The record FY26 results provide a positive base but the lack of FY27 profit guidance and cautious fare/cost commentary cap upside. Traders should monitor the Q1 results in late July for H1 pricing and fuel cost clarity. The strong balance sheet and buyback provide a floor, but near-term headwinds from fuel, unit costs, and consumer uncertainty suggest limited catalyst for material upside near-term.
Price Chart
Executive Summary
Ryanair reports record FY26 results with PAT pre-exceptional up 40% to €2.26bn on revenue +11% to €15.54bn, driven by 4% traffic growth and 10% higher fares. Balance sheet strengthened to net cash €2.1bn, with plans to repay last bond and continue share buybacks. However, management refrains from providing FY27 profit guidance due to Middle East uncertainty, high fuel costs (unhedged 20% spiked), and easing fare trends, with Q1 fares expected down mid-single digits and Q2 pricing flat. The strong reported numbers are offset by cautious near-term outlook.
Key Facts
- Revenue +11% to €15.54bn (FY26 vs FY25)
- Pre-exceptional PAT +40% to €2.26bn
- Basic EPS +41% to €2.0594
- Traffic +4% to 208.4m passengers, load factor 94%
- Net cash €2.1bn at March 31, 2026
- FY27 jet fuel 80% hedged at ~$67/bbl
- No FY27 profit guidance provided; Q1 fares expected down mid-single digits YoY, Q2 pricing trending flat
- Unit costs could rise mid-single digit if unhedged fuel remains elevated
- Final dividend €0.195 per share proposed (subject to AGM)
- Share buyback of ~€0.6bn executed in FY26 and post-period
Financial Impact
FY26 revenue €15.54bn, PAT €2.26bn pre-exceptional, EPS €2.0594. Net cash €2.1bn. Outlook cautious with no FY27 guidance.
Risk Factors
- Middle East conflict escalation impacting fuel supply and prices
- Unhedged 20% fuel exposure at elevated spot prices
- Consumer spending slowdown due to inflation/higher oil
- European ATC strikes and capacity constraints
- Potential euro weakness vs USD impacting USD-denominated costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-005028 |
| Document: 0001654954-26-005028-index-headers.html | 0001654954-26-005028 |
| Document: 0001654954-26-005028-index.html | 0001654954-26-005028 |
| Document: 0001654954-26-005028.txt | 0001654954-26-005028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 8, 2026 20w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +12.80% | $29.57 (+16.88%) |
Jun 4, 2026 20w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.00% | $29.57 (+16.88%) |
Jun 3, 2026 20w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +14.38% | $29.57 (+16.88%) |
Jun 2, 2026 20w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.76% | $29.57 (+16.88%) |
Jun 2, 2026 20w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.76% | $29.57 (+16.88%) |
Jun 2, 2026 21w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.76% | $29.57 (+16.88%) |
Jun 2, 2026 21w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.76% | $29.57 (+16.88%) |
Jun 1, 2026 21w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +15.65% | $29.57 (+16.88%) |
May 26, 2026 22w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +14.15% | $29.57 (+16.88%) |
May 18, 2026 23w ago | 6-K | $25.30 $29.57 | ▲ +16.88% | ▲ +12.03% | $29.57 (+16.88%) |
US Market Status
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