Operating margins exhibit extreme sensitivity to seasonality, swinging from a peak of 35.5% in 2026Q2 to a negative 20.1% in 2026Q4, reflecting the inherent fixed-cost burden of the low-cost carrier model.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 15.65B | 13.95B | 13.44B | 10.78B | 4.8B | 1.64B | 8.49B | 7.7B | 7.15B | 6.65B | 6.54B | 5.65B | 5.04B | 4.88B | 4.39B | 3.63B | 2.99B | 2.94B | 2.71B | 2.24B | 1.69B | 1.34B | 1.07B | 842.51M | 624.05M | 487.4M | 370.14M | 295.76M | 231.86M | 103.28M |
| Revenue Growth % | 12.19% | 3.75% | 24.77% | 124.44% | 193.49% | -80.74% | 10.36% | 7.64% | 7.57% | 1.71% | 15.6% | 12.26% | 3.13% | 11.25% | 20.96% | 21.47% | 1.57% | 8.41% | 21.32% | 32.16% | 26.63% | 24.42% | 27.5% | 35.01% | 28.04% | 31.68% | 25.15% | 27.56% | 124.5% | -26.1% |
| Cost of Goods Sold | 12.36B | 11.3B | 9.57B | 8.55B | 4.68B | 1.7B | 6.72B | 5.49B | 4.51B | 4.29B | 4.36B | 4B | 3.84B | 3.64B | 3.53B | 2.97B | 1.87B | 2.13B | 1.58B | 1.54B | 1.14B | 956.79M | 751.8M | 501.73M | 181.82M | 250.85M | 193.81M | 151.73M | 139.85M | 64.49M |
| COGS % of Revenue | 79.01% | 81% | 71.16% | 79.37% | 97.49% | 104.09% | 79.12% | 71.36% | 63.1% | 64.59% | 66.65% | 70.74% | 76.2% | 74.5% | 80.34% | 81.95% | 62.61% | 72.47% | 58.08% | 68.82% | 67.12% | 71.58% | 69.99% | 59.55% | 29.14% | 51.47% | 52.36% | 51.3% | 60.31% | 62.44% |
| Gross Profit | 3.28B | 2.65B | 3.88B | 2.22B | 120.7M | -66.9M | 1.77B | 2.2B | 2.64B | 2.35B | 2.18B | 1.65B | 1.2B | 1.25B | 863.2M | 655.2M | 1.12B | 809.94M | 1.14B | 697.57M | 556.52M | 379.8M | 322.42M | 340.78M | 442.23M | 236.55M | 176.33M | 144.03M | 92.02M | 38.79M |
| Gross Margin % | 20.99% | 19% | 28.84% | 20.63% | 2.51% | -4.09% | 20.88% | 28.64% | 36.9% | 35.41% | 33.35% | 29.26% | 23.8% | 25.5% | 19.66% | 18.05% | 37.39% | 27.53% | 41.92% | 31.18% | 32.88% | 28.42% | 30.01% | 40.45% | 70.86% | 48.53% | 47.64% | 48.7% | 39.69% | 37.56% |
| Gross Profit Growth % | 23.93% | -31.64% | 74.42% | 1741.76% | 280.42% | -103.77% | -19.55% | -16.45% | 12.1% | 7.98% | 31.76% | 38.03% | -3.77% | 44.29% | 31.75% | -41.36% | 37.95% | -28.8% | 63.07% | 25.34% | 46.53% | 17.8% | -5.39% | -22.94% | 86.94% | 34.15% | 22.43% | 56.52% | 137.22% | -72.24% |
| Operating Expenses | 808.89M | 1.09B | 1.82B | 780.4M | 460.3M | 772.5M | 646.3M | 1.2B | 969.3M | 820.5M | 405M | 615.8M | 541.4M | 522.9M | 180M | 154.6M | 715.2M | 717.31M | 600.43M | 1.82B | 1.36B | 1.22B | 992.2M | 686.87M | 461.12M | 373.39M | 286.08M | 227.9M | 175.66M | 86.88M |
| OpEx % of Revenue | 5.17% | 7.83% | 13.51% | 7.24% | 9.59% | 47.22% | 7.61% | 15.6% | 13.55% | 12.34% | 6.2% | 10.89% | 10.75% | 10.71% | 4.1% | 4.26% | 23.93% | 24.38% | 22.12% | 81.52% | 80.64% | 91.15% | 92.36% | 81.53% | 73.89% | 76.61% | 77.29% | 77.06% | 75.76% | 84.12% |
