Irish low-cost carrier Ryanair has reported a profit after tax of €1.61 billion for the 2024-2025 fiscal year, representing a drop of 16% compared to the previous fiscal year, when it posted a €1.92 billion profit.
The airline attributed the profit drop to pricing pressure, which has led to average fares being 7% lower compared to the preceding year. A modest increase in ancillary revenue (+1%) has not been enough to offset the lower ticket prices.
Ryanair, however, has continued to grow, setting new records on the operational front. The Irish airline reached the 200 million passenger mark for the first time in its history, after registering a 9% increase in passenger numbers.
However, the pricing pressure has translated into slower revenue growth. Total revenue increased by 4%, from €13.44 to €13.92 billion, not enough to outpace operational cost inflation of 9%. Ryanair did manage to keep its cost per passenger flat.
In a note announcing the annual results, Ryanair also boasted about its financial health and the returns it is delivering to its shareholders. The low-cost carrier, which is holding a €4 billion gross cash position, bought back shares equivalent to 7% of its capital during the latest fiscal year and plans to distribute a €0.227 per share dividend in September 2025.
When it comes to its future, Ryanair reiterated its plan to keep adding capacity to its fleet as soon as more 737 MAX aircraft roll out of Boeing’s factory.
As of May 2025, Ryanair operates 181 B737-8200 aircraft (a specific version of the B737-8 MAX built to Ryanair’s specifications in order to be able to carry nearly 200 passengers), which make up almost a third of its 618-aircraft fleet. Ryanair expects to take delivery of another 29 within the next 12 months and it is also eagerly awaiting the certification and entry into service of the even larger B737-10.
Although the expected pace of new aircraft induction will slightly slow capacity growth, the airline remains confident that this constant capacity expansion together with its low-cost base, will enable it to push ahead of its competitors in what is still a capacity-constrained market. Ryanair hopes to hit the 300 million passenger mark by 2034.
