£93m Bonus for Ryanair Boss: Is Michael O'Leary Worth More Than a Premier League Striker?

Michael O'Leary, the current CEO of Europe's biggest ultra-low-cost airline Ryanair, is set to receive a €100m (£93m) bonus, comparable to the net worth of some of the most prominent players in the Premier League. O'Leeary's CEO bonus comes after the airline recently hit a key milestone, signalling constant growth as it dominates budget-friendly air travel across Europe.

What's In O'Leary's Bonus?

Ryanair CEO Michael O'Leary is poised to receive a €100 million (£93 million) bonus after the airline's stock price remained above €21 (£17.70) for 28 consecutive days, meeting a key condition of a 2019 share-option scheme.

This allows O'Leary to purchase 10 million shares at €11.12 (£9.37) each, significantly below the current market price of €23.74 (£20.01), resulting in a potential gain of approximately €126 million (£106.22 million). To fully vest the options, he must remain CEO through July 2028.

Under O'Leary's leadership, Ryanair has become Europe's largest airline by passenger numbers, recently reporting a record 200.2 million passengers in the year ending March, a 9% increase from the previous year.

Comparing O'Leary's Bonus to Premier Player's Net Worth

Michael O'Leary's €100 million (£93 million) Ryanair bonus puts him in financial territory typically reserved for elite Premier League stars. His bonus alone surpasses the estimated market values of top midfielders like Martin Ødegaard (£71.66 million) and Moisés Caicedo (£75.87 million). It matches Liverpool's Alexis Mac Allister and Manchester City's Phil Foden (valued at £93 million).

It also comes close to Rodri's £92.73 million valuation despite these players being at the peak of their footballing careers. Only a handful, like Bukayo Saka (£126.46 million), exceed O'Leary's bonus.

The comparison highlights how executive compensation in corporate aviation can rival — and sometimes outpace — the astronomical figures seen in the world's most competitive football league.

A History of O'Leary's Compensations

Michael O'Leary's compensation at Ryanair has fluctuated significantly over the years, reflecting the airline's performance and broader economic conditions. In the fiscal year ending March 2021, amid the COVID-19 pandemic, O'Leary voluntarily halved his base salary to €250,000 (£210,761.25) and received no bonus, as Ryanair reported a €1 billion (£843 million) loss.

As the airline recovered, his pay was restored to pre-pandemic levels, with a base salary of €500,000 (£421,522.50) and a bonus of €475,000 (£400,446.37) in fiscal 2022, totalling €975,000 (£821,968.87). In fiscal 2023, his base salary increased to €1.2 million (£1.01 million), and he earned a bonus of €425,000 (£358,294.13), bringing his total compensation to €2.7 million (£2.28 million).

Additionally, O'Leary holds 10 million unvested share options, part of a 2019 incentive scheme, which could yield substantial gains if specific performance targets are met by 2028.

What's In Ryanair's First 2025 Results?

Ryanair's fiscal year 2025 results reflect both growth and challenges. The airline reported a profit after tax of €1.61 billion (£1.36 billion), a 16% decrease from the previous year's €1.92 billion (£1.62 billion), primarily due to a 7% drop in average fares.

Despite this, revenue increased by 4% to €13.95 billion (£11.76 billion), driven by a 9% rise in passenger numbers, reaching a record 200.2 million. The load factor remained steady at 94%. Operating costs grew by 9% to €12.39 billion (£10.45 billion), influenced by higher fuel expenses and operational challenges, including Boeing aircraft delivery delays.

Looking ahead, Ryanair anticipates carrying 203 million passengers in FY2026, slightly below earlier projections, but maintains confidence in long-term growth, aiming for 300 million passengers annually by 2034.

Despite recent profit pressures, the airline's record-breaking passenger numbers and steady expansion validate the ambitious performance targets set in O'Leary's 2019 incentive scheme. The bonus underscores Ryanair's confidence in its CEO's continued leadership as it navigates post-pandemic recovery and aims for increased passengers annually in the millions.