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Business Philosophy7 Mar 2024
Michael O'Leary: Ryanair's Maverick CEO
Explore Michael O'Leary's remarkable transformation with Ryanair, revolutionizing budget air travel in Europe with unique and ingenious strategies.
Ryanair
Ryanair (RYA) investor relations material
Ryanair Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary26 Jan, 2026
Executive summary
Q3 FY26 profit after tax (pre-exceptional) was €115 million, down 22% year-over-year, impacted by the absence of supplier compensation and an €85 million provision for an Italian AGCM fine; post-exceptional PAT was €30 million.
Q3 revenue rose 9% to €3.21 billion, driven by higher traffic and fares, with average fares up 4% to €44.
Passenger traffic grew 6% to 47.5 million in Q3, with full-year traffic expected to reach 208 million, maintaining the largest European airline position.
Strong cost control kept unit costs flat pre-exceptional, and the fleet now includes 206 Gamechangers, with network expanded to 95 bases and 223 airports.
Customer satisfaction remained high (CSAT 89% YTD), with top on-time performance and reliability.
Financial highlights
Q3 revenue up 9% year-over-year to €3.21 billion; operating costs pre-exceptional up 6% to €3.11 billion.
Q3 profit after tax pre-exceptional at €115 million, down 22% year-over-year; post-exceptional PAT was €30 million due to a fine provision.
For the nine months ended Dec 31, 2025, net profit rose 32% to €2.57 billion, with revenue up 12% to €13.03 billion.
Load factor steady at 92% in Q3.
Net cash from operating activities for the nine months was €1.71 billion.
Outlook and guidance
Full-year traffic guidance raised to 208 million, with FY26 pre-exceptional PAT guided at €2.13–2.23 billion.
Full-year fares expected to grow 8–9%, exceeding previous +7% guidance.
FY27 traffic projected at 216 million, supported by Boeing deliveries and strong demand.
Fuel hedging secures over €500 million in FY27 fuel cost savings, with 80% hedged at $67/barrel.
Decade-long growth plan targets 300 million passengers annually by FY34.
AGCM fine: Financial exposure if appeal fails?
MAX-10 delays: Impact on FY27 growth & FY34 target?
Capacity shift: Long-term financial benefit expected?
FY27 fuel hedge: $500M savings. Implications?
Italian AGCM fine: Appeal confidence & payment.
Capacity allocation: How to manage market churn?
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Next Ryanair earnings date
Q4 202618 May, 2026
Ryanair
Next Ryanair earnings date
Q4 202618 May, 2026
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Frequently asked questions
European Low-Cost Carrier
Ryanair is an Irish low-cost airline and one of the largest companies in European commercial aviation. The company operates flights both under the Ryanair brand, as well as through several subsidiaries. It flies to and from a majority of European countries, all while employing a number of strategies to keep flights as cheap as possible. This is done through things such as add-on charges, tight seating, serving major cities' secondary airports, and general cost-cutting. The company is headquartered in Dublin, Ireland, and its shares are listed on the Euronext Dublin as well as the Nasdaq.
Founding, Growth, and Michael O’Leary
Ryanair was founded in 1984 by the Ryan family, with Tony Ryan at the helm. Initially, it started with a modest operation, running a daily flight from Waterford in the southeast of Ireland to London Gatwick. The airline's early years were challenging, marked by stiff competition, especially from the state-owned airlines, and regulatory hurdles that limited its ability to expand and compete.
Michael O'Leary joined Ryanair in 1988, initially as a financial advisor before becoming the CEO in 1994. O'Leary, influenced by the low-cost model of Southwest Airlines in the United States, set out to overhaul Ryanair into Europe's most successful low-cost carrier. O’Leary’s influence on the company, and the airline industry as a whole, is impossible to overstate and his leadership has been instrumental in propelling Ryanair to the top of European air travel.
Further reading: Michael O'Leary: Ryanair's Maverick CEO
Ancillary Revenue Streams
Ryanair has historically been exceptionally successful in generating ancillary revenue, which refers to the income gained from non-ticket sources. The primary fees the company generates are by selling various add-ons such as charging extra for checked luggage, priority boarding, seat selection, and similar. The company also capitalizes on onboard sales of food and drinks, offers advertising space to other companies onboard, and incurs administrative fees.
The company’s business model has influenced many other low-cost carriers and has forced traditional airlines to rethink their strategies to compete effectively.
European Focus
Ryanair's route network is focused on Europe, connecting a vast array of destinations across both Western and Eastern Europe. The airline serves major cities, regional hubs, and holiday destinations, ensuring coverage that appeals to a broad spectrum of travelers. The airline network includes capitals, major economic centers, smaller cities, and popular vacation spots.
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