Company profile
SEC EDGAR ↗- Industry
- Air Transportation, Scheduled
- Listed
- Nasdaq: RYAAY
- Headquarters
- County Dublin Irelan
- Fiscal year end
- Mar 31
Financials
FY2025- Revenue
- €13.9B
- Net income
- €1.61B
- Total assets
- €17.5B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | €13.9B | €1.61B | €17.5B |
| FY2024 | €13.4B | €1.92B | €17.2B |
| FY2023 | €10.8B | €1.31B | €16.4B |
| FY2022 | €4.80B | −€240.8M | €15.1B |
| FY2021 | €1.64B | −€1.02B | €12.3B |
| FY2020 | €8.49B | €648.7M | €14.7B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Ryanair, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2006 | The Cross-Subsidy | Read the story → | The Cross-Subsidy Casebook → |
| 2014 | Culture Doctrine | Read the story → | Culture Doctrine Casebook → |
| 2025 | The Money Machine | Read the story → | The Money Machine Casebook → |
Run one of these yourself
The decisions Ryanair faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →People & ControlThe RefusalWhat does your doctrine refuse, and can you pay for it in a bad year?See the pack →
The analyses
The Money Machine · Business Model
Ryanair Cut Fares 7% on Purpose. The Cheap Seat Was Never the Product.
In FY25 Ryanair deliberately cut average fares 7% to push traffic past 200m passengers - while ancillary revenue climbed to €4.72bn, about 34% of the total. The fare isn't the business. It's the bait.
7 min
The Cross-Subsidy · Business Model
Ryanair's €2.50 bag fee launched as a wash — then grew to €5 billion a year
In March 2006 Ryanair started charging €2.50 per checked bag and cut every fare by the same €2.50, calling it 'revenue neutral.' Ancillary income later scaled into the billions — but it has plateaued near a third of revenue for a decade, while ticket sales still supply the other two-thirds.
7 min
The Doctrine · People & Control
Ryanair Is Rude on Purpose. The Rudeness Is a Line on the P&L.
Ryanair's abrasive brand looks like personality. It's actually a cost substitution — controversy buys earned media so the airline doesn't have to. But in 2013, after two profit warnings, O'Leary launched 'Always Getting Better.' The act has limits.
8 min
The Loss Leader · Business Model
Ryanair's Cheap Seat Is a Volume Pump: Fares Are 68% of Revenue and Cover Their Costs
The legend says Ryanair gives away the seat and makes its money on bags and fees. The filings say otherwise: scheduled fares are 68% of revenue and cover their costs. The cheap fare isn't a loss leader - it's a volume pump, and ancillary is the shock absorber.
7 min