| Selling, General & Admin | 808.89M | 1.09B | 921.8M | 780.4M | 460.3M | 201.5M | 646.3M | 547.3M | 410.4M | 322.3M | 292.7M | 233.9M | 192.8M | 197.9M | 180M | 154.6M | 144.8M | 12.75M | 17.17M | 508.33M | 232.96M | 371.37M | 312.23M | 215.37M | 219.55M | 60.7M | 48.48M | 39.8M | 30.92M | 20.56M |
| SG&A % of Revenue | 5.17% | 7.83% | 6.86% | 7.24% | 9.59% | 12.32% | 7.61% | 7.11% | 5.74% | 4.85% | 4.48% | 4.14% | 3.83% | 4.05% | 4.1% | 4.26% | 4.85% | 0.43% | 0.63% | 22.72% | 13.76% | 27.79% | 29.07% | 25.56% | 35.18% | 12.45% | 13.1% | 13.46% | 13.34% | 19.91% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 894.9M | 0 | 0 | 571M | 0 | 653.8M | 558.9M | 498.2M | 112.3M | 381.9M | 348.6M | 325M | 0 | 0 | 570.4M | 704.55M | 583.26M | 1.32B | 1.13B | 846.95M | 679.97M | 471.5M | 241.57M | 312.69M | 237.6M | 188.1M | 144.74M | 66.32M |
| Operating Income | 2.48B | 1.56B | 2.06B | 1.44B | -339.6M | -839.4M | 1.13B | 1.02B | 1.67B | 1.53B | 1.46B | 1.04B | 654M | 718M | 683.2M | 488.2M | 402.1M | 92.63M | 537.08M | 471.75M | 375.05M | 329.49M | 251.29M | 263.47M | 162.93M | 114.01M | 84.06M | 67.86M | 56.28M | 16.4M |
| Operating Margin % | 15.82% | 11.17% | 15.33% | 13.39% | -7.07% | -51.31% | 13.27% | 13.21% | 23.32% | 23.08% | 22.34% | 18.44% | 12.98% | 14.7% | 15.56% | 13.45% | 13.46% | 3.15% | 19.79% | 21.09% | 22.16% | 24.65% | 23.39% | 31.27% | 26.11% | 23.39% | 22.71% | 22.94% | 24.27% | 15.88% |
| Operating Income Growth % | 58.9% | -24.39% | 42.85% | 524.79% | 59.54% | -174.45% | 10.88% | -39.02% | 8.69% | 5.08% | 40% | 59.45% | -8.91% | 5.09% | 39.94% | 21.41% | 334.09% | -82.75% | 13.85% | 25.78% | 13.83% | 31.12% | -4.63% | 61.71% | 42.91% | 35.64% | 23.86% | 20.58% | 243.2% | -32.74% |
| EBITDA | 3.86B | 2.77B | 3.06B | 2.37B | 379.8M | -337M | 1.88B | 1.66B | 2.23B | 2.03B | 1.89B | 1.42B | 1.01B | 1.05B | 992.4M | 765.9M | 637.5M | 348.75M | 713.03M | 615.25M | 499.45M | 228.96M | 147.42M | 186.72M | 104.03M | 56.8M | 40.56M | 104.04M | 81.42M | 22.94M |
| EBITDA Margin % | 24.66% | 19.88% | 22.72% | 21.96% | 7.91% | -20.6% | 22.09% | 21.53% | 31.16% | 30.56% | 28.87% | 25.12% | 19.97% | 21.45% | 22.6% | 21.1% | 21.33% | 11.85% | 26.27% | 27.5% | 29.51% | 17.13% | 13.72% | 22.16% | 16.67% | 11.65% | 10.96% | 35.18% | 35.12% | 22.21% |
| EBITDA Growth % | 39.17% | -9.25% | 29.13% | 522.91% | 212.7% | -117.96% | 13.2% | -25.62% | 9.69% | 7.65% | 32.85% | 41.23% | -3.99% | 5.56% | 29.57% | 20.14% | 82.8% | -51.09% | 15.89% | 23.18% | 118.14% | 55.31% | -21.05% | 79.49% | 83.17% | 40.04% | -61.02% | 27.78% | 254.95% | -26.13% |
| D&A (Non-Cash Add-back) | 1.38B | 1.21B | 994.3M | 923.2M | 719.4M | 502.4M | 748.7M | 640.5M | 561M | 497.5M | 427.3M | 377.7M | 351.8M | 329.6M | 309.2M | 277.7M | 235.4M | 256.12M | 175.95M | 143.5M | 124.41M | -100.53M | -103.87M | -76.75M | -58.9M | -57.22M | -43.5M | 36.18M | 25.14M | 6.54M |
