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Azul SA (AZUL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · AIRLINES · DATA UPDATED 2026-09-19

Azul SA (AZUL) operates in the AIRLINES industry and is headquartered in Barueri, Brazil. Its market capitalization is roughly $1 billion. In the fiscal year ended 2025-12-31, AZUL reported BRL 21.6B in revenue and BRL 125M in net income.

Azul S.A., together with its subsidiaries, provides air transportation services in Brazil and internationally.

Interactive charts & full statements → Open the AZUL valuation workbench →

AZUL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Total Revenue	BRL 21.8B	BRL 21.6B	BRL 19.5B	BRL 18.6B	BRL 15.9B	BRL 10.0B	BRL 5.7B	BRL 11.4B	BRL 9.2B	BRL 7.8B	BRL 6.7B	BRL 6.3B	BRL 5.8B	BRL 5.2B	BRL 2.7B	BRL 1.7B	BRL 871M
Gross Profit	BRL 7.0B	BRL 7.2B	BRL 5.2B	BRL 3.1B	BRL 3.2B	BRL 1.8B	(BRL 532M)	BRL 3.4B	BRL 1.8B	BRL 1.7B	BRL 1.1B	BRL 574M	BRL 1.1B	BRL 1.1B	BRL 385M	BRL 260M	BRL 94M
Gross Margin %	32.0%	33.2%	26.4%	16.9%	19.9%	18.1%	-9.3%	29.8%	19.8%	22.4%	16.2%	9.2%	18.3%	20.9%	14.2%	15.1%	10.8%
Operating Income (EBIT)	BRL 2.3B	BRL 3.2B	BRL 3.4B	BRL 1.7B	BRL 1.4B	BRL 55M	(BRL 1.4B)	BRL 2.0B	BRL 809M	BRL 865M	BRL 344M	(BRL 168M)	BRL 401M	BRL 468M	BRL 9M	BRL 25M	(BRL 51M)
Operating Margin %	10.4%	14.6%	17.4%	8.9%	9.0%	0.5%	-24.4%	17.8%	8.8%	11.1%	5.2%	-2.7%	6.9%	8.9%	0.3%	1.5%	-5.8%
Net Income	BRL 2.0B	BRL 125M	(BRL 9.2B)	(BRL 2.4B)	(BRL 722M)	(BRL 4.2B)	(BRL 10.8B)	BRL 824M	BRL 704M	BRL 529M	(BRL 126M)	(BRL 1.1B)	(BRL 65M)	BRL 21M	(BRL 171M)	(BRL 105M)	(BRL 98M)
Net Margin %	9.1%	0.6%	-46.9%	-12.8%	-4.5%	-42.2%	-188.6%	7.2%	7.6%	6.8%	-1.9%	-17.2%	-1.1%	0.4%	-6.3%	-6.1%	-11.2%
EBITDA	—	—	BRL 3.6B	BRL 4.6B	BRL 5.6B	BRL 566M	(BRL 7.1B)	BRL 167M	BRL 1.8B	BRL 2.3B	BRL 1.1B	(BRL 174M)	BRL 604M	BRL 613M	BRL 97M	BRL 96M	BRL 9M
Earnings Per Share (EPS)	—	—	BRL -78.97	BRL -20.55	BRL -6.24	BRL -36.57	BRL -94.55	BRL 2.42	BRL 6.25	BRL 4.93	BRL -1.15	BRL -9.77	BRL -0.59	BRL 0.19	BRL -1.55	BRL -0.96	BRL -0.89
Shares Outstanding (M)	—	—	116M	116M	116M	115M	115M	341M	113M	107M	110M	110M	110M	110M	110M	110M	110M

BRL; BRLM / BRLB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AZUL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Total Revenue	BRL 5.4B	BRL 5.5B	BRL 5.1B	BRL 4.2B	BRL 4.7B	BRL 4.9B	BRL 4.9B	BRL 4.3B
Gross Profit	BRL 1.5B	BRL 1.6B	BRL 1.7B	BRL 760M	BRL 1.2B	BRL 1.4B	BRL 1.7B	BRL 666M
Gross Margin %	28.4%	28.5%	32.4%	18.2%	26.6%	28.7%	34.6%	15.7%
Operating Income (EBIT)	BRL 571M	BRL 1.1B	BRL 1.0B	BRL 441M	BRL 801M	BRL 520M	BRL 962M	BRL 301M
Operating Margin %	10.6%	20.2%	20.0%	10.6%	17.1%	10.6%	19.6%	7.1%
Net Income	BRL 783M	(BRL 4.4B)	BRL 360M	(BRL 3.8B)	(BRL 1.1B)	(BRL 53M)	(BRL 1.3B)	BRL 24M
Net Margin %	14.5%	-79.6%	7.0%	-91.3%	-22.4%	-1.1%	-26.0%	0.6%
EBITDA	BRL 4.0B	BRL 1.1B	BRL 2.2B	(BRL 2.1B)	BRL 618M	BRL 203M	BRL 1.2B	BRL 877M
Earnings Per Share (EPS)	BRL 5.49	BRL -38.07	BRL 3.11	BRL -32.89	BRL -9.07	BRL -0.46	BRL -11.04	BRL 0.21
Shares Outstanding (M)	143M	116M	116M	116M	116M	116M	116M	116M

