Ryanair (RYA) Q3 2025 earnings summary

Executive summary

• Q3 profit after tax reached €149 million, up from €15 million year-over-year, driven by 9% traffic growth to 45 million passengers and slightly higher fares, despite ongoing Boeing delivery delays.

• Nine-month profit after tax was €1.94 billion, down 12% year-over-year due to 8% lower airfares, despite resilient ancillary revenues.

• Total Q3 revenue rose 10% to €2.96 billion, with operating costs up 8% to €2.93 billion.

• Over 60% of the €800 million share buyback was completed by December, with an interim dividend of €0.223 per share to be paid in February.

• Maintains position as Europe's lowest-cost and largest airline by traffic, with strong ESG ratings.

Financial highlights

• Q3 revenue per passenger and average fares both increased 1% year-over-year.

• Q3 operating profit was €32.6 million, up from a €18.9 million loss; Q3 EPS rose 952% to €0.1368.

• Gross cash at December 31 was €2.77 billion, with a net cash balance of just over €70 million after significant CapEx, buybacks, and dividends.

• Q3 load factor steady at 92%; passenger numbers reached 44.9 million.

• Over 36% of shares bought back and cancelled since 2008.

Outlook and guidance

• FY25 traffic is expected to reach nearly 200 million (+9%), with full-year profit after tax guided between €1.55–€1.61 billion, subject to no further Boeing delays or adverse events.

• FY26 traffic target revised down to 206 million (3% growth) due to Boeing delays; long-term growth target remains 300 million passengers by FY34.

• Unit costs expected to remain broadly flat for the full year, supported by fuel hedge savings.

• CapEx for FY25 is projected at €1.7–€1.8 billion, with FY26 at about €1.7 billion due to delayed aircraft deliveries.

• ETS and SAF costs expected to exceed €1 billion in FY26.