An Irish ultra-low-cost airline and one of Europe's largest carriers, Ryanair flies millions of passengers a year to dozens of countries on a no-frills, pay-for-extras model. It was founded in 1984 by entrepreneur Tony Ryan and his family, and was first incorporated under the name "Danren Enterprises" before taking the Ryan family name. Its first flight, in 1985, was a 15-seat turboprop hop from Waterford, Ireland, to London Gatwick.
20-F · Fiscal year ended Mar 31, 2026 · SEC filing ↗
Ryanair's profit fell 16% as a 32% fuel cost increase and flat fares offset 9% traffic growth.
Ryanair's profit fell for the first time since the pandemic. rose 3.8% to $15.1 billion as traffic grew 9% to 200 million passengers, but dropped 16.1% to $1.93 billion because average fares were flat and fuel costs rose 32%. The company enters FY2026 with 84% of its fuel hedged at a lower price, but its ability to raise fares remains the central question.
Key takeaways
fell 16.1% to $1.93 billion, and narrowed 3.0 points to 12.8%, as a 32% increase in fuel and oil costs consumed the benefit of higher traffic.
Traffic rose 9% to 200 million passengers, meeting the low end of the 198–200 million that was explicitly conditional on Boeing deliveries.
Average fares were flat , a sharp deceleration from the 21% increase in FY2024, which management had flagged as a key uncertainty given rising capacity.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Ryanair manages fuel, carbon, currency, and interest-rate risks primarily through hedging, with FY26 sensitivity disclosures for each.
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Fuel is the largest operating cost (~41% of FY26 operating expenses), hedged ~84% in FY26 and ~80% for FY27 at ~$668/metric ton via forward swaps.
A $1/metric ton change in jet fuel price would impact annual fuel costs by ~€5m; fuel hedges had a €2.1bn unrealized gain at March 31, 2026.
rose 12% to $4.30 billion, with spend per passenger up 3%, continuing its steady climb as a share of total .
fell 7.5% to $7.61 billion, reflecting the lower profitability and a or outflow, after rising 34% the prior year.
The company hedged 84% of FY2026 jet fuel at approximately $668 per metric ton, locking in a cost base below the FY2025 spot average but above the prior year's hedge level.
What changed
The FY2025 average fare environment, flagged as a key uncertainty, materialized as a : fares were flat after rising 21% in FY2024, and the deceleration was the primary driver of the 3.0-point margin contraction.
Boeing delivery risk, previously flagged as a condition for hitting 198–200 million passengers, was realized: traffic reached 200 million, the low end of , confirming the single-supplier constraint on growth.
The 737-MAX-10 certification, flagged as a binary event for the 300-million-passenger target by FY2034, remains unresolved, and the filing now cites 2027–2033 as the delivery window, pushing the timeline further out.
A new risk emerged: U.S. and EU trade tensions, including a temporary 15% global tariff, are now explicitly cited as a threat to aircraft and parts costs, potentially forcing order cancellations or postponements.
The Italian Competition Authority's €256 million fine for alleged abuse of dominance is a new legal risk not present in prior filings, with an appeal that may take up to three years to resolve.
What to watch
FY2026 average fare trajectory: with 84% of fuel locked at ~$668/ton, the ability to raise fares against industry overcapacity will determine whether margin recovers or compresses further.
Boeing delivery pace: any further delays will directly reduce FY2026 capacity growth below the planned expansion, as the single-supplier dependency leaves no alternative.
737-MAX-10 certification: regulatory approval remains the gate for the 300-million-passenger target by FY2034; another year without it would force a strategic rethink.
U.S. and retaliatory tariffs: newly emphasized as a risk, tariffs on aircraft and parts could raise capital expenditure and operating costs, potentially disrupting the Boeing order book.
Carbon costs under EU/UK ETS are fully hedged for FY27 at ~€72/allowance; a €1/ton CO2 price change would move carbon costs by ~€12m.
is mainly euro (66%) and GBP (22%), while significant USD costs (fuel, maintenance) are hedged with forwards; a 10% currency move could impact equity by up to ~€966m.
Interest-rate risk is minimal with no floating-rate debt hedges outstanding; a +/-1pp rate shift would change net finance income by +€24m/-€32m.
All derivatives are used for hedging, not speculation, and are generally held to maturity under cash-flow .
Ryanair faces material risks from fuel cost volatility, Boeing delivery/regulatory delays, trade tariffs, and legal/regulatory challenges including a €256m Italian competition fine.
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Jet fuel price spikes, exacerbated by the Iran conflict and Strait of Hormuz disruption, directly threaten profitability given limited ability to raise low fares.
Boeing 737 MAX-10 deliveries (2027-2033) are contingent on FAA/EASA certification; delays could derail the plan to reach ~800 aircraft and 300m passengers by FY34.
U.S. and EU trade tensions, including a temporary 15% global tariff, create uncertainty over aircraft and parts costs, potentially forcing order cancellations or postponements.
The Italian Competition Authority fined Ryanair €256m for alleged abuse of dominance in dealings with travel agents; the appeal may take up to three years to resolve.
Industry-wide engine MRO capacity constraints risk prolonged aircraft downtime, prompting Ryanair to invest in two in-house engine shops with associated execution risks.
EU ETS free allowances fully phased out in early 2026, making carbon credit purchases a significant and volatile environmental cost.
The provided section text contains only a table of contents and boilerplate; no performance drivers, segment trends, cost items, liquidity details, or outlook are present.
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The filing excerpt is limited to the table of contents and introductory notes, with no discussion of , margin changes, or performance.
No specific financial figures, period-over-period changes, or cost items are mentioned in the provided text.
The section lists topics like 'Results of Operations' and 'Liquidity and Capital Resources' but does not include their actual content.
Forward-looking statements are cautioned, but no concrete or outlook is given.