For fiscal 2025 (ended Dec 31, 2025), Azul S.A. reported R$21.78B of revenue and R$124.86M of net income. Figures are in BRL, the currency of its SEC filings.
AZUL revenue was R$21.78B for fiscal 2025 (ended Dec 31, 2025), up 11.0% from fiscal 2024. Compound annual growth was +29.4% over 5 years and +13.3% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 11 fiscal years on file.
AZUL net income was R$124.86M for fiscal 2025 (ended Dec 31, 2025), compared with -R$9.15B in fiscal 2024.
AZUL free cash flow was -R$1.43B for fiscal 2025 (ended Dec 31, 2025), compared with R$2.11B in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$21.78B | R$19.63B | R$18.72B | R$16.53B | R$10.40B | R$6.00B | R$11.80B | R$9.46B | R$7.70B | R$6.67B |
| Operating income | R$4.32B | R$3.39B | R$1.66B | R$1.43B | R$54.80M | -R$1.40B | -R$1.20B | R$1.19B | R$1.24B | R$344.29M |
| Interest expense | R$10.30B | R$5.25B | R$5.61B | R$4.79B | R$3.84B | R$2.51B | R$1.33B | R$1.09B | R$1.08B | R$731.20M |
| Pre-tax income | R$124.87M | -R$9.19B | -R$2.34B | -R$722.37M | -R$4.21B | -R$11.08B | -R$2.54B | -R$452.93M | R$414.13M | R$17.67M |
| Income tax | R$12.0K | -R$38.80M | R$39.53M | R$0 | R$0 | -R$242.50M | -R$133.18M | R$182.81M | -R$10.38M | R$143.98M |
| Net income | R$124.86M | -R$9.15B | -R$2.38B | -R$722.37M | -R$4.21B | -R$10.83B | -R$2.40B | -R$635.73M | R$424.51M | -R$126.31M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | R$991.64M | R$1.21B | R$1.90B | R$668.35M | R$3.07B | R$3.06B | R$1.65B | R$1.17B | R$762.32M | R$549.16M |
| Short-term investments | - | - | - | R$0 | R$1.43M | R$91.82M | R$62.01M | R$517.42M | R$1.04B | R$331.20M |
| Receivables | R$2.72B | R$1.78B | R$1.11B | R$1.80B | R$997.89M | R$875.38M | R$1.17B | R$1.07B | R$914.43M | R$673.30M |
| Inventory | R$972.53M | R$943.58M | R$799.21M | R$721.74M | R$571.92M | R$402.59M | R$260.87M | R$200.15M | R$150.39M | R$107.10M |
| Current assets | R$6.30B | R$5.66B | R$5.04B | R$4.87B | R$5.85B | R$5.42B | R$4.14B | R$3.69B | R$3.46B | R$1.91B |
| Goodwill | - | - | - | - | - | R$810.95M | - | - | - | - |
| Total assets | R$23.64B | R$26.27B | R$20.53B | R$18.72B | R$18.53B | R$15.79B | R$19.20B | R$16.09B | R$13.92B | R$8.40B |
| Current liabilities | R$29.47B | R$21.34B | R$14.75B | R$15.06B | R$11.71B | R$10.21B | R$6.86B | R$5.28B | R$4.12B | R$3.62B |
| Short-term debt | R$13.78B | R$2.21B | R$1.10B | R$1.11B | R$984.27M | R$858.33M | R$481.23M | R$158.81M | R$419.20M | R$985.20M |
| Long-term debt | R$9.28B | R$12.77B | R$8.60B | R$6.12B | R$7.16B | R$6.50B | R$3.04B | R$2.60B | R$2.16B | R$3.05B |
| Total debt | R$23.06B | R$14.98B | R$9.70B | R$7.23B | R$8.15B | R$7.36B | R$3.52B | R$2.76B | R$2.58B | R$4.03B |
