NYSE : AZUL
Azul S.A. — Financial statements
Industrials · Airlines · Brazil
Last price 4 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 772.84M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Azul S.A. (AZUL) reported revenue of 21.75B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 20.01B | 20.00B | 18.12B | 17.23B | 14.59B | 8.81B |
| Other Revenue | 1.74B | 1.64B | 1.40B | 1.33B | 1.35B | 1.16B |
| Revenue | 21.75B | 21.64B | 19.53B | 18.55B | 15.95B | 9.98B |
| Cost of Revenue | 17.21B | 15.63B | 14.45B | 15.42B | 14.26B | 9.20B |
| Gross Profit | 4.55B | 6.01B | 5.07B | 3.13B | 1.68B | 775.84M |
| Selling, General & Admin | 1.46B | 1.70B | 1.50B | 1.32B | 1.07B | 753.65M |
| Other Operating Expenses | -106.21M | -10.07M | 323.54M | 393.09M | 281.67M | 1.04B |
| Operating Expenses | 1.44B | 1.69B | 1.83B | 1.72B | 1.36B | 1.80B |
| Operating Income | 3.11B | 4.32B | 3.25B | 1.42B | 326.76M | -1.02B |
| Interest Expense | -6.59B | -7.55B | -4.96B | -4.64B | -4.24B | -3.51B |
| Interest & Investment Income | 77.19M | 100.21M | 149.92M | 104.67M | 198.29M | 105.05M |
| Currency Exchange Gain (Loss) | 1.18B | 4.21B | -7.89B | 1.63B | 1.41B | -1.44B |
| Other Non Operating Income (Expenses) | -3.87B | 1.19B | 98.19M | -608.49M | 483.44M | 580.76M |
| EBT Excluding Unusual Items | -6.10B | 2.27B | -9.36B | -2.10B | -1.83B | -5.29B |
| Gain (Loss) on Sale of Investments | -1.76B | -1.05B | 22.77M | 66.05M | ||
| Asset Writedown | 143.79M | 245.64M | 1.10B | 1.08B | ||
| Other Unusual Items | 1.97B | -1.09B | -552.07M | |||
| Pretax Income | -5.89B | 124.87M | -9.19B | -2.34B | -722.37M | -4.21B |
| Income Tax Expense | -7.51B | 12.00K | -38.80M | 39.53M | ||
| Net Income | 1.62B | 124.86M | -9.15B | -2.38B | -722.37M | -4.21B |
| Net Income to Common | 1.62B | 124.86M | -9.15B | -2.38B | -722.37M | -4.21B |
| Shares Outstanding (Basic) | 368.56M | 40.33M | 16.86M | |||
| Shares Outstanding (Diluted) | 368.56M | 40.33M | 16.86M | |||
| EPS (Basic) | 4.40 | 3.10 | -542.81 | |||
| EPS (Diluted) | 4.40 | 3.10 | -542.81 | |||
| Free Cash Flow | -1.87B | -1.79B | 1.53B | 2.64B | 1.18B | -934.90M |
| Free Cash Flow Per Share | -5.06 | -44.43 | 90.64 | |||
| Gross Margin | 20.90% | 27.79% | 25.97% | 16.87% | 10.55% | 7.78% |
| Operating Margin | 14.29% | 19.97% | 16.63% | 7.63% | 2.05% | -10.23% |
| Profit Margin | 7.46% | 0.58% | -46.87% | -12.83% | -4.53% | -42.23% |
| Free Cash Flow Margin | -8.58% | -8.28% | 7.83% | 14.21% | 7.43% | -9.37% |
| EBITDA | 1.98B | 4.63B | 3.56B | 1.74B | 622.75M | -751.54M |
| EBITDA Margin | 9.12% | 21.39% | 18.22% | 9.40% | 3.91% | -7.53% |
| D&A For EBITDA | -1.13B | 307.38M | 310.37M | 327.89M | 295.98M | 269.35M |
| EBIT | 3.11B | 4.32B | 3.25B | 1.42B | 326.76M | -1.02B |
| EBIT Margin | 14.29% | 19.97% | 16.63% | 7.63% | 2.05% | -10.23% |
