Ryanair (RYA) Q4 2026 earnings summary

Executive summary

• Reported record full-year profit of €2.26 billion, up 40% year-over-year, with traffic reaching 208.4 million passengers, a 4% increase despite Boeing delivery delays.

• Maintained industry-leading cost structure and widened cost gap versus competitors, with unit costs rising only 1% year-over-year.

• Delivered record customer satisfaction (CSAT) at 89% and recognized as top ESG airline among EU large caps.

• Expanded fleet to 647 aircraft, with 300 new B737s on order to support growth to 300 million passengers by FY34.

• Declared a final dividend of €0.195 per share, payable in September, subject to AGM approval.

Financial highlights

• Total revenue rose 11% year-over-year to €15.54bn, driven by a 10% increase in average fare.

• Gross cash at year-end was €3.6 billion after €1.9 billion CapEx, €1.2 billion debt repayments, and over €900 million in shareholder distributions.

• Net cash position of €2.1 billion as of March 2026, enabling repayment of the final €1.2 billion bond and leaving the group debt-free.

• Purchased and canceled another 2% of issued share capital, retiring 38% since 2008.

• FY26 included an €85m provision for an Italian AGCM fine.

Outlook and guidance

• FY27 traffic expected to grow 4% to 216 million passengers.

• 80% of jet fuel hedged at $67 per barrel for the next 12 months, insulating against oil price volatility.

• EU environmental taxes expected to rise by €300 million to €1.4 billion, impacting competitiveness.

• Q1 FY27 fares expected to decline mid-single digits; Q2 fares to remain broadly flat, contingent on peak season bookings.

• Growth plan targets 300 million passengers annually by FY34, supported by MAX-10 deliveries.