Ryanair reported a record net profit of €2.26 billion for the 2025–2026 financial year, up 40% year-on-year, despite Boeing delivery delays that constrained its capacity growth.
According to the Irish group’s annual results, this figure is reported before exceptional items, notably including a provision of around €85 million related to a fine imposed by the Italian competition authority. Annual traffic rose by 4% to 208.4 million passengers, setting a new record for a European airline.
Ryanair’s revenue increased by approximately 11% to nearly €15.5 billion, supported by a roughly 14% rise in ticket revenues to over €10.5 billion. Revenue per passenger grew by around 7%, driven by an average fare increase of about 10% compared to the previous financial year, which had seen declining prices. Ancillary revenues, including baggage fees, seat selection, and onboard services, continued to grow and remain a key contributor to margins.
On the cost side, Ryanair reported an increase of around 6% in total costs, with ex-fuel unit costs rising slightly by about 1%, allowing it to maintain a cost advantage over competitors. The group also strengthened its fuel hedging position, securing a large portion of its requirements for the 2026–2027 financial year to mitigate oil price volatility.
CEO Michael O’Leary noted that delays in Boeing’s delivery of the 737 MAX 8-200 limited the airline’s ability to fully deploy its planned capacity growth during the year, constraining certain network and frequency expansion plans. Nevertheless, Ryanair is targeting a further moderate increase in traffic for the current financial year, to around 216 million passengers, subject to Boeing meeting its delivery schedule for future 737 MAX 10 aircraft. The airline also confirmed that all its 737 MAX 8-200 aircraft have now been delivered.
According to Ryanair, Boeing expects to certify the 737 MAX 10 by late summer 2026 and has confirmed delivery of the first 15 aircraft in spring 2027, in line with contractual timelines, with a total of 300 737-10s scheduled for delivery by March 2034.
However, Europe’s leading low-cost carrier also flagged rising maintenance costs, driven by the ageing of its 737-800 fleet and mid-life engine shop visits for LEAP engines, as well as significant crew salary increases under new collective agreements.
For the current financial year, which began on March 31, Ryanair said it has virtually no visibility for the second half, as volatility in fuel prices and supply, geopolitical tensions (Middle East, Ukraine), macroeconomic risks, and ongoing air traffic control strikes and inefficiencies across Europe make it premature to provide any profit guidance. Commercially, demand for summer 2026 remains strong, although bookings are being made later than last year, reducing visibility and complicating unit revenue forecasting.
