Ryanair confirmed this week that it will repay its last remaining bond on May 25, funded entirely from cash. Once settled, the €1.2 billion bond repayment will leave Europe's largest low-cost carrier nearly debt-free, with 620 of its 647 aircraft owned outright and unencumbered.
Key Figures (at end of March 2026)
- €2.1 billion net cash
- €3.6 billion total cash
- 620 unencumbered aircraft out of a fleet of 647
Industry-leading balance sheet
Ryanair's €2.1 billion net cash position stands out in an industry where net debt is the norm. Most airlines carry significant leverage on their balance sheets, making Ryanair's position quite exceptional. Among the six large European airline groups, only easyJet comes close, with a £434 million net cash position.
A thinner liquidity cushion
The bond repayment does come with one downside. Once completed, Ryanair's total cash will presumably fall to approximately €2.4 billion, equivalent to around 15% of trailing twelve-month revenue. That is a relatively lean compared to most peers, which typically hold total liquidity in the range of 20–30% of revenue.
Nevertheless, for a carrier generating Ryanair's level of cash flow and ability to raise new liquidity if needed, this is unlikely to be cause for concern.
Rytis Beresnevicius
