Ryanair reported strong first quarter results, with profit after tax soaring 128% to €820 million in the period. Revenues climbed 20% to €4.3bn.
The European low-cost carrier said the strong results were driven by a 21% increase in average fares, as well as a 4% increase in passengers, totalling 58 million.
During the company's earnings call, Ryanair boss Michael O'Leary underlined that Easter fell later this year, pushing the holiday into the June-ending quarter. As a result, the company experienced higher demand and higher fares in the quarter, whereas the previous quarter had seen a drop as a result of the delayed holiday timing.
Fares during the subsequent second quarter are expected to be lower than the first, though travel demand for travel remains strong and now expects to recover almost all of the 7% fare decline from the previous year's second quarter.
The airline said FY26 traffic remains on track to grow 3% to 206 million passengers, with the company noting Boeing delays impacting growth. Ryanair received five 737 MAX 8 aircraft — or ‘gamechangers’ — during the quarter, with its fleet totalling 620 aircraft. The company said it is “confident” that it will receive the remaining 29 737 MAX 8 aircraft from its 210 orderbook and will deliver “well ahead” of summer 2026, where it hopes to recover some of the relayed traffic growth in that financial year. O'Leary said with these deliveries, Ryanair expects the “modest” Boeing delay compensation to unwind.
“We are taking the final 29 gamechangers well ahead of summer 2026,” said O'Leary. “In fact, the first five of those aircraft are due to deliver in August of this year. Boeing asked us to take them early. It doesn't suit us because we can't deploy them, but we are happy to take them early so we guarantee we don't have any delivery delays running into the summer of 2026.”
O'Leary said Boeing has consistently hit 38 per month production for its 737 MAX aircraft in both May and June, adding this was a “testament” to the strong leadership of both Boeing CEO Kelly Ortberg and its commercial aircraft business CEO Stephanie Pope.
“Boeing continues to expect MAX 10 certification in late 2025 and we're planning for the timely delivery of our first 15 MAX 10 deliveries in spring 2027,” Ryanair said in a statement. O'Leary said Boeing had “confirmed in writing” it was confident in those deliveries meeting schedule.
The company said it is due to receive 300 MAX 10 jets by 2034.
Ryanair still expects some modest unit cost inflation with next generation aircraft, fuel hedging and cost control measures offsetting increased ATC charges and higher environmental-related costs.
“Our group airlines capacity constrained growth is being allocated to those regions and airports who are cutting aviation taxes and incentivising traffic growth, and we expect this trend to continue,” the airline read in a statement. These areas include Italy, Hungary, and Sweden.
Load factor remained flat at 94%. Operating costs were up only 5% to €3.4bn.
The airline's shares climbed over 6% on the morning of July 21, 2025, London time, following the results.
As of June 30, 2025, net cash was €2bn, up from €1.3bn at the end of March. Ryanair said this leaves it “well positioned” to repay around €2.1bn maturing bonds over the next 10 months, including an €850 million bond in September, from internal cash resources.