Ryanair financial results 2026: traffic, fleet & guidance

Ryanair data snapshot

• Scope: Ryanair Holdings plc
• Region: Europe
• Business model: Ultra low cost
• Financial year end: 31 Mar
• Reporting currency: EUR
• Source: Annual report & quarterly results
• Latest period: FY27 Q1
• Last updated: 2026-09-24

Latest read

Traffic growth remained positive in FY27 Q1, but lower fares and a 5% rise in unit costs compressed earnings. Revenue per passenger fell 5%. Scheduled revenue was €2.91 billion and ancillary revenue €1.47 billion, leaving profit after tax 34% below the prior-year quarter.

Reported metrics by period

Annual results

• FY2026 (FY26 · 31 Mar 2026): Passengers: 208m; Revenue: €15.544bn; Operating profit / result: €2.374bn op. (Operating profit); Operating margin: 15%; Load factor: 94%; Net debt / cash / leverage: €2.1bn net cash (Year end); Passenger revenue: €10.556bn (Scheduled revenue); Ancillary revenue: €4.988bn; Net profit: €2.174bn (Net result; incl. €85m exceptional charge); Capital expenditure: €1.80bn (FY26); Free cash flow: €1.89bn (Operating cash flow less capex) [Calculated]. Source: Ryanair FY26 Annual Report.
• FY2025 (FY25 · 31 Mar 2025): Passengers: 200m; Revenue: €13.949bn; Operating profit / result: €1.558bn op. (Operating profit); Operating margin: 11%; Load factor: 94%; Net profit: €1.612bn (Net result).
• FY2024 (FY24 · 31 Mar 2024): Passengers: 184m; Revenue: €13.444bn; Operating profit / result: €2.061bn op. (Operating profit); Operating margin: 15%; Load factor: 94%; Net profit: €1.917bn (Net result).
• FY2023 (FY23 · 31 Mar 2023): Passengers: 169m; Revenue: €10.775bn; Operating profit / result: €1.443bn op. (Operating profit); Operating margin: 13%; Load factor: 93%; Net profit: €1.314bn (Net result).
• FY2022 (FY22 · 31 Mar 2022): Passengers: 97m; Revenue: €4.801bn; Operating profit / result: −€340m op. (Operating result); Operating margin: −7%; Load factor: 82%; Net profit: −€241m (Net result).

Quarterly and interim results

• FY27 Q1 (FY27 Q1 · 30 Jun 2026): Passengers: 61.3m (+6% traffic YoY); Revenue: €4.384bn (Quarter); Net profit: €538m (Profit after tax); Load factor: 94% (Quarter); Capacity / ASK: Not separately disclosed (ASK capacity not separately stated) [Unavailable]; RASK / yield: −5% rev./pass. (Company measure) [Defined]; CASK ex-fuel: Not separately disclosed (Total unit costs rose 5%; ex-fuel unit cost not disclosed) [Unavailable]; Cash / liquidity: €2.48bn cash and equivalents (At 30 Jun 2026); Net debt / cash / leverage: Debt-free (Final €1.2bn repayment completed in May 2026); Fleet size: 647 aircraft (At 30 Jun 2026); Fleet growth / guidance: 216m passengers (FY2027 traffic guidance) [Defined]; Fuel / hedging: 80% hedged at about $67/bbl (FY2027 fuel); Passenger revenue: €2.91bn (Scheduled revenue); Ancillary revenue: €1.47bn (Ancillary revenue); Fuel cost: €1.69bn (Fuel & oil); Equity: €9.48bn (30 Jun 2026); Operating profit / result: €575.4m operating profit (Q1 FY2027); Operating margin: 13.1% (Operating profit ÷ revenue) [Calculated]; Gross cash: €2.8bn+ (Gross cash; €1.1bn revolving credit facility available); Unit-cost measure: +5% (Total unit costs; ex-fuel figure not disclosed). Source: Ryanair FY27 Q1 results.
• FY26 Q3 (31 Dec 2025): Passengers: 47.5m; Revenue: €3.214bn; Load factor: 92%; Net profit: €30m (Profit after tax).
• FY26 Q2 (30 Sep 2025): Passengers: 61.2m; Revenue: €5.480bn; Load factor: 96%; Net profit: €1.719bn (Profit after tax).
• FY26 Q1 (30 Jun 2025): Passengers: 57.9m; Revenue: €4.338bn; Load factor: 94%; Net profit: €820m (Profit after tax). Source: Ryanair FY26 Q1 results.
• FY25 Q3 (31 Dec 2024): Passengers: 44.9m; Revenue: €2.959bn; Load factor: 92%; Net profit: €149m (Profit after tax).
• FY25 Q2 (30 Sep 2024): Passengers: 59.8m; Revenue: €5.066bn; Load factor: 95%; Net profit: €1.431bn (Profit after tax).
• FY25 Q1 (30 Jun 2024): Passengers: 55.5m; Revenue: €3.626bn; Load factor: 94%; Net profit: €360m (Profit after tax).
• FY24 Q3 (31 Dec 2023): Passengers: 41.4m; Revenue: €2.699bn; Load factor: 92%; Net profit: €15m (Profit after tax).
• FY24 Q2 (30 Sep 2023): Passengers: 55.0m; Revenue: €4.926bn; Load factor: 96%; Net profit: €1.515bn (Profit after tax).
• FY24 Q1 (30 Jun 2023): Passengers: 50.4m; Revenue: €3.649bn; Load factor: 95%; Net profit: €663m (Profit after tax).

