Azul SA (AZUXY) Financials
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 AZUXY SEC filings page.
Azul SA (AZUXY) 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
We do not publish a peer-relative financial health score for Azul SA, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Azul SA 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 SA 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 SA 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 SA generated $4.0B in revenue in fiscal year 2025. This represents an increase of 25.1% from the prior year.
Azul SA'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 SA 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 SA 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 SA 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 SA'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 SA'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 SA 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 SA 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.
AZUXY 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).
AZUXY 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.
AZUXY 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.
AZUXY 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.
Where Azul SA Ranks
Frequently Asked Questions
Azul SA (AZUXY) 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 SA (AZUXY) revenue grew by 25.1% year-over-year, from $3.2B to $4.0B in fiscal year 2025.
Yes, Azul SA (AZUXY) reported a net income of $22.8M in fiscal year 2025, with a net profit margin of 0.6%.
Azul SA (AZUXY) had EBITDA of $1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Azul SA (AZUXY) had $181.1M in cash and equivalents against $1.7B in long-term debt.
Azul SA (AZUXY) had an operating margin of 20.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Azul SA (AZUXY) had a net profit margin of 0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Azul SA (AZUXY) 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 SA (AZUXY) recorded an outflow of $225.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Azul SA (AZUXY) had $4.3B in total assets as of fiscal year 2025, including both current and long-term assets.
Azul SA (AZUXY) invested $36.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Azul SA (AZUXY) had a current ratio of 0.21 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Azul SA (AZUXY) had a return on assets of 0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Azul SA (AZUXY) 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 SA (AZUXY) 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 SA (AZUXY) 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 SA (AZUXY) 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.