Ryanair ‘debt free’ after clearing $1.4 billion bond raised during pandemic

Low-cost-carrier Ryanair says the company is now debt free after clearing its last $1.4 billion (€1.2 billion) bond raised during the COVID 19 pandemic.

On May 25, 2026, Ryanair announced it was “effectively debt free” for the first time since the airline floated on the stock market in 1997.

“Today is a historic day for Ryanair as our Group, following repayment of our final €1.2bn bond, is now effectively debt free,” Ryanair Group CFO, Neil Sorahan, said. “Our fortress balance sheet is underpinned by an unencumbered B737 fleet of 620 aircraft, solid ratings (BBB+) from both Fitch Ratings and S&P and strong liquidity.”

Ryanair said its financial position will allow it to “grow traffic at much lower fares than its competitors, bringing even more value to consumers all over Europe”.

The airline claims competitor airlines are “exposed to expensive (long-term) debt and aircraft leases” which will allow Ryanair to accelerate further away from its rivals.

Markus Mainka / Shutterstock“We raised this last remaining €1.2bn bond during the Covid crisis, and we wish to sincerely thank our bond holders for their strong support over many years,” Sorahan added.

The Irish company said it will “opportunistically” revisit the bond market in the future as it looks to boost monthly passenger numbers to 300 million by 2034 and receive up to 50 Boeing 737 MAX 10 deliveries annually from 2029.

Record financial performance opened door to final repayment

Last week, Ryanair published its latest annual financial report indicating that it had secured a record $2.63 billion (€2.26 billion) in profit.

The company previously said that the record profit would allow it to repay its last €1.2bn bond within the next week, leaving the group effectively debt free.

Ryanair FY26 Results = €2.26BN profit after tax (+40% vs FY25) Traffic up 4% to record 208M Rev. per pax up 7% Earnings insulated; cost advantage reinforced with 80% of FY27 jet fuel hedged at $67/bbl.— Ryanair (@Ryanair) May 18, 2026 As well as making the repayment, Ryanair said that over the coming year its priorities include “funding our MAX-10 aircraft capex, our dividends and the balance of our (€750m) buyback program from internal cashflows while rebuilding the Group’s gross cash back to €4bn”.

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