Monday 9 November 2026 Export AZUL’s income statement to Excel — free account

Azul S.A. - Sponsored ADR

AZUL

Azul S.A. - Sponsored ADR’s revenue for fiscal 2024 (year ended December 2024) was $3.6 billion, down 2.59% from fiscal 2023.

Revenue: +23.2%
EPS: +148.2%
Free cash flow: −179.0%

Quarter to June 2026, against a year earlier

4.36 0.04 −0.91%

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Market cap: $873.8M
P/E: n/m
Fwd P/E: —
Dividend yield: —
F-score: 3/9
ROIC: 11.4%
Net debt / EBITDA: 4.9×
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Net bought: —
Trades: 0 sells · 0 buys
Ownership: 0.00%

Capital & Financial Ratios $m

Size

Market Cap 874

Revenue ttm 3,782

Net income ttm 431

Free cash flow ttm (43)

Net debt Q 3,473

Valuation

P/E n/m

Forward P/E —

Price / sales 0.2

Forward P/S Powerpack

Price / FCF n/m

Price / book n/m

Financial health

Current ratio Q 0.4

Debt / equity Q n/m

Interest coverage Q (0.2)

Growth

Revenue growth Q +23.2%

Operating income growth Q −137.2%

EPS, this year +302.5%

EPS, next year A +166.7%

Revenue, next year A —

EPS, past 5 yrs —

EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2022	2023	2024	Q'26
Cash	136	384	238	252
Receivables	395	266	367	514
Inventory	140	160	175	217
Other	237	200	269	164
	944	1,010	1,049	1,245

	2022	2023	2024	Q'26
Payables	471	456	769	522
ST’ Debt	218	226	432	267
Other	1,300	1,410	1,468	1,496
	2,916	2,954	3,957	2,947

Compound Annual Growth %

	10y	5y	3y
Sales	—	4.54%	25.11%
Cash Flow	—	(4.70%)	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	0.00%

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.94	—	—	—	—
’24	(1.95)	(6.40)	0.19	(6.49)	(5.06)
’23	(0.44)	0.71	(1.90)	(2.64)	(4.27)
’22	3.75	(3.44)	(2.24)	1.71	(1.21)
’21	(1.41)	1.50	(3.17)	(3.69)	(6.78)
’20	(4.02)	(4.73)	(2.00)	(7.68)	(18.43)
’19	0.31	0.78	(0.32)	(6.13)	(5.36)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	921	985	—	—	—
’24	945	799	925	951	3,620
’23	862	862	1,007	985	3,716
’22	611	798	835	845	3,089
’21	334	321	520	673	1,849
’20	633	75	150	256	1,114
’19	675	668	765	792	2,899

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(53)	(67)	—	—	—
’24	(13)	226	112	191	517
’23	201	130	(15)	373	689
’22	(46)	221	1	296	472
’21	(66)	—	—	(58)	(58)
’20	10	93	39	48	189
’19	57	189	183	228	657

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(77)	(136)	—	—	—
’24	(103)	172	76	94	240
’23	185	106	(72)	294	513
’22	(89)	157	(26)	250	292
’21	(105)	—	—	(202)	(202)
’20	(47)	92	34	31	110
’19	(56)	128	109	96	277