| Total liabilities | R$52.68B | R$56.71B | R$41.86B | R$37.73B | R$36.87B | R$29.94B | R$22.72B | R$17.24B | R$14.35B | R$10.53B |
| Shareholders' equity | -R$29.04B | -R$30.44B | -R$21.33B | -R$19.01B | -R$18.33B | -R$14.15B | -R$3.52B | -R$1.15B | -R$432.71M | -R$2.13B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -R$1.23B | R$2.79B | R$3.44B | R$2.44B | -R$310.62M | R$976.23M | R$2.59B | R$1.76B | R$1.01B | R$53.97M |
| Capital expenditures | R$198.41M | R$681.33M | R$464.35M | R$624.24M | R$624.29M | R$343.07M | R$1.43B | R$1.09B | R$695.03M | R$385.80M |
| Free cash flow | -R$1.43B | R$2.11B | R$2.98B | R$1.81B | -R$934.90M | R$633.16M | R$1.17B | R$678.46M | R$319.21M | -R$331.83M |
| Investing cash flow | -R$573.38M | -R$1.57B | -R$874.48M | -R$639.85M | -R$684.89M | -R$403.83M | -R$1.19B | -R$273.84M | -R$1.08B | -R$644.35M |
| Financing cash flow | R$1.71B | -R$1.92B | -R$1.39B | -R$4.20B | R$812.63M | R$933.51M | -R$913.50M | -R$1.15B | R$243.46M | R$526.66M |
| Share repurchases | R$4.0K | R$2.60M | R$6.83M | R$3.92M | R$16.20M | R$0 | R$12.85M | - | R$44.66M | - |
| Stock-based compensation | R$70.78M | R$43.45M | R$71.64M | -R$18.25M | R$17.18M | R$22.91M | R$17.24M | R$17.85M | R$28.14M | R$9.88M |
| Depreciation and amortization | R$3.01B | R$2.56B | R$2.40B | R$2.09B | R$1.54B | R$1.81B | R$1.62B | R$1.28B | R$1.06B | R$301.20M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 11.0% | 4.9% | 13.2% | 58.9% | 73.5% | -49.2% | 24.8% | 22.8% | 15.5% | 6.6% |
| Operating margin | 19.8% | 17.3% | 8.9% | 8.6% | 0.5% | -23.3% | -10.1% | 12.6% | 16.1% | 5.2% |
| Net margin | 0.6% | -46.6% | -12.7% | -4.4% | -40.5% | -180.7% | -20.4% | -6.7% | 5.5% | -1.9% |
| Free cash flow margin | -6.6% | 10.7% | 15.9% | 11.0% | -9.0% | 10.6% | 9.9% | 7.2% | 4.1% | -5.0% |
| Return on assets | 0.5% | -34.8% | -11.6% | -3.9% | -22.7% | -68.6% | -12.5% | -4.0% | 3.1% | -1.5% |
| Current ratio | 0.21 | 0.27 | 0.34 | 0.32 | 0.50 | 0.53 | 0.60 | 0.70 | 0.84 | 0.53 |
Source: XBRL data Azul S.A. files with the SEC, latest filing dated Apr 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AZUL | R$21.78B | +11.0% | R$124.86M | 0.6% | $1.07B |
| FDX | $94.72B | +7.7% | $4.43B | 4.7% | $74.82B |
| DAL | $71.80B | +14.1% | $3.29B | 4.6% | $60.66B |
| UAL | $65.55B | +12.3% | $3.58B | 5.5% | $39.17B |
| RYAAY | €15.54B | +11.4% | €2.17B | 14.0% | $32.21B |
| LUV | $31.55B | +14.5% | $1.05B | 3.3% | $22.68B |
| FDXF | $8.79B | -1.1% | $655.00M | 7.4% | $19.41B |
| LTM | $14.27B | +11.2% | $1.46B | 10.2% | $14.35B |
| AAL | $60.98B | +12.3% | -$481.00M | -0.8% | $9.35B |