| Effective Tax Rate | 0.01% | |||||
| Revenue as Reported | 21.75B | 21.64B | 19.53B | 18.55B | 15.95B | 9.98B |
| Advertising Expenses | 915.44M | 889.22M | 779.26M | 699.00M | 403.99M |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.27B | 991.64M | 1.21B | 1.90B | 668.35M | 3.07B |
| Short-Term Investments | 26.29M | 71.90M | 1.43M | |||
| Cash & Short-Term Investments | 1.27B | 1.02B | 1.28B | 1.90B | 668.35M | 3.08B |
| Accounts Receivable | 2.39B | 2.72B | 1.78B | 1.12B | 1.87B | 1.07B |
| Other Receivables | 207.60M | 208.35M | 203.95M | 219.43M | 234.89M | 109.70M |
| Receivables | 2.60B | 2.93B | 1.98B | 1.34B | 2.11B | 1.18B |
| Inventory | 1.59B | 1.34B | 1.22B | 1.02B | 843.43M | 571.92M |
| Prepaid Expenses | 244.41M | |||||
| Other Current Assets | 835.05M | 1.01B | 1.18B | 783.12M | 1.25B | 770.98M |
| Total Current Assets | 6.29B | 6.30B | 5.66B | 5.04B | 4.87B | 5.85B |
| Property, Plant & Equipment | 11.73B | 12.01B | 13.47B | 11.01B | 9.40B | 7.88B |
| Long-Term Investments | 1.04B | 780.31M | 733.04M | 906.72M | ||
| Goodwill | 901.42M | 901.42M | 901.42M | 901.42M | 901.42M | 901.42M |
| Other Intangible Assets | 635.83M | 634.58M | 658.20M | 561.83M | 525.11M | 456.62M |
| Long-Term Accounts Receivable | 8.82M | 29.45M | 16.21M | 105.86M | 198.00M | |
| Other Long-Term Assets | 3.70B | 3.76B | 4.55B | 2.22B | 2.19B | 2.35B |
| Total Assets | 30.78B | 23.64B | 26.27B | 20.53B | 18.72B | 18.53B |
| Accounts Payable | 2.65B | 3.93B | 4.15B | 2.28B | 2.52B | 1.53B |
| Accrued Expenses | 1.37B | 1.43B | 1.09B | 1.06B | 1.31B | 1.06B |
| Short-Term Debt | 290.85M | 753.35M | 3.69M | |||
| Current Portion of Long-Term Debt | 1.35B | 13.87B | 2.33B | 1.13B | 1.13B | 1.02B |
| Current Portion of Leases | 2.59B | 3.35B | 6.31B | 3.69B | 4.03B | 3.50B |
| Current Income Taxes Payable | 184.71M | 144.01M | 125.06M | 142.17M | 193.59M | 150.08M |
| Current Unearned Revenue | 6.26B | 6.24B | 6.33B | 5.21B | 4.14B | 3.06B |
| Other Current Liabilities | 490.46M | 498.18M | 1.01B | 955.70M | 986.33M | 1.38B |
| Total Current Liabilities | 14.89B | 29.47B | 21.34B | 14.75B | 15.06B | 11.71B |
| Long-Term Debt | 8.54B | 9.58B | 13.83B | 9.77B | 7.51B | 9.00B |
| Long-Term Leases | 9.77B | 9.36B | 15.06B | 11.46B | 10.56B | 11.39B |
| Pension & Post-Retirement Benefits | 10.76M | 10.21M | 8.22M | 9.91M | 7.00M | 5.76M |
| Long-Term Deferred Tax Liabilities | 39.53M | |||||
| Other Long-Term Liabilities | 2.74B | 4.25B | 6.46B | 5.83B | 4.60B | 4.76B |
| Total Liabilities | 35.94B | 52.68B | 56.71B | 41.86B | 37.73B | 36.87B |
| Common Stock | 21.76B | 7.13B | 2.32B | 2.31B | 2.31B | 2.29B |
| Retained Earnings | -30.07B | -34.69B | -34.82B | -25.67B | -23.29B | -22.56B |
| Treasury Stock | -1.43M | -4.33M | -9.04M | -10.20M | -11.96M | |
