Headwater

Ryanair

300m passengers a year by FY34, May 2023 to March 2034

Profitable growth to over 300m passengers p.a. by FY34
Ryanair’s target

Passengers a year

In May 2023 Ryanair ordered up to 300 Boeing 737 MAX-10s, for delivery by March 2034, to grow from 168m passengers a year to 300m. Its results in 2025 and 2026 repeat the target.

Ryanair passengers a year, in millions
YearPassengers
FY23168mFlown
FY24183.7mFlown
FY25200.2mFlown
FY26208.4mFlown
FY27216mExpected
FY34300mTarget

Sources,,,

From 168m to 300m

FY23168mFY24183.7mFY25200.2mFY26208.4mFY34300m
FY23FY263 of 11 yearsFY34

300 aircraft on order

  • 150 firm orders and 150 options, all due by March 2034.
  • The first 15 are due in spring 2027. Boeing expected the MAX-10 to be certified in late summer 2026.
  • 228 seats each, 21% more than a 737NG, and 20% less fuel.
150 firm orders
150 options
The first 15, due in spring 2027

The latest results

FY26

  • Passengers+4% 208.4m
  • Average fare+10% 10% higher
  • Profit after tax+40% €2.26bn before exceptional items

First quarter of FY27

  • Passengers+6% 61.3m
  • Average fare−6% 6% lower
  • Profit after tax−34% €538m

  1. One number, eleven years out, repeated in every report.

    Ryanair’s results for FY25, FY26, and the first quarter of FY27 all repeat the target of 300m passengers a year by FY34. We recommend repeating a long-term target in every report, so nobody has to wonder whether it has quietly changed.

  2. The target rests on something already bought.

    The 150 firm orders and 150 options for MAX-10s are the aircraft Ryanair says will carry the growth. We recommend tying a growth target to the resources that will deliver it, and saying when they arrive: the first 15 are due in spring 2027.

  3. Each year has its own figure.

    Ryanair gives a traffic figure for each coming year: 206m for FY26, when it carried 208.4m, and 216m for FY27. We recommend breaking a long target into yearly figures, so each year can be judged on its own.

Sources

  1. 1. Ryanair Holdings plc (2023). Ryanair orders 300 Boeing 737-MAX-10 aircraft worth $40bn. Press release, 9 May 2023. corporate.ryanair.com
  2. 2. Ryanair Holdings plc (2025). Full year FY25 results. Form 6-K, 19 May 2025. sec.gov
  3. 3. Ryanair Holdings plc (2026). Ryanair 2025-26 PAT rises 40% to €2.26bn (pre-except.). Results announcement, 18 May 2026. investor.ryanair.com
  4. 4. Ryanair Holdings plc (2026). Ryanair Q1 PAT falls 34% to €538m. Results announcement, 20 July 2026. investor.ryanair.com

Headwater is not connected with Ryanair Holdings plc. Ryanair is a trade mark of its owner, and Boeing and 737 MAX are trade marks of The Boeing Company. Updated 27 September 2026.

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