AZUL NYSE Air Transportation, Scheduled Financials FY2016βFY2025
Azul Sa had $3.9B of revenue in fiscal 2025, up 6.8% on the year before. Over five years, revenue changed +28.3% a year on average.
Last close Β· Oct 23, 2026
$6.01
0.2%Hi! I read Azul Saβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+6.8%
Yes. Sales grew 6.8% last year.
Does it make a profit?
0.6%
A little. It keeps 0.6% of every sale as profit.
Does profit turn into cash?
β6.6%
No. It spent more cash than it brought in.
Is debt under control?
3.1x
Heavy. Repaying its debt would take 3.1 years of operating profit.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Azul Sa did it, and the next one. Share prices often move a lot on those days.
Next results
April 2, 2027
Friday Β· in 158 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 3, 2026 | Period ended Dec 31, 2025 | Time not announced | 20-F β |
| Apr 29, 2025 | Period ended Dec 31, 2024 | Time not announced | 20-F β |
| May 16, 2024 | Period ended Dec 31, 2023 | Time not announced | 20-F β |
| Apr 20, 2023 | Period ended Dec 31, 2022 | Time not announced | 20-F β |
| May 2, 2022 | Period ended Dec 31, 2021 | Time not announced | 20-F β |
| Apr 30, 2021 | Period ended Dec 31, 2020 | During market hours | 20-F β |
| Apr 30, 2020 | Period ended Dec 31, 2019 | After the market closes | 20-F β |
| Apr 30, 2019 | Period ended Dec 31, 2018 | During market hours | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Azul Sa had $3.9B of revenue in fiscal 2025, up 6.8% on the year before. Over five years, revenue changed +28.3% a year on average. Its operating margin was 20.0%, up 2.6Β pts: of every 100 in sales, about 20 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Azul Sa made $22.3M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$256M in fiscal 2025, β6.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Azul Sa returned $0.0M to shareholders in fiscal 2025.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Azul Sa owes $4.0B more than it holds in cash, about 3.1 years of operating profit.
Cash, debt and the ratios that show how comfortably Azul Sa can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $552M | $126M | $391M | $196M | $181M |
| Debt incl. finance leases | $1.5B | $1.4B | $2.0B | $2.4B | $4.2B |
| Net debt / EBITDA | 3.1x | 1.8x | 2.0x | 2.0x | 3.1x |
| Interest coverage | 0.0x | 0.3x | 0.3x | 0.6x | 0.4x |
| Current ratio | 0.5x | 0.3x | 0.3x | 0.3x | 0.2x |
| Quick ratio | 0.5x | 0.3x | 0.3x | 0.2x | 0.2x |
| Total assets | $3.3B | $3.5B | $4.2B | $4.2B | $4.3B |
| Total liabilities | $6.6B | $7.1B | $8.6B | $9.2B | $9.6B |
| Shareholders' equity | β$3.3B | β$3.6B | β$4.4B | β$4.9B | β$5.3B |
| Net debt (β = net cash) | $910M | $1.2B | $1.6B | $2.2B | $4.0B |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Azul Sa passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 6 / 7 | 4 / 7 | 3 / 7 | 2 / 7 | 4 / 7 | 5 / 7 | 4 / 7 | 2 / 7 | 3 / 7 |
| Accruals ratio | β2.0% | β5.4% | β15.7% | β28.4% | β58.6% | β22.7% | β17.8% | β30.0% | β52.3% | 5.7% |
| Altman Z'' | β1.97 | β0.76 | β1.22 | β2.80 | β6.88 | β6.55 | β7.63 | β7.18 | β7.80 | β10.59 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.9B | $2.4B | $2.5B | $2.9B | $1.1B | $1.8B | $3.1B | $3.7B | $3.6B | $3.9B |
| Provision for credit losses | β | β | $0.0M | $734M | β$147M | β$199M | β$213M | β$49.2M | β | β |
| Operating income | $98.7M | $389M | $326M | β$303M | β$271M | $10.2M | $277M | $333M | $629M | $773M |
| Interest expense | $210M | $338M | $299M | $337M | $488M | $712M | $928M | $1.1B | $974M | $1.8B |
| Pretax income | $5.1M | $130M | β$124M | β$643M | β$2.1B | β$781M | β$140M | β$469M | β$1.7B | $22.3M |
| Income tax | $41.3M | β$3.3M | $50.0M | β$33.8M | β$47.0M | $0.0M | $0.0M | $7.9M | β$7.2M | $0.0M |
| Net income | β$36.2M | $133M | β$174M | β$609M | β$2.1B | β$781M | β$140M | β$477M | β$1.7B | $22.3M |
| Cash flow | ||||||||||
