Sunday 18 October 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. In the quarter to June 2026, revenue grew 23.2%, EPS grew 148.2% and free cash flow fell 179.0%, each against the same quarter a year earlier.

6.55 0.15 −2.24%

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Market cap: $1.2B
P/E: 0.0×
Fwd P/E: —
Dividend yield: —
F-score: 3/9
Altman Z: n/a
Beneish M: −4.45
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 1,230.00

Revenue 3,782.21

Net Income 431.00

Free Cash Flow (42.91)

Net Debt 3,473.30

Current Ratio 0.42

Debt/Equity (3.65)

P/E ratio 0.00

Fwd P/E —

P/S ratio 0.25

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 445.09%

Next Y EPS Growth 92.15%

Next Y revenue growth —

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

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%

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.94	—	—	—	—
’24	(1.95)	(6.40)	0.19	3.10	(5.06)
’23	(0.44)	0.71	(1.90)	(2.64)	(4.27)
’22	3.75	(3.44)	(2.24)	0.72	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	—	—	—	—	—	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	—	—	—	—	—
People
People	Employees	10,311	10,878	11,807	13,189	12,435	12,485	14,247	16,017	16,173	15,547
	Revenue/emp, $m	0.19	0.22	0.21	0.22	0.09	0.15	0.22	0.23	0.22	0.00
Income, $m
Income, $m	Revenue	1,912	2,440	2,504	2,899	1,114	1,849	3,089	3,716	3,620	—
	Gross margin, %	49.61	52.34	50.16	53.61	40.81	44.34	42.74	50.43	53.42	—
	EBT	5	187	165	(643)	(2,149)	(781)	(140)	(469)	(1,704)	—
	EBT margin, %	0.26	7.67	6.58	(22.17)	(192.84)	(42.23)	(4.53)	(12.62)	(47.07)	—
	Net income	(126)	166	115	(609)	(2,102)	(781)	(140)	(477)	(1,697)	0
	Depreciation	365	107	117	930	350	286	406	536	502	—
Per share, $
Per share, $	Revenue	26.48	24.14	22.25	25.51	9.77	16.04	26.66	33.27	10.80	—
	Earnings	(0.50)	1.64	1.02	(5.36)	(18.43)	(6.78)	(1.21)	(4.27)	(5.06)	—
	Cash flow	0.42	0.92	1.08	5.79	1.66	(0.50)	4.07	6.17	1.54	—
	Capex	1.24	(1.45)	(1.20)	(3.35)	(0.69)	(1.25)	(1.56)	(1.58)	(0.83)	—
	Free cash flow	1.66	(0.54)	(0.12)	2.44	0.97	(1.75)	2.52	4.59	0.72	—
	Book value	3.98	8.78	7.69	(7.85)	(24.07)	(29.48)	(31.77)	(38.24)	(16.83)	—
	Shares, m	72	101	113	114	114	115	116	112	335	—
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
	P/S	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	—
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
	EV/Sales	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	—
	EV/FCF	24.22	24.22	24.22	24.22	24.22	24.22	24.22	24.22	24.22	—
Cash, $m
Cash, $m	Operating cash flow	30	92	121	657	189	(58)	472	689	517	—
	Capex	90	(147)	(135)	(380)	(79)	(144)	(181)	(176)	(277)	—
	Free cash flow	120	(54)	(13)	277	110	(202)	292	513	240	—
Balance, $m
Balance, $m	Working capital	(489)	(9)	(146)	(690)	(930)	(1,087)	(1,973)	(1,944)	(2,908)	—
	Total debt	1,157	1,093	1,014	892	1,428	1,856	1,673	2,183	5,790	—
	Net debt	884	524	551	416	800	1,271	1,536	1,799	5,552	—
	Shareholders’ equity	287	887	866	(892)	(2,745)	(3,397)	(3,682)	(4,272)	(5,643)	—
Returns, %
Returns, %	ROA	0.00	5.88	3.56	(15.05)	(53.02)	(24.03)	(3.96)	(12.32)	(37.77)	0.00
	ROIC	5.27	12.00	6.34	0.00	0.00	0.00	0.00	0.00	0.00	—
	ROE	0.00	28.21	13.12	4,653.67	115.60	25.42	3.95	11.99	34.23	—

Negative figures in brackets.

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Fiscal years to Dec 2024 · latest quarter Jun 2026

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