Azul SA (AZUL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 25	-$0.01	-$2.18	-21700.0%	—	$5.4B	—
Q4 24	-$0.06	$0.09	+250.0%	—	$5.5B	—
Q3 24	-$0.29	-$0.32	-10.3%	—	$5.1B	—
Q2 24	-$1.02	-$1.23	-20.6%	—	$4.2B	—
Q1 24	-$0.52	-$0.57	-9.6%	—	$4.7B	—
Q4 23	-$0.08	-$0.47	-487.5%	—	$4.9B	—
Q3 23	-$0.16	-$0.64	-300.0%	—	$4.9B	—
Q2 23	-$0.67	-$0.81	-20.9%	—	$4.3B	—
Q1 23	-$0.42	-$0.99	-135.7%	—	$4.5B	—
Q4 22	-$0.35	-$0.83	-137.1%	—	$4.5B	—
Q3 22	-$0.67	-$0.72	-7.5%	—	$4.4B	—
Q2 22	-$1.09	-$0.94	+13.8%	—	$3.9B	—
Q1 22	-$1.11	-$1.14	-2.7%	—	$3.2B	—
Q4 21	-$0.52	-$0.58	-11.5%	—	$3.7B	—
Q3 21	-$1.19	-$1.08	+9.2%	—	$2.7B	—
Q2 21	-$1.55	-$1.91	-23.2%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.5	—	—	$21.6B	—
FY24	—	-$79	—	—	$19.5B	—
FY23	—	-$20.6	—	—	$18.6B	—
FY22	—	-$11.9	—	—	$15.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.7B	$7.7B	$9.1B	$11.4B	$5.7B	$10B	$15.9B	$18.6B	$19.5B	$21.6B
YoY change	+6.59%	+15.5%	+17.6%	+26.3%	-49.8%	+73.7%	+59.9%	+16.3%	+5.24%	+10.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.7B	7.7B	9.1B	11.4B	5.7B	10B	15.9B	18.6B	19.5B	21.6B
Cost of revenue	5.6B	5.5B	6.6B	8.1B	6.4B	8.2B	12.8B	13.5B	13.6B	14.5B
Gross profit	1.1B	2.2B	2.5B	3.3B	-625.9M	1.8B	3.2B	5.1B	5.9B	7.2B
Gross margin	16.1%	28.1%	27.4%	28.9%	-10.9%	18.1%	19.9%	27.4%	30.3%	33.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	347.1M	309.5M	368.7M	444.1M	61.8M	484.2M	802.2M	868.8M	968.8M	1B
Operating expenses	690.1M	921.7M	1.3B	1.6B	1.5B	2.8B	2.8B	3.7B	2.7B	4B
Operating income	344.3M	1.2B	1.2B	1.7B	-2.2B	-1B	326.8M	1.4B	3.2B	3.2B
Operating margin	5.16%	16.1%	13.2%	14.9%	-37.5%	-10.2%	2.05%	7.63%	16.6%	14.6%
Non-operating income, net	353.5M	121.7M	-626.2M	-3B	-6.5B	491.6M	3.5B	1.1B	-7.4B	4.8B
Pretax income	17.7M	414.1M	-452.9M	-2.5B	-11.1B	-4.2B	-722.4M	-2.3B	-9.2B	124.9M
Income tax	144M	-10.4M	182.8M	-133.2M	-242.5M	0	0	39.5M	-38.8M	12K
Net income	-126.3M	424.5M	-635.7M	-2.4B	-10.8B	-4.2B	-722.4M	-2.4B	-9.2B	124.9M
Net margin	-1.89%	5.51%	-7.02%	-21%	-188.6%	-42.2%	-4.53%	-12.8%	-46.9%	0.58%
EBITDA	741.5M	2.5B	2.8B	3.3B	-1.3B	302.5M	2.1B	3.5B	5.7B	5.1B
EPS	-1.15	5.04	6.24	7.24	-88.8	-41.4	-11.9	-20.6	-79	-0.5
Diluted EPS	-1.15	4.92	6.15	7.2	-88.8	-41.4	-11.9	-20.6	-79	-0.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.9B	4.9B	4.7B	4.2B	5.1B	5.5B	5.4B	4.9B	5.7B	5.6B	5.5B	5B
Cost of revenue	3.2B	3.5B	3.4B	3.4B	3.5B	3.2B	3.9B	3.7B	4.1B	2.9B	3.5B	4.3B
Gross profit	1.7B	1.4B	1.2B	759.6M	1.6B	2.3B	1.5B	1.2B	1.6B	2.7B	1.9B	724.9M
Gross margin	34.6%	28.7%	26.6%	18.2%	31%	42%	28.4%	24.2%	28.2%	48.1%	35.5%	14.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	205.3M	309.6M	338.5M	344.9M	409.6M	-124.2M	245.8M	164.9M	764.1M	-770M	315.5M	271M
Operating expenses	739.1M	1.2B	439.6M	315.4M	559.8M	1.4B	961.8M	816M	939.5M	1.6B	1.2B	883.9M
Operating income	962.3M	228M	800.7M	441.2M	1B	977.7M	570.6M	379.9M	673.6M	1B	706.5M	-159M
Operating margin	19.6%	4.65%	17.1%	10.6%	20%	17.6%	10.6%	7.69%	11.7%	18.9%	12.9%	-3.19%
Non-operating income, net	-455.5M	399.6M	-678.8M	-3B	358.9M	-4.1B	2.6B	1.7B	786.8M	-957.8M	3.5B	41.5M
Pretax income	-1.3B	-13.3M	-1.1B	-3.8B	121.9M	-4.4B	783.1M	1.3B	-1.4B	-1.6B	-1.5B	-1B
Income tax	0	39.5M	-6.8M	-32.5M	685K	-250K	0	0	0	-15K	-7.5B	0
Net income	-1.3B	-52.8M	-1.1B	-3.8B	121.2M	-4.4B	783.1M	1.3B	-1.4B	-1.6B	6B	-1B
Net margin	-26%	-1.08%	-22.4%	-91.3%	2.36%	-79.6%	14.5%	26.2%	-23.8%	-29.3%	110%	-20.9%
EBITDA	1.6B	-196.8M	1.3B	962.1M	1.6B	1.7B	1.4B	1.9B	776.1M	1.6B	-3B	602.4M
EPS	-11	3.48	-9.06	-0.45	0	—	5.49	34M	-3.05	-3.7	6.9M	-5.65
Diluted EPS	-11	3.48	-9.06	-0.45	0	—	5.49	34M	-450K	-3.7	6.9M	-5.65

