Ryanair Holdings plc (RYAAY) Cash Flow Statement
Where RYAAY’s cash came from and went, FY2026
March 31, 2026 · euros- Cash from operations
- €3.72B +8.9% vs FY2025
- Capital expenditures
- €1.91B 12.2% of revenue
- Free cash flow
- €1.81B 11.6% margin
- Returned to shareholders
- €986.4M 54% of free cash flow
- Change in cash
- −€879.9M cash at year-end €2.77B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RYAAY operating cash flow, capex and free cash flow
RYAAY cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €1.93BFY2017 | €3.72BFY2026 | +7.6%/yr | |
| Capital expenditures | €1.45BFY2017 | €1.91BFY2026 | +3.1%/yr | |
| Free cash flow | €477.4MFY2017 | €1.81BFY2026 | +16.0%/yr | |
| Free cash flow margin | 7.2%FY2017 | 11.6%FY2026 | +4.4 pts | |
| Operating cash flow / net income | 1.46FY2017 | 1.70FY2026 | +0.24 | |
| Stock-based compensation | €5.7MFY2017 | €15.0MFY2026 | +11.4%/yr | |
| Dividends paid | €0FY2017 | €446.3MFY2026 | — | |
| Share buybacks (net) | €1.02BFY2017 | €540.1MFY2026 | −6.8%/yr | |
| Capex / revenue | 21.8%FY2017 | 12.2%FY2026 | −9.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RYAAY cash flow by activity
RYAAY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RYAAY cash flow statement in euros
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €2.19B | €1.61B | €1.92B | €1.31B | −€240.8M | −€240.8M | €648.7M | €885.0M | €1.45B | €1.32B |
| Depreciation & amortization | €1.38B | €1.21B | €1.06B | €923.2M | €719.4M | €566.3M | €748.7M | €640.5M | €561.0M | €497.5M |
| Stock-based compensation | €15.0M | €12.8M | −€3.9M | €16.2M | €8.6M | €8.6M | €7.0M | €7.7M | €6.4M | €5.7M |
| Change in working capital | €140.9M | €395.4M | €76.9M | €1.36B | €1.78B | €1.78B | −€388.5M | €254.1M | €168.9M | €115.5M |
| Other non-cash items | −€7.1M | €181.5M | €108.3M | €279.7M | −€326.0M | −€172.9M | €311.2M | −€28.0M | €46.7M | −€7.4M |
| Cash from operating activities | €3.72B | €3.42B | €3.16B | €3.89B | €1.94B | €1.94B | €1.33B | €1.76B | €2.23B | €1.93B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.91B | −€1.55B | −€2.39B | −€1.91B | −€1.18B | −€1.18B | −€578.8M | −€1.29B | −€1.47B | −€1.45B |
| Investments (net) | −€712.3M | −€1.43B | −€1.56B | −€1.90B | −€468.6M | €741.7M | −€918.1M | −€1.00B | −€719.4M | −€1.29B |
| Acquisitions & other investing | −€4.8M | €1.55B | €2.39B | €1.91B | €235.8M | −€974.5M | €1.20B | €1.55B | €1.47B | €1.45B |
| Cash from investing activities | −€2.62B | −€1.43B | −€1.56B | −€1.90B | −€1.41B | −€1.41B | −€301.1M | −€744.2M | −€719.4M | −€1.29B |
| Financing activities | ||||||||||
| Dividends paid | −€446.3M | −€437.7M | −€199.5M | €0 | €0 | — | — | €0 | €0 | €0 |
| Share repurchases & issuance (net) | −€540.1M | −€1.48B | €0 | €0 | €0 | €0 | −€580.5M | −€531.6M | −€829.1M | −€1.02B |
| Net borrowing (repayment) | −€1.22B | −€86.4M | −€1.14B | −€1.09B | −€583.3M | €1.20B | €274.4M | −€322.9M | −€393.7M | €346.3M |
| Shares issued | €3.2M | €4.9M | €16.4M | €31.7M | €46.8M | €421.0M | €19.1M | €0 | €0 | €0 |
| Other financing | −€8.2M | €0 | €0 | €0 | €0 | −€2.16B | €0 | €0 | €0 | €0 |
| Cash from financing activities | −€2.22B | −€2.00B | −€1.33B | −€1.05B | −€536.5M | −€536.5M | −€287.0M | −€854.5M | −€1.22B | −€671.6M |
| Summary | ||||||||||
| Net change in cash | −€879.9M | −€12.1M | €276.1M | €930.3M | €18.3M | €18.3M | €890.8M | €160.6M | €291.0M | −€35.2M |
| Cash at end of period | €2.77B | €3.86B | €3.88B | €3.60B | €2.67B | €2.67B | €2.57B | €1.68B | €1.51B | €1.22B |
| Free cash flow | €1.81B | €1.86B | €766.0M | €1.98B | €758.9M | €758.9M | €748.3M | €470.8M | €762.6M | €477.4M |
| Free cash flow margin | 11.6% | 13.4% | 5.7% | 18.3% | 15.8% | 46.4% | 8.8% | 6.1% | 10.7% | 7.2% |
| Capex / revenue | 12.2% | 11.1% | 17.8% | 17.8% | 24.6% | 72.2% | 6.8% | 16.7% | 20.6% | 21.8% |
| Operating cash flow / net income | 1.70 | 2.12 | 1.65 | 2.96 | — | — | 2.05 | 1.99 | 1.54 | 1.46 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €537.7M | −€402.0M | €30.1M | €1.72B | €819.9M | €148.6M | €148.6M | €1.43B | €360.0M | −€275.8M | €14.8M | €1.52B |
| Depreciation & amortization | €417.1M | €365.4M | €326.4M | €344.2M | €343.3M | €295.1M | €291.9M | €314.2M | €313.2M | €239.4M | €260.2M | €283.9M |
