An illustration showing Michael O'Leary flying a Ryanair plane with Elon Musk trailing.
Europe

Ryanair: Steady As She Goes

Europe

Ryanair: Steady As She Goes

February 2026
42 min read
Gordon Smith and Jay Shabat

Skift Take

“Steady as she goes.” That’s Michael O’Leary’s latest assessment of Ryanair’s business – a phrase that feels almost understated coming from one of aviation’s most outspoken CEOs. But beneath the familiar bluster, the numbers tell a quietly impressive tale. In this week’s feature story, we look past the theatrics to examine why Europe’s largest low-cost carrier remains one of the industry’s steadiest performers.

Issue Overview

“Steady as she goes.” That’s Michael O’Leary’s latest assessment of Ryanair’s business – a phrase that feels almost understated coming from one of aviation’s most outspoken CEOs. But beneath the familiar bluster, the numbers tell a quietly impressive tale. In this week’s feature story, we look past the theatrics to examine why Europe’s largest low-cost carrier remains one of the industry’s steadiest performers.