Austrian Airlines vs Ryanair: Revenue, Profit and Business Model
Austrian Airlines had ~$2.7B of annual revenue in FY2024 and ~$122M of net income. Ryanair had ~$15.2B of annual revenue in FY2024 and ~$2.2B of net income.
Latest financial snapshot
Austrian Airlines
- Latest annual revenue
- ~$2.7B (FY2024)
- Net income
- ~$122M
- Net margin
- 4.5%
- Revenue growth
- +0.7% a year, FY2015–FY2024
Ryanair
- Latest annual revenue
- ~$15.2B (FY2024)
- Net income
- ~$2.2B
- Net margin
- 14.3%
- Revenue growth
- +10.1% a year, FY2015–FY2024
Financial summary
Austrian Airlines
Austrian Airlines demonstrates robust post-pandemic financial recovery, solid operating cash flows, and expanding profitability under Lufthansa Group ownership. In fiscal year 2023/2024, Austrian Airlines generated total revenue of €2.45 billion, representing 25% year-over-year revenue expansion. Adjusted earnings before interest and tax (Adjusted EBIT) reached €127 million, with an adjusted EBIT margin of 5.2%. Passenger traffic surpassed 13.9 million guests with a passenger load factor of 81.9%. The airline repaid all remaining Austrian government COVID-19 stabilization loans ahead of schedule, fully financing its fleet investments through operating cash flows and Lufthansa Group capital.
Ryanair
Ryanair exhibits one of the strongest balance sheets in the global airline industry, characterized by vast cash reserves, minimal net debt, and high return on capital. In fiscal year 2023/2024, Ryanair generated total revenue of €13.44 billion, up 25% year-over-year. Operating profit rose to €2.06 billion, with net profit after tax reaching €1.92 billion. The company closed the year with over €4.1 billion in gross cash and cash equivalents and net cash of €1.37 billion. Rated BBB+ by S&P and Fitch (the highest credit rating of any airline in Europe), Ryanair consistently generates over €2.0 billion in annual free cash flow, funding billions in aircraft capital expenditures while returning substantial capital to shareholders through regular dividends and massive share buybacks.
Revenue and profit by year
Austrian Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$2.7B | ~$122M | 4.5% | +1.9% | |
| FY2023 | ~$2.7B | ~$126.6M | 4.8% | +25.4% | |
| FY2022 | ~$2.1B | ~$2.3M | 0.1% | +151.8% | |
| FY2021 | ~$839.6M | ~-$298.3M | -35.5% | +61.5% | |
| FY2020 | ~$519.8M | ~-$360.5M | -69.3% | -78.2% | |
| FY2019 | ~$2.4B | ~$16.9M | 0.7% | -3.2% | |
| FY2018 | ~$2.5B | ~$84.7M | 3.4% | -11.7% | |
| FY2017 | ~$2.8B | ~$99.4M | 3.6% | +7.9% | |
| FY2016 | ~$2.6B | ~$62.1M | 2.4% | +1.9% | |
| FY2015 | ~$2.5B | ~$58.8M | 2.3% | — |
Ryanair
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$15.2B | ~$2.2B | 14.3% | +24.8% | |
| FY2023 | ~$12.2B | ~$1.5B | 12.2% | +124.4% | |
| FY2022 | ~$5.4B | ~-$272.3M | -5.0% | +192.4% | |
| FY2021 | ~$1.9B | ~-$1.1B | -61.8% | -80.7% | |
| FY2020 | ~$9.6B | ~$733.4M | 7.6% | +12.4% | |
| FY2019 | ~$8.5B | ~$1B | 11.7% | +5.7% | |
| FY2018 | ~$8.1B | ~$1.6B | 20.3% | +7.6% | |
| FY2017 | ~$7.5B | ~$1.5B | 19.8% | +1.7% | |
| FY2016 | ~$7.4B | ~$1.8B | 23.9% | +15.6% | |
| FY2015 | ~$6.4B | ~$979.7M | 15.3% | — |
Where the revenue comes from
Austrian Airlines
- Scheduled Passenger Transport84.0%
Scheduled international, intercontinental, and European point-to-point passenger transport across short-, medium-, and long-haul networks routed through the Vienna hub.
- Ancillary & Baggage Services10.0%
Checked baggage fees, advance seat reservations, premium cabin upgrade auctions, DO & CO à la carte dining pre-orders, inflight shopping, and airport lounge access fees.
- Cargo & Freight4.0%
Air freight and mail carriage utilizing belly-hold cargo space aboard Austrian's wide-body Boeing 777 and 787 fleets, operated in commercial cooperation with Lufthansa Cargo.
- Maintenance & Other Airline Services2.0%
Third-party commercial aircraft line maintenance, engineering overhauls, flight crew simulator training, ground handling, and ad-hoc wet-lease charter flight operations.
Ryanair
- Scheduled Passenger Fares65.0%
Baseline passenger seat ticket sales across more than 3,600 daily point-to-point flights connecting 230+ commercial airports in 37 European and Mediterranean countries.
- Ancillary Revenues35.0%
High-margin non-flight fees including checked and priority cabin baggage, reserved seat assignment, priority boarding passes, inflight food and beverage, and travel insurance.
