Ryanair Holdings PLC (RYAAY)

Price$55.36Cached quoteAs of 2026-09-05 15:17 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid cash generation is offset by a sharp earnings slowdown.

At the latest completed Nasdaq close, RYAAY is valued at roughly 13 times trailing earnings after the weak first quarter pulled twelve-month profit below FY26's level. FY26 free cash flow—cash left after operating costs and capital spending—was about €1.80 billion, close to €1.86 billion in FY25. That supports the valuation, but airlines deserve a discount for fuel and fare swings. The current price looks consistent with normalized annual profit around €1.8–€2.2 billion, rather than either a collapse or a rapid return to boom conditions.

Big pictureRyanair has recovered strongly, but profits still swing quickly when fares or fuel move.

The supplied history shows the cycle clearly. Revenue recovered from €1.64 billion in FY21 to €13.95 billion in FY25, while net income swung from a €1.02 billion loss to €1.61 billion profit. FY26 then improved further: revenue reached €15.54 billion and profit €2.17 billion, while operating cash flow rose to €3.69 billion from €3.42 billion. Yet Q1 FY27 profit fell 34% even as passengers rose 6%, showing that small changes in fares and fuel can move earnings much faster than traffic.

Business strengthLow costs, cash reserves, and buybacks give Ryanair stronger defenses than many airline rivals.

Balance-sheet protection is unusually strong for an airline. Net cash was €1.33 billion at FY25 and about €2.1 billion at FY26; Ryanair repaid its final €1.2 billion bond in May and still had more than €2.8 billion of gross cash in June. Capital allocation has favored owners: FY25 buybacks were about €1.48 billion, FY26 buybacks €0.54 billion, and the current €750 million program was about 90% complete by July. Weighted-average shares fell from 1.10 billion in FY25 to 1.06 billion in FY26, while stock compensation stayed small.

What could change the storyCheaper fuel and firmer fares could unlock upside, while another weak summer would erase it.

The bull case is that scarce European aircraft capacity and Ryanair's low costs let fares recover while traffic keeps growing. July passengers rose 7% to 22.2 million, and 300 ordered MAX-10s are meant to add 20% more seats with 20% lower fuel use. The bear case is already visible: Q1 fares fell 6%, the unhedged fifth of fuel briefly cost about $150 a barrel, and profit dropped 34%. Near €2 billion annual profit supports today's valuation; nearer €1.5 billion would make it look demanding.

AI: News

First-quarter profit shockQuarterly profit fell by a third as lower fares and expensive unhedged fuel overwhelmed passenger growth.

On July 20, Ryanair reported €538 million of after-tax profit for the June quarter, down 34% from €820 million and below the company's analyst consensus of €579 million. Traffic rose 6%, but average fares fell 6% and operating costs rose 11%; the unhedged 20% of fuel reached about $150 a barrel during the quarter. Reuters reported shares down more than 6% early. The value impact is direct: weaker ticket pricing and expensive unhedged fuel compress profit even when planes stay full.

Record July trafficRecord July traffic showed passenger demand stayed strong despite weaker fares and geopolitical uncertainty.

On August 5, Ryanair reported a record 22.2 million passengers in July, up 7% year over year, with 96% of seats filled. Rolling twelve-month traffic reached 213.2 million, up 5%. The operating message matters more than any same-day price move: demand volume remained strong after the weak-fare quarter, supporting Ryanair's growth plan. However, high passenger counts do not guarantee strong profit when ticket prices are being discounted or when the unhedged portion of fuel becomes substantially more expensive.

Record year, cautious summerRecord annual profit confirmed the recovery, but softer fare guidance shifted attention to the next downturn.

