Azul S.A. (AZUL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the filing for FY2025, filed Apr 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AZUL SEC filings page.
Azul S.A. (AZUL) reported $4.0B in revenue for fiscal year 2025, up 25.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Azul S.A.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Azul S.A. has an operating margin of 20.0%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is up from 17.4% the prior year.
Azul S.A.'s revenue surged 25.1% year-over-year to $4.0B, reflecting rapid business expansion. This strong growth earns a score of 36/100.
Azul S.A.'s current ratio of 0.21 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Azul S.A.'s operations used $225.0M of cash, and capex of $36.2M added to the outflow, for a free cash flow shortfall of $261.3M. This results in a cash flow score of 39/100.
Azul S.A. scores -1.66, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $6.3B against total assets of $4.3B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Azul S.A. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Azul S.A. used $9.87 of operating cash (-$225.0M OCF vs $22.8M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Azul S.A. earns $0.42 in operating income for every $1 of interest expense ($789.0M vs $1.9B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Azul S.A. generated $4.0B in revenue in fiscal year 2025. This represents an increase of 25.1% from the prior year.
Azul S.A.'s EBITDA was $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.1% from the prior year.
Azul S.A. reported $22.8M in net income in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Azul S.A. recorded an outflow of $261.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 176.7% from the prior year.
Azul S.A. held $181.1M in cash against $1.7B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Azul S.A.'s operating margin was 20.0% in fiscal year 2025, reflecting core business profitability. This is up 2.6 percentage points from the prior year.
Azul S.A.'s net profit margin was 0.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 47.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Azul S.A. spent $730 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.8% from the prior year.
Azul S.A. invested $36.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.1% from the prior year.
Not reported for fiscal year 2025.
AZUL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B+25.1% | $3.2B-17.4% | $3.8B+26.7% | $3.0B+68.6% | $1.8B+61.8% | $1.1B-61.2% | $2.8B+22.0% | $2.3B+0.3% | $2.3B+13.5% | $2.1B+29.7% | $1.6B |
| Operating Income | $789.0M+43.9% | $548.3M+60.2% | $342.3M+26.6% | $270.4M+2651.5% | $9.8Mn/m | -$269.4Mn/m | -$297.4M-196.7% | $307.6M-18.0% | $375.2M+254.6% | $105.8Mn/m | -$42.3M |
| EBITDA | $1.3B+39.1% | $962.9M+14.9% | $837.8M+25.7% | $666.7M+132.4% | $286.8M+266.5% | $78.3M-26.3% | $106.2M-83.4% | $638.5M-8.3% | $696.3M+250.9% | $198.4M+1458.7% | $12.7M |
| Interest Expense | $1.9B+121.5% | $848.5M-26.6% | $1.2B+27.5% | $906.9M+31.7% | $688.5M+42.2% | $484.2M+46.4% | $330.8M+17.2% | $282.1M-13.4% | $325.7M+44.9% | $224.8M+29.7% | $173.2M |
| Income Tax | $2Kn/m | -$6.3M-177.0% | $8.1Mn/m | $0n/m | $0n/m | -$46.7Mn/m | -$33.1M-170.3% | $47.1Mn/m | -$3.1M-107.1% | $44.3M | N/A |
| Net Income | $22.8Mn/m | -$1.5Bn/m | -$490.6Mn/m | -$136.7Mn/m | -$755.7Mn/m | -$2.1Bn/m | -$597.9Mn/m | -$163.8M-227.8% | $128.2Mn/m | -$38.8Mn/m | -$271.5M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
AZUL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.3B+1.6% | $4.2B+0.4% | $4.2B+19.5% | $3.5B+6.5% | $3.3B+9.3% | $3.0B-36.3% | $4.8B+15.2% | $4.1B-1.3% | $4.2B+62.7% | $2.6B | N/A |