Guidance versus actual

Fleet

Total fleet: 647 aircraft (as of 30 Jun 2026).

Orders

Per-passenger economics

Financial years ending 31 March.

FY27 Q1: current versus prior year

Revenue bridge

Latest quarter and latest full year; € million unless stated.

Cost bridge

Ryanair reported total unit costs up 5% year on year. A separate ex-fuel CASK figure was not disclosed in the Q1 release.

Cash flow and leverage

Cash after capex equals reported operating cash flow less reported capital expenditure and is calculated from company figures. A comparable FY27 Q1 free-cash-flow measure was not separately disclosed.

Balance sheet

Fleet productivity

Five-year arc

Ryanair’s five-year arc traces a sharp recovery from the pandemic-era loss in FY22 to consistent double-digit operating margins from FY23 onward. Passenger growth has decelerated as the network matures — up 74% in FY23 alone as travel rebounded, but only 4% in FY26 — while revenue and profit have kept climbing on higher fares and ancillary income rather than sheer volume. The FY26 operating margin of 15% matches FY24’s peak, showing the airline has largely absorbed post-pandemic cost inflation without giving back the pricing gains it built through 2022 and 2023. Net result has tracked operating profit closely, with only modest drag from interest and tax, underlining how little balance-sheet leverage now weighs on Ryanair’s bottom line. The figure to watch through FY27 is whether the airline can deliver its guided 4% passenger growth — similar to FY26, but about half the pace of FY25 — while fares and unit costs move in the wrong direction simultaneously, a combination this table shows it has not had to manage since FY22.

FY26 reported profit after tax includes an €85 million exceptional charge; profit before that charge was €2,259 million. Passenger totals retain the whole-million rounding used in the annual report.

Seasonality

The quarterly history underlines how seasonal Ryanair’s earnings remain: the June and September quarters generate the overwhelming share of annual profit, while the December quarter — covering the low-demand winter months — has produced only a thin profit in every year shown: €15 million in FY24 Q3, €149 million in FY25 Q3 and €30 million in FY26 Q3. FY27 Q1’s €538 million profit is down sharply from FY26 Q1’s €820 million despite carrying more passengers at a similar load factor, which is the clearest evidence in this table that the earnings pressure is a cost and pricing story rather than a demand one. June-quarter revenue has swung sharply across the four years shown — down slightly in FY25 Q1, up 20% in FY26 Q1 and up just 1% in FY27 Q1 — and this year’s near-flat revenue came alongside an 11% rise in operating costs, a combination that, if it persists into the September quarter that typically delivers Ryanair’s single largest profit contribution, would weigh on the full-year result more than the headline passenger growth suggests.

Outlook

Management outlook at 20 July 2026: FY27 traffic of 216 million passengers, up 4%. No meaningful full-year profit guidance was provided. Long-term traffic target remains 300 million passengers annually by FY34. FY27 fuel was 80% hedged at about $67 per barrel.

What to watch:

• Fares and revenue per passenger: both declined in Q1 despite higher traffic.
• Unit costs: Q1 costs rose faster than revenue and remain central to the earnings outlook.
• Delivery timing: MAX 10 certification and Boeing delivery performance shape future capacity.
• Ancillary revenue: €1.47 billion represented a material share of Q1 revenue.
• Cash deployment: fleet capital expenditure, repayments and shareholder returns affect liquidity.

Peers

• easyJet — Low cost · Europe (head-to-head comparison)
• Wizz Air — Ultra low cost · Europe (head-to-head comparison)
• Jet2 — Leisure travel · Europe

Related analysis

• Europe’s crowded aviation decade: capacity constraints and fare pressure
• The Capacity Airlines Cannot Buy

Sources

• Ryanair results centre