Ryanair Holdings (RYAAY) Cash Flow: Operating & Free Cash Flow

Ryanair Holdings (RYAAY) Cash Flow Statement

In fiscal 2026 (fiscal year ended Mar 31, 2026), Ryanair Holdings generated EUR 3.69B of operating cash flow and spent EUR 1.89B on capital expenditures. That left free cash flow of EUR 1.80B, down 3.3% from EUR 1.86B a year earlier, or 11.6% of revenue. It returned EUR 979.80M to shareholders through EUR 443.30M in dividends and EUR 536.50M in share buybacks.

Ryanair Holdings Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ryanair Holdings plc (RYAAY) - Annual data in billions EUR
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Operating Activities
Net Income	2.19	1.61	1.92	1.31	-0.24	-0.24	0.65	0.89	1.45	1.32
Depreciation & Amortization	1.37	1.21	1.06	0.92	0.72	0.72	0.75	0.64	0.56	0.50
Deferred Income Tax	0.25	0.17	0.21	0.13	-0.19	-0.19	0.02	0.06	0.16	0.15
Stock Based Compensation	0.02	0.01	0.00	0.02	0.01	0.01	0.01	0.01	0.01	0.01
Change in Working Capital	0.14	0.48	0.03	1.37	1.78	1.78	-0.39	0.25	0.17	0.12
Change in Accounts Receivable	0.03	0.00	-0.02	-0.02	-0.02	-0.02	-0.01	0.00	0.00	0.01
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in Accounts Payable	-0.01	0.12	-0.05	0.03	0.28	0.28	0.02	0.07	-0.04	0.06
Change in Other Working Capital	-0.01	-0.60	-0.37	-0.45	-0.01	1.52	-0.40	0.19	0.22	0.04
Other Operating Activities	-0.01	0.10	0.17	0.28	-0.01	-0.14	0.29	-0.09	-0.11	-0.16
Net Cash from Operating Activities	3.69	3.42	3.16	3.89	1.94	1.94	1.33	1.76	2.23	1.93
Investing Activities
Capital Expenditures	-1.89	-1.55	-2.39	-1.91	-1.18	-1.18	-0.58	-1.29	-1.47	-1.45
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.10	0.00	0.00
Purchases of Investments	0.72	0.14	0.82	-0.12	0.00	0.00	0.00	1.29	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.28	0.65	0.77	0.00
Other Investing Activities	-1.43	0.12	0.83	-0.12	-0.23	-0.23	0.00	-1.29	0.75	-1.29
Net Cash from Investing Activities	-2.61	-1.43	-1.56	-1.90	-1.41	-1.41	-0.30	-0.74	-0.72	-1.29
Financing Activities
Debt Repayment	-1.22	-0.05	-1.10	-1.09	-1.78	-0.58	0.27	-0.32	-0.39	0.35
Common Stock Issued	0.00	0.00	0.02	0.03	0.05	0.05	0.02	0.00	0.00	0.00
Common Stock Repurchased	-0.54	-1.48	-0.20	0.00	0.00	0.00	-0.58	-0.53	-0.83	-1.02
Dividends Paid	-0.44	-0.44	-0.20	-1.04	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-0.03	-0.04	-0.04	-0.05	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	-2.20	-2.00	-1.33	-1.05	-0.54	-0.54	-0.29	-0.85	-1.22	-0.67
Summary
Effect of Forex Changes on Cash	-0.01	0.00	0.00	-0.01	0.03	0.03	0.15	0.00	0.00	0.00
Net Change in Cash	-1.12	-0.01	0.28	0.93	-0.01	0.02	0.89	0.16	0.29	-0.04
Cash at Beginning of Period	3.86	3.88	3.60	2.67	2.65	2.65	1.68	1.52	1.22	1.26
Cash at End of Period	2.73	3.86	3.88	3.60	2.67	2.67	2.57	1.68	1.52	1.22
Free Cash Flow	1.80	1.86	0.77	1.98	0.76	0.76	0.75	0.47	0.76	0.48
Supplemental Disclosures
Interest Paid	-	0.07	0.09	0.08	0.09	0.06	-	-	-	-
Income Taxes Paid	-	0.08	0.05	0.00	-0.01	-0.09	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ryanair Holdings Cash Flow

What is Ryanair Holdings's free cash flow?

Ryanair Holdings generated free cash flow of EUR 1.80B in fiscal 2026 (fiscal year ended Mar 31, 2026), operating cash flow of EUR 3.69B minus EUR 1.89B of capital expenditures. That was down 3.3% from EUR 1.86B a year earlier. Free cash flow equaled 11.6% of revenue.

How much does Ryanair Holdings spend on capital expenditures?

Ryanair Holdings spent EUR 1.89B on capital expenditures in fiscal 2026, compared with EUR 1.55B a year earlier. That equals 51.2% of operating cash flow.

Does Ryanair Holdings pay dividends or buy back shares?

Yes. In fiscal 2026 Ryanair Holdings returned EUR 443.30M in dividends and EUR 536.50M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition