Ryanair H1 FY27: 6% more passengers, 15% less profit as unhedged fuel doubles

Analysis date: 9 November 2026 · Ryanair H1 FY27 (six months to 30 September 2026), reported 2 November 2026

Ryanair carried 6% more passengers this summer and still made less money. Profit after tax for the six months to September fell 15% to €2.15 billion, as traffic grew 6% to 125.8 million passengers but the average fare slipped 4% to €55.70.

The squeeze came from fuel. Ryanair is 80% hedged at about $67 a barrel, but the unhedged 20% was bought at roughly $130, about double. Its fuel and oil bill rose 15% to €3.40 billion for the half.

Volume up, fares and fuel the wrong way

Summer was still very profitable. In the second quarter alone, revenue rose 4% to €5.70 billion and operating profit was €1.82 billion. Costs rose faster than revenue, though, so the margin lost 3.6 points.

Ryanair, Q2 (Jul–Sep)	Q2 FY26	Q2 FY27	Change
Passengers	61.2m	64.5m	+5%
Average fare	€64.80	€63.40	−2%
Total revenue	€5,479.9m	€5,697.9m	+4%
Fuel and oil	€1,512.9m	€1,713.5m	+13%
Operating profit	€1,947.2m	€1,819.9m	−7%
Operating margin	35.5%	31.9%	−3.6 pts

Ancillary revenue grew 6% to €1.61 billion in the quarter, faster than fares. Over the half, revenue per passenger fell 3% and unit costs rose 5%, the gap that explains the lower profit.

Still far ahead of the European pack

A 31.9% quarterly margin was well above the other European airlines that had reported July–September by 2 November. Icelandair reported an 18.4% operating margin for its third quarter and Finnair 9.0%. The groups that reported in the following days, IAG, Air France-KLM and Lufthansa Group, also came in well below it. Ryanair also stayed in a net cash position of €2.0 billion at 30 September, after €1.3 billion of debt repayments.

The harder comparison is with itself. Ryanair is passing only part of the fuel shock to travellers, and it has chosen to fill seats at slightly lower fares. Our operating margins tracker shows how the rest of the sector compares.

Guidance: more seats, no profit number yet

Ryanair now expects FY27 traffic to grow 3% to 214 million passengers. It said it is too early to give meaningful full-year profit guidance. Third-quarter fares are trending modestly ahead of last year, and FY28 fuel is 25% covered at about $95 a barrel.

Shareholders still get paid. The board declared an interim dividend of €0.273 per share for late February 2027 and a new €800 million buyback.

What to watch next

Ryanair is showing that scale and hedging can soften a fuel shock but not cancel it. Tell us in the discussion below whether lower fares were the right call, and compare carriers on the airline comparison page.

What does a Ryanair-style route cost to fly? Price Dublin–Barcelona on a 737 MAX 8 in the Route Cost Calculator: fuel, carbon, en-route and airport charges, itemised and sourced.

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