On May 18, Ryanair reported record pre-exceptional after-tax profit of €2.26 billion, up 40%, on €15.54 billion revenue and 208.4 million passengers. However, it cut its summer fare expectations and withheld FY27 profit guidance because of Middle East uncertainty and fuel prices. Reuters described an initial share decline followed by a rebound, with shares later up nearly 5%. The mixed reaction fit the message: FY26 proved strong earning power, but investors quickly refocused on whether those profits were near a cyclical peak.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	€15.54B	€13.95B	€13.44B	€10.78B	€4.80B	€1.64B	€8.49B	€7.70B	€7.15B	€6.65B	€6.54B
Operating expenses	€1.14B	€12.39B	€11.38B	€9.33B	€5.14B	€2.48B	€7.37B	€6.68B	€5.48B	€5.11B	€5.08B
Operating income	€2.37B	€1.56B	€2.06B	€1.44B	−€339.6M	−€839.4M	€1.13B	€1.02B	€1.67B	€1.53B	€1.46B
Operating margin	15.27%	11.17%	15.33%	13.39%	−7.07%	−51.31%	13.27%	13.21%	23.32%	23.08%	22.34%
EBITDA	€3.83B	€2.77B	€3.12B	€2.37B	€379.8M	−€268.4M	€1.88B	€1.66B	€2.23B	€2.03B	€1.89B
EBITDA margin	24.67%	19.88%	23.21%	21.96%	7.91%	−16.41%	22.09%	21.53%	31.16%	30.56%	28.88%
Net income	€2.17B	€1.61B	€1.92B	€1.31B	−€240.8M	−€1.02B	€648.7M	€885.0M	€1.45B	€1.32B	€1.56B
Net profit margin	13.98%	11.55%	14.26%	12.19%	−5.02%	−62.06%	7.64%	11.50%	20.28%	19.79%	23.85%
Basic EPSper basic share	€4.12	€1.46	€1.68	€1.16	-€0.21	-€0.91	€0.58	€0.77	€1.22	€1.05	€1.16
Diluted EPSper diluted share	€4.08	€1.45	€1.67	€1.15	-€0.21	-€0.91	€0.58	€0.77	€1.20	€1.05	€1.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of RYAAY
Holder	Shares held
Capital World Investors	34.94M
Capital International Investors	32.1M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	24.06M
FMR LLC	9.33M
PRICE T ROWE ASSOCIATES INC /MD/	8.82M
BAILLIE GIFFORD & CO	6.14M
Harding Loevner LP	5.95M
Jupiter Topco LLC	5.86M
JPMORGAN CHASE & CO	5.28M
Metropolis Capital Ltd	4.41M
WELLINGTON MANAGEMENT GROUP LLP	4.01M
Brave Warrior Advisors, LLC	3.96M
Trinity Street Asset Management LLP	3.57M
SPRUCEGROVE INVESTMENT MANAGEMENT LTD	3.42M
ROYAL BANK OF CANADA	3.01M
NORGES BANK	2.99M
BANK OF AMERICA CORP /DE/	2.48M
ALLIANCEBERNSTEIN L.P.	2.22M
FIL Ltd	1.66M
RENAISSANCE TECHNOLOGIES LLC	1.57M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)11$3.39M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4	Hurley John JHRyanair DAC CTO	SellCommon Stock	15.0K	$31.24	$468.6K	76.0K
May 22, 2026Form 4	McGuinness Jason PaulRyanair DAC CCO	SellCommon Stock	10.0K	$27.56	$275.6K	14.3K
May 19, 2026Form 4	Komorek Juliusz GrzegorzGroup CLO & Company Secretary	SellCommon Stock	14.1K	$26.01	$365.5K	46.3K
May 19, 2026Form 4	McCann TraceyRyanair DAC CFO	SellCommon Stock	8.2K	$26.01	$213.2K	38.7K
May 19, 2026Form 4	McGuinness Jason PaulRyanair DAC CCO	SellCommon Stock	12.6K	$26.01	$326.7K	24.3K

Review ownership filings at SEC.gov ↗

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Ryanair Holdings PLC (RYAAY)

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