Ryanair Holdings plc (RYAAY) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has moderated toward single digits while operating margins range from -21.3% in 2025Q4 to 35.5% in 2026Q2, indicating earnings are highly sensitive to seasonal swings over a largely fixed cost base.

Annual statement

RYAAY Income Statement

Ryanair Holdings plc (RYAAY) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	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	15.81B	15.54B	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 %	4.87%	11.44%	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	13.36B	12.28B	11.3B	9.57B	7.74B	4.01B	1.7B	6.04B	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%	71.79%	83.52%	104.09%	71.1%	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	2.45B	3.26B	2.65B	3.88B	3.04B	791.1M	-66.9M	2.45B	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 %	15.5%	20.99%	19%	28.84%	28.21%	16.48%	-4.09%	28.9%	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 %	-	23.1%	-31.64%	27.54%	284.3%	1282.51%	-102.73%	11.35%	-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	885.2M	803.5M	1.09B	1.82B	674.4M	1.13B	988M	1.73B	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%	6.26%	23.53%	60.4%	20.4%	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	885.2M	803.5M	878.4M	757.2M	674.4M	411.3M	201.5M	578.8M	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%	6.3%	5.63%	6.26%	8.57%	12.32%	6.81%	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	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	214M	1.06B	0	718.2M	786.5M	1.15B	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	1.91B	2.46B	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 %	12.08%	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 %	-	57.84%	-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	3.41B	3.83B	2.77B	3.12B	2.37B	379.8M	-268.4M	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 %	21.58%	24.66%	19.88%	23.21%	21.96%	7.91%	-16.41%	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 %	-7.25%	38.24%	-11.15%	31.89%	522.91%	241.51%	-114.31%	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)	1.5B	1.37B	1.21B	1.06B	923.2M	719.4M	571M	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	1.99B	2.46B	1.85B	2.06B	1.44B	-338.4M	-1.04B	1.13B	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	86.8M	80M	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	86.8M	117.8M	290.5M	61.8M	42.4M	0	53.8M	51.5M	55.4M	58.1M	63M	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	37.8M	66.5M	0	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	48.1M	-35.9M	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	1.96B	2.42B	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 %	12.38%	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	174.6M	249.6M	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 %	8.92%	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	1.78B	2.17B	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 %	11.28%	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 %	-24.44%	34.88%	-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)	1.78B	2.17B	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	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	0
EPS (Diluted)	3.41	4.08	2.90	3.34	2.30	-0.42	-1.82	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 %	-23.04%	40.69%	-13.17%	45.22%	647.62%	76.92%	-256.9%	-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)	-	4.12	2.92	3.36	2.32	-0.42	-1.82	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	522.95M	532.2M	553.85M	572.5M	569.8M	565.25M	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	518.7M	527.75M	550.75M	569.6M	568.4M	565.25M	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%	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Seasonal Losses Recurring Each Q4

Revenue Growth Decelerating Toward Single Digits

Based on the reported quarterly income statements, Ryanair's revenue growth has moderated from 19.6% in 2026Q1 to 1.1% in 2027Q1, while the latest 2027Q2 quarter printed 4.0%, suggesting the expansion phase is maturing.

The reported figures show revenue growth swinging between roughly 0% and 9% across recent quarters, with the 2026Q1 peak appearing to be an outlier rather than a durable trend. Such a pattern suggests growth is increasingly dependent on capacity additions and fare conditions rather than structural demand acceleration. Investors should monitor whether the 2027Q2 rebound to 4.0% represents a sustainable recovery or a seasonal artifact.

Gross Margins Swing Sharply With Seasonality

Ryanair's reported gross margin ranges from -26.2% in 2026Q4 to 45.8% in 2026Q2, a spread that appears to reflect pronounced seasonal fare dynamics rather than a stable structural margin base.

The wide quarterly dispersion in gross margin suggests pricing power is highly cyclical, with summer quarters carrying the majority of profitability. The implied cost base, which remains relatively fixed in the short term, appears to amplify downturns in shoulder and winter periods. This pattern warrants further investigation into the proportion of annual gross profit generated in peak versus off-peak quarters.

Operating Leverage Amplifies Seasonal Earnings

According to reported quarterly figures, operating margin moved from 35.5% in 2026Q2 to -21.3% in 2025Q4, indicating that operating income is highly sensitive to revenue swings given a largely fixed overhead base.

SG&A has remained comparatively stable at roughly $175 million to $390 million per quarter, so the operating income swing is driven primarily by gross profit fluctuation rather than overhead efficiency. This suggests the operating model carries significant leverage in both directions. Investors may want to assess whether management can flex capacity quickly enough to protect margins in weaker quarters.

Net Income Volatility Tracks Operating Results

Reported net income of $1.6B in 2027Q2 against a loss of $395.5M in 2026Q4 suggests earnings quality is closely tied to operating results, with limited evidence of material non-operating distortion in the supplied data.

Net margin generally tracks operating margin closely, which suggests the gap between operating and net income is not a major source of noise in these figures. Stock-based compensation is modest at only a few million dollars per quarter, so it does not appear to materially distort reported earnings. The EPS trajectory, however, is extremely volatile, making single-quarter comparisons unreliable for valuation purposes.

Recurring Q4 Losses Challenge Annual Profitability

Based on the reported figures, the 2026Q4 and 2025Q4 quarters both posted operating losses near $490M to $505M, raising the question of whether the annual profit narrative masks a structural off-season cash burn.

If the fourth quarter repeatedly produces losses of this magnitude, the annual net income figure becomes heavily dependent on the strength of the summer peak, which could be vulnerable to fare compression or demand shocks. Peer comparisons show Frontier and Sun Country also face margin pressure, though Ryanair's gross margin dispersion appears more extreme. Investors should investigate whether these losses are structurally recurring or driven by one-off items.

RYAAY — Frequently Asked Questions

Quick answers to the most common questions about buying RYAAY stock.

What was Ryanair Holdings plc's (RYAAY) revenue in 2026?

For fiscal year 2026, Ryanair Holdings plc (RYAAY) reported total revenue of $15.54B. This represents a 14950.9% increase compared to $103.3M in 1997.

Is Ryanair Holdings plc (RYAAY) profitable?

Ryanair Holdings plc (RYAAY) is profitable, generating $2.17B in net income for the fiscal year ending 2026 with a net profit margin of 14.0%.

What is Ryanair Holdings plc's operating profit margin?

Ryanair Holdings plc (RYAAY) reported an operating income of $2.46B, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ryanair Holdings plc's gross profit and gross margin?

Ryanair Holdings plc (RYAAY) generated $3.26B 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.