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	—	—	1.3B
Enterprise value	—	—	—	—	—	—	—	—	—	—	4.3B
Shares outstanding	642.8M	614.8M	657.9M	665.3M	669.7M	673.4M	677.3M	654.9M	115.9M	448M	448M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	2.06
P/S	—	—	—	—	—	—	—	—	—	—	0.06
P/B	—	—	—	—	—	—	—	—	—	—	-0.25
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	11.2
EV/Sales	—	—	—	—	—	—	—	—	—	—	1.02
Earnings yield	—	—	—	—	—	—	—	—	—	—	48.5%
FCF yield	—	—	—	—	—	—	—	—	—	—	-16.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	16.1%	28.1%	27.4%	28.9%	-10.9%	18.1%	19.9%	27.4%	30.3%	33.2%	14.6%
Operating margin	5.16%	16.1%	13.2%	14.9%	-37.5%	-10.2%	2.05%	7.63%	16.6%	14.6%	-8.91%
Net margin	-1.89%	5.51%	-7.02%	-21%	-188.6%	-42.2%	-4.53%	-12.8%	-46.9%	0.58%	7.46%
ROE	-12.6%	-108.6%	55.3%	68.3%	76.6%	23%	3.8%	11.2%	30.1%	-0.43%	-0.43%
ROA	-1.5%	3.05%	-3.95%	-12.5%	-68.6%	-22.7%	-3.86%	-11.6%	-34.8%	0.53%	6.74%
ROIC	0%	16.1%	13.5%	16.4%	-83.7%	-29.2%	7.6%	45.5%	55.7%	51.8%	15.1%
Return on tangible assets	-1.94%	3.54%	-4.52%	-14.1%	-80.5%	-26.6%	-4.55%	-13.5%	-39.5%	0.61%	6.78%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.53	0.84	0.7	0.6	0.53	0.5	0.32	0.34	0.27	0.21	0.42
Quick ratio	0.5	0.8	0.66	0.57	0.49	0.45	0.28	0.29	0.22	0.18	0.35
Debt / equity	4.03	-25.4	-10.2	-4.44	-1.41	-1.36	-1.26	-1.23	-1.23	-1.25	-0.01
Debt / assets	0.48	0.71	0.73	0.81	1.26	1.34	1.28	1.28	1.43	1.53	0.7
Net debt / EBITDA	4.18	3.28	3.53	4.24	-12.8	72.2	10.9	6.91	6.41	6.83	-1.3K
Interest coverage	1.03	1.44	0.54	-1.06	-4.01	-0.21	0.83	0.49	-0.89	1.02	0.08
Effective tax rate	100%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.4	12.5	13.8	17.2	8.58	14.8	23.5	28.3	168.5	48.3	118
EPS (basic)	-1.15	5.04	6.24	7.24	-88.8	-41.4	-11.9	-20.6	-79	-0.5	-0.5
EPS (diluted)	-1.15	4.92	6.15	7.2	-88.8	-41.4	-11.9	-20.6	-79	-0.5	-0.44
Book value per share	1.56	-0.64	-1.75	-5.29	-21.1	-27.2	-28.1	-32.6	-262.6	-64.8	-5.39
FCF per share	-0.6	0.43	0.88	1.55	0.78	-1.61	1.46	3.77	11.2	-4.42	-11.3
Cash per share	1.45	2.94	2.56	2.57	4.71	4.57	0.99	2.9	11.1	2.27	6.89
Capex per share	0.23	0.84	1.1	2.06	0.44	0.9	0.32	0.57	5.63	0.81	0.81