BRL; BRLM / BRLB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AZUL Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Cash from Operations (CFO)	(BRL 1.2B)	(BRL 1.2B)	BRL 2.8B	BRL 3.4B	BRL 2.4B	(BRL 311M)	BRL 976M	BRL 2.6B	BRL 1.8B	BRL 1.0B	BRL 54M	(BRL 398M)	BRL 298M	BRL 615M	(BRL 18M)	(BRL 59M)	BRL 12M
Capital Expenditures (CapEx)	BRL 898M	BRL 748M	BRL 1.3B	BRL 803M	BRL 1.5B	BRL 777M	BRL 343M	BRL 1.4B	BRL 1.1B	BRL 695M	BRL 386M	BRL 1.2B	BRL 448M	BRL 372M	BRL 434M	BRL 503M	BRL 389M
Free Cash Flow (FCF)	(BRL 2.1B)	(BRL 2.0B)	BRL 1.5B	BRL 2.6B	BRL 986M	(BRL 1.1B)	BRL 633M	BRL 1.2B	BRL 678M	BRL 319M	(BRL 332M)	(BRL 1.6B)	(BRL 150M)	BRL 243M	(BRL 452M)	(BRL 562M)	(BRL 376M)
FCF Margin %	-9.6%	-9.2%	7.8%	14.2%	6.2%	-10.9%	11.0%	10.2%	7.4%	4.1%	-5.0%	-25.4%	-2.6%	4.7%	-16.7%	-32.6%	-43.2%
Dividends Paid	—	—	—	BRL 2.4B	—	BRL 3.1B	—	BRL 0M	BRL 811M	BRL 2.0B	BRL 980M	BRL 2M	BRL 50M	BRL 132M	—	—	—

BRL; BRLM / BRLB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AZUL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Cash from Operations (CFO)	(BRL 313M)	BRL 978M	BRL 694M	BRL 1.2B	(BRL 63M)	BRL 1.9B	(BRL 96M)	BRL 593M
Capital Expenditures (CapEx)	BRL 144M	BRL 380M	BRL 247M	BRL 256M	BRL 417M	BRL 459M	BRL 133M	BRL 169M
Free Cash Flow (FCF)	(BRL 458M)	BRL 599M	BRL 446M	BRL 922M	(BRL 481M)	BRL 1.4B	(BRL 228M)	BRL 424M
FCF Margin %	-8.5%	10.8%	8.7%	22.1%	-10.3%	29.3%	-4.6%	10.0%
Dividends Paid	—	—	—	—	—	BRL 680M	BRL 472M	—

BRL; BRLM / BRLB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AZUL Balance Sheet History

Balance sheet	2025-12-31	2025-03-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Total Assets	BRL 23.6B	BRL 25.5B	BRL 26.3B	BRL 20.5B	BRL 18.7B	BRL 18.5B	BRL 15.8B	BRL 19.2B	BRL 11.8B	BRL 10.3B	BRL 8.4B	BRL 7.8B	BRL 6.2B	BRL 5.6B	BRL 4.8B	BRL 2.0B	BRL 1.2B
Cash & Cash Equivalents	BRL 992M	BRL 461M	BRL 1.2B	BRL 1.9B	BRL 668M	BRL 3.1B	BRL 3.1B	BRL 1.6B	BRL 1.2B	BRL 762M	BRL 549M	BRL 637M	BRL 389M	BRL 546M	BRL 271M	BRL 132M	BRL 97M
Total Liabilities	BRL 52.7B	BRL 54.0B	BRL 56.7B	BRL 41.9B	BRL 37.7B	BRL 36.9B	BRL 29.9B	BRL 22.7B	BRL 8.6B	BRL 7.5B	BRL 7.4B	BRL 8.2B	BRL 5.8B	BRL 5.1B	BRL 4.4B	BRL 1.9B	BRL 1.0B
Total Debt (Short + Long-Term)	—	BRL 21.2B	BRL 22.5B	BRL 14.9B	BRL 13.4B	BRL 13.5B	BRL 9.6B	BRL 5.1B	BRL 3.7B	BRL 4.3B	BRL 3.0B	BRL 5.1B	BRL 980M	BRL 3.0B	BRL 864M	BRL 166M	BRL 73M
Total Shareholders' Equity	(BRL 29.0B)	(BRL 28.5B)	(BRL 30.4B)	(BRL 21.3B)	(BRL 19.0B)	(BRL 18.3B)	(BRL 14.1B)	(BRL 3.5B)	BRL 3.2B	BRL 2.8B	BRL 1.0B	(BRL 392M)	BRL 416M	BRL 476M	BRL 351M	BRL 58M	BRL 180M

BRL; BRLM / BRLB as marked (reporting currency). Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AZUL viewer.

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ALGT · Allegiant Travel Company — $2 billion
JBLU · JetBlue Airways Corp — $2 billion
ULCC · Frontier Group Holdings Inc — $1 billion
RJET · Republic Airways Holdings Inc — $806 million
VLRS · Volaris — $787 million
RYAAY · Ryanair Holdings PLC ADR — $28 billion
AAL · American Airlines Group — $9 billion

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