| Stock-based compensation | €2.3M | €3.0M | €3.0M | €4.5M | €4.5M | €2.5M | €2.5M | €5.2M | €2.5M | −€13.8M | €0 | €4.5M |
| Change in working capital | €210.0M | €2.34B | −€408.2M | −€1.92B | €154.1M | −€513.4M | −€508.1M | −€1.91B | €450.7M | €2.02B | −€642.1M | −€1.81B |
| Other non-cash items | €36.3M | −€303.0M | −€26.2M | €170.0M | €136.4M | −€19.4M | −€21.5M | €216.2M | €300,000 | −€99.4M | €12.4M | €397.2M |
| Cash from operating activities | €1.20B | €2.00B | −€74.9M | €320.9M | €1.46B | −€86.6M | −€86.6M | €55.1M | €1.13B | €1.87B | −€354.7M | €388.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −€474.7M | −€456.6M | −€317.6M | −€490.5M | −€622.8M | −€203.1M | −€203.1M | −€388.2M | −€501.5M | −€458.3M | −€348.6M | −€521.5M |
| Investments (net) | €492.7M | −€812.4M | €5.5M | €238.9M | −€1.26B | −€559.8M | €181.5M | −€263.4M | −€789.8M | −€302.2M | −€364.5M | €1.50B |
| Acquisitions & other investing | €0 | −€5.1M | −€14.4M | €490.5M | €622.8M | €944.4M | €203.1M | €388.2M | €501.5M | €458.3M | €348.6M | €0 |
| Cash from investing activities | €18.0M | −€1.27B | −€326.5M | €238.9M | −€1.26B | €181.5M | €181.5M | −€263.4M | −€789.8M | −€302.2M | −€364.5M | €979.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | −€203.6M | −€11.1M | −€229.0M | €0 | −€11.4M | −€11.4M | −€185.9M | €0 | −€199.5M | €0 | — |
| Share repurchases & issuance (net) | −€153.4M | −€174.1M | −€158.0M | −€143.5M | −€59.1M | −€257.8M | −€257.8M | −€605.8M | −€248.8M | −€248.8M | €0 | €0 |
| Net borrowing (repayment) | −€1.32B | −€7.5M | −€9.3M | −€858.4M | −€348.9M | −€8.8M | −€54.6M | −€9.4M | — | — | — | −€1.07B |
| Shares issued | €0 | €0 | €1.4M | €800,000 | €1.0M | €700,000 | €2.3M | €1.9M | €0 | €2.8M | €10.5M | €500,000 |
| Other financing | €0 | €1.1M | −€3.1M | €0 | €0 | −€44.2M | €0 | €0 | −€13.6M | €219.8M | −€21.5M | €0 |
| Cash from financing activities | −€1.47B | −€384.1M | −€180.1M | −€1.23B | −€407.0M | −€321.5M | −€321.5M | −€799.2M | −€262.4M | −€225.7M | −€11.0M | −€1.07B |
| Summary | ||||||||||||
| Net change in cash | −€249.6M | €295.2M | −€571.8M | −€649.8M | −€250.0M | −€175.0M | −€175.0M | −€1.03B | €79.7M | €1.36B | −€741.9M | €305.7M |
| Cash at end of period | €2.48B | €2.77B | €2.39B | €2.96B | €3.61B | €2.75B | €2.75B | €2.93B | €3.96B | €3.88B | €2.52B | €3.26B |
| Free cash flow | €728.7M | €1.54B | −€392.5M | −€169.6M | €835.4M | −€289.7M | −€289.7M | −€333.1M | €625.2M | €1.41B | −€703.3M | −€132.7M |
| Free cash flow margin | 16.6% | 60.4% | −12.2% | −3.1% | 19.3% | −12.6% | −9.8% | −6.6% | 17.2% | 60.0% | −23.8% | −2.7% |
| Capex / revenue | 10.8% | 17.9% | 9.9% | 9.0% | 14.4% | 8.8% | 6.9% | 7.7% | 13.8% | 19.5% | 11.8% | 10.6% |
| Operating cash flow / net income | 2.24 | — | −2.49 | 0.19 | 1.78 | −0.58 | −0.58 | 0.04 | 3.13 | — | −23.97 | 0.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
RYAAY cash generation
In fiscal 2026 (ended March 31, 2026), Ryanair generated €3.7 billion of cash from operations (up 8.9%) and spent €1.9 billion on capital expenditures, leaving free cash flow of €1.8 billion, 11.6% of revenue. It returned €986.4 million to shareholders through dividends (€446.3 million) and net share buybacks (€540.1 million). Cash and equivalents fell by €879.9 million over the year.
Related: RYAAY income statement, RYAAY balance sheet, RYAAY dividend history. See the RYAAY stock overview for the latest quote and news.
RYAAY cash flow FAQ
What is Ryanair's free cash flow?
Ryanair's free cash flow was €1.8 billion in fiscal 2026: €3.7 billion of operating cash flow minus €1.9 billion of capital expenditures It was €1.9 billion a year earlier..
How much cash does Ryanair generate from operations?
Ryanair generated €3.7 billion of cash from operating activities in fiscal 2026, 1.70 times its net income of €2.2 billion.
How much does Ryanair spend on capital expenditures?
Ryanair spent €1.9 billion on capital expenditures in fiscal 2026, 12.2% of revenue, compared with €1.6 billion the year before.
How much stock does Ryanair buy back?
Ryanair spent €540.1 million on net share repurchases in fiscal 2026.
How much does Ryanair pay in dividends?
Ryanair paid €446.3 million in dividends in fiscal 2026, 24.6% of free cash flow.