Ryanair has reported a record €2.26 billion profit after tax for the year to March 2026, a 40% increase on the previous year, as strong demand and higher fares offset ongoing aircraft delivery delays from Boeing. Passenger traffic grew by 4% to 208.4 million, maintaining a high load factor of 94%, although growth was constrained by the late delivery of 29 Boeing 737-8200 aircraft.
Aircraft availability remains the key limiting factor in Ryanair’s expansion. The delayed Boeing deliveries have capped capacity growth across the network and forced the airline to operate with less lift than planned during peak periods. Despite this, Ryanair completed the rollout of its current-generation fleet, ending the financial year with 647 aircraft, including all 210 high-density 737-8200’s. These aircraft, which offer improved fuel efficiency and increased seating capacity, are central to the airline’s low-cost model. However, continued delivery slippage has slowed what would otherwise have been a faster growth trajectory.
Total revenue rose 11% to €15.54 billion, driven by a combination of higher fares and resilient passenger demand across Europe. Average revenue per passenger increased by 7%, reflecting a recovery in ticket pricing after a weaker prior year, while ancillary revenue reached €4.99 billion. Cost control remains a core strength. Operating costs rose 6%, but unit costs increased by just 1% on a per-passenger basis, helped by improved fleet efficiency and tight cost management.
Like all airlines, Ryanair is facing uncertainty around fuel prices, driven in part by geopolitical tensions affecting global energy markets. To mitigate this, the airline has hedged around 80% of its fuel requirements for the current financial year at approximately $67 per barrel, providing some protection against recent price volatility. The company also booked an €85 million exceptional charge related to an Italian regulatory fine, which it is appealing.
Looking ahead, Ryanair expects modest growth to continue, targeting around 216 million passengers in the current financial year, assuming no further deterioration in aircraft delivery schedules. However, Boeing’s ongoing production issues remain the biggest constraint. Across Europe, limited aircraft availability is tightening capacity, which is helping support fares but limiting route expansion.