| Comprehensive Income & Other | 3.16B | -1.47B | 2.07B | 2.03B | 1.98B | 1.95B |
| Shareholders' Equity | -5.15B | -29.04B | -30.44B | -21.33B | -19.01B | -18.33B |
| Total Liabilities & Equity | 30.78B | 23.64B | 26.27B | 20.53B | 18.72B | 18.53B |
| Total Debt | 22.24B | 36.17B | 37.54B | 26.34B | 23.97B | 24.91B |
| Net Cash (Debt) | -20.97B | -35.15B | -36.26B | -24.44B | -23.30B | -21.84B |
| Net Cash Per Share | -56.90 | -871.52 | -2,150.78 | |||
| Filing Date Shares Outstanding | 368.56M | 40.33M | 16.86M | 16.86M | 16.86M | 16.83M |
| Total Common Shares Outstanding | 368.56M | 40.33M | 16.86M | 16.86M | 16.86M | 16.83M |
| Working Capital | -8.60B | -23.17B | -15.68B | -9.70B | -10.18B | -5.86B |
| Book Value Per Share | -13.99 | -719.98 | -1,805.28 | -1,265.31 | -1,127.63 | -1,089.32 |
| Tangible Book Value | -6.69B | -30.57B | -31.99B | -22.79B | -20.43B | -19.69B |
| Tangible Book Value Per Share | -18.16 | -758.07 | -1,897.79 | -1,352.12 | -1,212.26 | -1,170.01 |
| Buildings | 650.40M | 660.62M | 555.41M | 524.08M | 506.68M | |
| Machinery | 2.97B | 301.73M | 384.28M | 789.76M | 2.88B | 2.72B |
| Construction In Progress | 65.45M | 52.71M | 59.31M | 96.09M | 44.24M | 52.17M |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.62B | 124.86M | -9.15B | -2.38B | -722.37M | -4.21B |
| Depreciation & Amortization | 2.54B | 2.79B | 2.36B | 2.22B | 1.96B | 1.44B |
| Other Amortization | 1.08B | 949.09M | 315.34M | 227.16M | 158.66M | 144.38M |
| Loss (Gain) From Sale of Assets | -32.51M | -60.27M | -91.61M | 6.36M | -33.16M | 832.00K |
| Asset Writedown & Restructuring Costs | 388.71M | 198.19M | -373.00K | 51.71M | -746.56M | -1.08B |
| Stock-Based Compensation | 81.15M | 70.78M | 43.45M | 71.64M | -18.25M | 17.18M |
| Other Operating Activities | -3.32B | -2.41B | 8.73B | 2.11B | 692.57M | 3.92B |
| Change in Accounts Receivable | -669.36M | -1.16B | -292.03M | 876.96M | -1.11B | -270.33M |
| Change in Inventory | -121.72M | -61.04M | -159.41M | -153.50M | -788.94M | -246.05M |
| Change in Accounts Payable | -1.77B | -796.18M | 855.53M | -92.88M | 2.27B | -278.05M |
| Change in Unearned Revenue | -397.45M | 8.12M | 1.41B | 1.13B | 963.68M | 625.31M |
| Change in Income Taxes | 29.82M | -12.21M | 57.60M | -10.48M | -115.21M | 85.33M |
| Change in Other Net Operating Assets | -613.37M | -866.94M | -1.30B | -623.44M | -84.89M | -461.47M |
| Operating Cash Flow | -1.19B | -1.23B | 2.79B | 3.44B | 2.44B | -310.62M |
| Capital Expenditures | -677.53M | -559.56M | -1.26B | -803.34M | -1.25B | -624.29M |
| Sale of Property, Plant & Equipment | 7.27M | 518.74M | ||||
| Cash Acquisitions | -5.92M | -5.92M | -30.32M | -20.00M | ||
| Sale (Purchase) of Intangibles | -220.19M | -188.35M | -234.94M | -168.97M | -198.53M | -152.54M |
