Ryanair (RYA) Q3 2026 Pre Recorded earnings summary

Executive summary

• Q3 profit after tax (pre-exceptional) was EUR 115 million, down 22% year-over-year, impacted by the absence of Boeing delivery compensation and an EUR 85 million provision for an Italian AGCM fine; post-exceptional profit was EUR 30 million.

• Traffic grew 6% to 47.5 million in Q3, with full-year FY 2026 traffic guidance raised to 208 million (+4%), maintaining the position as Europe's largest airline by traffic.

• Fares increased 4% year-over-year, with revenue per passenger up 3%.

• Expanded network to 95 bases and 223 airports across 36 countries, with a fleet of 643 aircraft and over 300 new Boeing 737s on order.

• Maintained high customer satisfaction (CSAT 89%) and top ESG ratings among EU large-cap airlines.

Financial highlights

• Q3 revenue rose 9% year-over-year to EUR 3.21 billion, with scheduled revenue up 10% and ancillary revenue up 7%.

• Total costs (pre-exceptional) rose 6% to EUR 3.11 billion; unit costs remained flat.

• Q3 operating profit fell 44% to EUR 18.2 million, mainly due to the exceptional charge.

• Liquidity at quarter-end: EUR 2.4 billion gross cash, EUR 1 billion net cash.

• Nine-month net profit rose 32% to EUR 2.57 billion, with EPS up 39% to EUR 2.43.

Outlook and guidance

• FY 2026 profit after tax (pre-exceptional) guided at EUR 2.13–2.23 billion, with fares expected to exceed previous guidance by 1–2% (total 8–9% growth).

• FY 2027 traffic expected to reach 216 million (+4%), with benefits from lower fuel hedging costs.

• Decade-long growth plan targets 300 million passengers by FY 2034, supported by 300 MAX 10 aircraft.

• Final FY 2026 outcome remains exposed to external risks such as geopolitical conflicts, macroeconomic shocks, and ATC strikes.

• Full-year fares now expected to exceed prior +7% growth guidance by 1–2%.