Detailed financial statements for Ryanair Holdings plc (RYAAY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ryanair Holdings plc, together with its subsidiaries, provides scheduled-passenger airline services in Ireland, Italy, Spain, the United Kingdom, and internationally. The company offers various ancillary services; engages in other activities connected with its air passenger service, including non-flight scheduled and Internet-related services, as well as in-flight sale of beverages, food, duty-free, and merchandise; and markets car hire, travel insurance, and accommodation se...
Analysis Summary
Ryanair Holdings plc reported revenue of 15.65B EUR in the most recent fiscal year, growing at a 5-year CAGR of 57.1%.
Trailing-twelve-month margins: gross margin 18.6%, operating margin 13.1%, net margin 12.1%. Free cash flow grew at 19.0% CAGR over 5 years.
At $53.72 (closing price, October 30, 2026), RYAAY trades at a P/E of 13.13 and an ROE of 20.27%. Market capitalisation stands at $27.8B, placing it among large-cap names.
Balance sheet quality for RYAAY: current ratio of 0.9, net cash position of 2.09B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 1.81B EUR represents 83% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6.65B EUR | 7.15B EUR | 7.70B EUR | 8.49B EUR | 1.64B EUR | 4.80B EUR | 10.78B EUR | 13.44B EUR | 13.95B EUR | 15.65B EUR |
| Cost of Revenue | 4.29B EUR | 4.51B EUR | 5.49B EUR | 6.72B EUR | 1.70B EUR | 4.68B EUR | 8.55B EUR | 9.57B EUR | 11.30B EUR | 12.36B EUR |
| Gross Profit | 2.35B EUR | 2.64B EUR | 2.20B EUR | 1.77B EUR | -66.9M EUR | 120.7M EUR | 2.22B EUR | 3.88B EUR | 2.65B EUR | 3.28B EUR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 322.3M EUR | 410.4M EUR | 547.3M EUR | 646.3M EUR | 201.5M EUR | 460.3M EUR | 780.4M EUR | 921.8M EUR | 1.09B EUR | 808.9M EUR |
| Operating Expenses | 820.5M EUR | 969.3M EUR | 1.20B EUR | 646.3M EUR | 772.5M EUR | 460.3M EUR | 780.4M EUR | 1.82B EUR | 1.09B EUR | 808.9M EUR |
| Operating Income | 1.53B EUR | 1.67B EUR | 1.02B EUR | 1.13B EUR | -839.4M EUR | -339.6M EUR | 1.44B EUR | 2.06B EUR | 1.56B EUR | 2.48B EUR |
| EBITDA | 2.03B EUR | 2.23B EUR | 1.65B EUR | 1.49B EUR | -273.1M EUR | 381.0M EUR | 2.44B EUR | 3.27B EUR | 3.07B EUR | 3.82B EUR |
| Interest Expense | 67.2M EUR | 60.1M EUR | 59.1M EUR | 72.9M EUR | 69.8M EUR | 91.4M EUR | 76.8M EUR | 83.0M EUR | 66.5M EUR | 0 |
| Pre-tax Income | 1.47B EUR | 1.61B EUR | 948.1M EUR | 670.3M EUR | -1.11B EUR | -429.8M EUR | 1.44B EUR | 2.13B EUR | 1.78B EUR | 2.44B EUR |
| Income Tax | 154.4M EUR | 161.1M EUR | 63.1M EUR | 21.6M EUR | -93.6M EUR | -189.0M EUR | 128.7M EUR | 210.9M EUR | 172.8M EUR | 251.3M EUR |
