AZULNYSEAir Transportation, ScheduledFiscal year ends December 31Also trades as AZUXY
AZUL SA
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 3, 2026
$6.48−0.07 (-1.07%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
20.0%+44.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.8% | +10.7% | +30.4% | +13.2% | |
| Operating income | +27.5% | +44.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | 0.53 | 0.53 | 0.21 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | 5.40× | 10.57× | 3.01× | |
| Interest coverage | 0.5× | -0.6× | 0.4× | |
| Capex to revenue | 5.8% | 6.0% | 0.9% |
Where the cash went
Fiscal 2021 to 2025, five years combined
AZUL generated 10.21B BRL from operations and spent 2.62B BRL on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
10.21B BRL
Used
2.62B BRL
Capital expenditure2.59B BRL99%Dividends0 BRL0%Share buybacks29.55M BRL1%
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 4 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-1.23B BRL
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income-1.23B BRL vs –
- Less leverageLong-term debt to assets fell48.6% → 39.2%
- Better liquidityCurrent ratio rose0.27 → 0.21
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.95 → 0.82