Ryanair profits fall 16% despite rise in revenue

Ryanair says Boeing delivery delays continue to restrain its growth plans, as the no-frills carrier posted a 16% decline in profits despite moving past 200 million annual passengers.

Passenger numbers rose from 183.7 million to 200.2 million in the 12 months to March 31, 2025, a 9% increase.

However, profit after tax fell from €1.92 billion to €1.61billion as costs rose 9% to €12.39 billion.

Average fares fell from €50 in FY 2024 to €46 but total revenue grew 4% to €13.95 billion.

In a results statement, Ryanair reported strong demand for this summer, though it predicted Boeing delivery delays would slow passenger growth to 3% in the coming year.

Noting peak fares were trending “modestly” ahead of prior year, it said it it was too early to provide guidance on 2026 profit growth despite a “cautious expectation” it would recover most, if not all, of last year’s fare decline.

Ryanair Group chief executive Michael O’Leary said the company’s strong hedged position helped “de-risk” it from fuel price volatility.

However, he warned: “The final FY26 outcome remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks, conflict escalation in Ukraine and the Middle East and European ATC mismanagement/short staffing.”   

Ryanair now has 181 Boeing 737 “Gamechangers” in its 618-aircraft fleet.

O’Leary said: “We are working closely with Boeing to accelerate deliveries and are increasingly confident that the remaining 29 Gamechangers in our 210 orderbook will deliver well ahead of Summer 26, enabling us to catch up delayed traffic growth into FY27.

“Boeing expects the MAX-10 to be certified in late 2025 and so we continue to plan for the timely delivery of our first 15 MAX-10s in spring 2027 (with 300 due by March 2034).