Azul (AZLUD) reveals strong January 2026 revenue, margins post‑Chapter 11
Rhea-AI Filing Summary
Azul S.A. provided preliminary, unaudited January 2026 financial data as part of its monthly operating reports to the U.S. Bankruptcy Court in New York, following the conclusion of its Chapter 11 process on February 20, 2026.
For January 2026, Azul reported total operating revenue of R$2,111.1 million, adjusted EBITDA of R$796.3 million with a 37.7% margin, and operating income of R$582.8 million with a 27.6% margin. The company also reported cash, cash equivalents and short-term investments of R$1,316.48 million and accounts receivable of R$2,281.70 million.
Azul plans to continue releasing quarterly reviewed and annually audited financial statements under CVM and SEC rules while highlighting this monthly data to keep the market informed about its financial and operational performance during its restructuring process.
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Insights
Azul shows solid January margins while post-Chapter 11 monitoring continues.
Azul S.A. reports January 2026 operating revenue of R$2,111.1 million with adjusted EBITDA of R$796.3 million, implying a strong 37.7% adjusted EBITDA margin. Operating income reached R$582.8 million, a 27.6% operating margin for the month.
This data is preliminary and unaudited and is provided within the context of a Chapter 11 process that was concluded on February 20, 2026. The company also lists cash, cash equivalents and short-term investments of R$1,316.48 million and accounts receivable of R$2,281.70 million as of January.
The figures come from monthly operating reports required by the U.S. court and from consolidated company disclosures. Subsequent quarterly reviewed and annual audited financial statements, prepared under CVM and SEC rules, are expected to provide a fuller picture of post-restructuring performance.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2026
Commission File Number: 001-38049
Azul S.A.
(Name of Registrant)
Edifício Jatobá, 8th floor, Castelo Branco Office Park
Avenida Marcos Penteado de Ulhôa Rodrigues, 939
Tamboré, Barueri, São Paulo, SP 06460-040, Brazil.
+55 (11) 4831 2880
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
 |
Material Fact March | 2026 |
Azul reports unaudited monthly financial information to the US Court
São Paulo, March 13, 2026 – Azul S.A., “Azul” (B3:AZUL53, OTC:AZLUY), presented today its monthly operating reports, containing certain financial information for the period from January 1, 2026, to January 31, 2026, to the United States Bankruptcy Court for the Southern District of New York, as required during its Chapter 11 process already concluded on February 20, 2026. The monthly operating report includes items such as cash position, revenue, and profit and loss for the period mentioned above for each of Azul’s subsidiaries that are subject to the voluntary Chapter 11 process in the United States.
Additionally, the Company disclosed on this date preliminary and unaudited consolidated financial information for the period from January 1, 2026 to January 31, 2026, with the aim of keeping the market informed about the evolution of its financial and operational performance throughout its restructuring process.
| Highlights (R$ million) | Jan-26 |
| Total operating revenue | 2,111.1 |
| Adjusted EBITDA¹ | 796.3 |
| Adjusted EBITDA margin (%)¹ | 37.7% |
| Operating income¹ | 582.8 |
| Operating margin (%)¹ | 27.6% |
| Cash, cash equivalents and short-term investments | 1,316.48 |
| Accounts receivable | 2,281.70 |
¹Results were adjusted for one-time and non-recurring items, primarily related to restructuring
The Company emphasizes that such information:
| · | are preliminary and have not been audited by its independent auditors; |
| · | were prepared exclusively for the purpose of complying with the requirements of Chapter 11, according to practices and criteria established by the United States rules applicable to that process; and |
| · | should not be directly compared to the regular financial statements previously disclosed by Azul. |
Azul will continue to disclose quarterly financial statements revised by our auditors and annual financial statements audited according to CVM and SEC rules.
About Azul
Azul S.A. (B3: AZUL53; OTC: AZULY), the largest airline in Brazil in terms of cities served, offers more than 800 daily flights to 137 destinations. With an operational fleet of around 170 aircraft and over 15,000 crew members, the company operates a network of 250 direct routes. Azul was ranked by Cirium, a leading aviation analytics company, as the 2nd most on-time airline in the world in 2023. In 2020, it was named the world’s best airline by TripAdvisor, the first time a Brazilian airline achieved the top position in the Traveler’s Choice Awards. For more information visit ri.voeazul.com.br/en/.
Contact:
Investor Relations Tel: +55 11 4831 2880 invest@voeazul.com.br |
Media Relations Tel: +55 11 98196-1035 imprensa@voeazul.com.br |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 13, 2026
Azul S.A.
By: /s/ Alexandre Wagner Malfitani
Name: Alexandre Wagner Malfitani
Title: Chief Financial Officer