Ryanair (RYA) Q4 2025 earnings summary

Executive summary

• Achieved record 200.2 million passengers in FY25, up 9% year-over-year, maintaining Europe's lowest cost and fare leadership.

• Profit after tax fell to EUR 1.61 billion, down from EUR 1.92 billion, mainly due to a 7% decline in airfares and higher costs.

• Unit cost per passenger remained flat, widening the cost gap versus EU competitors and supporting future growth.

• Boeing delivery delays constrained growth, but 181 Gamechangers were delivered, with a fleet of 618 aircraft for summer and 29 more due for summer 2026.

• Share buyback of 7% of shares completed and canceled; another EUR 750 million buyback announced.

Financial highlights

• Total revenue rose 4% to EUR 13.95 billion, but total costs increased 9% to EUR 12.39 billion.

• Full year profit after tax: EUR 1.61 billion (vs. EUR 1.92 billion prior year).

• Average fares down 7% year-over-year; ancillary revenues up 10% with 9% traffic growth.

• Gross cash at year-end: EUR 4 billion; net cash: EUR 1.3 billion.

• CapEx for the year: EUR 1.6 billion; shareholder returns: EUR 1.9 billion, including EUR 1.5 billion buyback.

Outlook and guidance

• FY26 traffic growth expected to slow to 3% (206 million passengers) due to Boeing delivery delays.

• Q1 pricing up 14%-15% year-over-year; Q2 pricing up 4%-5% with potential for further recovery.

• Modest unit cost inflation expected in FY26 (up 1%-2%).

• No full year profit guidance due to low H2 visibility; cautiously expect to recover most of last year’s 7% fare decline.

• Strong jet fuel hedging: 85% of FY26 fuel at $76/barrel; 40% of H1 FY27 at $66/barrel.