| Net Income | 1.32B EUR | 1.45B EUR | 885.0M EUR | 648.7M EUR | -1.02B EUR | -240.8M EUR | 1.31B EUR | 1.92B EUR | 1.61B EUR | 2.19B EUR |
| EPS | €2.10 | €2.44 | €1.54 | €1.16 | €-1.83 | €-0.86 | €4.62 | €3.37 | €2.94 | €4.14 |
| EPS (Diluted) | €2.10 | €2.40 | €1.54 | €1.16 | €-1.83 | €-0.86 | €4.62 | €3.35 | €2.92 | €4.10 |
| Shares Outstanding (Diluted) | 628.8 M | 602.0 M | 577.3 M | 559.9 M | 555.2 M | 282.6 M | 284.9 M | 572.5 M | 553.9 M | 532.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 5.48B EUR | 3.21B EUR | 2.55B EUR | 4.38B EUR |
| Gross Profit | 2.51B EUR | 603.6M EUR | -318.8M EUR | 778.4M EUR |
| Operating Income | 1.95B EUR | 18.2M EUR | -512.8M EUR | 575.4M EUR |
| EBITDA | 2.31B EUR | 429.6M EUR | -135.4M EUR | 992.5M EUR |
| Net Income | 1.72B EUR | 30.4M EUR | -402.0M EUR | 537.7M EUR |
| EPS | €6.48 | €0.06 | €-0.78 | €1.04 |
| EPS (Diluted) | €6.44 | €0.06 | €-0.78 | €1.02 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.22B EUR | 1.51B EUR | 1.68B EUR | 2.85B EUR | 2.65B EUR | 2.67B EUR | 3.60B EUR | 3.88B EUR | 3.86B EUR | 2.77B EUR |
| Short-term Investments | 2.90B EUR | 2.13B EUR | 1.48B EUR | 1.32B EUR | 465.5M EUR | 934.1M EUR | 1.06B EUR | 237.8M EUR | 100.1M EUR | 813.2M EUR |
| Receivables | 54.3M EUR | 57.6M EUR | 60.3M EUR | 125.4M EUR | 18.6M EUR | 43.5M EUR | 59.7M EUR | 76.4M EUR | 73.5M EUR | 44.2M EUR |
| Inventory | 3.1M EUR | 3.7M EUR | 2.9M EUR | 3.6M EUR | 3.6M EUR | 4.3M EUR | 6.0M EUR | 6.2M EUR | 4.6M EUR | 4.8M EUR |
| Total Current Assets | 4.71B EUR | 4.19B EUR | 3.80B EUR | 4.93B EUR | 3.46B EUR | 5.48B EUR | 5.91B EUR | 5.83B EUR | 6.01B EUR | 7.75B EUR |
| Property, Plant & Equipment | 7.21B EUR | 8.12B EUR | 9.03B EUR | 10.62B EUR | 8.55B EUR | 9.23B EUR | 10.12B EUR | 11.01B EUR | 11.07B EUR | 11.53B EUR |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 46.8M EUR | 46.8M EUR | 146.4M EUR | 160.6M EUR | 146.4M EUR | 146.4M EUR | 146.4M EUR | 146.4M EUR | 146.4M EUR | 146.4M EUR |
| Total Assets | 11.99B EUR | 12.36B EUR | 13.25B EUR | 16.18B EUR | 12.33B EUR | 15.15B EUR | 16.41B EUR | 17.18B EUR | 17.51B EUR | 19.77B EUR |
| Accounts Payable | 294.1M EUR | 249.6M EUR | 573.8M EUR | 1.50B EUR | 336.0M EUR | 1.03B EUR | 1.07B EUR | 792.2M EUR | 702.0M EUR | 610.4M EUR |
| Short-term Debt | 325.7M EUR | 434.6M EUR | 309.4M EUR | 501.8M EUR | 1.73B EUR | 1.22B EUR | 1.06B EUR | 50.0M EUR | 848.4M EUR | 1.24B EUR |
| Total Current Liabilities | 3.01B EUR | 3.41B EUR | 4.10B EUR | 6.04B EUR | 3.53B EUR | 5.40B EUR | 7.42B EUR | 6.40B EUR | 8.15B EUR | 8.58B EUR |
| Long-term Debt | 3.93B EUR | 3.53B EUR | 3.33B EUR | 3.93B EUR | 3.52B EUR | 3.71B EUR | 2.85B EUR | 2.53B EUR | 1.69B EUR | 148.0M EUR |