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.19%	6.72%	7.99%	12%	5.18%	6.04%	1.35%	2.01%	3.34%	1.67%	1.67%
Capex / operating cash flow	14.8%	27.8%	49%	377.7%	-5.61%	93.2%	2.84%	3.82%	52.5%	-29.3%	-29.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	1.06%

Yield

1.06%

trailing twelve months

Frequency

—

Last dividend

$0.0686

ex-dividend May 22, 2026

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 22, 2026	$0.0686

Split history

Date	Ratio
Apr 24, 2026	1.666666:1
Apr 23, 2026	1.666666:1
Mar 2, 2026	1:75
Feb 11, 2026	0.1:1

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.9B	$4.9B	$4.7B	$4.2B	$5.1B	$5.5B	$5.4B	$4.9B	$5.7B	$5.6B	$5.5B	$5B
YoY change	+12.3%	+10.1%	+4.47%	-1.91%	+4.34%	+13%	+15.3%	+18.4%	+11.8%	+0.38%	+1.43%	+0.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	933.8M	1.8B	1.7B	1.7B	3.2B	3.1B	668.3M	1.9B	1.3B	1B
Receivables	530.9M	914.4M	1.1B	1.2B	875.4M	997.9M	1.8B	1.1B	1.8B	2.7B
Inventory	107.1M	150.4M	200.1M	260.9M	402.6M	571.9M	721.7M	799.2M	943.6M	972.5M
Total current assets	1.9B	3.5B	3.7B	4.1B	5.4B	5.8B	4.9B	5B	5.7B	6.3B
Property, plant & equipment	-225.3M	5.8B	-4.1B	-6.7B	-7.4B	-9B	-9.1B	-8.9B	-4.9B	10B
Goodwill & intangibles	1.9B	1.9B	2B	2.2B	2.3B	2.7B	2.9B	2.9B	3.1B	3.1B
Total assets	8.4B	13.9B	16.1B	19.2B	15.8B	18.5B	18.7B	20.5B	26.3B	23.6B
Accounts payable	1B	971.8M	1.5B	1.6B	2.4B	1.5B	2.5B	2.3B	4.1B	3.9B
Short-term debt	985.2M	1.3B	1.4B	2.1B	3.1B	4.5B	5.9B	5.1B	8.6B	17.2B
Total current liabilities	3.6B	4.1B	5.3B	6.9B	10.2B	11.7B	15.1B	14.7B	21.3B	29.5B
Long-term debt	3B	8.6B	10.3B	13.6B	16.8B	20.4B	18.1B	21.2B	28.9B	18.9B
Total liabilities	7.4B	14.3B	17.2B	22.7B	29.9B	36.9B	37.7B	41.9B	56.7B	52.7B
Shareholders' equity	1B	-391M	-1.2B	-3.5B	-14.1B	-18.3B	-19B	-21.3B	-30.4B	-29B
Total debt	4B	9.9B	11.7B	15.6B	19.9B	24.9B	24B	26.3B	37.5B	36.2B
Net debt	3.5B	9.2B	10.5B	14B	16.8B	21.8B	23.3B	24.4B	36.3B	35.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.4B	1.9B	1.3B	1.5B	1.1B	1.3B	1.6B	2.6B	1.8B	1B	2.1B	1.3B
Receivables	1.7B	1.1B	1.4B	1B	1.4B	1.8B	1.7B	1.7B	2.6B	2.7B	2.6B	2.4B
Inventory	751.6M	799.2M	943.3M	1B	1B	943.6M	972.6M	988.1M	1B	972.5M	975M	1.1B
Total current assets	5.9B	5B	4.9B	5B	5B	5.7B	6B	7.2B	7.3B	6.3B	7.2B	6.3B
Property, plant & equipment	-9.3B	-8.9B	-5.5B	-5.1B	-5.3B	-4.9B	13B	12.7B	13.8B	10B	9.1B	4.2B
Goodwill & intangibles	2.9B	2.9B	3B	3B	3B	3.1B	1.6B	1.6B	3.1B	3.1B	3.1B	1.5B
Total assets	19.6B	20.5B	20.9B	22.8B	23.4B	26.3B	25.5B	26.9B	27.6B	23.6B	31.2B	30.8B
Accounts payable	1.9B	2.3B	2.3B	3.2B	3.7B	4.1B	3.7B	3.6B	3.5B	3.9B	2.9B	2.6B
Short-term debt	5.1B	5.1B	5.1B	6.1B	6.5B	8.6B	4.9B	9.1B	15.4B	17.2B	3.6B	3.9B