| Cash from operations | $15.5M | $318M | $483M | $658M | $189M | β$57.6M | $472M | $689M | $517M | β$220M |
| Capital expenditure | $111M | $218M | $297M | $362M | $66.5M | $116M | $121M | $93.0M | $126M | $35.5M |
| Free cash flow | β$95.1M | $100M | $186M | $296M | $123M | β$173M | $351M | $596M | $391M | β$256M |
| Depreciation and amortization | $86.3M | $333M | $351M | $411M | $350M | $286M | $405M | $481M | $476M | $539M |
| Stock-based compensation | $2.8M | $8.8M | $4.9M | $4.4M | $4.4M | $3.2M | β$3.5M | $14.3M | $8.1M | $12.7M |
| Acquisitions | β | β | $0.0M | $0.0M | $7.5M | $3.7M | $5.9M | $0.0M | $0.0M | $1.1M |
| Share buybacks | β | $14.0M | β | $3.3M | $0.0M | $3.0M | $0.8M | $1.4M | $0.5M | $0.0M |
| Dividends and buybacks | β | $14.0M | β | $3.3M | $0.0M | $3.0M | $0.8M | $1.4M | $0.5M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $169M | $230M | $301M | $410M | $590M | $552M | $126M | $391M | $196M | $181M |
| Total debt | $1.2B | $1.1B | $710M | $875M | $1.4B | $1.5B | $1.4B | $2.0B | $2.4B | $4.2B |
| Current assets | $587M | $1.0B | $951M | $1.0B | $1.0B | $1.0B | $922M | $1.0B | $915M | $1.2B |
| Current liabilities | $1.1B | $1.2B | $1.4B | $1.7B | $2.0B | $2.1B | $2.8B | $3.0B | $3.5B | $5.4B |
| Inventory | $32.9M | $45.4M | $51.6M | $64.9M | $77.5M | $103M | $137M | $165M | $153M | $178M |
| Property and equipment, net | $1.1B | $568M | $475M | $2.4B | $347M | $352M | $369M | $473M | $491M | $506M |
| Goodwill | β | β | β | β | $156M | β | β | β | β | β |
| Total assets | $2.6B | $4.2B | $4.1B | $4.8B | $3.0B | $3.3B | $3.5B | $4.2B | $4.2B | $4.3B |
| Total liabilities | $3.2B | $4.3B | $4.4B | $5.7B | $5.8B | $6.6B | $7.1B | $8.6B | $9.2B | $9.6B |
| Shareholders' equity | β$654M | β$131M | β$296M | β$875M | β$2.7B | β$3.3B | β$3.6B | β$4.4B | β$4.9B | β$5.3B |
| Margins | ||||||||||
| Operating margin | 5.2% | 16.1% | 13.2% | β10.4% | β24.4% | 0.5% | 9.0% | 9.0% | 17.4% | 20.0% |
| EBITDA margin | 9.7% | 29.9% | 27.4% | 3.7% | 7.1% | 16.0% | 22.1% | 21.9% | 30.5% | 33.9% |
| Net margin | β1.9% | 5.5% | β7.0% | β21.0% | β188.6% | β42.2% | β4.5% | β12.8% | β46.9% | 0.6% |
| FCF margin | β5.0% | 4.1% | 7.5% | 10.2% | 11.0% | β9.4% | 11.4% | 16.0% | 10.8% | β6.6% |
| Returns | ||||||||||
| Return on capital | 15.4% | 56.2% | 229.1% | β | β | β | β | β | β | β |
| Return on capital employed | 6.7% | 13.2% | 11.7% | β9.9% | β25.2% | 0.8% | 39.9% | 27.9% | 78.9% | β72.6% |
| Return on assets | β1.4% | 3.9% | β4.2% | β13.7% | β53.8% | β24.5% | β4.1% | β12.3% | β40.1% | 0.5% |
| Growth | ||||||||||
| Revenue growth | β | 26.3% | 2.6% | 17.1% | β61.6% | 66.0% | 66.9% | 20.4% | β2.5% | 6.8% |
| Net income growth | β | β | β230.7% | β | β | β | β | β | β | β |
| FCF growth | β | β | 85.5% | 59.4% | β58.5% | β241.2% | β | 69.8% | β34.4% | β165.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.8x | 1.1x | 0.6x | 4.3x | 10.5x | 3.1x | 1.8x | 2.0x | 2.0x | 3.1x |
| Interest coverage | 0.5x | 1.2x | 1.1x | β0.9x | β0.6x | 0.0x | 0.3x | 0.3x | 0.6x | 0.4x |
| Current ratio | 0.5x | 0.8x | 0.7x | 0.6x | 0.5x | 0.5x | 0.3x | 0.3x | 0.3x | 0.2x |
| Quick ratio | 0.5x | 0.8x | 0.7x | 0.6x | 0.5x | 0.5x | 0.3x | 0.3x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.8% | 9.0% | 12.0% | 12.5% | 6.0% | 6.3% | 3.9% | 2.5% | 3.5% | 0.9% |
| Stock comp / revenue | 0.1% | 0.4% | 0.2% | 0.2% | 0.4% | 0.2% | β0.1% | 0.4% | 0.2% | 0.3% |
| Payouts / FCF | β | 14.0% | β | 1.1% | 0.0% | β | 0.2% | 0.2% | 0.1% | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 6.0 | 4.0 | 3.0 | 2.0 | 4.0 | 5.0 | 4.0 | 2.0 | 3.0 |
| Altman Z'' | β2.0 | β0.8 | β1.2 | β2.8 | β6.9 | β6.5 | β7.6 | β7.2 | β7.8 | β10.6 |
| Accruals ratio | β2.0% | β5.4% | β15.7% | β28.4% | β58.6% | β22.7% | β17.8% | β30.0% | β52.3% | 5.7% |
Source: SEC EDGAR XBRL filings (CIK 0001432364). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in BRL under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only β not investment advice. Check the original filings before relying on any figure.
