Ryanair CEO Michael O’Leary Eyes Continued Profit Growth

Ryanair profits rose 42% to €2.54bn (US$2.92bn) in the six months to the end of September, the Irish airline said on 2 November, after a record performance in its second quarter.

Michael O’Leary, Ryanair Group CEO, said a reluctance to holiday in the US has contributed to its success.

As reported by the Financial Times, he said: "Transatlantic traffic, which is pricing up aggressively, has been very muted during the summer and more and more families are staying home and holidaying in Europe.”

He also predicted a weakening UK economy would help the company, as British families become more cost-conscious and Ryanair grows “more price sensitive”.

Passenger numbers rose 3% to 119 million over the same period and revenues increased 13% to €9.82 billion (US$11.28bn).

Bringing in Boeing aircraft

The company also reported more than 3% growth in fiscal year 2026 to 207 million passengers, up from a forecasted 206 million passengers.

The improved passenger goal is a sign of progress at Boeing, which has struggled to deliver planes on time.

Michael said in a statement that Boeing’s improved deliveries continued through September and into October, “enabling our Group to carry extra passengers in H1 and selectively add capacity over the peak October mid-term school holidays and into the Christmas/New York peak travel period”.

According to Bloomberg, the company said that the remaining Max 8 aircraft from its order book will be delivered “well-ahead” of summer 2026, allowing for traffic growth to reach 215 million next year.

Certification of the new Max 10 is scheduled for mid-2026.

Bloomberg also reports that Ryanair shares have increased by 37% so far this year in comparison to EasyJet’s declining 14% and Wizz Air Holdings 27%.

The CEO’s warning to the UK government

Michael warned on 3 November that the UK government’s push to raise taxes on passenger flights could cause airlines to move planes out of Britain, affecting workforces and investment.

His comments come ahead of the UK government’s autumn budget, expected on 26 November, where Chancellor of the Exchequer Rachel Reeves is under pressure to address taxation.

Michael spoke on CNBC’s Europe Early Edition after reporting Ryanair's first-half profit, where he said that raising air travel taxes is counter to its strategy of kickstarting economic growth.

Speaking to CNBC’s Silvia Amaro, he was outspoken about his opinions around potential tax increases in the industry saying “Rachel Reeves hasn’t a clue how to deliver growth despite the fact that we have written to her offering her significant growth, particularly in the regions of the UK”.

Michael said that if Reeves increases Air Passenger Duty again in this autumn budget, the company would consider moving aircraft to countries watering down their environmental taxes - according to CNBC.

Concerns in the aero space 

The Ryanair exec is not the only aviation leader to voice concern. Wizz Air’s Chief Operations Officer Michael Delehant told the Financial Times in an interview that aviation in the UK “could be very growth stunted”.

He added: “When you’re at the price sensitive part of the chain, you have to and you can’t just accept higher prices”, referencing the company’s decision to pull flights from Vienna over rising airport costs.

In a different interview, CEO of Ryanair DAC Eddie Wilson said that raising air passenger duty would result in the airline using fewer new planes on UK routes.

Despite taxes that may be outlined in the autumn budget, Ryanair execs are positioning the company for continued profit and customer growth across the board.