AZUL
AZUL SAAZUL SA reported revenue of BRL 21.64B in its most recent fiscal year, up 10.8% on the year before. It kept 0.6% of that as net income, and generated -BRL 1.43B of free cash flow. Figures below are compared against other companies classified under Air Transportation, Scheduled.
Grades vs. industry
Growth
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Revenue growth (YoY) Latest fiscal year revenue vs. the year before. | 10.8% | 3.7% | 5 / 14 |
Revenue growth (3y) Annualized revenue growth over three fiscal years. | 10.7% | 7.3% | 4 / 14 |
Revenue growth (5y) Annualized revenue growth over five fiscal years. | 30.4% | 25.8% | 4 / 14 |
EPS growth (YoY) Diluted EPS vs. the prior fiscal year. | Not reported | 7.9% | — |
EPS growth (3y) Annualized diluted EPS growth over three fiscal years. | Not reported | 22.6% | — |
EPS growth (5y) Annualized diluted EPS growth over five fiscal years. | Not reported | — | — |
Free cash flow growth (YoY) Operating cash flow less capital expenditure, vs. prior year. | -168.0% | 21.7% | 10 / 10 |
Free cash flow growth (3y) Annualized free cash flow growth over three fiscal years. | Not reported | 27.0% | — |
top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.
Profitability
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Gross margin Gross profit as a share of revenue. Often unreported. | Not reported | — | — |
Operating margin Operating income as a share of revenue. | 20.0% | 8.6% | 2 / 14 |
Net margin Net income as a share of revenue. | 0.6% | 3.1% | 10 / 14 |
Free cash flow margin Free cash flow as a share of revenue. | -6.6% | 2.9% | 11 / 13 |
Return on equity Net income divided by shareholder equity. | Not reported | 10.7% | — |
Return on assets Net income divided by total assets. | 0.5% | 1.9% | 10 / 16 |
Return on invested capital After-tax operating profit over debt plus equity less cash. | Not reported | 5.1% | — |
top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.
Financial health
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Debt to equity Total debt divided by shareholder equity. | Not reported | 1.06x | — |
Current ratio Current assets over current liabilities. | 0.21x | 0.65x | 16 / 16 |
Quick ratio Current assets excluding inventory, over current liabilities. | 0.18x | 0.65x | 16 / 16 |
Interest coverage Operating income divided by interest expense. | 0.42x | 2.67x | 11 / 14 |
Net debt to EBITDA Net debt over derived EBITDA. EBITDA is not a GAAP tag; it is computed. | 3.01x | 1.72x | 10 / 13 |
top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.
Debt figures can be understated where a filer splits borrowings across XBRL tags this site does not match.
Annual financials
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 21.64B | BRL 19.53B | BRL 18.55B | BRL 15.95B | BRL 9.98B | BRL 5.74B | BRL 11.44B | BRL 9.06B | BRL 7.70B | BRL 6.67B |
| Operating income | BRL 4.32B | BRL 3.39B | BRL 1.66B | BRL 1.43B | BRL 54.80M | -BRL 1.40B | -BRL 1.20B | BRL 1.19B | BRL 1.24B | BRL 344.29M |
| Net income | BRL 124.86M | -BRL 9.15B | -BRL 2.38B | -BRL 722.37M | -BRL 4.21B | -BRL 10.83B | -BRL 2.40B | -BRL 635.73M | BRL 424.51M | -BRL 126.31M |
| Operating cash flow | -BRL 1.23B | BRL 2.79B | BRL 3.44B | BRL 2.44B | -BRL 310.62M | BRL 976.23M | BRL 2.59B | BRL 1.76B | BRL 1.01B | BRL 53.97M |
| Capital expenditure | BRL 198.41M | BRL 681.33M | BRL 464.35M | BRL 624.24M | BRL 624.29M | BRL 343.07M | BRL 1.43B | BRL 1.09B | BRL 695.03M | BRL 385.80M |
| Free cash flow | -BRL 1.43B | BRL 2.11B | BRL 2.98B | BRL 1.81B | -BRL 934.90M | BRL 633.16M | BRL 1.17B | BRL 678.46M | BRL 319.21M | -BRL 331.83M |
| Total assets | BRL 23.64B | BRL 26.27B | BRL 20.53B | BRL 18.72B | BRL 18.53B | BRL 15.79B | BRL 19.20B | BRL 16.09B | BRL 13.92B | BRL 8.40B |
| Shareholder equity | -BRL 29.04B | -BRL 30.44B | -BRL 21.33B | -BRL 19.01B | -BRL 18.33B | -BRL 14.15B | -BRL 3.52B | -BRL 1.15B | -BRL 432.71M | -BRL 2.13B |
| Total debt | BRL 23.06B | BRL 14.98B | BRL 9.70B | BRL 7.23B | BRL 8.15B | BRL 7.36B | BRL 3.52B | BRL 2.76B | BRL 3.49B | BRL 4.03B |
| Cash | BRL 991.64M | BRL 1.21B | BRL 1.90B | BRL 668.35M | BRL 3.07B | BRL 3.06B | BRL 1.65B | BRL 1.17B | BRL 762.32M | BRL 549.16M |
A dash means the figure was not tagged in that year’s filing. It does not mean zero. Figures reflect the most recent filing covering each period, so restated years show their restated values.
Amounts are in BRL, as the company reports them. Nothing here is converted to dollars, so these figures cannot be compared directly against a company reporting in another currency. Margins, returns and other ratios are unaffected.
Source
Figures come from AZUL SA’s filings with the SEC, as submitted in XBRL. The most recent annual figures are from a 20-F filed Apr 3, 2026. View filings on EDGAR.