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	1,912	2,440	2,504	2,899	1,114	1,849	3,089	3,716	3,620	—	3,782		+8.3%	—	—	—	—
	Gross margin, %	49.61	52.34	50.16	53.61	40.81	44.34	42.74	50.43	53.42	—	51.86		+3.8 pt	Powerpack Azul S.A. - Sponsored ADR’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	5	187	165	(643)	(2,149)	(781)	(140)	(469)	(1,704)	—	(802)		n/m
	EBT margin, %	0.26	7.67	6.58	(22.17)	(192.84)	(42.23)	(4.53)	(12.62)	(47.07)	—	(21.21)		(47.3) pt
	Net income	(126)	166	115	(609)	(2,102)	(781)	(140)	(477)	(1,697)	0	431		n/m
Per share, $
Per share, $	Revenue	26.48	24.14	22.25	25.51	9.77	16.04	26.66	33.27	10.80	—	0.00		(10.6%)
	Earnings	(0.50)	1.64	1.02	(5.36)	(18.43)	(6.78)	(1.21)	(4.27)	(5.06)	—	(11.76)		+33.5%
	Cash flow	0.42	0.92	1.08	5.79	1.66	(0.50)	4.07	6.17	1.54	—	0.00		+17.6%
	Capex	1.24	(1.45)	(1.20)	(3.35)	(0.69)	(1.25)	(1.56)	(1.58)	(0.83)	—	0.00		n/m
	Free cash flow	1.66	(0.54)	(0.12)	2.44	0.97	(1.75)	2.52	4.59	0.72	—	0.00		(10.0%)
	Book value	3.98	8.78	7.69	(7.85)	(24.07)	(29.48)	(31.77)	(38.24)	(16.83)	—	0.00		n/m
	Shares, m	72	101	113	114	114	115	116	112	335	—	122		+21.2%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	0.00		0.0
	P/S	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	—	0.16		0.3
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	0.00		0.0
	EV/Sales	1.69	1.69	1.69	1.69	1.69	1.69	1.69	1.69	1.69	—	1.08		1.7
	EV/FCF	22.86	22.86	22.86	22.86	22.86	22.86	22.86	22.86	22.86	—	(95.40)		22.9
Cash, $m
Cash, $m	Operating cash flow	30	92	121	657	189	(58)	472	689	517	—	183		+42.5%
	Capex	90	(147)	(135)	(380)	(79)	(144)	(181)	(176)	(277)	—	(226)		n/m
	Free cash flow	120	(54)	(13)	277	110	(202)	292	513	240	—	(43)		+9.0%
Balance, $m
Balance, $m	Working capital	(489)	(9)	(146)	(690)	(930)	(1,087)	(1,973)	(1,944)	(2,908)	—	(1,702)		+24.9%
	Net debt	884	524	551	416	800	1,271	1,536	1,799	5,552	—	3,473		+25.8%
	Shareholders’ equity	287	887	866	(892)	(2,745)	(3,397)	(3,682)	(4,272)	(5,643)	—	(1,020)		n/m
Returns, %
Returns, %	ROA	0.00	5.88	3.56	(15.05)	(53.02)	(24.03)	(3.96)	(12.32)	(37.77)	0.00	(15.34)		0.0 pt
	ROIC	5.27	12.00	6.34	0.00	0.00	0.00	0.00	0.00	0.00	—	11.42		(5.3) pt
	ROE	0.00	28.21	13.12	4,653.67	115.60	25.42	3.95	11.99	34.23	—	26.60		+34.2 pt
People
People	Employees	10,311	10,878	11,807	13,189	12,435	12,485	14,247	16,017	16,173	15,547	—		+4.7%
	Revenue/emp, $m	0.19	0.22	0.21	0.22	0.09	0.15	0.22	0.23	0.22	0.00	—		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2024 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ALK Alaska Air Group, Inc.	$4.4B	— (loss-making)	— (loss-making)	+14.39% (above 0%: growing)	n/m	−16.83% (below 0%: shrinking)	100.00%	1.90%	Compare
SKYW SkyWest, Inc.	$3.0B	7.6×	7.5×	+6.41% (above 0%: growing)	+7.27% (above 0%: growing)	−119.57% (below 0%: shrinking)	69.21%	15.75%	Compare
ALGT Allegiant Travel Company	$2.5B	28.1×	61.6×	+71.12% (above 0%: growing)	n/m	−197.03% (below 0%: shrinking)	20.70%	1.12%	Compare
AERO Grupo Aeromexico SAB DE CV - Sponsored ADR	$2.2B	9.7×	78.3×	+8.67% (above 0%: growing)	−44.00% (below 0%: shrinking)	−77.90% (below 0%: shrinking)	71.03%	11.74%	Compare
ULCC Frontier Group Holdings, Inc.	$1.7B	— (loss-making)	— (loss-making)	+52.93% (above 0%: growing)	n/m	+76.50% (above 0%: growing)	23.76%	(7.97%)	Compare
JBLU JetBlue Airways Corporation	$1.4B	— (loss-making)	— (loss-making)	+21.10% (above 0%: growing)	n/m	−28.53% (below 0%: shrinking)	54.13%	(5.12%)	Compare
RJET Republic Airways Holdings Inc.	$942.0M	7.2×	1.3×	+510.42% (above 0%: growing)	n/m	−52.00% (below 0%: shrinking)	75.59%	11.42%	Compare
VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	$911.6M	— (loss-making)	—	+32.40% (above 0%: growing)	n/m	+14.15% (above 0%: growing)	63.68%	3.28%	Compare
AZUL Azul S.A. - Sponsored ADR	$873.8M	— (loss-making)	—	+23.24% (above 0%: growing)	n/m	−179.01% (below 0%: shrinking)	41.18%	(3.19%)
Median of peers	$2.0B	8.7×	34.6×	+26.75%	—	−40.26%	66.45%	2.59%

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