn bond next week leaving our group effectively debt free. This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive (long-term) finance, rising aircraft lease costs and unhedged jet-fuel.
“During FY26, we purchased (and cancelled) some 2% of issued share capital (over 20m shares) and have now retired c.38% of Ryanair’s issued share capital since 2008. In line with our capital allocation policy, a final dividend of €0.195 per share is payable in Sept. (subject to AGM approval). Over the coming year, our priorities include the May repayment of our last €1.2bn bond, funding our MAX-10 aircraft capex, our dividends and the balance of our (€750m) buyback programme from internal cashflows while rebuilding the Group’s gross cash back to €4bn…”
Ryanair Holdings, plc is Europe’s largest airline conglomerate and the parent company of Buzz, Lauda, Malta Air, and Ryanair DAC. The airline carries over 150 million passengers annually with more than 2,500 daily departures. Ryanair serves over 200 destinations in 40 countries with a fleet of nearly 600 aircraft including Boeing 737NGs, Boeing 737-8200 Gamechangers and Airbus A320s with Lauda. Ryanair has maintained a stellar safety record for nearly 40 years and prides itself on being “Europe’s greenest cleanest airline group,” promising customers a reduction in CO2 emissions of up to 50 percent, versus the ‘Big 4 EU major airlines.’ The company continues to grow across Europe and plans on carrying 300 million passengers annually by FY 2034.
Source: Ryanair
