Azul S.A. (OTC: AZULQ) reports Oct 2025 R$1.90B revenue and 25.5% operating margin
Rhea-AI Filing Summary
Azul S.A. reported preliminary and unaudited October 2025 results while progressing through its Chapter 11 restructuring in the United States. For the period from October 1 to October 31, 2025, the company recorded total operating revenue of R$ 1,900.6 million, adjusted EBITDA of R$ 716.4 million and an adjusted EBITDA margin of 37.7%, reflecting restructuring-related adjustments. Operating income was R$ 484.4 million, with an operating margin of 25.5%.
Azul also reported a cash, cash equivalents and short-term investments balance of R$ 1,848.57 million and accounts receivable of R$ 2,817.40 million for October 2025. The company is submitting monthly operating reports with the U.S. Bankruptcy Court for the Southern District of New York and intends to issue a press release with each report, while continuing to publish quarterly reviewed and annual audited financial statements under CVM and SEC rules.
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Insights
Azul provides detailed October 2025 metrics as it advances through Chapter 11, highlighting strong margins and liquidity data.
Azul S.A. is in a previously announced Chapter 11 process and is now releasing monthly operating reports to the U.S. Bankruptcy Court alongside preliminary, unaudited consolidated October 2025 figures. For that month, total operating revenue reached
The company reported cash, cash equivalents and short-term investments of
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 November, 2025
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 November | 2025 |
Azul reports unaudited monthly financial information to the US Court
São Paulo, November 28, 2025 – Azul S.A., “Azul” (B3:AZUL4, OTC:AZULQ), presented today its monthly operating reports, containing certain financial information for the period from October 1, 2025, to October 31, 2025, to the United States Bankruptcy Court for the Southern District of New York, as required during its previously announced Chapter 11 process. 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 October 1, 2025 to October 31, 2025, with the aim of keeping the market informed about the evolution of its financial and operational performance throughout its restructuring process.
| Highlights (R$ million) | Oct-25 |
| Total operating revenue | 1,900.6 |
| Adjusted EBITDA¹ | 716.4 |
| Adjusted EBITDA margin (%)¹ | 37.7% |
| Operating income¹ | 484.4 |
| Operating margin (%)¹ | 25.5% |
| Cash, cash equivalents and short-term investments | 1,848.57 |
| Accounts receivable | 2,817.40 |
¹Results adjusted for non-recurring items 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. |
As Azul works to complete its restructuring process, the Company will issue a press release in connection with each monthly operating report filed with the Court.
Azul will continue to disclose quarterly financial statements revised by our auditors and annual financial statements audited according to CVM and SEC rules.
Communication and Transparency with the Market
Azul will keep its shareholders, customers, Crewmembers, and the market informed of all material developments in the restructuring process, in full compliance with applicable laws and regulations.
Stakeholders seeking specific information about Azul’s Chapter 11 case can visit its dedicated website at www.azulmaisforte.com.br. For case and claims information, please visit https://cases.stretto.com/Azul or call (833) 888-8055 (toll-free) or (949) 556-3896 (international).
About Azul
Azul S.A. (B3: AZUL4; OTC: AZULQ), 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 200 aircraft and over 14,000 crew members, the company operates a network of 250 direct routes. Azul was named by Cirium (a leading aviation data analytics company) as the 2nd most punctual airline in the world in 2023. In 2020, Azul was awarded as the best airline in the world by TripAdvisor, marking the first time a Brazilian airline achieved first place in the Traveller'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: November 28, 2025
Azul S.A.
By: /s/ Alexandre Wagner Malfitani
Name: Alexandre Wagner Malfitani
Title: Chief Financial Officer
FAQ
What did Azul S.A. (AZULQ) report in its October 2025 monthly figures?
For October 1–31, 2025, Azul S.A. reported total operating revenue of R$ 1,900.6 million, adjusted EBITDA of R$ 716.4 million with a 37.7% margin, and operating income of R$ 484.4 million with a 25.5% operating margin, all on a preliminary and unaudited basis.
How is Azul S.A. (AZULQ) keeping the market informed during its Chapter 11 process?
Azul is filing monthly operating reports with the U.S. Bankruptcy Court for the Southern District of New York and issuing a press release with each report. It is also providing preliminary, unaudited consolidated monthly financial information and will continue to disclose quarterly reviewed and annual audited financial statements under CVM and SEC rules.
What liquidity and working capital metrics did Azul S.A. (AZULQ) disclose for October 2025?
For October 2025, Azul disclosed cash, cash equivalents and short-term investments of R$ 1,848.57 million, and accounts receivable of R$ 2,817.40 million, providing insight into its liquidity position and receivables during the restructuring period.
Are Azul S.A.’s (AZULQ) October 2025 financial figures audited?
The October 2025 figures are described as preliminary and unaudited and are presented in the context of monthly operating reports required during Azul’s Chapter 11 process. The company states it will continue to publish quarterly financial statements reviewed by auditors and annual financial statements audited under CVM and SEC rules.
How are Azul S.A.’s (AZULQ) restructuring-related items treated in the October 2025 results?
Azul indicates that October 2025 results such as adjusted EBITDA and operating income are adjusted for non-recurring items related to restructuring, aiming to isolate the underlying performance from one-off restructuring impacts.
Where can stakeholders find more information about Azul S.A.’s (AZULQ) Chapter 11 case?
Stakeholders can visit www.azulmaisforte.com.br for information about the Chapter 11 process and https://cases.stretto.com/Azul or call the listed toll-free and international numbers for case and claims information.