| EBIT | 2.48B | 1.85B | 2.06B | 1.52B | -338.4M | -839.4M | 743.2M | 1.01B | 1.67B | 1.54B | 1.79B | 1.06B | 674.6M | 750.2M | 742.3M | 514.8M | 413.1M | -50M | 536M | 533.91M | 375.05M | -486.04M | -669.78M | -346.09M | -18.89M | -136.84M | -109.75M | -83.87M | 42.38M | 17.29M |
| Net Interest Income | 80.54M | 224M | 61.8M | -34.4M | -91.4M | -53.8M | -51.5M | -55.4M | -58.1M | -63M | -53.2M | -56.3M | -66.7M | -71.9M | -64.9M | -66.7M | -48.6M | -55M | -13.2M | -19.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.07M | 65K |
| Interest Income | 80.54M | 290.5M | 144.8M | 42.4M | 0 | 16M | 21.4M | 3.7M | 2M | 4.2M | 17.9M | 17.9M | 16.5M | 71.7M | 44.3M | 27.2M | 23.5M | 75.52M | 83.96M | 62.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.15M | 1.81M |
| Interest Expense | 0 | 66.5M | 83M | 76.8M | 91.4M | 69.8M | 72.9M | 59.1M | 60.1M | 67.2M | 71.1M | 74.2M | 83.2M | 99.3M | 109.2M | 93.9M | 72.1M | 130.54M | 97.09M | 82.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 1.74M |
| Other Income/Expense | -36.14M | 226.4M | 67.3M | -100K | -90.2M | -269.3M | -457.1M | -68.7M | -56M | -63.7M | 262M | -60.5M | -67.2M | -67.3M | -50.2M | -67.3M | -61.1M | -273.1M | -98.2M | -20.71M | -36.16M | -31.54M | -22.81M | 1.08M | 9.44M | 9.38M | 6.04M | 7.95M | 5.15M | 64K |
| Pretax Income | 2.44B | 1.78B | 2.13B | 1.44B | -429.8M | -1.11B | 670.3M | 948.1M | 1.61B | 1.47B | 1.72B | 982.4M | 591.4M | 650.9M | 633M | 420.9M | 341M | -180.49M | 438.93M | 451.04M | 338.89M | 295.93M | 228.48M | 264.55M | 172.37M | 123.39M | 90.09M | 75.81M | 61.43M | 16.46M |
| Pretax Margin % | 15.59% | 12.79% | 15.83% | 13.39% | -8.95% | -67.78% | 7.89% | 12.32% | 22.53% | 22.12% | 26.35% | 17.38% | 11.74% | 13.33% | 14.42% | 11.6% | 11.41% | -6.13% | 16.17% | 20.16% | 20.02% | 22.14% | 21.27% | 31.4% | 27.62% | 25.32% | 24.34% | 25.63% | 26.5% | 15.94% |
| Income Tax | 251.27M | 172.8M | 210.9M | 128.7M | -189M | -93.6M | 21.6M | 63.1M | 161.1M | 154.4M | 162.8M | 115.7M | 68.6M | 81.6M | 72.6M | 46.3M | 35.7M | -11.31M | 48.22M | 15.44M | 32.18M | 29.19M | 21.87M | 25.15M | 22M | 18.91M | 17.58M | 18.34M | 15.91M | 5.48M |
| Effective Tax Rate % | 10.3% | 9.68% | 9.91% | 8.92% | 43.97% | 8.44% | 3.22% | 6.66% | 10% | 10.5% | 9.45% | 11.78% | 11.6% | 12.54% | 11.47% | 11% | 10.47% | 6.27% | 10.99% | 3.42% | 9.49% | 9.86% | 9.57% | 9.51% | 12.76% | 15.32% | 19.51% | 24.19% | 25.9% | 33.29% |
| Net Income | 2.19B | 1.61B | 1.92B | 1.31B | -240.8M | -1.02B | 648.7M | 885M | 1.45B | 1.32B | 1.56B | 866.7M | 522.8M | 569.3M | 560.4M | 374.6M | 305.3M | -169.17M | 390.7M | 435.6M | 306.71M | 280.04M | 206.61M | 239.4M | 150.38M | 104.48M | 72.52M | 57.47M | 36.31M | 11.6M |