Business model and strategy
Austrian Airlines
How it makes money
Austrian Airlines operates a high-yielding network hub-and-spoke and leisure travel business model integrated into the Lufthansa Group commercial platform: (1) Network Passenger Travel (~82% of revenue / ~€2.01B), monetizing European feeder routes and long-haul intercontinental flights across Business Class, Premium Economy, and Economy cabins connecting through Vienna International Airport;
Growth strategy
Under CEO Annette Mann, Austrian Airlines is executing four key strategic growth drivers: (1) Long-Haul Fleet Modernization with Boeing 787-9 Dreamliners: Introducing modern Boeing 787-9 Dreamliners to replace aging Boeing 777 and 767 widebody aircraft, slashing fuel consumption and CO2 emissions by up to 20% while elevating passenger comfort;
Competitive advantage
Austrian Airlines holds four core competitive advantages: 1) Vienna Hub Efficiency: Vienna International Airport offers a minimum connection time of only 25 minutes for Schengen transfers and 30 minutes for non-Schengen connections, providing seamless east-west routing superior to congested megahubs in Frankfurt, London, or Paris;
Ryanair
How it makes money
Ryanair operates the world's most disciplined, lowest-cost commercial aviation business model, combining rock-bottom seat fares with high-margin ancillary monetization: (1) Passenger Scheduled Airfares (~66% of revenue / ~€8.87B), selling millions of seats at low promotional fares to achieve extraordinary passenger load factors of 94%+;
Growth strategy
Under Group CEO Michael O'Leary, Ryanair is executing an ambitious decade-long growth roadmap: (1) Targeting 300 Million Annual Passengers by 2034: Expanding passenger traffic from 184M to 300M over the next decade, driven by the delivery of up to 300 new Boeing 737-MAX-10 aircraft;
Competitive advantage
Ryanair's core competitive moat is its unassailable cost leadership (lowest CASM ex-fuel in Europe), backed by superior balance sheet strength. While competitors carry net debt burdens, Ryanair held €1.37 billion in net cash at FY2024 year-end and retains an investment-grade credit rating (BBB+ by S&P and Fitch), enabling it to finance aircraft deliveries at favorable interest margins.
Questions about Austrian Airlines vs Ryanair
Which company has higher revenue — Austrian Airlines or Ryanair?
Austrian Airlines had ~$2.7B (FY2024), while Ryanair had ~$15.2B (FY2024). By latest annual revenue, Ryanair is the larger business, with Austrian Airlines showing a smaller revenue base.
What is the market cap of Austrian Airlines vs Ryanair?
Austrian Airlines's market capitalisation stands at $7.5B, while Ryanair's is $21.5B. Ryanair carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Austrian Airlines.
How does revenue per employee compare for Austrian Airlines and Ryanair?
Austrian Airlines has $443k / employee in revenue per employee, while Ryanair has $563k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Austrian Airlines and Ryanair make money?
Austrian Airlines and Ryanair generate revenue in fundamentally different ways. Austrian Airlines: Austrian Airlines operates a high-yielding network hub-and-spoke and leisure travel business model integrated into the Lufthansa Group commercial platform: (1) Network Passenger Travel (~82% of revenue / ~€2.01B), monetizing European feeder routes and long-haul intercontinental flights across Business Class, Premium Economy, and Economy cabins connecting through Vienna International Airport; (2) Leisure Charter & Holiday Flights (~11% of revenue / ~€0.27B), operating seasonal holiday flights connecting Vienna, Salzburg, and Graz to popular Mediterranean sun destinations in Greece, Spain, Italy, and Egypt; (3) Cargo Logistics (Lufthansa Cargo) (~4% of revenue / ~€0.10B), monetizing belly cargo space on transatlantic and Asian flights for high-value Austrian industrial exports and pharmaceuticals; and (4) Lufthansa Group Commercial Synergies: Benefiting from Lufthansa Group's unified corporate sales contracts, Miles & More loyalty program, shared IT booking systems, joint aircraft procurement discounts, and transatlantic revenue-sharing joint ventures with United Airlines and Air Canada. Ryanair: Ryanair operates the world's most disciplined, lowest-cost commercial aviation business model, combining rock-bottom seat fares with high-margin ancillary monetization: (1) Passenger Scheduled Airfares (~66% of revenue / ~€8.87B), selling millions of seats at low promotional fares to achieve extraordinary passenger load factors of 94%+; (2) Ancillary Revenues (~34% of revenue / ~€4.57B), monetizing optional add-on products with extraordinary gross margins, including priority boarding with two cabin bags, reserved seat assignments, checked baggage fees, in-flight retail snacks/drinks/perfumes, and travel insurance; (3) Third-Party Travel Commissions: Collecting high-margin commissions from partnering car rental agencies (Hertz), hotel booking portals (Booking.com), and airport transfers booked through the Ryanair mobile app; and (4) Secondary Airport Subsidies & Low Fees: Negotiating rock-bottom landing charges, volume discounts, and marketing support from regional European secondary airports eager to attract tourist traffic.
Which company is valued higher relative to revenue — Austrian Airlines or Ryanair?
On a price-to-sales (P/S) basis, Austrian Airlines trades at 2.8x P/S and Ryanair at 1.4x P/S. Austrian Airlines commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Ryanair. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Austrian Airlines bigger than Ryanair?
By last reported revenue, Ryanair (~$15.2B (FY2024)) is the larger company compared to Austrian Airlines (~$2.7B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Austrian Airlines vs Ryanair overview