Ryanair

Ryanair Holdings plc (Ryanair) is the parent of Buzz, Lauda, Malta Air, Ryanair and Ryanair UK, a group of low-fare airlines in Europe. It is based in Dublin, Ireland. In the year that ended March 31, 2026 (fiscal 2026), the group carried 208.4 million passengers, with revenue of €15.54 billion and profit after tax of €2.17 billion. It flies about 3,800 flights a day from 95 bases to almost 220 airports in 34 countries.

Its fleet is almost 650 aircraft, and it has 300 new Boeing 737 aircraft on order. About 35,000 people work for the group. Revenue comes from scheduled fares and from ancillary sales such as bags and seats. Ancillary revenue was €3.08 billion in the first half of fiscal 2027.

Michael O'Leary is the Chief Executive Officer. Ryanair files Form 20-F and Form 6-K with the SEC and reports in euros. Its American Depositary Shares trade on Nasdaq in US dollars, and each ADS represents two ordinary shares.

The price of Ryanair depends on whether fares can rise enough in fiscal 2028 to pay for a much higher fuel bill. In the first half of fiscal 2027, profit after tax fell 15% to €2.15 billion, because the price of unhedged jet fuel doubled and the average fare fell 4%, while traffic grew 6%. The company hedged 80% of its fuel for fiscal 2027 at about $67 per barrel. It hedged only 25% of fiscal 2028 at about $95 per barrel, and it expects a fuel bill for fiscal 2028 that is about €2 billion higher at current forward prices.

It says that fares will probably rise, because other airlines face the same costs and seats are scarce, but that this is unlikely to pay for the full increase. For the price to hold or rise, three things must be true. Fares must rise with the cost of fuel in 2027. The first 16 Boeing MAX-10 aircraft, due in spring 2027, must arrive on time and lower the cost per seat.

The company must also find savings in airport charges, pay and crewing. The balance sheet gives room, because the company repaid its last bond in May 2026 and has net cash of €2.0 billion. The next tests are the Q3 report, expected in early 2027, and the full-year report, expected in May 2027, which should give the first view of fiscal 2028.

AI estimate, checked by Kevin. How it is made

1. Jan 25, 2027 · est.Pending

   Q3 fiscal 2027 results: fares and fuelAverage fares in Q3 are ahead of the same quarter a year before, as the company says they are trending, and this passes; lower fares fail.
2. May 2027 · est.Pending

   Fiscal 2027 results and the first view of fiscal 2028Fuel for fiscal 2028 is hedged at more than 25% at prices near the current level, and the company shows that fares rise with fuel cost, and this passes; a fuel bill that fares do not cover fails.
3. Q2 2027 · est.Pending

   First Boeing MAX-10 deliveriesEASA certifies the MAX-10 and the first 16 aircraft arrive in spring 2027, and this passes; a delay fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Ryanair said that traffic in October 2026 grew 1% to 19.4 million passengers, with a load factor of 93%. Traffic in the 12 months to October was 215.4 million passengers, up 5%.
• November 2, 2026Ryanair reported results for the first half of fiscal 2027. Revenue rose 3% to €10.08 billion, and profit after tax fell 15% to €2.15 billion. The average fare fell 4% to €55.70, and ancillary revenue rose 6% to €3.08 billion. Operating costs rose 10% to €7.69 billion. The company declared an interim dividend of €0.273 per share, payable in February 2027, and a new buyback of €800 million that starts in February 2027.
• November 2, 2026Ryanair gave no profit guidance for fiscal 2027 and said that it has no visibility for Q4. It cut its traffic target for fiscal 2027 from 216 million to 214 million passengers, so that winter traffic is broadly flat and less fuel is unhedged. It plans traffic of over 220 million passengers next year, with 16 new MAX-10 aircraft.

Next earnings

Expected about January 25, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Mar 31, 2026Filed June 22, 2026 · tmb-20260331x20f
• 20-FAnnual report for the period ended Mar 31, 2025Filed May 19, 2025 · tmb-20250331x20f

Every filing on SEC EDGAR (CIK 1038683)

• The cost of jet fuel in fiscal 2028 can hurt profit. Only 25% of the fuel for fiscal 2028 is hedged at about $95 per barrel, and the company expects a bill about €2 billion higher at current forward prices. Fares may not rise enough to pay for it.
• Fares and demand can fall. The average fare fell 4% in the first half, and customers now book closer to the flight date, so the company has no visibility for Q4. War in the Middle East and Ukraine, and strikes of air traffic control, can hurt demand and cost.
• Aircraft can arrive late. The first 16 Boeing MAX-10 aircraft are due in spring 2027, and EASA must still certify the type. A delay would cut growth and the saving in cost per seat.
• Costs outside the control of the company keep rising. Environmental taxes of the EU rose by €300 million this year, pay rose under new multi-year labor agreements, and airport and air traffic control charges rose. The company moves traffic away from high-tax markets such as Austria, Germany and regional Spain.
• Ownership rules limit who can hold the shares. EU rules require an EU airline to be majority-owned and effectively controlled by EU nationals. EU nationals held 30% of the share capital at September 30, 2026, and the company has not allowed new deposits of shares for ADSs since June 2001.

At September 30, 2026, Ryanair had gross cash of €2.6 billion and net cash of €2.0 billion. At March 31, 2026, gross cash was €3.6 billion and net cash was €2.1 billion. Read more

Yield at the current rate

1.5% (current annual rate, at today’s price)

Dividend yield

1.5% (last 12 months, at today’s price of $59.43)

Paid per share

$0.897 in the last 12 months (2 payments)

Current annual rate

$0.897 (the last two payments)

Latest ex-dividend date

September 11, 2026, $0.443 per share

Dividends per share by year

From 2015 to 2025, the dividend fell by about 4.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.