| Total Liabilities | 7.57B EUR | 7.89B EUR | 8.04B EUR | 10.79B EUR | 7.68B EUR | 9.60B EUR | 10.76B EUR | 9.56B EUR | 10.47B EUR | 9.66B EUR |
| Retained Earnings | 3.46B EUR | 4.08B EUR | 4.18B EUR | 4.66B EUR | 3.23B EUR | 2.88B EUR | 4.18B EUR | 5.90B EUR | 5.59B EUR | 6.78B EUR |
| Total Equity | 4.42B EUR | 4.47B EUR | 5.22B EUR | 5.39B EUR | 4.65B EUR | 5.55B EUR | 5.64B EUR | 7.61B EUR | 7.04B EUR | 10.11B EUR |
| Total Debt | 4.38B EUR | 3.96B EUR | 3.64B EUR | 4.62B EUR | 5.43B EUR | 5.08B EUR | 4.12B EUR | 2.75B EUR | 2.68B EUR | 1.49B EUR |
| Net Debt | 256.0M EUR | 317.5M EUR | 484.4M EUR | 442.4M EUR | 2.31B EUR | 1.47B EUR | -539.3M EUR | -1.37B EUR | -1.28B EUR | -2.09B EUR |
| Working Capital | 1.69B EUR | 776.1M EUR | -292.6M EUR | -1.11B EUR | -68.6M EUR | 76.4M EUR | -1.51B EUR | -573.5M EUR | -2.14B EUR | -828.8M EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 2.96B EUR | 2.42B EUR | 2.77B EUR | 2.48B EUR |
| Total Assets | 16.39B EUR | 16.04B EUR | 19.77B EUR | 18.16B EUR |
| Total Liabilities | 7.42B EUR | 7.26B EUR | 9.66B EUR | 8.68B EUR |
| Total Equity | 8.97B EUR | 8.78B EUR | 10.11B EUR | 9.48B EUR |
| Total Debt | 1.47B EUR | 1.53B EUR | 1.49B EUR | 181.9M EUR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.32B EUR | 1.45B EUR | 885.0M EUR | 648.7M EUR | -240.8M EUR | -240.8M EUR | 1.31B EUR | 1.92B EUR | 1.61B EUR | 2.19B EUR |
| Depreciation & Amortization | 497.5M EUR | 561.0M EUR | 640.5M EUR | 748.7M EUR | 566.3M EUR | 719.4M EUR | 923.2M EUR | 1.06B EUR | 1.21B EUR | 1.38B EUR |
| Stock-based Compensation | 5.7M EUR | 6.4M EUR | 7.7M EUR | 7.0M EUR | 8.6M EUR | 8.6M EUR | 16.2M EUR | -3.9M EUR | 12.8M EUR | 0 |
| Change in Working Capital | 115.5M EUR | 168.9M EUR | 254.1M EUR | -388.5M EUR | 1.78B EUR | 1.78B EUR | 1.36B EUR | 76.9M EUR | 395.4M EUR | 140.9M EUR |
| Operating Cash Flow | 1.93B EUR | 2.23B EUR | 1.76B EUR | 1.33B EUR | 1.94B EUR | 1.94B EUR | 3.89B EUR | 3.16B EUR | 3.42B EUR | 3.72B EUR |
| Capital Expenditure | -1.45B EUR | -1.47B EUR | -1.29B EUR | -578.8M EUR | -1.18B EUR | -1.18B EUR | -1.91B EUR | -2.39B EUR | -1.55B EUR | -1.91B EUR |
| Acquisitions | 0 | 0 | -101.5M EUR | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -1.02B EUR | -829.1M EUR | -531.6M EUR | -580.5M EUR | 0 | 0 | 0 | 0 | -1.48B EUR | -540.1M EUR |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -199.5M EUR | -437.7M EUR | -446.3M EUR |
| Free Cash Flow | 477.4M EUR | 762.6M EUR | 470.8M EUR | 748.3M EUR | 758.9M EUR | 758.9M EUR | 1.98B EUR | 766.0M EUR | 1.86B EUR | 1.81B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 320.9M EUR | -74.9M EUR | 2.00B EUR | 1.20B EUR |
| Capital Expenditure | -490.5M EUR | -317.6M EUR | -456.6M EUR | -474.7M EUR |