| Net Margin % | 13.98% | 11.55% | 14.26% | 12.19% | -5.02% | -62.06% | 7.64% | 11.5% | 20.28% | 19.79% | 23.85% | 15.33% | 10.38% | 11.66% | 12.76% | 10.32% | 10.22% | -5.75% | 14.4% | 19.47% | 18.12% | 20.95% | 19.23% | 28.41% | 24.1% | 21.44% | 19.59% | 19.43% | 15.66% | 11.23% |
| Net Income Growth % | 35.78% | -15.94% | 45.92% | 645.6% | 76.28% | -256.48% | -26.7% | -38.97% | 10.21% | -15.6% | 79.89% | 65.78% | -8.17% | 1.59% | 49.6% | 22.7% | 280.47% | -143.3% | -10.31% | 42.02% | 9.52% | 35.54% | -13.7% | 59.2% | 43.92% | 44.08% | 26.18% | 58.28% | 212.97% | -31.62% |
| Net Income (Continuing) | 2.19B | 1.61B | 1.92B | 1.31B | -240.8M | -1.02B | 648.7M | 885M | 1.45B | 1.32B | 1.56B | 866.7M | 522.8M | 569.3M | 560.4M | 374.7M | 305.3M | -169.2M | 390.7M | 435.6M | 306.71M | 280.04M | 206.61M | 239.4M | 150.1M | 103.6M | 72.44M | 57.42M | 36.31M | 11.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.10 | 2.92 | 3.35 | 4.62 | -0.86 | -1.83 | 1.16 | 1.54 | 2.40 | 2.10 | 2.32 | 1.28 | 0.76 | 0.80 | 0.78 | 0.52 | 0.42 | -0.24 | 0.52 | 0.58 | 0.40 | 0.38 | 0.28 | 0.32 | 0.20 | 0.15 | 0.11 | 0.09 | 0.05 | 0.02 |
| EPS Growth % | 40.41% | -12.84% | -27.49% | 637.21% | 53.01% | -257.76% | -24.68% | -35.83% | 14.29% | -9.48% | 81.25% | 68.42% | -5% | 2.56% | 50% | 23.81% | 275% | -146.15% | -10.34% | 45% | 5.26% | 35.71% | -12.5% | 60% | 33.33% | 36.36% | 23.32% | 85.83% | 153.97% | -27.31% |
| EPS (Basic) | 4.14 | 2.94 | 3.37 | 4.62 | -0.86 | -1.83 | 1.16 | 1.54 | 2.44 | 2.10 | 2.32 | 1.28 | 0.76 | 0.80 | 0.78 | 0.52 | 0.42 | -0.24 | 0.54 | 0.58 | 0.42 | 0.38 | 0.28 | 0.32 | 0.22 | 0.15 | 0.11 | 0.09 | 0.05 | 0.02 |
| Diluted Shares Outstanding | 532.2M | 553.85M | 572.5M | 284.9M | 282.63M | 555.2M | 559.9M | 577.3M | 602M | 628.75M | 674.2M | 676.46M | 709.1M | 705.61M | 720.04M | 726.42M | 722.33M | 720.77M | 743.39M | 759.28M | 752.49M | 744.9M | 746M | 747.12M | 721.46M | 696.34M | 658.48M | 644.76M | 742.86M | 613.89M |
| Basic Shares Outstanding | 527.75M | 550.75M | 569.6M | 284.2M | 282.63M | 555.2M | 556.9M | 571.8M | 596.75M | 624.85M | 670.5M | 675.04M | 707.3M | 703.51M | 718.43M | 724.28M | 719.75M | 720.77M | 737.1M | 752.92M | 747.66M | 740.91M | 738.51M | 736.18M | 710.51M | 687.98M | 654.18M | 642.56M | 742.86M | 613.89M |
| Dividend Payout Ratio | 20.39% | 27.16% | 10.41% | - | - | - | - | - | - | - | 25.52% | - | - | 86.33% | - | 133.48% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Fuel Price Volatility Exposure
According to the provided quarterly income statements, RYAAY exhibits a highly seasonal revenue profile, with top-line figures peaking at $5.5 billion in 2026Q2 before contracting to $2.6 billion by 2026Q4, highlighting the inherent sensitivity of the airline's business model to European leisure travel demand cycles.
