Ryanair has repaid its last outstanding bond, a €1.2 billion unsecured euro note issued in May 2021, leaving the group effectively debt-free for the first time since its 1997 stock market listing. The repayment, completed on May 25, 2026 using internal cash resources, closes a post‑Covid deleveraging phase built on strong cash generation.
With this transaction, Ryanair reports a net cash position and a balance sheet with no remaining financial debt. The airline also now operates an unencumbered fleet of 620 Boeing 737 aircraft, with no planes pledged as collateral, an uncommon situation in a sector where balance sheets are often highly leveraged.
The strengthened financial structure is underpinned by record results in the 2025‑2026 financial year, including a pre‑exceptional net profit of €2.26 billion and traffic around 208 million passengers. Ryanair carried 197 million passengers in 2024, an 8% increase year on year, with a rolling 12‑month figure of 197.4 million passengers and a 94% load factor reported at end‑January 2026.
The group has combined debt reduction with shareholder returns, including the buyback of around 4 million shares for €88 million between April 1 and May 14, 2026. Management presents the debt‑free balance sheet and unencumbered fleet as key assets to support future fleet investment and maintain a low‑cost operating profile.