The salary of Ryanair CEO Michael O'Leary has been revealed, made up of base pay and bonuses.

The Irishman was paid €3.83m last year after being awarded a full bonus of €600,000 for achieving passenger, customer satisfaction and environmental targets.

The airline's annual report shows that O'Leary was paid his base salary of €1.2m in addition to the bonus, 50% of which was awarded for Ryanair exceeding 200m passengers in 2024/25, 30% for achieving a customer satisfaction score of 85%, and 20% for receiving an A- rating from CDP.

O'Leary's basic remuneration rose 0.7% from the previous year when his bonus was €588,000, and has effectively doubled from 2023 when he was paid a cash total of €925,000.

In addition to the €1.8m in cash payments to O'Leary, Ryanair booked a technical non-cash accounting charge of €2.03m in relation to share options granted to him.

Similar charges of €1.78m and €2.89m were booked in 2023 and 2024, respectively.

The share options, which remain unvested, bring the total to €3.83m.

At the end of May, O'Leary qualified for share options worth more than €100m and part of a bonus scheme. The 64-year-old will have to remain with the company until the end of July 2028 to collect the share options.

Profit after tax at Ryanair declined 16% in the 12 months to the end of March despite record passenger numbers as fares dropped 7%.

Revenues increased 4% year-on-year from €13.44bn to €13.95bn, outpaced by operating costs, which rose 9% from €11.38bn to €12.39bn, resulting in profitability dropping from €1.92bn to €1.61bn.

The 200.2m passengers that flew with Ryanair during the financial year represented an increase of 9% from 183.7m in the year to March 2024 while load factor was consistent at 94%.

Speaking last month, O'Leary said that traffic grew in spite of delays in deliveries of Boeing aircraft, and that cuts to air fares were required by the absence of a full Easter in Q1, consumer spending pressure, and a big drop-off in bookings with online travel agents prior to last summer.

In his message to shareholders in the annual report, O'Leary said that Dublin Airport is "being hampered by failed regulation and political inaction," citing the annual passenger cap of 32m.

He highlighted that the €320m second runway had effectively doubled the available annual capacity of the airport to 60m passengers, and criticised the government for failing to remove the cap as promised in three months since taking office.

"Only in Ireland would we allow this vital access infrastructure to be built, but then refuse our airlines and citizens the ability to use it, due to bureaucratic failure to abolish an absurd and outdated planning restriction," he added.

The report also makes reference to the investigation into Ryanair's booking verification process launched by the Data Protection Commission last October.

Ryanair has engaged with the DPC to explain that its verification requirement is "designed to ensure compliance with safety and security protocols, and that the process of verification fully complies with the requirements of the GDPR."

The inquiry is expected to take at least a year, and Ryanair is confident in its position, but conceded that the DPC may "ultimately find that the verification process has not fully complied with the GDPR, which could lead to the imposition of a substantial fine."

O'Leary said the risk to deliveries from Boeing remains the biggest medium-term challenge to the company.

The note was written prior to the Air India crash in Ahmedabad on Thursday.

"While the final units of our 210 Boeing 737-8200 order were contracted to deliver in December 2024, at our March 2025 year end Boeing left us short 34 of these deliveries," he said.

"We got five more in April, but the remaining 29 are not expected to deliver until the second half of FY26, hopefully in time for summer 2026.

"The quality and timeliness of Boeing deliveries have recently improved under their new management, but this needs to be reflected in rising monthly production if Boeing is to erase its current delivery backlog."

In May, O'Leary wrote to a US congressman to say that tariffs announced by Donald Trump could threaten orders for 330 Boeing 737 Max aircraft that cost $30bn.

Photo: Michael O'Leary. (Pic: Horacio Villalobos#Corbis/Corbis via Getty Images)