Ryanair has repaid its last outstanding bond of €1.2 billion, maturing on 25 May 2026, leaving the carrier effectively without net financial debt for the first time since its stock market listing in 1997. The bond had been issued during the Covid-19 crisis, when the group raised liquidity to navigate the collapse in air traffic.
This balance sheet milestone comes as the low-cost airline reports sharply improved annual results for the financial year ended late March 2026. Profit after tax reached €2.26 billion, representing an increase of around 40% year on year. The strong cash generation has enabled Ryanair both to accelerate deleveraging and to return capital to shareholders.
Between 1 April and 14 May 2026, the company repurchased approximately 4 million shares for a total of about €88 million, as part of a broader capital allocation strategy combining reduced leverage and buybacks. Management is now operating with a very solid liquidity profile and an almost fully debt-free capital structure in net terms.
The improved financial position contrasts with a more cautious commercial outlook. Ahead of the summer 2026 season, Ryanair has warned that fares may remain broadly stable due to softer booking trends, influenced in particular by geopolitical tensions weighing on demand in certain markets.