Ryanair (RYA) Q4 2026 Pre Recorded earnings summary

Executive summary

• Full-year profit after tax reached EUR 2.26 billion, up 40% year-over-year, driven by 4% traffic growth to 208 million passengers and a 10% increase in average fares, despite Boeing delivery delays.

• Revenue per passenger rose 7%, with unit costs up only 1%. Ancillary revenues increased 6% to nearly EUR 5 billion.

• The fleet expanded to 647 aircraft, including all 210 Boeing 737 Gamechangers, with significant future growth planned via MAX-10 orders.

• Customer satisfaction improved to 89%, up 3 points from the prior year, maintaining industry-leading CSAT.

Financial highlights

• Total revenue grew 11% to EUR 15.54 billion, with scheduled revenues up 14% and ancillary revenues up 6%.

• Operating costs rose 6% to EUR 13.09 billion, but only 1% per passenger.

• Net cash at year-end was EUR 2.1 billion, with gross cash of EUR 3.6 billion.

• Declared a final dividend of EUR 0.195 per share, payable in September, and continued a EUR 750 million share buyback, retiring nearly 40% of issued share capital since 2008.

• €85m provision for AGCM (Italy) fine included in FY26.

Outlook and guidance

• FY 2027 traffic expected to grow 4% to 216 million passengers, with robust summer demand but closer-in bookings and reduced visibility.

• Costs projected to rise mid-single digits due to higher unhedged fuel prices, increased environmental taxes (+EUR 300 million), maintenance, and new crew pay deals.

• Q1 fares expected to be down mid-single digits due to Easter timing; Q2 fares trending flat.

• No full-year profit guidance provided due to fuel price uncertainty and zero H2 visibility; growth plan targets 300 million passengers by FY34.