Azul S.A.

Azul S.A.

AZUL
Azul S.A.US flagNew York Stock Exchange
6.48
USD
-0.07
- -
1.19BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
32.96
36.55
39.41
42.01
47.61
55.51
69.53
34.67
59.86
95.13
110.69
116.41
48.31
66.95
Basic EPS, GAAP
0.13
-0.41
-6.77
-0.8
2.62
-3.9
-14.6
-65.39
-25.28
-4.31
-14.2
-54.56
0.28
6.1
Free Cash Flow per Basic Share
3.87
-0.95
-10.35
-2.44
1.63
3.54
6.28
3.16
-6.53
9.63
16.74
11.15
-3.61
-5.22
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
1.5
1.31
-1.23
3.16
-1.21
-3.52
-10.69
-42.7
-55.01
-56.69
-63.62
-90.72
-32.41
-13.99
Tangible Book Value per Share
-1.28
-1.49
-4.14
0.19
-4.18
-6.64
-14
-46.23
-59.08
-60.95
-67.98
-95.37
-34.12
-18.16
Basic Weighted Avg Shares
159
159
159
159
162
163
165
166
167
168
168
168
448
325
Sales/Revenue/Turnover
5,234
5,803
6,258
6,670
7,705
9,057
11,442
5,744
9,976
15,948
18,554
19,526
21,640
21,754
Operating Margin (%)
8.95
6.91
-2.68
5.16
16.13
13.18
14.87
-37.55
-10.23
2.05
7.63
16.63
14.64
10.44
Depreciation Expense
200
198
218
301
1,063
1,284
1,622
1,806
1,544
2,094
2,404
2,564
3,013
2,837
Net Income, GAAP
21
-65
-1,075
-126
425
-636
-2,403
-10,835
-4,213
-722
-2,380
-9,151
125
1,982
Effective Tax Rate (%)
78.47
- -
- -
815.01
- -
- -
- -
- -
- -
- -
- -
- -
0.01
- -
Profit Margin (%)
0.4
-1.12
-17.18
-1.89
5.51
-7.02
-21
-188.62
-42.23
-4.53
-12.83
-46.87
0.58
9.11
Working Capital
-1,287
-1,029
-2,205
-1,707
-653
-1,586
-2,723
-4,795
-5,864
-10,184
-9,705
-15,684
-23,170
-8,599
LT Debt
2,251
2,692
3,562
3,049
8,588
10,279
13,558
16,751
20,388
18,066
21,234
28,897
18,942
17,477
Total Equity
476
416
-392
1,002
-391
-1,150
-3,519
-14,149
-18,333
-19,008
-21,328
-30,435
-29,038
-5,155
Return on Invested Capital (%)
2.87
- -
- -
-51.2
- -
- -
- -
- -
- -
- -
- -
- -
39.69
- -
Return on Capital (%)
2.25
- -
- -
-95.4
- -
- -
- -
- -
- -
- -
- -
- -
97.64
- -
Return on Common Equity (%)
5.01
-14.57
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
17,226
3,566
3,939
LT Borrowings
9,585
8,645
8,536
LT Finance Leases
9,358
8,432
8,941
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
896
- -
369
Market Capitalization
- -
- -
17,185

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
6,304
7,228
6,292
Cash, Cash Equivalents & STI
1,018
2,088
1,269
Accounts Receivable, Net
2,723
2,570
2,390
Inventories
973
975
1,096
Total Current Liabilities
29,473
14,479
14,892
Payables & Accruals
5,509
4,549
3,396
ST Debt
17,226
3,566
3,939
Deferred Revenue
6,241
5,675
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
29.13%
16.71%
-4.59%
Free Cash Flow
-79.71%
-140.45%
-186.56%
Net Income, GAAP
12.34%
53.73%
-101.36%
Sales/Revenue/Turnover
18.22%
33.19%
10.83%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,678
4,173
5,130
5,545
19,526
2025
5,394
4,942
5,737
5,567
21,640
2026
5,471
4,979
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-6.27
-21.23
0.72
-26.31
-54.56
2025
7.66
2.89
-3.05
-3.64
0.28
2026
27.43
-5.65
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
John Peter Rodgerson
Full Time Employees
15,367
Sector
Industrials
Industry
Airlines, Airports & Air Services
Address
Avenida Marcos Penteado de Ulhôa Rodrigues Barueri SP Brazil 06460-040
IPO Date
Apr 11, 2017
Business
Azul S.A. (AZUL) operates as Brazil's leading low-cost airline, providing passenger air transportation services domestically and internationally; cargo and mail transport via Azul Cargo Express; loyalty programs through TudoAzul, encompassing points accumulation, redemption, and co-branded credit cards; passenger charter services; travel packages; aircraft financing; and maintenance, hangarage, and leasing for aircraft, engines, and parts. The company serves over 150 destinations, primarily within Brazil through an extensive point-to-point network and hubs in Campinas (Viracopos), Belo Horizonte, and Recife, with international routes to the United States, Europe, and South America; it targets business and leisure travelers, e-commerce firms, and frequent flyers, operating as the sole carrier on approximately 81% of its routes. Founded in 2008 and headquartered in Barueri, São Paulo, Brazil, Azul S.A. maintains subsidiaries for cargo, loyalty, and related services, focusing on underserved regional markets with a fleet optimized for efficiency. In late 2024, the company finalized agreements with aircraft lessors, bondholders, and original equipment manufacturers, securing up to US$500 million in new financing—including US$150 million immediately, US$250 million shortly thereafter, and US$100 million additionally—while renegotiating obligations to reduce debt by over US$800 million and improve cash flow by US$550 million; it also anticipates eight new aircraft deliveries by year-end, enabling a 15% capacity increase and 3,048 extra flights for the peak summer season.

Company News

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