| Current Assets | $1.2B+25.8% | $914.9M-12.0% | $1.0B+12.8% | $921.7M-12.1% | $1.0B+0.5% | $1.0B+1.3% | $1.0B+8.3% | $951.0M-9.1% | $1.0B+78.1% | $587.3M | N/A |
| Cash & Equivalents | $181.1M-7.5% | $195.7M-50.0% | $391.0M+209.3% | $126.4M-77.1% | $551.4M-6.6% | $590.1M+43.9% | $410.0M+36.1% | $301.3M+30.9% | $230.2M+36.3% | $168.8M+5.0% | $160.8M |
| Inventory | $177.6M+16.4% | $152.6M-7.4% | $164.7M+20.6% | $136.5M+33.1% | $102.6M+32.3% | $77.5M+19.4% | $64.9M+25.8% | $51.6M+13.6% | $45.4M+37.9% | $32.9M | N/A |
| Accounts Receivable | $497.1M+73.2% | $287.1M+25.6% | $228.6M-33.0% | $341.3M+90.7% | $179.0M+6.2% | $168.6M-41.9% | $290.1M+5.3% | $275.5M-0.2% | $276.1M+33.4% | $207.0M | N/A |
| Goodwill | $280.4M+11.2% | $252.2M-16.4% | $301.6M+11.7% | $269.9M+10.8% | $243.6M+56.0% | $156.1M-42.3% | $270.6M+3.3% | $262.0M-9.7% | $290.1M+0.1% | $289.7M | N/A |
| Total Liabilities | $9.6B+4.9% | $9.2B+6.3% | $8.6B+20.9% | $7.1B+7.9% | $6.6B+14.7% | $5.8B+2.0% | $5.7B+27.2% | $4.4B+2.6% | $4.3B+33.9% | $3.2B | N/A |
| Current Liabilities | $5.4B+55.9% | $3.5B+13.5% | $3.0B+6.7% | $2.8B+35.6% | $2.1B+6.8% | $2.0B+15.2% | $1.7B+25.6% | $1.4B+9.4% | $1.2B+11.8% | $1.1B | N/A |
| Non-Current Liabilities | $4.2B-25.9% | $5.7B+2.4% | $5.6B+30.3% | $4.3B-4.9% | $4.5B+18.8% | $3.8B-3.7% | $3.9B+27.9% | $3.1B+0.3% | $3.1B+164.7% | $1.2B | N/A |
| Long-Term Debt | $1.7B-18.0% | $2.1B+16.6% | $1.8B+53.1% | $1.2B-9.9% | $1.3B+2.6% | $1.3B+65.7% | $755.6M+12.9% | $669.3M-27.8% | $927.1M-1.1% | $937.3M | N/A |
| Total Equity | -$5.3Bn/m | -$4.9Bn/m | -$4.4Bn/m | -$3.6Bn/m | -$3.3Bn/m | -$2.7Bn/m | -$875.6Mn/m | -$296.4Mn/m | -$130.6Mn/m | -$653.8Mn/m | -$99.1M |
| Retained Earnings | -$6.3Bn/m | -$5.6Bn/m | -$5.3Bn/m | -$4.4Bn/m | -$4.0Bn/m | -$3.5Bn/m | -$1.9Bn/m | -$1.3Bn/m | -$1.3Bn/m | -$536.0M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
AZUL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$225.0M-149.9% | $450.7M-36.4% | $708.9M+53.7% | $461.1Mn/m | -$55.7M-129.6% | $188.0M-70.9% | $645.6M+41.9% | $454.8M+48.5% | $306.2M+1745.8% | $16.6Mn/m | -$100.4M |
| Depreciation & Amortization | $550.2M+32.7% | $414.6M-16.3% | $495.5M+25.1% | $396.2M+43.0% | $277.0M-20.3% | $347.7M-13.9% | $403.7M+22.0% | $330.9M+3.1% | $321.1M+246.8% | $92.6M+68.2% | $55.1M |
| Capital Expenditures | $36.2M-67.1% | $110.2M+15.1% | $95.7M-19.0% | $118.1M+5.5% | $112.0M+69.5% | $66.1M-81.4% | $355.3M+26.9% | $280.0M+33.4% | $209.8M+76.9% | $118.6M-60.7% | $301.5M |
| Free Cash Flow | -$261.3M-176.7% | $340.5M-44.5% | $613.2M+78.8% | $343.0Mn/m | -$167.7M-237.6% | $121.9M-58.0% | $290.3M+66.0% | $174.8M+81.4% | $96.4Mn/m | -$102.0Mn/m | -$401.9M |
| Investing Cash Flow | -$104.7Mn/m | -$253.2Mn/m | -$180.2Mn/m | -$121.0Mn/m | -$122.9Mn/m | -$77.8Mn/m | -$295.3Mn/m | -$70.6Mn/m | -$326.5Mn/m | -$198.1Mn/m | -$137.0M |
| Financing Cash Flow | $312.0Mn/m | -$310.5Mn/m | -$287.1Mn/m | -$795.2M-645.5% | $145.8M-18.9% | $179.7Mn/m | -$227.3Mn/m | -$296.7M-503.6% | $73.5M-54.6% | $161.9M-44.8% | $293.3M |
| Share Buybacks | $730-99.8% | $420K-70.2% | $1.4M+89.6% | $742K-74.5% | $2.9M | N/A | $3.2M | N/A | $829K | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
AZUL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.0%+2.6pp | 17.4%+8.4pp | 8.9%0.0pp | 9.0%+8.4pp | 0.5%+24.9pp | -24.4%-13.9pp | -10.4%-23.6pp | 13.2%-2.9pp | 16.1%+11.0pp | 5.2%+7.8pp | -2.7% |
| Net Margin | 0.6%+47.5pp | -46.9%-34.0pp | -12.8%-8.3pp | -4.5%+37.7pp | -42.2% | -188.6% | -21.0%-14.0pp | -7.0%-12.5pp | 5.5%+7.4pp | -1.9%+15.3pp | -17.2% |
