Ryanair Holdings Stock Earnings Reports

Ryanair reported a strong Q1 FY26: profit after tax €820m (vs €360m prior year) driven by 4% traffic growth to 58m passengers and a 21% rise in average fares (the company notes this is artificially high due to a full Easter in April and weak prior-year comps). Key operational highlights: unit cost inflation was contained to ~1% per passenger in Q1; ancillary revenue grew ~3% per passenger; 5 Gamechanger deliveries in Q1 bring the Gamechanger fleet to 181; net cash increased by ~€2bn providing capacity to repay ~€2.1bn of bonds due over the next 12 months. Balance sheet and liquidity are strong, and Ryanair is running a €750m buyback program (≈€60m executed to end-June). Guidance and outlook: FY26 traffic targeted to grow ~3% to 206m (Boeing delivery delays constrain growth); modest full-year unit cost inflation expected (1–3%); management now expects to recover almost all of last year’s 7% full-year fare decline but remains cautious on full-year PAT given H2 visibility is limited (only ~6% of seats sold for H2). Fleet & capex: bought 30 spare LEAP-1B engines opportunistically; CapEx ~€2.2bn for FY26 with potential upside for tooling/MRO investment; capex expected to dip <€2bn in FY27 then rise as MAX10 deliveries ramp. Material risks called out: continued manufacturer delivery delays, potential US/EU tariffs, ATC strikes/overflight cancellations (notably France), higher environmental costs (ETS/SAF mandates), geopolitical shocks and terrorism. Management believes structural short‑haul capacity constraints across Europe and Ryanair’s widening unit‑cost advantage support controlled profitable growth toward long‑term targets.