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Dec 31, 2025
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Ryanair Q3 2026 Earnings Report
Ryanair reported a net income of €115 million (pre-exceptional) in Q3 FY26, with revenue rising 9% to €3.21 billion.
Key Takeaways
Ryanair delivered solid Q3 FY26 results supported by strong mid-term and holiday demand. Despite a decline in net income due to an exceptional provision, revenue and traffic both grew. The airline maintained a high load factor while controlling unit costs.
Revenue rose 9% YoY to €3.21 billion driven by higher fares and increased traffic.
Net income (pre-exceptional) was €115 million; post-exceptional income dropped to €30 million.
Traffic grew 6% to 47.5 million passengers with a steady 92% load factor.
Fuel for FY26 is 84% hedged at $77/bbl; FY27 already 80% hedged at $67/bbl.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Ryanair expects FY26 traffic to reach 208 million passengers and projects full-year fares to increase by 8% to 9%. FY26 pre-exceptional profit is guided between €2.13bn and €2.23bn.
Positive Outlook
- Traffic guidance increased to 208 million due to earlier Boeing deliveries.
- Fare growth expected to exceed prior 7% estimate by 1–2 percentage points.
- Fuel hedging for FY27 secures over €500 million in savings.
- Controlled unit cost inflation due to fleet efficiency and hedging.
- Strong balance sheet and cash position support continued investment and debt repayment.
Challenges Ahead
- Exceptional charge of €85 million due to AGCM Italy fine provision impacted net results.
- Q4 lacks Easter holiday boost compared to other quarters.
- External risks from Ukraine and Middle East conflicts may affect Q4 results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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