| Return on Assets | 0.5%+35.4pp | -34.8%-23.2pp | -11.6%-7.7pp | -3.9%+18.9pp | -22.7%+45.9pp | -68.6%-56.1pp | -12.5%-8.6pp | -4.0%-7.0pp | 3.0%+4.5pp | -1.5% | N/A |
| Current Ratio | 0.21-0.1x | 0.27-0.1x | 0.340.0x | 0.32-0.2x | 0.500.0x | 0.53-0.1x | 0.60-0.1x | 0.70-0.1x | 0.84+0.3x | 0.53 | N/A |
| Asset Turnover | 0.92+0.2x | 0.74-0.2x | 0.90+0.1x | 0.85+0.3x | 0.54+0.2x | 0.36-0.2x | 0.600.0x | 0.560.0x | 0.55-0.2x | 0.79 | N/A |
| FCF Margin | -6.6%-17.4pp | 10.8%-5.3pp | 16.0%+4.7pp | 11.4%+20.7pp | -9.4%-20.4pp | 11.0%+0.8pp | 10.2%+2.7pp | 7.5%+3.3pp | 4.1%+9.1pp | -5.0%+20.5pp | -25.4% |
Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: Shareholder equity is negative (-$5.3B), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.21), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Azul S.A. AZUL | FY2025 | $4.0B | $22.8M | 0.6% | $801.7M | 45/100 |
| CONTROLADORA VUELA COMPANIA DE AVIACION, S.A.B. DE C.V. VLRS | FY2025 | N/A | -$103.9M | N/A | $736.8M | — |
| Republic Airways Holdings Inc. RJET | FY2025 | $1.7B | $76.2M | 4.5% | $904.6M | 36/100 |
| JetBlue Airways Corp JBLU | FY2025 | $9.1B | -$602.0M | -6.6% | $1.1B | 18/100 |
| Frontier Group Holdings, Inc. ULCC | FY2025 | $3.7B | -$137.0M | -3.7% | $1.5B | 28/100 |
| Allegiant Travel Company ALGT | FY2025 | $2.6B | -$44.7M | -1.7% | $2.0B | 24/100 |
Where Azul S.A. Ranks
Frequently Asked Questions
Azul S.A. (AZUL) reported $4.0B in total revenue for fiscal year 2025. This represents a 25.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Azul S.A. (AZUL) revenue grew by 25.1% year-over-year, from $3.2B to $4.0B in fiscal year 2025.
Yes, Azul S.A. (AZUL) reported a net income of $22.8M in fiscal year 2025, with a net profit margin of 0.6%.
Azul S.A. (AZUL) had EBITDA of $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Azul S.A. (AZUL) had $181.1M in cash and equivalents against $1.7B in long-term debt.
Azul S.A. (AZUL) had an operating margin of 20.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Azul S.A. (AZUL) had a net profit margin of 0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Azul S.A. (AZUL) recorded an outflow of $261.3M in free cash flow during fiscal year 2025. This represents a -176.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Azul S.A. (AZUL) recorded an outflow of $225.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Azul S.A. (AZUL) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
Azul S.A. (AZUL) invested $36.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Azul S.A. (AZUL) had a current ratio of 0.21 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Azul S.A. (AZUL) had a return on assets of 0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Azul S.A. (AZUL) trades at 35.2x earnings, its market capitalization divided by $22.8M net income, FY2025. The market capitalization is $801.7M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Azul S.A. (AZUL) trades at 0.2x sales, its market capitalization divided by $4.0B revenue, FY2025. The market capitalization is $801.7M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Azul S.A. (AZUL) has negative shareholder equity of -$5.3B as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Azul S.A. (AZUL) has an Altman Z-Score of -1.66, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Azul S.A. (AZUL) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
For every $1 of reported earnings, Azul S.A. (AZUL) used $9.87 of operating cash (-$225.0M OCF vs $22.8M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Azul S.A. (AZUL) has an interest coverage ratio of 0.42x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Azul S.A. (AZUL) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.