Ryanair Just Cleared Its Debt: Where Do Other Major Airlines Stand?

Ryanair confirmed Monday that it has repaid the last of its borrowings, leaving Europe’s largest low-cost carrier effectively debt-free for the first time since it began selling shares publicly in 1997.

The repayment of a €1.2 billion ($1.4 billion) bond, raised at the height of the pandemic, leaves Ryanair’s fleet of 620 Boeing 737s “unencumbered” – industry parlance for fully paid off. At the same time, the group is supported by investment-grade credit ratings from major financial firms. It is an achievement with little precedent among major publicly traded airlines.

“Today is a historic day for Ryanair,” said group chief financial officer Neil Sorahan. “This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive long-term debt and aircraft leases.” 

It is a pointed claim typical of a Ryanair executive, but debt-heavy balance sheets at many European competitors support So