AZUL · CIK 0001432364
AZUL SA
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Air Transportation, Scheduled
Company profile
Revenue
R$21.6B
▲ +10.8% vs FY2024
Net income
R$124.9M
▲ +101.4% vs FY2024
Free cash flow
−R$1.4B
▼ −168.0% vs FY2024
Total assets
R$23.6B
▼ −10.0% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Operating marginNet margin
Returns on capital
Net income vs year-end equity and assets
Cash flow
cash generationFree cash flow
Operating cash flow less capital expenditure
Operating cash flow
Net cash from operations
Shareholder returns
capital allocationCapital returned
Cash paid out as dividends and share repurchases
Buybacks
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Net debt
Long-term debt less cash — negative means net cash
Growth rates
compounding, annualizedRevenue CAGR
+10.7%
3y
+30.4%
5y
+13.2%
10y
Key ratios
derived per fiscal year| Fiscal year | Op. margin | Net margin | FCF margin | ROA | Current ratio |
|---|---|---|---|---|---|
| FY2025 | 20.0% | 0.6% | −6.6% | 0.5% | 0.21× |
| FY2024 | 17.4% | −46.9% | 10.8% | −34.8% | 0.27× |
| FY2023 | 9.0% | −12.8% | 16.0% | −11.6% | 0.34× |
| FY2022 | 9.0% | −4.5% | 11.4% | −3.9% | 0.32× |
| FY2021 | 0.5% | −42.2% | −9.4% | −22.7% | 0.50× |
| FY2020 | −24.4% | −188.6% | 11.0% | −68.6% | 0.53× |
| FY2019 | −10.4% | −21.0% | 10.2% | −12.5% | 0.60× |
| FY2018 | 13.2% | −7.0% | 7.5% | −4.0% | 0.70× |
| FY2017 | 16.1% | 5.5% | 4.1% | 3.1% | 0.84× |
| FY2016 | 5.2% | −1.9% | −5.0% | −1.5% | 0.53× |
| FY2015 | −2.7% | −17.2% | −25.4% | — | — |
| FY2014 | — | — | — | — | — |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | R$21.6B | — | R$4.3B | R$124.9M | — | −R$1.2B | R$198.4M | R$23.6B | R$52.7B | −R$29.0B | R$991.6M | R$23.1B |
| FY2024 | R$19.5B | — | R$3.4B | −R$9.2B | — | R$2.8B | R$681.3M | R$26.3B | R$56.7B | −R$30.4B | R$1.2B | R$15.0B |
| FY2023 | R$18.6B | — | R$1.7B | −R$2.4B | — | R$3.4B | R$464.4M | R$20.5B | R$41.9B | −R$21.3B | R$1.9B | R$9.7B |
| FY2022 | R$15.9B | — | R$1.4B | −R$722.4M | — | R$2.4B | R$624.2M | R$18.7B | R$37.7B | −R$19.0B | R$668.3M | R$7.2B |
| FY2021 | R$10.0B | — | R$54.8M | −R$4.2B | — | −R$310.6M | R$624.3M | R$18.5B | R$36.9B | −R$18.3B | R$3.1B | R$8.1B |
| FY2020 | R$5.7B | — | −R$1.4B | −R$10.8B | — | R$976.2M | R$343.1M | R$15.8B | R$29.9B | −R$14.1B | R$3.1B | R$7.4B |
| FY2019 | R$11.4B | — | −R$1.2B | −R$2.4B | — | R$2.6B | R$1.4B | R$19.2B | R$22.7B | −R$3.5B | R$1.6B | R$3.5B |
| FY2018 | R$9.1B | — | R$1.2B | −R$635.7M | — | R$1.8B | R$1.1B | R$16.1B | R$17.2B | −R$1.2B | R$1.2B | R$2.8B |
| FY2017 | R$7.7B | — | R$1.2B | R$424.5M | — | R$1.0B | R$695.0M | R$13.9B | R$14.3B | −R$432.7M | R$762.3M | R$3.5B |
| FY2016 | R$6.7B | — | R$344.3M | −R$126.3M | — | R$54.0M | R$385.8M | R$8.4B | R$10.5B | −R$2.1B | R$549.2M | R$4.0B |
| FY2015 | R$6.3B | — | −R$167.6M | −R$1.1B | — | −R$397.7M | R$1.2B | — | — | −R$392.2M | R$636.5M | — |
| FY2014 | — | — | — | — | — | — | — | — | — | R$416.5M | R$389.0M | — |
Latest filings
the most recent regulatory filingsEFFECTSEC filing2026-07-01 ↗6-KForeign issuer report2026-07-01 ↗424B3Prospectus2026-07-01 ↗4PRIMARY DOCUMENT2026-06-17 ↗3PRIMARY DOCUMENT2026-06-17 ↗4STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES2026-06-17 ↗4STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES2026-06-17 ↗4STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES2026-06-17 ↗4STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES2026-06-17 ↗4STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES2026-06-17 ↗
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