| Free Cash Flow | -169.6M EUR | -392.5M EUR | 1.54B EUR | 728.7M EUR |
| Dividends Paid | -229.0M EUR | -11.1M EUR | -203.6M EUR | 0 |
| Stock-based Compensation | 4.5M EUR | 0 | 0 | 2.3M EUR |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.6% | +7.6% | +10.4% | -80.7% | +193.5% | +124.4% | +24.8% | +3.8% | +12.2% | |
| Net Income Growth (YoY) | +10.2% | -39.0% | -26.7% | -256.5% | +76.3% | +645.6% | +45.9% | -15.9% | +35.8% | |
| EPS Growth (YoY) | +16.2% | -36.9% | -24.7% | -257.8% | +53.0% | +637.2% | -27.1% | -12.8% | +40.8% | |
| Shares Change (YoY) | -4.3% | -4.1% | -3.0% | -0.8% | -49.1% | +0.8% | +100.9% | -3.3% | -3.9% | |
| FCF Growth (YoY) | +59.7% | -38.3% | +58.9% | +1.4% | +0.0% | +160.4% | -61.2% | +143.2% | -2.6% | |
| Gross Margin | 35.4% | 36.9% | 28.6% | 20.9% | -4.1% | 2.5% | 20.6% | 28.8% | 19.0% | 21.0% |
| Operating Margin | 23.1% | 23.3% | 13.2% | 13.3% | -51.3% | -7.1% | 13.4% | 15.3% | 11.2% | 15.8% |
| EBITDA Margin | 30.6% | 31.2% | 21.4% | 17.6% | -16.7% | 7.9% | 22.7% | 24.3% | 22.0% | 24.4% |
| Net Margin | 19.8% | 20.3% | 11.5% | 7.6% | -62.1% | -5.0% | 12.2% | 14.3% | 11.6% | 14.0% |
| FCF Margin | 7.2% | 10.7% | 6.1% | 8.8% | 46.4% | 15.8% | 18.3% | 5.7% | 13.4% | 11.6% |
| Effective Tax Rate | 10.5% | 10.0% | 6.7% | 3.2% | 8.4% | 44.0% | 8.9% | 9.9% | 9.7% | 10.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | €0.76 | €1.27 | €0.82 | €1.34 | €1.37 | €2.69 | €6.94 | €1.34 | €3.36 | €3.41 |
| Dividends Per Share | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.35 | €0.79 | €0.84 |
| Shares Outstanding (Basic) | 624.9 M | 596.8 M | 571.8 M | 556.9 M | 555.2 M | 282.6 M | 284.2 M | 569.6 M | 550.8 M | 527.8 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 20.27% |
| Return on Invested Capital | 17.84% |
| Return on Assets | 10.41% |
| Gross Margin | 18.64% |
| Operating Margin | 13.06% |
| Net Margin | 12.13% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 0.79 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 3.27 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.81 | 16.34 | 17.40 | 16.60 | -21.43 | -36.60 | 7.53 | 16.18 | 13.32 | 12.08 |
| P/B | 4.39 | 5.32 | 2.94 | 1.99 | 4.69 | 1.60 | 1.75 | 4.08 | 3.06 | 2.61 |
| P/S | 2.92 | 3.33 | 1.99 | 1.26 | 13.31 | 1.85 | 0.92 | 2.31 | 1.55 | 1.69 |
| Gross Margin | 35.4% | 36.9% | 28.6% | 20.9% | -4.1% | 2.5% | 20.6% | 28.8% | 19.0% | 21.0% |
| Operating Margin | 23.1% | 23.3% | 13.2% | 13.3% | -51.3% | -7.1% | 13.4% | 15.3% | 11.2% | 15.8% |
| Net Margin | 19.8% | 20.3% | 11.5% | 7.6% | -62.1% | -5.0% | 12.2% | 14.3% | 11.6% | 14.0% |
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Explore sector: Industrials · Airlines, Airports & Air Services
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