| Investment in Securities | 26.93M | -22.11M | -101.22M | 1.52M | 90.68M | |
| Other Investing Activities | 316.21M | 195.30M | 29.35M | 97.83M | 321.27M | 21.26M |
| Investing Cash Flow | -560.51M | -573.38M | -1.57B | -874.48M | -639.85M | -684.89M |
| Long-Term Debt Issued | 7.42B | 3.21B | 4.73B | 200.00M | 3.07B | |
| Short-Term Debt Repaid | -496.29M | -831.48M | -818.27M | |||
| Long-Term Debt Repaid | -5.33B | -4.53B | -4.80B | -3.59B | -2.19B | |
| Lease Payments | -2.76B | -3.05B | -2.80B | -2.35B | -2.77B | -1.80B |
| Total Debt Repaid | -10.60B | -5.33B | -5.02B | -5.63B | -4.41B | -2.19B |
| Net Debt Issued (Repaid) | -907.72M | 2.09B | -1.81B | -901.07M | -4.21B | 880.47M |
| Issuance of Common Stock | 2.76B | 51.21M | 18.00K | 1.61M | 23.01M | 24.00M |
| Repurchase of Common Stock | -4.00K | -2.60M | -6.83M | -3.92M | -16.20M | |
| Other Financing Activities | -80.13M | -433.21M | -104.90M | -486.66M | -12.63M | -75.64M |
| Financing Cash Flow | 1.77B | 1.71B | -1.92B | -1.39B | -4.20B | 812.63M |
| Foreign Exchange Rate Adjustments | -209.37M | -121.39M | 11.41M | 56.72M | 673.00K | 191.85M |
| Net Cash Flow | -189.88M | -218.37M | -687.33M | 1.23B | -2.41B | 8.98M |
| Free Cash Flow | -1.87B | -1.79B | 1.53B | 2.64B | 1.18B | -934.90M |
| Free Cash Flow Margin | -8.58% | -8.28% | 7.83% | 14.21% | 7.43% | -9.37% |
| Free Cash Flow Per Share | -5.06 | -44.43 | 90.64 | |||
| Levered Free Cash Flow | -1.08B | -316.93M | 1.98B | 1.09B | -1.26B | -2.39B |
| Unlevered Free Cash Flow | 2.26B | 3.68B | 4.97B | 3.94B | 1.36B | -237.91M |
| Free Cash Flow After Leases | -4.63B | -4.85B | -1.27B | 283.08M | -1.59B | -2.73B |
| Cash Interest Paid | 771.23M | 1.49B | 2.07B | 1.72B | 1.17B | 624.53M |
| Change in Working Capital | -3.54B | -2.89B | 574.70M | 1.13B | 1.14B | -545.26M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Debt / Equity Ratio | -4.31 | -1.25 | -1.23 | -1.24 | -1.26 | -1.36 |
| Debt / EBITDA Ratio | 5.05 | 5.09 | 6.69 | 7.24 | 10.46 | 59.08 |
| Debt / FCF Ratio | 24.57 | 9.99 | 20.23 | |||
| Net Debt / Equity Ratio | -4.07 | -1.21 | -1.19 | -1.15 | -1.23 | -1.19 |
| Net Debt / EBITDA Ratio | 10.57 | 7.59 | 10.19 | 14.02 | 37.42 | -29.06 |
| Net Debt / FCF Ratio | -11.24 | -19.61 | 23.73 | 9.27 | 19.67 | -23.36 |
| Asset Turnover | 0.75 | 0.87 | 0.83 | 0.94 | 0.86 | 0.58 |
| Inventory Turnover | 12.13 | 12.20 | 12.92 | 16.55 | 20.16 | 18.88 |
| Quick Ratio | 0.26 | 0.13 | 0.15 | 0.22 | 0.18 | 0.36 |
| Current Ratio | 0.42 | 0.21 | 0.27 | 0.34 | 0.32 | 0.50 |
| Return on Assets (ROA) | 6.74% | 10.82% | 8.67% | 4.51% | 1.10% | -3.72% |
| Return on Invested Capital (ROIC) | 19.09% | 60.59% | 29.96% | 6.23% | -16.46% | |
| Return on Capital Employed (ROCE) | 19.60% | -74.10% | 65.80% | 24.50% | 8.90% | -15.00% |
| Buyback Yield / Dilution | -813.86% | -139.23% |