Ryanair reports 20% Q2 profit rise to €1.72 billion, driven by fare recovery and strong demand

Half-year profit surges 42% to €2.54 billion; airline maintains cost discipline and expands growth plans

Ryanair Holdings plc announced a Q2 profit after tax (PAT) of €1.72 billion, up 20% year-on-year, as fares recovered and demand remained robust across its European network. For the first half of FY26, profit rose 42% to €2.54 billion, supported by a 3% rise in passenger traffic to 119 million and a 13% increase in average fares.

Revenue climbed 13% to €9.82 billion, with scheduled revenue up 16% to €6.91 billion and ancillary revenue up 6% to €2.91 billion. Operating costs rose just 4%, with unit costs increasing only 1%, aided by effective fuel hedging and disciplined cost control despite higher air traffic control and environmental charges.

Ryanair carried 61.2 million passengers in Q2 (+2%), achieving a 96% load factor, and operated with reliability above 99%. The airline’s fleet reached 636 aircraft, including 199 Boeing 737 “Gamechangers” as of 30 September.

Financial Strength and Shareholder Returns

The group reported a BBB+ credit rating and €3 billion in gross cash, after €1.2 billion in debt repayments and €1.1 billion in capital expenditure. Net cash rose to €1.5 billion, positioning Ryanair to repay its final bond (€1.2 billion due May 2026) from internal resources.

Following a €750 million share buyback launched in May, the airline had repurchased 25% of the programme by 30 September. The board declared an interim dividend of €0.193 per share, payable in February 2026.

Fleet and Growth Outlook

With Boeing deliveries improving, Ryanair expects to carry 215 million passengers in FY27, aided by the final six “Gamechangers” arriving before summer 2026. The first Boeing MAX-10 aircraft are expected in spring 2027, part of a 300-aircraft order delivering through 2034.

The carrier is redirecting capacity toward lower-cost, pro-growth markets such as Sweden, Italy, Albania, Slovakia, and Morocco, and away from high-cost countries including Germany and Austria. Its summer 2026 schedule features over 2,500 routes, including two new bases in Tirana and Trapani and 91 new routes.

Environmental Initiatives

Ryanair continues to advance its ESG commitments, with 23 new Gamechangers delivered in H1, each offering 16% lower fuel burn and CO? emissions. Over 60% of its Boeing 737NGs have now been retrofitted with winglets, reducing emissions and noise. The airline also committed $500 million for 30 CFM LEAP-1B spare engines to enhance resilience and reduce emissions.

Outlook

Ryanair expects FY26 traffic to grow by over 3% to 207 million passengers, slightly above earlier forecasts, thanks to stronger-than-expected demand and earlier Boeing deliveries. While Q3 bookings are ahead of last year, the airline warned of tougher fare comparisons in the second half and ongoing risks from geopolitical tensions, European ATC strikes, and macroeconomic uncertainty.

CEO Michael O’Leary said Ryanair remains well-positioned for “controlled, profitable growth to 300 million passengers annually by FY34,” citing its strong balance sheet, low-cost fleet, and structural cost advantage over competitors.