Total current liabilities	14.1B	14.7B	14.4B	17.4B	18.5B	21.3B	17B	21.4B	26.8B	29.5B	14.5B	14.9B
Long-term debt	21.6B	21.2B	22.6B	25.5B	25.1B	28.9B	31B	25.9B	22.5B	18.9B	17.1B	17.5B
Total liabilities	40.9B	41.9B	43.3B	49B	49.4B	56.7B	54B	52.9B	55B	52.7B	34.9B	35.9B
Shareholders' equity	-21.3B	-21.3B	-22.4B	-26.2B	-26B	-30.4B	-28.5B	-26B	-27.4B	-29B	-3.8B	-5.2B
Total debt	26.7B	26.3B	27.7B	31.5B	31.6B	37.5B	35.9B	35.1B	37.9B	36.2B	20.6B	21.4B
Net debt	25.3B	24.4B	26.4B	30.1B	30.5B	36.3B	35.4B	33.6B	37.2B	35.2B	18.6B	20.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-126.3M	424.5M	-635.7M	-2.4B	-10.8B	-4.2B	-722.4M	-2.4B	-9.2B	124.9M
Depreciation & amortization	301.2M	1.1B	1.3B	1.6B	1.8B	1.5B	2.1B	2.4B	2.6B	3B
Stock-based compensation	9.9M	28.1M	17.9M	17.2M	22.9M	17.2M	-18.3M	71.6M	43.5M	70.8M
Change in working capital	309.9M	-346.7M	-306.9M	182.2M	2B	-96M	2.4B	4.5B	3.3B	-2.5B
Operating cash flow	990.7M	1.9B	1.5B	362.3M	-5.3B	646.8M	7.6B	9.7B	1.2B	-1.2B
Capital expenditure	146.2M	-517.7M	-723.3M	-1.4B	-297.4M	-603M	215.8M	-372.7M	-652M	-361.1M
Investing cash flow	-658.6M	-1B	-173.6M	-1.1B	-294.2M	-532.3M	187M	-366.5M	-753.2M	-389.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-346.3M	-47.4M	-12.2M	-12.9M	0	-16.2M	-3.9M	-6.8M	-2.6M	-4K
Financing cash flow	526.7M	152.4M	-1.1B	-913.5M	933.5M	812.6M	-4.2B	-1.4B	-1.9B	1.7B
Net change in cash	858.7M	992.2M	179.1M	-1.6B	-4.7B	927.1M	3.6B	8B	-1.4B	87.2M
Free cash flow	-388.1M	263.1M	578.3M	1B	523.6M	-1.1B	986.3M	2.5B	1.3B	-2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-1.6B	-52.8M	-1.1B	-3.8B	121.2M	-4.4B	1.7B	1.5B	-1.4B	-1.6B	6B	-1.4B
Depreciation & amortization	625.5M	583.9M	614.5M	611.4M	626.1M	711.9M	815.2M	762.8M	717.4M	718M	654.4M	747.1M
Stock-based compensation	—	—	11.5M	10.8M	10.8M	10.4M	—	—	—	66K	60.9M	—
Change in working capital	-735.6M	1.5B	-137.7M	2.3B	-581.6M	2.3B	-441.6M	-243.5M	-1.6B	-25.3M	-1.1B	-409M
Operating cash flow	174.9M	3.3B	358.4M	82.3M	1B	475.2M	3.4B	-68.2M	-1.1B	225.9M	-128.7M	-208.1M
Capital expenditure	-132.8M	-367.8M	-235.6M	-33.2M	-68.2M	-143.6M	-118.6M	—	—	-181.9M	-29.8M	—
Investing cash flow	-389.3M	-105.1M	-235.6M	-33.2M	-68.3M	-143.6M	-118.7M	—	—	-181.9M	-29.7M	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-3.9M	0	-2.5M	-96K	0	0	0	0	-4K	0	—	—
Financing cash flow	1.2B	-1.3B	-59.4M	-668.3M	-817.6M	-374.8M	-176.8M	1.1B	451.8M	368.8M	1.4B	-416.2M
Net change in cash	1B	1.9B	63.4M	-619.2M	133.4M	-43.2M	3.1B	996.9M	-625.2M	412.8M	1.2B	-624.3M
Free cash flow	-265.2M	926.5M	-509.4M	872.6M	446.3M	483.7M	-457.5M	-125.6M	-1.2B	-203.1M	-267.4M	-421M

Azul SA Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement