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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 (RYA) investor relations material
Ryanair Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary21 Jul, 2025
Executive summary
Q1 profit after tax rose 128% year-over-year to €820m, driven by 4% traffic growth and 21% higher fares, with strong unit cost control and robust demand.
Total revenue increased 20% to €4.34bn, with average fare up to €51 and load factor stable at 94%.
Q1 performance benefited from weak prior year comps due to Easter timing and OTA boycott; two-year Q1 profit up 24%.
Traffic growth constrained by Boeing delivery delays; 181 Gamechanger aircraft in fleet, with 29 more delayed but expected before summer 2026.
Added to MSCI World Index in June, expecting FTSE Russell inclusion in September.
Financial highlights
Revenue per passenger up 15% year-over-year; average fares up 21% in Q1.
Ancillary revenue up 7% on 4% traffic growth; operating costs rose 5% year-over-year, but unit cost inflation limited to 1%.
Net cash at €2.1bn at quarter end, with gross cash of €4.4bn and debt reduced to €2.3bn.
CapEx for the quarter was €0.62bn, mainly for aircraft and maintenance; full year CapEx at €2.2bn.
Shareholders' equity increased to €7.4bn in the quarter.
Outlook and guidance
FY26 traffic expected to grow 3% to 206m passengers due to Boeing delays.
Modest unit cost inflation guided for full year (1–3%), with strong cost control and fuel hedging offsetting higher ATC and environmental costs.
Q2 fare increases expected to recover almost all of last year’s 7% decline; H2 visibility remains low with only 6% of seats sold.
Too early for full-year PAT guidance; net profit growth expected if current trends hold, but exposed to external risks.
Cautious optimism for H1 outcome, dependent on late summer bookings and external events.
Assess impact of delayed MAX-10 deliveries.
Explain the allocation of capacity growth.
How will SAF blend mandates impact costs?
Assess impact of potential EU cabin baggage rules.
How will Boeing tariff liability be managed?
When will Ryanair resume fuel hedging for FY27?
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Next Ryanair earnings date
Q2 20263 Nov, 2025
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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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