AZUL SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AZUL SA files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,670	7,705	9,461	11,803	5,996	10,403	16,534	18,717	19,632	21,784
Operating income	344	1,243	1,194	-1,195	-1,399	54.8	1,430	1,661	3,391	4,321
Interest expense	731	1,079	1,095	1,330	2,515	3,838	4,794	5,609	5,247	10,295
Interest income	51.1	128	74.5	72.1	60.3	154	277	220	239	904
Other non-operating income						-4,263	-2,152	-4,002
Pre-tax income	17.7	414	-453	-2,536	-11,077	-4,213	-722	-2,341	-9,190	125
Income tax	144	-10.4	183	-133	-243	0	0	39.5	-38.8	0.01
Net income	-126	425	-636	-2,403	-10,835	-4,213	-722	-2,380	-9,151	125
EBITDA	645	2,306	2,478	427	406	1,599	3,524	4,065	5,955	7,335

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	549	762	1,169	1,648	3,065	3,074	668	1,897	1,210	992
Short-term investments		311	319	21.5					71.9	26.3
Receivables	673	914	1,069	1,166	875	998	1,804	1,109	1,775	2,723
Inventory	107	150	200	261	403	572	722	799	944	973
Other current assets							190
Total current assets	1,911	3,465	3,690	4,139	5,417	5,846	4,872	5,044	5,658	6,304
Property, plant and equipment	3,440	1,881	1,842	9,554	1,800	1,961	1,953	2,296	3,035	2,772
Lease right-of-use assets			4,926	7.09	4,611	6,000	7,553	9,012	11,471	10,125
Goodwill					811
Total assets	8,401	13,917	16,094	19,197	15,794	18,533	18,721	20,533	26,275	23,638
Accounts payable	1,034	972	1,288	1,377	2,239	1,530	2,518	2,278	4,147	3,931
Total current liabilities	3,618	4,118	5,276	6,862	10,213	11,710	15,056	14,749	21,342	29,473
Lease liabilities		6,429	7,682	10,521	10,248	11,393	10,557	11,459	15,065	9,358
Total liabilities	10,527	14,350	17,244	22,717	29,943	36,866	37,729	41,861	56,710	52,676
Total debt	4,035	3,490	2,756	3,518	7,361	8,146	7,233	9,699	14,981	23,060
Paid-in capital		10.2
Retained earnings	-1,744	-4,436	-5,113	-7,516	-18,351	-22,564	-23,287	-25,667	-34,819	-34,694
Shareholders' equity			-1,150	-3,519
Total equity	-2,127	-433	-1,150	-3,519	-14,149	-18,333	-19,008	-21,328	-30,435	-29,038
Total liabilities and equity	8,401	13,917	16,094	19,197	15,794	18,533	18,721	20,533	26,275	23,638

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-126	425	-636	-2,403	-10,835	-4,213	-722	-2,380	-9,151	125
Depreciation and amortization	301	1,063	1,284	1,622	1,806	1,544	2,094	2,404	2,564	3,013
Cash from operations	54	1,014	1,765	2,595	976	-311	2,437	3,440	2,787	-1,233
Capital expenditures	-386	-695	-1,086	-1,428	-343	-624	-624	-464	-681	-198
Cash from investing	-644	-1,081	-274	-1,187	-404	-685	-640	-874	-1,566	-573
Debt issued	833	1,711	799	592	1,936	3,071	200	4,733	3,210	7,423
Debt repaid	-1,221	-942	-915	-174	-192	-391	-819	-1,907	-1,723	-2,278
Stock issued	1,452	1,213
Share buybacks		-44.7		-12.9	0	-16.2	-3.92	-6.83	-2.6	-0
Cash from financing	527	243	-1,151	-914	934	813	-4,204	-1,393	-1,920	1,709
Exchange rate effect	-23.6	36.8	67	-15.6	-89	192	0.67	56.7	11.4	-121
Net change in cash	-87.3	213	407	479	1,417	8.98	-2,405	1,229	-687	-218
Free cash flow	-332	319	678	1,167	633	-935	1,813	2,975	2,106	-1,431
Interest paid	343	821	845	969	480	625	1,170	1,725	2,073	1,487

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	33.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.6%	Pre-tax income / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	-6.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-5.7%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.5%	Net income / average total assets.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	13.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	23.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	78.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-144.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-168.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.21x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	97.6%	Total debt / total assets.
Liabilities / assets	222.8%	Total liabilities / total assets.
Net debt	R$22.04B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.01x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.42x	Operating income / interest expense.
Working capital	-R$23.17B	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	7.50x	Revenue / average property, plant and equipment.
Receivables turnover	9.69x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
FCF conversion	-1,146.0%	Free cash flow / net income, when net income is positive.

What was AZUL SA's revenue in fiscal 2025?

AZUL SA reported revenue of R$21.78B for fiscal 2025, 11% higher than the year before.

Was AZUL SA profitable in fiscal 2025?

Yes. Net income was R$124.9M, a net margin of 0.6%.

How much free cash flow did AZUL SA generate in fiscal 2025?

Cash from operations of R$1.23B minus capital expenditures of R$198.4M left free cash flow of -R$1.43B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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