The revenue growth trajectory appears heavily dependent on peak summer quarters, which masks the underlying volatility experienced during off-peak periods. Investors should monitor whether the company can maintain its current growth pace as capacity constraints from aircraft delivery delays potentially limit the ability to capture seasonal demand spikes.
As reported in the financial data, gross margins fluctuate significantly from a peak of 45.8% in 2026Q2 to a negative 12.5% in 2026Q4, illustrating the extreme operational leverage and high fixed-cost burden that characterizes the company's point-to-point low-cost carrier business model throughout the fiscal year.
The wide variance in gross margins suggests that profitability is highly susceptible to the timing of travel demand and the associated cost of fuel. This cyclicality warrants caution, as the ability to maintain positive margins during off-peak quarters remains a critical indicator of the company's underlying pricing power.
Based on the income statement figures, operating income scales aggressively with revenue, moving from a $1.9 billion profit in 2026Q2 to a $512.8 million loss in 2026Q4, which suggests that the company's cost structure lacks the flexibility to fully mitigate the impact of lower off-peak passenger volumes.
The rapid transition from significant operating profit to loss indicates that fixed costs, such as aircraft ownership and personnel, exert substantial pressure on the bottom line during slower periods. This leverage may imply that the company is highly reliant on maintaining high load factors to achieve consistent annual profitability.
Analysis of the reported figures reveals that RYAAY consistently records net losses in the fourth quarter, such as the $402.0 million loss in 2026Q4, which raises questions regarding the long-term sustainability of its current cost-to-serve advantage when faced with persistent inflationary pressures and rising regulatory compliance costs.
Short-term observers may focus on the recurring nature of these seasonal losses as a potential sign of structural weakness in the off-peak business model. Investors should investigate whether the company's reliance on ancillary revenue is sufficient to offset the potential for margin compression if base fare pricing power diminishes.
Quick answers to the most common questions about buying RYAAY stock.
For fiscal year 2026, Ryanair Holdings plc (RYAAY) reported total revenue of $15.65B. This represents a 15051.9% increase compared to $103.3M in 1997.
Ryanair Holdings plc (RYAAY) is profitable, generating $2.19B in net income for the fiscal year ending 2026 with a net profit margin of 14.0%.
Ryanair Holdings plc (RYAAY) reported an operating income of $2.48B, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Ryanair Holdings plc (RYAAY) generated $3.28B in gross profit for the year, representing a gross profit margin of 21.0%. This demonstrates the company's core pricing power and production efficiency.